13 january 2002

uti bank q3 net up 55.27%
mumbai: uti bank ltd has recorded a 55.27 per cent rise net profit at rs 35.76 crore for third quarter ended 31 december, compared to rs 23.03 crore for the same period of previous fiscal.

total income increased to rs 394.04 crore in the reporting quarter as against rs 265.85 crore in q3 of last year.

provisions and contingencies, which includes provision for non-performing assets as well as standard assets made by the bank sharply increased to rs 47.51 crore (rs 2.91 crore in the corresponding quarter of last year).

in the reporting quarter, uti bank has raised additional tier i and tier ii capital of rs 157.59 crore and rs 112 crore respectively.

12 january 2002

hdfc q3 net up 22%
mumbai: housing development finance corporation ltd (hdfc) has increased its profits by 22 per cent in the third quarter.

the company's profit for the quarter have now touched rs 121 crore as opposed to rs 99 crores recorded in the same quarter last year.
on the sales front, hdfc touched rs 665 crores, a rise of almost 15 per cent.

11 january 2002

icici bank launches echeque
mumbai: icici bank has launched `icici bank echeque', an online payment facility under which funds can be transferred from an icici bank account to any other bank account. the facility would initially be available in ahmedabad, bangalore, chennai, hyderabad, kolkata, mumbai, nagpur and new delhi, and would later be extended to seven more cities.

the bank has around one million online customers comprising around 25 per cent of its total customer base. more than 50 per cent of the bank's transactions were currently made through electronic channels as against a five per cent less than two years ago.

insurance for all in indore
indore: for the first time in the country, an entire city has been provided insurance cover against accidents without premium.

under the scheme, the premium for the insurance is to be borne by the corporation.

in case of death in accidents, the next of kin gets rs 10,000. if an accident victim is disabled, he gets rs 10,000, while rs 5,000 will be given in case of partial disability.

as a special gift to girls, 17,000 government school going girls will be given rs 1,200 every year in case either of her parents dies or is disabled in an accident. at the age of 18, she gets a lump sum of rs 87,000.

adb approves aid for gujarat
gandhinagar: the asian development bank (adb) has approved aid of rs 77.90 crore for improvement of a stretch of 43 km of roads in the earthquake devastated four cities of bhuj, bhachau, rapar and anjar in kutch district.

the adb has also approved resurfacing of 1211 km roads connecting villages having population of more than 1000 in severely affected eight districts. the work, to commence from the current month, would be completed by june 2002.

10 january2002

rbi alerts banks on 23 terror outfits
mumbai: the reserve bank of india has alerted banks about 23 terrorist outfits on whose transactions a hawks eye is to be maintained. this follows the promulgation of the prevention of terrorism ordinance (poto).

banks are required to undertake due diligence in respect of the know your customer principle.

a few leading banks have already embarked on a massive exercise to re-profile their clientele.

9 january 2002

icici bank plans 100% uk arm
mumbai: icici bank plans to set up a wholly-owned banking subsidiary in the united kingdom.

icici is looking at capitalising the uk arm at $50 million.

icici has appointed sanjoy chatterjee, deputy general manager (corporate banking) as the country head for the uk operations of icici bank. chatterjee is expected to take up the new assignment by the end of this month.

the uk operations will be based in london. the bank is likely to set up a branch in one of the satellite towns around london.

tata finance to shut down non-core unit
mumbai: tata finance ltd (tfl) is shutting down one of its non-core divisions employing about 40 out of 940 employees. the employees have been informed about the same.

some of these employees would be redeployed in other divisions.

the division being closed down was dealing with corporate lending and includes the business unit, overseeing merchant banking activity.

sbi installs video conferencing
mumbai: the state bank of india has installed a countrywide video conferencing network with a state of the art multi-conferencing unit connecting its 24 endpoints spread from ahmedabad to guwahati and chandigarh to thiruvananthapuram.

the network connects the corporate centre in mumbai with the corporate accounts group and other 24 centres.
the facility provides for full motion video transmission connecting the whole conference rooms and its participants to interact, broadcast, share and collaborate seamlessly.

8 january 2002

pnb housing cuts rates
new delhi: pnb housing finance ltd has reduced the interest rate on its home loans for resident and non-resident indians by 25 to 50 basis points for different slabs. the processing and administrative fees have also been reduced from 1.8 per cent to 1 per cent.

the revised interest rates for loans up to rs 25 lakh for 10-year loans are 11.75 per cent and for those between 11-15 years, 12 per cent. for 20-year loans, the interest rate is 12.25 per cent.

for loans above rs 25 lakh, the revised rates are 12, 12.25 and 12.5 per cent for loans of up to 10 years, 11-15 years and 16-20 years respectively.

rbi to auction rs 5,000cr govt bonds
mumbai: reserve bank of india will conduct a yield-based auction for a 15-year government bond for a notified ammount of rs 5,000 crore on 14 january.

the centre has also five per cent of the stock of notified amount rs 250 crore for sale through non-competitive bidding to retail investors

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