Tag: India

Bank of India launches Pensioner's credit card

Posted by | Feb 1, 2007 | |

Bank of India today announced the launch of Pensioners’ Credit Card and Pension Delivery at Doorsteps schemes here in collaboration with the postal department.

The scheme would allow the pensioners to get their pensions at their doorstep without going through the ordeal of coming to the branch, Bank of India Chairman and Managing Director M Balachandran told reporters.

The bank has tied up with the Post Office to deliver the pension at the doorsteps of the pensioner, he said adding the schemes has been launched on a pilot basis in Maharashtra.

The credit card allows for a maximum credit limit of Rs 50,000 and the rate of interest charged is 12 per cent per annum.

The bank has about 1.8 lakh pensioners as its customers in Maharashtra.

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FedEx Express announces acquisition of Indian express company PAFEX

Posted by | Jan 31, 2007 | |

FedEx Corporation announced today that its FedEx Express unit had completed the previously announced acquisition of its Indian service provider, Prakash Air Freight Pvt. Ltd. (PAFEX).

PAFEX, formerly a privately held company, is one of the largest domestic express companies operating in India, with more than 384 offices and depots serving nearly 4,400 destinations. The nationwide network covers every city in India. PAFEX began domestic express operations in India in 1986 and has been the FedEx service provider in India since 2002.

According to the goal set by the Indian Minister for Finance in the most recent budget, Indian exports will reach USD150 billion by 2008-2009. The acquisition of PAFEX allows FedEx Express to invest more effectively and directly in the long-term growth and prosperity of India’s economy.

The acquisition consolidates the resources of the two companies and ensures customers continue to receive the same reliable, seamless service they have come to expect from FedEx.

“As a fast-growing, market-driven economy that recorded 8.4 percent growth between 2005 and 2006(a), FedEx believes India is poised to take a leading role on the world’s stage as an economic superpower, and we want to be partners in making it happen,” said Jacques Creeten, FedEx Express vice president – India.

PAFEX day-to-day services will remain unchanged for the foreseeable future.

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Post offices to sell stamp papers

Posted by | Jan 24, 2007 | |

The State Government plans to sell stamp papers for registration of property through post offices and cooperative banks as well.

Minister for Revenue Jagadish Shettar told presspersons here on Tuesday that at present State Bank of India and State Bank of Mysore were authorised to market stamp papers. But availability was limited to the 160 branches of the two banks in the State. Hence, the move to bring post offices and cooperative banks into the picture. The department had also decided to allow other nationalised banks to sell stamp papers.

Mr. Shettar said one-rupee revenue stamps would also be sold through post offices for which a notification had been issued. This would prevent black-marketing of revenue stamps, which was rampant in the State.

The Minister said the department had set a target to collect Rs. 3,170 crore from stamps and registration in 2006-07. Revenue collection had gone up with the increase in guidance value and lifting of the ban on registration of property in and around Bangalore.

As many as 4.65 lakh applications were pending with the department for title deeds for 14.47 lakh acres of bagair hukum (unauthorised) land being cultivated by farmers. Over 5.5. lakh applications had been disposed of, he said.

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Fedex upgrades India-focus

Posted by | Jan 23, 2007 | |

FedEx Corp has last month upgraded India from a country within a region to a full region in its own right.

Earlier, Fedex had five regions, each with its own vice president. These regions were US, Canada, EMEA (Europe, Middle East, and Africa), Latin America- Caribbean (LAC) and Asia-Pacific (APAC). India came under EMEA and had Jacques Creeten as its managing director reporting to his vice president in Brussels, Belgium.

Since December 2006, however, in recognition of the importance of the role of the India market in the Fedex world, India has been split from the EMEA region and made into a separate region altogether- the sixth in Fedex.

Consequently, Jacques Creeten, A Belgian national who has been in India for the past eight years heading Fedex operations here as MD, became vice-president, India operations. This change enables speeds up decisions regarding India operations, rather than referring everything back to Brussels. India will still however liaise with Brussels even after this change.
Fedex has gained from the rapid rise in exports/imports of tools, machine parts, pharma, textiles, garments, and electronics. It has also moved fast to augment capacity: today 16 Fedex flights touch India mainly on the route Europe-Delhi/Mumbai-Subic Bay-US and vice versa.

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India Post gets tech savvy to take on competition

Posted by | Jan 18, 2007 | |

John Samuel, general manager, business development & marketing directorate, Department of Post (DoP), believes that the time has come for India Post to take the DHLs, Blue Darts and DTDCs of the express mail industry head on. And he banks on technology investments to turn the tables in India Post’s favour in this battle. The postal department is investing Rs 1,400 crore in technologies such as RFID, web-based customer response systems, and even mobile phones for the postman.

The department has put forward the proposal to the Planning commission recently for consideration in the 11th Five-Year Plan. The plan document highlights the need for India Post to invest in technology so as to provide its customers with high quality services. India Post believes that this will give it an edge over its competitors and help increase its customer base.

The investment for the technological upgradation will be allocated out of the ‘planned fund’. Says Mr Samuel: “World over, leading post offices such as United States Postal Service (USPS), Royal Mail and Deutsche Post have reformed themselves by investing hugely in cutting edge technology. And so are we.”

The DoP has also identified three core services for heavy investment in the years to come — parcels, financial services and logistics.

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