3 february 2002
lic mops up rs
10,680 crore 1st year premiums
mumbai: the life insurance corporation of india (lic) has
mopped up rs 10,679.74 crore in first year premium in the nine and
half months of the current fiscal.
the increase in mobilisation of premium till 15 january 2002
reflects a growth of 279.52 per cent over the corresponding period
last fiscal when lic mopped up a little under rs 2,814 crore.
the growth in lic's performance is a result of the high returns
that were being offered by lic on several of its schemes, and the
rush to avail of the high returns before withdrawal of the plans.
the growth has been maximum in individual pension plans, with lic
mopping up over rs 2,558.61 crore in first premium income,
reflecting a growth rate of 1,067 per cent. it sold more than 6.87
lakh policies during the period ended 15 january 2002.
2 february 2002
union bank's profit
union bank of india has recorded rs 99 crore net profit during the
third quarter ended december 2001 against rs 55.80 crore in the
corresponding period of the previous year, an increase of 77.4 per
the operating profit was up 63 per cent increasing to rs 225.40
crore from rs 138.50 crore.
the total income of the bank has shown a growth of 14.7 per cent
during the nine months rising to rs 3,345 crore from rs 2,916
the aggregate deposits went up by rs 3,000 crore reaching rs
36,750 crore - an increase of 9 per cent till december 2001. the
year on year growth over december 2000 was 15 per cent.
in advances the bank achieved a year on year growth of 24 per cent
with total advances being rs 20,860 crore, an increase of 15 per
to set up rural mktg centres
new delhi: rabo india finance pvt ltd is in talks
with companies like mahindra & mahindra, escorts and rallis
for setting up agri-service centres in rural areas.
the finance company is offering a 28-29 per cent return for
companies investing in such centres. thus, the investments would
attain break-even in about three years.
each of these centres could cost between rs 10 lakh and rs 50 lakh.
rabo india wants the government to be a minority stakeholder in
these centres and declare these as infrastructure projects.
the centre would not only store products that are consumed in
rural markets but also provide information to farmers about crops,
arrange credit and sell other services like insurance.
31 january 2002
kmfl get rbi nod for banks
reserve bank of india has given its approval to rabobank and kotak
mahindra finance ltd to set up banks in the private sector.
approvals will be valid for a period of one year. during the
period, the applicants will have to mobilise the required capital
of rs 200 crore and fulfil other conditions.
the central bank had
received as many as 10 applications in response to its new
guidelines for setting up banks.
as per the new
guidelines, both the applicants have to raise a minimum paid-up
capital of rs 200 crore each with a provision that it should be
increased to rs 300 crore within three years.
q3 net triples
state bank of india has reported a 178.97-per cent rise in net
profit at rs 613.89 crore for the third quarter ended december
2001 as compared to rs 220.05 crore in the corresponding previous
the bank's total income
for the quarter rose to rs 8,366.46 crore from rs 7,262.60 crore.
this includes higher income on investments at rs 3,632.37crore (rs
total expenditure at rs
6,993.87 crore (rs 6,138.01 crore) included interest expended at
rs 5,194.42 crore (rs 4,490.50 crore) and operating expenses at rs
1,799.45 crore (rs 1,647.51 crore).
for the nine months, the
net profit was higher by 43.81 per cent at rs 1,815.93 crore as
against rs 1,262.70 crore.
net up at rs 25 crore
karur vysya bank has posted a 53 per cent growth in its net profit
for the quarter ended december 2001, as against the corresponding
quarter of the earlier fiscal.
the net profit increased
to rs 25.09 crore (rs 16.38 crore).
the total income
increased to rs 150.60 crore (rs 125.24 crore), registering 20 per
cent growth, while the total expenditure (excluding provisions and
contingencies) amounted to rs 103.05 crore (rs 96.06 crore),
increased by 7 per cent.
the total deposits stood
at rs 3,566.42 crore, while the advances moved to rs 1,964.25
net up 57.76 pc
bank of mysores third-quarter net profit rose by 57.76 per cent
over the corresponding previous period to touch rs 24.18 crore.
operating profits rose
28.74 per cent to rs 59.23 crore compared to rs 46 crore in the
corresponding previous period.
vrs expenses of rs 23
crore, being written-off on a pro-rata basis, are included in the
bank trims losses
dena bank has reduced its net losses during the quarter ended
december 2001 to rs 1.09 crore as compared to rs 6.90 crore for
the corresponding period of the previous year.
the bank has prepared a
revival plan for the current fiscal which is under implementation
under the supervision of the top management.
the bank's npas have
risen by 8.63 per cent and it has recorded fresh slippages of rs
314.67 crore during the nine-month period up to december 2001.
reports 29% rise in q3 pat
kolkata: srei international finance has registered a
29 per cent growth in its profit after tax at rs 7.66 crore for
the third quarter ended december 2001 over rs 5.90 crore in the
coresponding quarter of previous fiscal.
however, provision of rs 2.13 crore for deferred tax in the
quarter under review, which was not made last year, led to a
decline in profit to rs 5.53 crore from rs 5.90 crore last year.
total income during the quarter stood higher at rs 29.84 crore
from rs 26.49 crore last year, but expenditure increased to rs
21.36 crore from rs 20.40 crore.
gross profit stood at rs 8.48 crore against rs 6.08 crore in the
third quarter of last fiscal.
moot tax-free bonds to refinance dpc foreign debt
new delhi: the
centre is planning to allow the idbi-led financial institutions to
raise tax-free bonds for re-financing the offshore loans of $746
million of the dabhol power company.
the centre is also
considering to exempt customs duty on lng, being used for the
power project. the government is actively contemplating levying a
concessional customs duty, as is applicable to power projects, on
equipment imported for lng terminals.
fis had asked the
government to grant soft loans for squaring off the loans of the
offshore banks for phase-i besides conversion of the dollar loans
extended by domestic banks and subsidiaries of the indian banks.
they had also sought
central guarantees for raising fresh loans. but the finance
ministry has turned down both these proposals.
bank cd gets top icra rating
new delhi: icra has assigned an a1+ rating,
indicating highest safety in the short term, to the rs 5 billion
certificates of deposit programme of icici bank.
the rating takes into consideration ibl's strategic importance to
its parent icici, ibl's comfortable profitability and capital
adequacy, the good control on asset quality.
besides, highest safety rating also factors in the technology and
retail initiatives of the bank, which have increased ibl's
potential to increase its fee based income apart from enabling it
to raise deposits at low cost.
bank net up 20.97%
mumbai: idbi bank has posted a 20.97 per cent rise
in net profit at rs 8.94 crore for the third quarter ended
december 2001 compared to rs 7.39 crore in the same period last
the total income for the period under review grew by 32 per cent
at rs 23.05 crore as against rs 17.54 crore in the third quarter
the net non-performing assets were down to 2.03 per cent on
december 2001 from 2.76 per cent as on september 2001.
net profit and total income for the nine month period ended
december 2001 stood at rs 41.88 crore (rs 9.22 crore for apr-dec
2000) and rs 466.83 crore (rs 438.25 crore) respectively.
relaunches 3 pension plans
the life insurance corporation of india has relaunched its three
pension plans in the market with lower assured returns. it has
also introduced a new scheme jeevan anand, a policy where the life
insurance cover continues even after the term of the basic policy.
jeevan anand will be a combination of the endowment assurance and
whole life plans. it provides for the payment of the sum assured
and the bonus amount on the survival of the policyholder at the
end of the selected term.
the risk cover for the full sum assured will, however, continue as
long as the policyholder is alive. upon his death, his survivors
will receive an amount equal to the sum assured.
30 january 2002
mumbai: icici bank shareholders have approved the
merger of icici, icici capital services and icici personal finance
with the bank.
in the meeting of equity shareholders of the bank, an overwhelming
majority of 99 per cent of the votes cast were in favour of the
icici said the scheme was subject to approval of the shareholders
of icici at their meeting to be held on 30 january, the approval
of the high courts at ahmedabad and mumbai, rbi and such other
authorities as may be required.
q3 net plunges 77 pc
development bank of india (idbi) has taken a hard knock on its
bottomline with net profit for the third quarter plunging to less
than a fourth compared year on year. the institution's total
assets have also contracted three per cent year on year.
the net profit for the
quarter ended december 2001 has fallen 77 per cent to rs 35.2
crore compared to rs 154.8 crore for the quarter ended december
idbi's total assets stood
at rs 70,130.2 crore as on 31 december 2001 compared to rs 72,523
crore on 31 december 2000.
29 january 2002
net up 4.2%
mumbai: kotak mahindra finance has reported a 4.2
per cent rise in net profit to rs 10.8 crore for the quarter ended
december2001, against rs 10.4 crore in the previous quarter.
during the nine-month period, the company's net profit fell by 4.1
per cent to rs 35.2 crore, from rs 36.7 crore in the previous
the kmfl board declared an interim dividend of 20 per cent for the
shareholders of the company. two of the company's subsidiaries,
kotak mahindra capital company and kotak securities, have become
companies with limited liabilities, effective 27 november 2001.
the board also approved the merger of kotak mahindra investments
with kmfl's wholly owned subsidiary, hamko financial services.
irda to set up insurance body
andhra pradesh industrial infrastructure corporation limited (apiic)
and insurance regulatory and development authority (irda) will
jointly establish a global institute for insurance, risk
management and other allied financial services here.
irda would take part in the equity of the institute in its
capacity as a sponsor.
the apiic would take part in equity of the institute equivalent to
the cost of land transferred by apiic to the institute.
the government would provide necessary infrastructure such as
approach roads, power and water connectivity in tune with
industrial policy of state government.
takeover by fis mooted
the maharashtra government has proposed a management takeover of
the 2,184 mw dabhol power project by financial institutions.
the suggestion came at a recent meeting of the representatives of
power ministry, maharashtra state electricity board (mseb) and
financial institutions, convened by the ministry of finance
documents incriminating dpc have been obtained and it is reported
that nearly 74 crates of documents have been removed from the
premises of dpc without authorization and many documents have also
the idbi-led consortium of domestic lenders has also set a target
of starting the due diligence process for the sale of enron's
stake in dpc by this month end.
28 january 2002
india fin to advise on biotech park
industrial development corporation has mandated rabo india finance
as advisors for the development of biotechnology park in pune.
under the mandate, rabo india will also scout for a technological
partner, who would infuse equity in the project and take the
rabo india will
scout for partners in europe and india for equity infusion in the
biotech park. the project is estimated to cost around $ 50
aig to provide accident cover for commuters
tata aig has introduced personal accident cover of up to rs 1
crore on loss of life to daily commuters.
the policy covers
accident while commuting between home and place of work, driving
or riding in public or private vehicles, or while traveling as a
passenger in a common carrier anywhere in the world.
for a monthly premium of
rs 99 plus a 5 per cent sales tax, the cover pays up to rs 1 crore
should the policyholder die on any holiday mentioned under the
negotiable instrument act, and as applicable in respective states.
on holidays, the
probability of accidents taking place is lower, and the company
wants to pass on this benefit to the customer in terms of higher
should the fatal accident
take place not on a holiday in a common carrier, his beneficiary
will be given rs 5 lakh, and rs 3 lakh if the accident took place
in a private vehicle.
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