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The Hindu
5 days ago
- Business
- The Hindu
IOB, Amul, Richplus to promote organic farming
Indian Overseas Bank (IOB) has entered into a tripartite Memorandum of Understanding (MoU) with AMUL, India's largest dairy cooperative, and Richplus, AMUL's organic farming partner. According to the stakeholders, this MoU will promote organic farming and help in rural empowerment. Ajay Kumar Srivastava, Managing Director & Chief Executive Officer of IOB said about one lakh farmers will be onboarded through this initiative. 'This partnership is a remarkable step toward reshaping Indian agriculture. By combining our strengths, we can create a transformative journey for farmers, allowing them to embrace sustainable practices that enhance their livelihoods,' said Amit Vyas, Managing Director of of AMUL. A co-branded Organic Farming Card for IOB account holders was also launched. This card offers farmers access to discounted organic inputs through AMUL's certified outlets and other benefits including free agronomist support, training opportunities, and high-quality seeds. IOB will also introduce a dedicated credit scheme 'Harit Kranti ', tailored to the needs of organic scale the initiative, a series of organic farming conclaves will be organized, beginning with a major FPO meet in Madurai in June, followed by events across Tamil Nadu.
United News of India
17-05-2025
- Business
- United News of India
IOB signs MoU with IIBF
Chennai, May 18 (UNI) The Indian Overseas Bank (IOB) signed a MoU with Indian Institute of Banking and Finance (IIBF) on Saturday for customized e-learning and certification program on MSME. The MoU was in the presence of IOB CEO and MD Ajay Kumar Srivastava by Dillip Kumar Barik, General Manager HR IOB and Dr. K Gangadharan, Director Academics of IIBF here. The objective of the MoU is to enhance the knowledge of employees about MSMEs and responds to the credit needs of MSMEs adequately and in a timely fashion. MSMEs play a pivotal role in the overall industrial economy of the country and there is a compelling need to carefully nurture and support this sector. As a part of MOU, IIBF developed a customised courseware for IOB employees in the form of an e-Book and conduct certification exam through remote proctored mode. Certificate signed jointly by IOB and IIBF officials will be provided to staff members on successful passing of examination, a release from IOB said. UNI GV 1800
United News of India
16-05-2025
- Politics
- United News of India
No relief on ban on Bahraich Dargah fair, next hearing on May 19
Lucknow, May 16 (UNI) The Lucknow bench of Allahabad High Court did not grant any relief to the petitioners for the time being on the matter of ban on the Jeth fair of Dargah Sharif in Bahraich on Friday. The court has fixed the next hearing of the case for May 19. The petitioners said that Jeth Fair is starting from May 18, so the case should be heard at the earliest. Given this, the court allowed the petitioners to make an application to the Chief Justice for an urgent hearing of the case. The petition filed by six people, including the chairman of the Dargah Sharif Management Committee of Bahraich, was heard before the Division bench of Justice A R Masoodi and Justice Ajay Kumar Srivastava - I. Chief Standing Counsel Shailendra Kumar Singh opposed the petition on behalf of the state government, whereas, on behalf of the petitioners, their counsel Dr LP Mishra argued for permission to organise the fair. The petition challenged the order of District Magistrate Bahraich issued on April 26, in which permission was not granted this time for the Jeth fair held every year near the Dargah of Syed Salar Masood Ghazi. The petitioner has requested the DM to direct him to grant permission for the fair, calling it against the intention of the law. On the other hand, on May 8, the government counsel opposed the petition, calling the DM's order appropriate. The court ordered the application for interim relief in the next hearing and gave time to the parties, including the government, to submit their reply on the points raised in the petition. The court said that it would not be appropriate to grant any interim relief until the reply of the opposite parties is sought in the case. The state government has filed a reply in the case, to which the petitioners have also submitted a reply. UNI XC AB BD
Time of India
15-05-2025
- Business
- Time of India
Gold loans glitter in public sector banks
Chennai: State-owned banks recorded a significant rise in gold loans during FY25, thanks to the soaring prices of the yellow metal, which was among the key drivers for growth in the largest public lender State Bank of India (SBI) witnessed a 53% increase in personal gold loans YoY at Rs 50,011 crore in the quarter ended March 31, 2025. While Indian Bank's retail jewel loan (non priority) grew by a whopping 81% in FY25 at Rs 9,706 crore from Rs 5,366 crore during the previous year (FY24), Bank of Baroda reported a 55.6% jump in its retail gold loans at Rs 7,076 crore in FY25 (Rs 4,546 in FY24).Gold price and Loan-to-value (LTV) ratio are the two important factors in arriving at the value of loan for gold jewels and ornaments. While the LTV ratio has been fixed at up to 75% of the collateral's worth, industry sources said, the average LTV ratio that customers avail is at 67% for gold loans. The rate of one gram of gold went up by more than 30% in 2024-25 from Rs 6,455 on April 1, 2024 to Rs 8,450 on March 31, 2025. Against this backdrop, customers benefitted from the spiralling gold prices as they got a better value for the yellow metal at the time of pledging."Yes, that also had an impact. For instance, customers get Rs 90,000 or Rs 95,000 for the same volume of gold for which they would have got only Rs 80,000 in the past. Gold loan has been one of the strong portfolios in India and we will grow in the segment at the rate of around say 20% in the current fiscal of FY26," Indian Bank MD & CEO Binod Kumar told public sector Indian Overseas Bank (IOB) reported its cumulative jewel loan rising by around 45% to Rs 69,188 crore in 2024-25 from Rs 47,732 crore in the corresponding year of 2023-24. Of this, more than 85% is agriculture loan, while rest fell under the retail category. IOB MD & CEO Ajay Kumar Srivastava said, the growth in jewel loans outstanding for the bank was the highest over the years. "Escalating prices was a vital reason. This segment is going to be one of the major products for us. Moreover, it is a very safe lending and risk is less because of almost nil non-performing asset (NPA) in this portfolio," he State-owned banks recorded a significant rise in gold loans during FY25, thanks to the soaring prices of the yellow metal, which was among the key drivers for growth in the largest public lender State Bank of India (SBI) witnessed a 53% increase in personal gold loans YoY at Rs 50,011 crore in the quarter ended March 31, 2025. While Indian Bank's retail jewel loan (non priority) grew by a whopping 81% in FY25 at Rs 9,706 crore from Rs 5,366 crore during the previous year (FY24), Bank of Baroda reported a 55.6% jump in its retail gold loans at Rs 7,076 crore in FY25 (Rs 4,546 in FY24).Gold price and Loan-to-value (LTV) ratio are the two important factors in arriving at the value of loan for gold jewels and ornaments. While the LTV ratio has been fixed at up to 75% of the collateral's worth, industry sources said, the average LTV ratio that customers avail is at 67% for gold loans. The rate of one gram of gold went up by more than 30% in 2024-25 from Rs 6,455 on April 1, 2024 to Rs 8,450 on March 31, 2025. Against this backdrop, customers benefitted from the spiralling gold prices as they got a better value for the yellow metal at the time of pledging."Yes, that also had an impact. For instance, customers get Rs 90,000 or Rs 95,000 for the same volume of gold for which they would have got only Rs 80,000 in the past. Gold loan has been one of the strong portfolios in India and we will grow in the segment at the rate of around say 20% in the current fiscal of FY26," Indian Bank MD & CEO Binod Kumar told public sector Indian Overseas Bank (IOB) reported its cumulative jewel loan rising by around 45% to Rs 69,188 crore in 2024-25 from Rs 47,732 crore in the corresponding year of 2023-24. Of this, more than 85% is agriculture loan, while rest fell under the retail category. IOB MD & CEO Ajay Kumar Srivastava said, the growth in jewel loans outstanding for the bank was the highest over the years. "Escalating prices was a vital reason. This segment is going to be one of the major products for us. Moreover, it is a very safe lending and risk is less because of almost nil non-performing asset (NPA) in this portfolio," he added.
Time of India
10-05-2025
- Business
- Time of India
Banks, oil companies say no disruption in service, everything is normal
Representative image CHENNAI: Banks and oil companies on Friday assured consumers that there was no disruption in their services and ATMs and fuel pumps are well stocked. " IndianOil has ample fuel stocks across the country and our supply lines are operating smoothly. There is no need for panic buying - fuel and LPG is readily available at all our outlets. Help us serve you better by staying calm and avoiding unnecessary rush. This will keep our supply lines running seamlessly and ensure uninterrupted fuel access for all," the state-run oil retailer posted on social media. HPCL and BPCL too sent out similar messages. Similarly, lenders including State Bank of India , Punjab National Bank , Indian Bank and Indian Overseas Bank sought to comfort customers, some of whom were nervous after Pakistan stepped up drone attacks late Thursday. Operation Sindoor PM Modi meets NSA, chiefs of armed forces amid spike in tensions with Pak India's air defence systems shoot down Pak drones in J&K, Punjab & Rajasthan Several airports in India to be closed till May 15 - check list "All our ATMs, CDMs/ADWMs and digital services are fully operational and available for public use," SBI said on X. Separately, PNB, Indian Bank and Indian Overseas Bank (IOB) have directed their branches to ensure that ATMs are operational round the clock in the northwestern borders of the country. Indian Bank and IOB said they have activated their respective war rooms for prompt response to address any emergencies regarding banking services. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo When contacted, IOB MD & CEO Ajay Kumar Srivastava told TOI, "We have emphasised to our offices in the states including Punjab, Rajasthan, J&K to ensure that banking services remain unaffected and maintain normalcy. The ATMs are fully loaded." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
