{"id":1435,"date":"2019-11-22T23:46:51","date_gmt":"2019-11-22T23:46:51","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/11\/22\/catholic-syrian-bank-customers-could-not-get-money-because-of-its-name-heres-what-went-wrong\/"},"modified":"2019-11-22T23:46:51","modified_gmt":"2019-11-22T23:46:51","slug":"catholic-syrian-bank-customers-could-not-get-money-because-of-its-name-heres-what-went-wrong","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/11\/22\/catholic-syrian-bank-customers-could-not-get-money-because-of-its-name-heres-what-went-wrong\/","title":{"rendered":"Catholic Syrian Bank customers could not get money because of its name; here&#8217;s what went wrong"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-1755530\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/11\/bank-5.jpg\" alt=\"Bank deposit, FRDI bill,\u00a0PMC Bank,\u00a0Financial Resolution and Deposit Insurance law,\u00a0GDP, industry news, banking news,\u00a0\u00a0PMC Bank news\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/11\/bank-5.jpg 660w, https:\/\/images.financialexpress.com\/2019\/11\/bank-5-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/11\/bank-5-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/11\/bank-5-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"size-full wp-image-1755530\" src=\"https:\/\/images.financialexpress.com\/2019\/11\/bank-5.jpg\" alt=\"Bank deposit, FRDI bill,\u00a0PMC Bank,\u00a0Financial Resolution and Deposit Insurance law,\u00a0GDP, industry news, banking news,\u00a0\u00a0PMC Bank news\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/11\/bank-5.jpg 660w, https:\/\/images.financialexpress.com\/2019\/11\/bank-5-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/11\/bank-5-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/11\/bank-5-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">According to the Reserve Bank of India\u2019s (RBI\u2019s) latest data, deposit insurance covers 92% of the total number of accounts in India but only 28% of the total deposits with the banking system.<\/span><\/figure>\n<\/div>\n<p>Private sector lender <a target=\"_blank\" href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/csb-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">CSB Bank<\/a> recently revealed that its customers faced a lot of issues with their financial transactions due to the bank\u2019s erstwhile name Catholic Syrian Bank. The bank\u2019s NRI customers had difficulties while making remittances due to the word \u2018Syrian\u2019 in the name, as many foreign financial institutions have \u2018banned\u2019 Syria from having any financial transactions.\u00a0\u201cMost of our deposits are from NRI sources. Many customers were not getting the amount in NRI remittance transactions because remittances were automatically filtered out by foreign banks on seeing the name \u2018Syrian\u2019,\u201d\u00a0C V R Rajendran, Managing Director and CEO had said in a statement in July this year, while explaining the rationale behind changing the name of the bank to CSB Bank. Interestingly, CSB Bank\u2019s IPO opened for subscription today, and was subscribed about 56% so far.<\/p>\n<p><strong>Also read:\u00a0<a href=\"https:\/\/www.financialexpress.com\/economy\/modis-5-trillion-economy-dream-is-impossible-goal-for-this-former-rbi-governor\/1772211\/\" target=\"_blank\" rel=\"noopener noreferrer\">Modi\u2019s $5 trillion economy dream is impossible goal for this former RBI\u00a0governor<\/a><\/strong><\/p>\n<p>Notably, the CEO also highlighted a misconception among the general public that the bank is owned by a particular community. \u201cThough it has its branches in many states across the country, there is a misconception among the general public that the bank is owned by a particular community and this is not true,\u201d he had said.\u00a0Many customers even within India were averse to conducting any business dealings with the bank for this reason.<\/p>\n<p>Foreign customers, having good business connections in India, also avoid dealing with the bank for the only reason that part of the name either indicates a religious community\u2019s interference or represents a foreign country, added the bank in the statement. The bank revealed that both exporters and importers also suffered when the bank\u2019s letters of credit were not accepted by other financial institutions. Following these issues, the Bank had changed its name effective June 10th.<\/p>\n<p><a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/csb-bank-ltd-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">CSB Bank<\/a>\u00a0IPO to raise up to Rs 410 crore opened for subscription today. The issue has received bids for 21.54 lakh shares, as against the the issue size of 1.15 crore, implying a subscription of 20 per cent. Kerala-based\u00a0<a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/csb-bank-ltd-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">CSB Bank<\/a>\u2019s IPO is being carried out to meet\u00a0<a href=\"https:\/\/www.financialexpress.com\/tag\/rbi\/\" target=\"_blank\" rel=\"noopener noreferrer\">RBI<\/a>\u2019s reglulation with regard to listing. CSB Bank IPO will remain open till November 26th, Tuesday. The price band has been fixed between Rs 193 and Rs 195 per share. The minimum bid lot has been fixed at 75 equity shares, and in multiples of 75 equity shares thereafter.\u00a0The bank is set to\u00a0 finalise basis of allotment on December 2 and will credit equity shares to shareholders\u2019 DP accounts on December 3, Axis Capital said in its IPO note.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] According to the Reserve Bank of India\u2019s (RBI\u2019s) latest data, deposit insurance covers 92% of the total number of accounts in India but only 28% of the total deposits with the banking system. Private sector lender CSB Bank recently revealed that its customers faced a lot of issues with their financial transactions due to [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":1419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=1435"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1435\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/1419"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=1435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=1435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=1435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}