15 June 2002
IFCI should focus on mid-size corps: McKinsey
Mumbai: International consulting firm McKinsey has made a presentation to IFCI on the financial institution's rejuvenation. The recommendation is broadly in line with the Basu Committee recommendations submitted to the institution earlier.
HSBC to hire up to 150 staff in Asia
Hong Kong: HSBC said on Friday its investment banking arm would hire 100 to 150 staff in Asia in the next five years, adding more muscle to the business which already provides nearly half of the global banking giant's pre-tax profits.
IRDA to seek 2001-02 motor insurance details
New Delhi: The Insurance Regulatory and Development Authority will be asking general insurers to furnish a break-up of their motor claims experience under separate heads third party and comprehensive (third party as well as own damage).
RBI widens scope of Banking Ombudsman
Mumbai: The Reserve Bank of India has decided to introduce the Banking Ombudsman Scheme (2002) with wider coverage and enlarged authority/ functions to the Ombudsman after a review of the Banking Ombudsman Scheme, 1995.
Sinha, Jalan review bank results
Mumbai: Reserve Bank of India governor Bimal Jalan said after a meeting with Finance Minister Yashwant Sinha that both the RBI and the government have been concerned with the high level of non-performing assets in the banking sector.
IFCI considers revival as standalone firm
New Delhi: The financial institution IFCI Ltd is mulling over a number of business model options for revival as a stand-alone institution, based on the findings of a study by McKinsey & Co.
HSBC to hire 100 investment banking staff in Asia
Mumbai: HSBC has said its investment banking arm would hire 100 to 150 staff in Asia in the next five years, adding more muscle to the business which already provides nearly half of the global banking giants pre-tax profits.
PNB increases FCNR(B) rates
Mumbai: Punjab National Bank has raised interest rates on foreign currency non-resident bank scheme for deposits in dollars, pounds sterling and euros.
Union Bank certain on IPO
Mumbai: Union Bank of India has decided to come out with an IPO for Rs 300 crore within three months. The pricing is likely to be in the range of Rs 5 to Rs 10 per share.
Karnataka Bank focuses on forex operations
Bangalore: Karnataka Bank conducted a forex review conference in Bangalore recently. During the course of the conference the bank reviewed its performance in the foreign exchange business during the year 2001-02 and made projections for the current year.
The conference was attended by officials of the banks regional offices, designated branches and the international division, in addition to senior executives from the head office. Karnataka Bank chairman Anantha Krishna says the bank will ensure adequate and timely dispensation of export credit.
The bank has also brought out a revised manual of instructions for forex transactions in the context of the rapid changes taking place in handling forex business. The manual was released during the course of the conference.
Karnataka Bank registered a forex merchant turnover of Rs 2,930.50 crore during the year ended 31 March 2002.
Public sector banks review meet postponed
Kolkata: The proposed public sector banks (PSB) review meeting at Lonavala near Pune on 19 June 2002 has been postponed.
The meet was supposed to be held by Union Finance Minister Yashwant Sinha with the chairmen and managing directors of all PSBs, including State Bank of India.
