VOL NO. 06-2019

September 2019

VOL NO. 06-2019

September 2019

Dear NRI Patrons

On my joining as the new Vertical Head of Treasury and

International Banking Department, I take this opportunity

to first thank you all, for your continued support and

patronage to this esteemed organization and greet all of

you with assurance that we as OBC family will continue

to serve you with the best industry level services.

In this issue we are providing the detailed guidelines for

the Internet Banking uses and the self user creation. It

will not only help the existing users but also help non

users to create their login and start using the Internet

banking.

Rajendra Saboo

General Manager

Prime Minister Shri Narendra Modi hoisted the

national flag and addressed the nation from the

ramparts of Red Fort on the occasion of 73rd

Independence Day. In his speech, PM Modi talked

about the key issues facing the nation and how India

could remove all obstacles to reach USD 5-trillion

economy mark.

Key highlights of his speech are

India to have Chief of Defence Staff.

Rs 100 lakh crore to be invested on infrastructure upgradation in next five years.

PM promotes small family.

Promoting exports top priority.

Ensure ease of living in India along with ease of doing business.

Visit at least 15 tourist destinations across

India before 2022.

Target to become USD 5 trillion economy in five years achievable.

Water conservation top priority.

Free India from single use plastic.

Contact Us: Email id- nricell@obc.co.in, Tel- +91 (0124) 4126274, 272

NEWS AROUND US

New measures for $ 5 trillion Economy-Consolidation of Public Sector Banks

Union Finance Minister Smt. Nirmala Sitharaman on August 30th, 2019 announced more steps to accelerate economic growth.Finance Minister further said that “Bank consolidation is a good move from government in step towards improving efficiency of the PSBs. Specifically the measures announced to improve corporate governance and grooming leadership, if followed through with right intent, resources and commitment, can go a long way in addressing the challenges that PSBs has been facing historically”.

Rs in Lakh Crore

Banks Consolidated Total Business Mix

PNB,OBC, UBI 17.94

Canara, Syndicate Bank 15.20

Union, Andhra, Corporation 14.59

Indian, Allahabad 8.08

Other new Measures announced to help Economy grow A slew of measures ranging from tax sops to ease of

doing business to boost the fortunes of the Indian

economy were announced by the Finance Minister

Smt. Nirmala Sitharaman on August 23rd ,

2019. Some highlights from her speech:

In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No 2) Act, 2019 on long/short term capital gains.

Upfront release of Rs.70,000 crore, additional lending and liquidity to the tune of Rs 5 lakh crore by providing upfront capital to PSBs.

To mitigate genuine difficulties of startups and their investors, it has been decided that section 56(2)(viib) of the Income Tax Act shall not ben applicable to a startup registered with DPIIT.

All pending GST refunds to MSMEs till date shall be paid within 30 days and future refund matters to be sorted out within 60 days.

To address complaints on account of issue of notices, summons, orders etc; All tax notices to be issued from centralised system in addition to other measures.

BS-IV vehicles purchased up to March 2020 will remain operational for entire period of registration.

Repo rate at nine-year low

The Monetary Policy Committee of the Reserve Bank

of India (RBI) cut the repo rate by 35 bps to 5.40 per

cent in the third bi-monthly Monetary Policy

Statement for 2019-20. The reverse repo rate under

the LAF stands revised to 5.15 per cent, and the

marginal standing facility (MSF) rate and the Bank

Rate to 5.65 per cent. This is the fourth rate cut by the

RBI so far in this calendar year. The RBI maintained

its policy stance as accommodative similar to the one

in the last policy. With the US Federal Reserve

already slashing rates, the probability of another rate

cut in the calendar year had gained momentum. In

the June policy, the MPC had revised its inflation

forecast to 3-3.1 per cent for the first six months of

FY20 and to 3.4-3.7 per cent for the second half.

NEFT to function round-the-clock from December

From December onwards online money transfers will be even more convenient, with the Reserve Bank of India announcing plans for round-the-clock availability of the National Electronic Funds Transfer system. W.e.f. August 26th, 2019 NEFT is available to customers for retail payments between 7 am to 7 pm on all working days of the week, except the second and fourth Saturdays of the month, which are bank holidays. “As mentioned in the Payment System Vision Document 2021, the Reserve Bank will make available the NEFT system on a 24x7 basis from December 2019,” the RBI said in the Statement on Developmental and Regulatory Policies, which was released along with the third bimonthly Monetary Policy Review.

Chandrayaan-2: Spacecraft Captures First Picture of the Moon

India's moon exploration mission Chandrayaan 2 has beamed back the first images taken from the moon's orbit, the Indian Space Research Organisation announced on August 22nd 2019. The image was captured by Chandrayaan 2 at an altitude of 2650 kilometres from the moon's surface on 21 August. Two of the most visible features in the frame are the Mare Orientale basin and the Apollo craters.

Chandrayaan 2 entered lunar orbit on Tuesday, 20 August after a roughly 6-week sojourn form liftoff. Between the current stage and the spacecraft

attaining its 100 km-orbit (slated for 1 September), the spacecraft's three components will be travelling together. After a few circular orbits at 100 x 100 km, the Vikram lander is expected to separate from the orbiter, on September 2nd , 2019.The Vikram lander is expected to make its long-awaited powered descent

and landing on September 7th, 2019. at 1.55 am IST, in what the ISRO Chief describes as '15 minutes of

terror'. P.V. Sindhu becomes first Indian to win Badminton World Championships gold

P.V. Sindhu on August 25 2019 became the first Indian to win a Badminton World Championships gold by beating familiar rival Nozomi Okuhara of Japan in a lop-sided final at Basel. The Indian won 21-7 21-7 in the summit clash that lasted just 38 minutes. Two years after being robbed off the gold by Okuhara in an epic 110-minute final at Glasgow that went down as one of the greatest battles in badminton history, Sindhu finally exorcised the ghost of that heart-wrenching loss with a completely

dominating win over the same opponent.

Important Message

As per RBI(Regulator) guidelines, KYC is required to

be updated once in 2 years for NRI customers, by

submitting

Copy of latest Passport

Valid Visa

Latest Overseas address proof

FATCA declaration

Oriental Bank of Commerce launches repo-linked home, auto loans

With a view to ensure better transmission of RBI Policy rates, Oriental Bank of Commence (OBC) has launched a new variant of home and vehicle loan products linked to the RBI’s repo rate. The new product will directly link interest rate to an external benchmark, which, in this case is the repo rate, and thereby build a direct link to ensure fair and transparent transmission of the monetary policy rate immediately to the customers. The new benchmark is named as Repo Based Lending Rate (RBLR).

The interest rate linked to RBLR will change upwards or downwards as the case may be, in line with the movement of the Repo Rate from the next working day subsequent to change in the repo rate. Customer will have option to select between MCLR linked rate, which is indexed to the bank's cost of funds or a repo rate linked to the external benchmark.

Shri Mukesh Kumar Jain, MD and CEO of Oriental Bank of Commerce expressed that "With the new variant, home loans and vehicle loans will also be available at repo rate linked Interest rate starting at 8.35 per cent and 8.70 per cent, respectively, thus passing on further benefit of 20 basis points and 25 basis points respectively to the current MCLR rated pricing,”.

Other terms and Conditions:

1% penalty shall be levied on premature withdrawal of NRE/NRO Bulk Term Deposits of Rs 2.00 Crore and above.

1% penalty shall be levied on premature withdrawal of NRE/NRO Term Deposit above Rs 15.00 lac.

In case of FCNR/NRE deposit, no interest shall be payable if the deposit has not run for minimum stipulated period, which is present one year as per RBI guidelines.

Interest Rates on NRO Deposits

Maturity Period (Buckets) less than ₹2 Cr

> ₹2 Cr & <

₹10 Cr > ₹10 Cr

w.e.f. 22.08.19 As on 29.08.19 As on 29.08.19

7 days to 14 days 5.40 5.00 5.00

15 days to 30 days 5.50 5.00 5.00

31 days to 45 days 5.60 5.00 5.00

46 days to 90 days 5.75 5.25 5.25

91 days to 179 days 6.00 5.50 5.50

180 days to 269 days 6.25 6.00 6.00

270 days to < 1 year 6.25 6.25 6.25

1 year to < 2 years - 6.50 6.50

1 year to 679 days 6.70 - -

680 days 6.80 - -

681 days to less than 2 years 6.70 - -

2 year to < 3 years 6.70 6.40 6.40

3 years to < 5 year 6.70 6.25 6.25

5 years to 10 years 6.70 6.25 6.25

Interest Rates on Non-Resident (External) Rupee Deposits

Maturity Period (Buckets)

less than ₹2 Cr

> ₹2 Cr & <

₹10 Cr > ₹10 Cr

w.e.f. 17.08.19

As on 17.08.19 As on 17.08.19

1 year to 679 days 6.70 6.60 6.60

680 days 6.80 - -

681 days to less than 2 years 6.70 - -

2 years to < 3 years 6.70 6.60 6.60

3 years to < 5 years 6.70 6.25 6.25

5 years to 10 years 6.70 6.25 6.25

Interest Rates for FCNR (B) w.e.f. (13.08.2019)

Deposit Period USD GBP EUR AUD CAD JPY

1 year to < 2 years

3.04 1.21 0.09 1.44 2.60 0.46

2 years to < 3 years

3.07 1.19 0.07 1.36 2.32 0.23

3 years to < 4 years

3.06 1.18 0.10 1.37 2.28 0.22

4 years to < 5 years

3.03 1.20 0.10 1.49 2.27 0.23

5 years only 3.04 1.22 0.08 1.54 2.27 0.23

Steps for Registration of NRI Customers for Oriental Bank’s Net Banking

1-You may download the Oriental Bank’s Net

Banking Application form, from the bank’s website

https://www.obconline.co.in or

www.obcindia.co.in or you may request parent OBC

branch (where you maintain your account) to send

the Internet Banking Request form.

2-Please fill the application form & send along with

a copy of your passport to the branch where you

have the account for verification of details.

3-User ID/Welcome message, which is generated by

Internet Banking Department, is sent directly on

your domestic mobile number registered with the

Bank.

4-You can also create your net banking user id on

your own by using self-user creation on our net

banking landing (https://www.obconline.co.in)

and retail user login page with the help of ATM

card details. After registering the same, the

Accounts will be shown in your Net banking

within 2 working days.

Services offered through Oriental Bank’s Net

Banking

1-Funds Transfer and Other Services

Online generation of Statement of Account., Mini

Statement, Bill Payments through Bharat Bill

Payment System (BBPS), Online MOBILE

BANKING Services, Funds Transfer to own linked

accounts, NEFT/RTGS, Online creation of e-Fix

Deposits, Closure of Fixed Deposit, Overdraft

against Deposits, Loan Interest Certificate, Locker

availability status , Payment of Direct and Indirect

taxes, Online payment of Canara HSBC OBC LIC

Premium, Online request for Add on Debit Card,

User Defined Transaction limits – Set limit option

for Retail Net-Banking customers and various other

services can be availed.

2-Card Services

Blocking the Debit Card, Generate or Reset Debit

Card PIN, Modify (Increase or Decrease) the Limit

of various channels, Enable or disable the

international transactions facility on your debit card.

3-Utility Bill Payment

Almost all available Merchant establishments have been integrated with Bank’s Internet Banking

Services for utility payment / e-commerce transaction. User can make payment of various Utility Bills online viz. Electricity, Telephone, Mobile, LIC Premiums, Credit cards, Travel & Ticketing, Mutual Funds etc

4-Request for Issuance of Cheque Book, Demand

Draft etc.

5-Customer can also exchange mails through

Internet Banking for any queries.

6-Customized facilities

Add Nick names to customer’s accounts for easy identification, Change display formats as per customer’s preferences like Date Format, Primary Account, Update User ID.

7- Online view of (DEMAT) Depository details for

Retail Net Banking. ASBA Online to register and

Apply for IPOs.

8- Upper limit for Per day, Per Transaction limit has been fixed at Rs.25.00 lakh for within Bank transfer, NEFT/RTGS and e-commerce payments.

The facility of Oriental Bank’s Net Banking is extended to NRI Customers in the capacity of Individuals/Joint Accounts only.

For any query for I-bank reach us at:

Email: ibank@obc.co.in Toll Free Customer Care No- +91-1800-180-1235 Toll Customer Care No- +91-120-2580001

Occasions and Occurrences

Raksha Bandhan 2019 has been celebrated on August 15th. The festival highlights the bond and beautiful relationship between brothers and sisters. Raksha Bandhan or Rakhi is celebrated on the full moon Shravan Purnima day and therefore, the festival is also called as Rakhi Poornima.In coastal region, the day is celebrated as Narayali Purnima and is devoted to God Indra and God Varuna.

Eid-ul-Adha, also known as Bakra Eid or Bakrid, has been celebrated on August 12, 2019. Celebrated by the Muslims around the world, the ‘festival of sacrifice honours the willingness of Ibrahim, the messenger in Islam, to sacrifice his son as to obey the God’s command. One of the biggest festivals of Islam, Eid ul-Adha falls on the 10th day of Dhu al-Hijjah, the last month of the lunar year.

Ganesh Chaturthi Or Vinayaka Chaturthi is a festival celebrating the birth of the elephant-headed God. Notably Ganesh Chaturthi celebrates Lord Ganesha as the God of New Beginnings and the Remover of Obstacles as well as the god of wisdom and intelligence. Ganesh Chathurthi will be celebrated on Spetember 2nd, 2019. OBC family wishes you a very happy Ganesh Chaturthi.

Prime Minister Shri Narendra Modi launched the nation-wide “Fit India Movement” on August 29, the occasion of the National Sports Day. It aims to encourage people, to inculcate physical activity and sports in their everyday lives. PM Modi also administered a fitness pledge on the occasion. He appealed to every citizen to remain healthy and fit. At the event, PM Modi said technology contributed to a sedentary lifestyle and physical activity has reduced.

OBC family express its deepest condolences on the sudden demise of former external affairs minister Sushma Swaraj due to cardiac arrest on August 6th, 2019. She was Instrumental in evacuation of about 5500 Indians and foreign nationals from war torn Yemen in 2015. She touched millions of lives specially of Non Resident Indians in the middle east countries by turning twitter into a helpline.

Former finance minister Arun Jaitley passed away at All India Institute of Medical Sciences (AIIMS), New Delhi on August 24th, 2019 after prolonged illness at the age of 66. OBC family express its condolences on his demise.

Important Information

Contact your branch for updation of PAN / Form 60 in your account.

Register your Email & Mobile No. in your account to avail better

service.

Update your KYC/Passport Details for smooth operations in

account. Further for any clarifications please feel free to write us at

nricell@obc.co.in.