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17 february 2002

icici bank offers internet trading
coimbatore:
icici bank has started offering internet trading from 1 february by integrating an investor's savings, demat and broking accounts.

this three-in-one account allows various alternatives such as cash, margin and on-the-spot options while trading in shares.

the account for online trading could be opened for a one time non-refundable fee of rs 750. the brokerage ranged from 0.1 per cent to 0.15 per cent for margin trades, 0.2 to 0.425 per cent for squared-off trades and between 0.4 and 0.85 per cent on delivery-based trades.

boi hikes rates on some deposits
mumbai:
bank of india has raised interest rates on certain categories of domestic term deposits by 25-75 basis points effective from 18 february.

for deposits less than rs 15 lakh but for maturities of 46 to 90 days and 91 to 179 days, the rates have been revised to 6.75 per cent (6.00 per cent).

for deposits above rs 15 lakh and but less than rs 1 crore and for maturities of 46 to 90 days and 91 to 179 days the rate is now 6.75 per cent (6.50 per cent).

the revised interest rates will be applicable only on fresh deposits and on renewal of maturing deposits.

bank credit up rs 3,006 cr
mumbai:
bank credit has increased by rs 3,006 crore for the fortnight ended 25 january 2002 to rs 5,68,824 crore.

food credit has increased by rs 1,485 crore to rs 54,680 crore while non-food credit has risen by rs 1,521 crore to rs 5,14,144 crore.

total accommodation provided by scheduled commercial banks to the commercial sector in the form of bank credit and investments in shares, debentures, bonds and commercial paper has increased by rs 45,851 crore to rs 5,94,151 crore as on 25 january 2002 from rs 5,48,300 crore as on 23 march.

nabard reduces refinance rates
mumbai:n
abard has cut interest rates on refinance for loans above rs 2 lakh for farm mechanisation, rural godowns, setting up of agriclinics and agribusiness centre from the existing rate of 10 per cent to 8.5 per cent per annum, making it a uniform rate for all loans above rs 25,001.

the refinance rate for loans up to rs 25,000 will be 7.5 per cent per annum for commercial banks ( cbs), primary urban co-operative banks and regional rural banks (rrbs) while state co-operative banks (scbs), state co-operative agriculture and rural development banks (scardbs) will be charged 7 per cent.

icici reshuffles executives
mumbai:
icici has made changes in portfolio allocations in its top tier of management.

while deputy managing director lalita gupte will head international and business process outsourcing, the other deputy md h n sinor will look after domestic banking.

n vaghul, the non-executive chairman of icici, will continue to head the board of the merged entity that will be reconstituted in compliance with the banking regulation act, 1949. k v kamath will be the managing director and chief executive officer, with sinor and gupte being second in command in the capacity of deputy managing directors.

kalpana morparia, s mukherji, chanda d kochhar and nachiket m mor - the four executive directors - have been demarcated separate portfolios.

mor will continue to look after corporate and treasury operations and kochhar will look after the retail sector wherein all personal finance services and retail staff will report to her. the retail portfolio has been identified as a focus area for the proposed merged entity.

mukherji will head project finance and will be responsible for the sticky assets. morparia will be responsible for all corporate services including legal, human resources management, investors and shareholder grievances, besides balance sheet and tax matters. icici's chief financial officer, balaji swaminathan, will report to her.

16 february 2002

bob to sell stakes to foreign partners
new delhi:
bank of baroda will sell stakes in three units to foreign partners to tap foreign financial expertise.

tying up with foreign partners is expected to revitalise the three units and give them critical mass.

bank of baroda is looking for foreign investment for its credit card, mortgage lending and asset management units.

bank of baroda's rival, the state bank of india, the country's biggest commercial bank, has already sold a 49 per cent stake in its card unit to ge capital.

15 february 2002

lic moots jv for uk operations
new delhi:
life insurance corporation (lic) has shortlisted three foreign players for its proposed joint venture in uk.

the shortlisted players are mid-sized companies not having any operations in india. all major international players --ing, allianz, zurich, prudential, cgu, aig, tokio fire and marine, standard life, metlife, new york life, sunalliance, cardif, sun life, lombard and chubb --have already tied up with indian companies.

the public-sector insurance company has already forayed into nepal, gulf, mauritius and other foreign countries. lic's board of directors have cleared the proposed joint venture in the uk and the us.

lic plans foray into sri lanka
mumbai:
the life insurance corporation of india (lic) is scouting for a partner in sri lanka to enter the insurance market there.

lic is looking for a local company with a good network in sri lanka. under sri lankan regulations, foreign companies necessarily need to team up with a local partner.

lic was a player in the sri lankan insurance market till about 50 years ago. the insurer stopped selling policies there after it was nationalised in 1956.

14 february 2002

lic housing fin private placement
mumbai:
lic housing finance ltd has privately placed debentures for a total amount of rs 392 crore. a total of 25 investors subscribed to the issue.

the issue was for an aggregate amount of rs 100 crore and was rated `aaa' by crisil. the debentures, with face value of rs 1 crore each, were offered under three options -- 5-year, 7-year and 10-year. the company collected rs 139 crore under the 5-year option, rs 178 crore under the 7-year option and rs 75 crore under the 10-year one.

13 february 2002

rupee co-op bank board superseded
pune:
the board of directors of rupee co-operative bank has been superseded and the reserve bank of india (rbi) has appointed an administrator for the management of the bank.

the action against the bank follows the presentation of a report by the rbi, which has been investigating charges of financial irregularities by the board of directors.

b. yashod, additional commissioner of co-operation, took charge as the new administrator of the bank.

the 90-year-old rupee co-operative bank is the third largest co-operative sector bank in the state. the bank has an 8.5-lakh-strong customer base and a 44,000-strong shareholder base.

gtb e-payment pact with rediff.com
hyderabad
: global trust bank (gtb) has tied up with rediff.com for providing e-payment facility to its customers for online shopping.

gtb customers, registered for the internet banking facility, will now be able to make their payments towards purchases on the rediff online store.

gtb has also tied up with other leading online shopping portals for a similar e-payment facility. rediff.com hosts online stores of various merchants who offer their merchandise for sale to customers on the internet.

abn amro to enter housing finance
new delhi:
abn amro bank is planning to get into housing finance by the second-half of this year.

the bank, which has a presence in the car finance business, will enter the mortgage business soon. the home loans would be issued by the bank directly.

padamsee to promote dcbs image
mumbai:
the development credit bank (dcb) has hired alyque padamsee to advise the bank in its media, image and advertising related activities.

mckinsey & co had done a study of the bank in april 2000 and recommended certain changes which the bank is undertaking at the moment. dcg is setting up a new team out of which some have already joined the bank while the rest are expected to join soon.

the bank will also be tying up shortly with mutual funds and insurance companies as a third-party distributor. the bank has a retail customer base of about 4,00,000 accounts.

dcb is also in talks with banks for use of their atm network.

gande to take over as gtb md
hyderabad:
sudhakar gande will take over as the managing director and chief executive officer the global trust bank in the first week of march.

gande has worked at american express bank for more than a decade in various capacities. the last position he held was that of a senior director.
after leaving american express in 1995, sudhakar promoted lexicon consultancy in mumbai. as a consultant, he was involved in roping in bank brussels lambert (bbl), a subsidiary of ing barings, as a strategic partner of vysya bank a few years ago.

12 february 2002

aig, fortis in talks with uti bank
new delhi:
america international group and the french financial services group fortis have evinced interest in uti bank and are in advanced stages of negotiations for buying into the bank.

uti bank is also talking to lloyds tsb of uk and deg of germany.

the current price of the bank is pegged at approximately rs 50 per share, which is higher than its earlier offered price of rs 34 per share to south asia regional fund and cdc financial services (mauritius).

the exact stake that is in the offering is not known.

lic to sanction rs 200 crore to kerala
mumbai:
the life insurance corporation of india (lic) will sanction an additional rs 200 crore to the kerala government.

the funding had been withheld as lic was examining whether or not the state government had paid up its past dues. till date, lic has extended rs 259.65 crore to kerala. the budgeted estimate for the current fiscal had been at rs 191.58 crore. lic's funding to state governments budgeted for the current fiscal stands at rs 1,337.37 crore

11 february 2002

union bank launches new scheme with hospitals
mumbai:
union bank of india has tied up with city-based lilavati and holy family hospitals to introduce its union life guard scheme designed to meet unforeseen hospitalisation expenses.

the scheme, currently being test launched through the bank's hill road branch in bandra, ensures cashless hospitalisation in designated hospitals.

the ulg card holders would receive admission into these hospitals at any time of emergency. the scheme was supported by an assured limit up to rs two lakh.

the bank customers with a gross income of rs one lakh and above can avail of this scheme

greater bank plans to disburse more housing loan
mumbai:
the greater bombay co-operative bank plans to disburse housing loans worth rs 25 crore in the current fiscal ending march 2002.

the bank has already disbursed housing loans totalling rs 20 crore and expects to disburse rs five crore in the remaining two months of the current fiscal.

these loans can be given for up to 85 per cent of the value, which has been recently raised from 75 per cent, and for a maximum period of 15 years.

greater bank has applied to the reserve bank of india for opening four new branches and two extension counters. the bank currently has 15 branches and an extension counter.


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