GTB sacks 7 senior officials
Mumbai: Seven senior officials, including the executive director of Global Trust Bank, have been sacked following alleged deviations and serious irregularities in adhering to the laid down procedures as well as internal guidelines of the bank.

The seven officials, four from Mumbai and three from Secunderabad, are executive director Sridhar Subasri, president K A Choudhry, executive vice president Nageshwara Rao, senior vice presidents K V Rao and B N Prakash, and vice presidents S R Krishnamurthy, and S R Kalluria.

Reserve Bank of India has been intimated about the decision.

AIG, Tata up equity in insurance co
Mumbai: American Insurance Group and the Tata group on have increased the equity capital in their joint-venture insurance company, Tata AIG Life Insurance, by Rs 600 million.

India's Tata holds a 74 per cent stake, while AIG has 26 per cent in the joint venture.

The Tata group had invested Rs 444 million more, while AIG brought in an additional Rs 156 million.

The total equity of Tata AIG after the fresh capital investment stands at Rs 1.85 billion.

Interest rates on SDS, GPF cut by 0.5%
New Delhi: The government has announced cut in interest rates on special deposit scheme, general provident fund and on other deposits from 9.5 per cent to 9 per cent.

Interest rates on advances and loans given to government employees for house purchase and construction and also for purchase of vehicles, bicycles and computers have been lowered by 0.5 per cent.

The reduced interest rates would be applicable from 1 April 2002.

The decision to cut interest rate on GPF and SDS comes close on the heels of reduction of interest rates on small savings schemes by 0.5 per cent announced in the Union Budget for 2002-03 by finance minister Yashwant Sinha.

30 March 2002