Briefly Money

Mumbai: The Association of Mutual Funds in India (AMFI) has launched an electronic form of mutual fund common account statements (eCAS). "Mutual fund houses, in collaboration with AMFI have started issuance of mutual fund common account statements in an electronic form," it said. Market regulator Sebi has mandated all mutual funds to provide a common account statement (CAS). "One of the main challenges to roll out CAS was to aggregate data across five registrars and present a common account statement to an investor based on the PAN. Suitable independent partners had to be identified to address confidentiality related challenges.

State Bank of Bikaner & Jaipur trims bulk deposits to 10%

Mumbai; State Bank of Bikaner & Jaipur (SBBJ), which is offering up to 0.25 per cent discount to online loan applications, has said it has become the first public sector lender to bring down the bulk deposits level to 10 per cent. "As of November, our bulk deposits stood at 10 per cent, a level that is much below what the government desired. This was 16.6 per cent a year ago and 14.46 per cent at the end of the September quarter," SBBJ managing director Shiva Kumar said.

NBFCs get till March to migrate to new standard cheques

new delhi: Borrowers from NBFCs have now time till March 31 to replace their old system bank cheques with new ones with added security features for their EMI payments, as RBI has extended the deadline in this regard for non-banking finance companies. In a circular RBI said that it has been decided to extend the time for NBFCs up to March 31, 2013 "to ensure withdrawal of Non-CTS 2010 Standard compliant cheques and replace them with CTS-2010 Standard compliant cheques".

Credit Guarantee Fund inks pact with IOB for SME lending

mumbai: The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has signed an agreement with Indian Overseas Bank under the risk-sharing facility scheme for guaranteeing collateral-free credit facilities to eligible small units. The CGTMSE is a venture between the central government and the Sidbi (Small Industries Development Bank of India). Under the scheme, collateral free and/or third party Guarantee-free credit facilities over Rs 1 crore to Rs 2 crore sanctioned to eligible micro and small enterprises, are proposed to be guaranteed through select member-lending institutions of CGTMSE.

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