10 february 2002
tata aig insurance
to tap rural market
tata aig life insurance company is planning to launch a life
insurance product for the rural market by march this year. the
product will be introduced in tamil nadu.
the product has already been designed and developed and the
company is currently in the process of training agents.
tata aig has tied up with the bridge foundation (tbf), a bangalore-based
ngo engaged in micro enterprise development, to help create
insurance awareness in the rural sector.
through its rural credit programme, the bridge foundation has
already disbursed micro loans to the tune of rs 95.5 lakh to
18,215 households across 1,540 villages in the country during the
9 february 2002
uti pares stake in
icici to 6.11%
the unit trust of india (uti) has reduced its share holding in
icici by more than 12 lakh shares from 6.27 per cent to 6.11 per
cent during september 2001 to january 2002.
during the same period, emerging market growth fund inc increased
its holding by 13.82 lakh shares from 1.69 per cent to 1.87 per
cent. from december 2001 to january 2002, the fund hiked its stake
marginally to 1.87 per cent from 1.76 per cent.
mutual funds collectively have reduced their holding in icici to
0.80 per cent in january 2002, down from 1.26 per cent in
peerless mulls deal
with hdfc standard life
peerless general finance & investment is planning to come up
with deposit schemes having life insurance cover from hdfc
peerless has launched multi protector, a 3-year fixed deposit
scheme with accidental death and critical illness cover from iffco
tokio general insurance.
peerless has decided to invest 90% of its funds in government
securities to ensure safety of depositors money.
financial planning service
mumbai: hsbc has launched its financial planning
service for its premier and powervantage customers.
the fps is a comprehensive, integrated service that will assist
customers in executing long-term savings and investment plans that
are designed to achieve individual financial goals.
the fps will quantify the resources of customers in terms of
his/her personal finance -- both the present and the future. it
will also quantify his/her personal obligations -- at what time
would there be an outflow, of how much, and then identify the
resources and obligations. it will help plan and manage existing
and future savings to achieve life goals.
the threshold limit for the bank's premier banking is at rs 1 lakh,
while for powervantage, it is rs 25 lakh. this money could be in
the form of investments in shares or fixed deposits.
8 february 2002
idbi to infuse
rs 150cr into ifci
idbi will shortly infuse rs 150 crore into ifci as part of the rs
1,000-crore assistance announced by the government in august 2001.
idbi has so far infused only rs 50 crore against the agreed rs 200
the other stakeholders -- life insurance corporation and state
bank of india -- have already invested rs 200 crore each in ifci.
earlier, the government infused rs 400 crore of the total rs
1,000-crore bailout package to ifci announced in august.
7 february 2002
csb posts growth in
deposits in q3
the catholic syrian bank recorded rs 396.59 crore deposits and
advances during the third quarter of the current financial year
ended december 2001 against rs 113.61 crore in the corresponding
period previous year.
the total investment of the bank increased to rs 1427.34 crore as
on 31 december last from rs 1158.00 crore the same day the
previous year, an increase of 23.25 per cent.
the operating profit (unaudited) of the bank touched rs 50.38
crore compared to rs 27.68 crore for the corresponding period
previous year, an increase of 82 per cent.
the net profit (unaudited) of the bank reached rs 15.70 crore
compared to rs 7.60 crore for the corresponding period previous
year, an increase of 106.58 per cent.
abn amro eyes six
financial powerhouse abn amro bank has identified centurion bank,
indusind bank, global trust bank, federal bank, south indian bank,
and karur vysya bank for takeover bid.
abn amro bank is awaiting
further clarity on the 49 per cent foreign direct investment cap
before driving ahead.
there is a 20 per cent
cap on foreign holdings in the banking sector at present.
home trade launches
trade ltd, the worlds first fast moving financial goods (fmfg)
company, launched two fmfg products in the hyderabad market
endorsed by sachin tendulkar, hrithik roshan and sharukh khan.
the two products launched
are: lets learn about money (llam) - investing for beginners is an
innovative solution for average consumer for learning the basics
of investment; and home trade one (ht one) - a multi-purpose
investment account which will be introduced in two versions.
home trade leverages the
expertise of leading companies like at kearney, pwc, siebel,
compaq, wipro, reuters, arthur andersen, etc. the company is
planning direct sales to push the niche products and the retail
sales channel in 12 cities and is likely to be extended in a
phased manner to cover more than 30 cities by september 2002 for
the mass fmfg products.
stanchart consumer banking head
standard chartered bank has appointed vishu ramachandran as head
of consumer bank, india.
ramachandran will oversee
the strategic direction and growth of the five consumer banking
value centres -- secured loans, unsecured loans, wealth
management, branch banking and standard chartered finance. he will
be responsible for product development, sales and marketing,
service delivery, building a strong brand and team to acquire
critical competencies for consumer banking.
prior to this, ramachandran was heading standard chartered's
global products in the area of mortgages and auto, based in
singapore. he joined the bank in india in 1986 and has held
several portfolios in the consumer bank both in india and
6 february 2002
icici gets 5.73 pc
stake in george williamson
the b.m. khaitan group has transferred 5.73 per cent of its stake
in george williamson (assam) ltd to icici ltd as an upfront fee
payment for restructuring the debt of its flagship battery
company, eveready industries india ltd.
the transferred shares
have been valued at rs 80 per share.
khaitans still have
around 8 to 9 per cent stake in george williamson.
granted iso 9001
canbank computer services ltd, a subsidiary of canara bank
providing solutions for banking and finance sectors, has been
awarded the revised iso certification, iso 9001:2000, by bvqi.
the certification was a
significant milestone for the company as it guarantees customers a
systematic adherence to process of software development with
minimum risk of defects.
adb mulls $2 bn
aid to india
new delhi: the asian development bank is considering
hiking annual assistance to india by more than 50 per cent to $2.0
according to official estimates, india needs $5.0 billion from
multilateral agencies in the coming years to ensure a higher
growth rate. the government has sought $2.0 billion from adb, of
the total $5.0 billion.
adb has provided a total $10.3 billion for 52 projects since 1986.
currently loans totalling $5.4 billion are being utilised in 24
the manila-based bank, in which india is the fourth largest
shareholder, has also provided $285 million to the private sector
and about $71.3 million worth of technical assistance to indian
5 february 2002
icici to issue
safety bonds from 8 feb
is coming up with a rs 600-crore offering of its safety bonds from
8 february to 4 march.
icici has added an option
to its tax saving bond and also introduced a new bond called
monthly income bond. it has offered a quarter percentage point
higher return under the new, six-year option.
the other options under
the tax saving bond are in the nature of deep discount bonds. idbi
too had hiked the rates of interest on its bonds by about 25 basis
however, the yields
offered by both the institutions are almost the same. icici has
reduced the options in its money multiplier bond to one and
reduced the rate of interest by about 30 basis points.
interest rates have also
been slashed on regular income bonds. the peak rate offered on the
bond has come down from 10 per cent to 9.5 per cent.
lic to invest rs
2,000cr in equity market
life insurance corporation of india would invest 8 per cent of its
estimated rs 50,000 crore investment surplus this fiscal in equity
"we had always been providing strength to equity market and
even when bse index touched a low of 2586 points, lic was net
buyer in the equity market and will continue to do so," lic
chairman g n bajpai said at a meeting organised by indian chamber
of commerce here.
the chairman said in the last fiscal ended march, 2001, the
corporation had invested about 6 per cent of total investment
surplus of rs 32,000 crore or rs 1,920 crore in the equity market.
he said lic had already invested close to rs 2,000 crore in equity
market this fiscal.
indusind bank q3
net at rs 16.50cr
indusind bank has posted a net profit of rs 16.50 crore for the
third quarter ended december 2001.
the profit in the corresponding period the previous year was rs
the operating profit during the current quarter stands at rs 39.34
crore as against rs 33.96 crore for the same period the previous
year, showing an increase of 15.84 per cent.
the total income during this current quarter was rs 187.48 crore,
as against rs 201.57 crore in the corresponding quarter ended
refinance rate to 8.5 per cent
the national bank for agriculture and rural development (nabard)
has reduced the rate of interest on its refinance in respect of
loans for purchase of tractors, rural godowns, agriclinics and
agribusiness to 8.5 per cent from 10 per cent per annum with
effect from 1 february 2002.
to underwrite ongc assets
united india insurance company has bagged the mandate to
underwrite the assets of oil and natural gas corporation (ongc)
during fiscal 2003-04. the cover would also include terrorist
attacks, apart from covering natural calamities including
united india would provide a comprehensive one-year insurance
cover for a sum assured of $12 billion.
united india would admit a maximum claim of us$ 750 million on
first loss basis. the first loss basis includes five sections --
offshore, onshore, expenses (well centers), liabilities and
terrorist cover -- apart from natural calamities including
rabo to buy
partners out of nbfc
the three indian partners of dutch banking major rabobank - ashok
kapur, rana kapoor and harkirat singh - are set to exit rabo india
the three resident partners, who together hold 25 per cent stake
in the nbfc, have decided to pick 80 per cent shareholding in the
as a first step, rabobank will bring in an additional $31.25
million into rabo india finance to ramp up the fdi in the jv to
subsequently - within 18 months - it will buy out the three
finance professionals from the jv converting the nbfc into a
4 february 2002
jv plan spiked
new delhi: the
government has spiked the proposal of film finances inc, one of
the largest issuers of film completion bonds, on the ground that
the company has not been able to meet the minimum capital
while the minimum capital
requirement for entering the entertainment sector is $10 million,
the company, along with its indian partner, kaleidoscope (india)
private ltd, controlled by bobby bedi, co-producer of the film bandit
queen, had approached the fipb for approval to set up a joint
venture company with a paid-up capital of rs 49 lakh.
the proposed joint
venture company had cited the issue of film completion bonds in
india as its business activity.
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