20 July 2002

Anagram Securities opens branch in Karnataka
Bangalore: Anagram Securities Ltd, the stock broking arm of the Lalbhai group, has opened its branch in Karnataka.

No approval sought to sell holdings: UTI
New Delhi: The Unit Trust of India (UTI) has said that it has not sought the approval of the Government to sell its holding in any specific company like ITC Ltd. According to the Minister of State for Finance, Mr Anand G. Geete, the UTI has not sought permission from the Government to sell its holding in any company or buyer.

Tata MF plans to tap retail, high net worth investors
Kolkata: Tata Mutual Fund has lined up an income scheme with separate investment options for retail and high net worth investors. Christened Tata Income Plus, the scheme will add to the fund's growing list of debt-oriented products.

Annuity plan with definite returns `not feasible'
Chennai: As things stand today, a pension provider will have to mandatorily provide an annuity plan with guaranteed returns to its customers, so that when the accumulation period ends, the customer will have a regular income stream.

Dabur open to Aviva raising stake in venture
Mumbai: The Burmans of Dabur will not mind their partner, the CGNU Group (now Aviva Plc) of the UK, increasing its stake in the life insurance venture, Aviva, if regulation permits.

Banks likely to resume power sector funding
Mumbai: At the power meeting in RBI Towers on Friday, attended by the Power Minister, Power Secretary, NTPC officials and bankers (including RBI), a request was made to banks to offer five-year funds for NTPC and other Central power utilities at 10 per cent (fixed).

Repo rate sustainable: Jalan
Mumbai: The Reserve Bank of India Governor, Dr Bimal Jalan, yesterday said that the repo rate at 5.75 per cent was sustainable in the long run. RBI had last cut the repo rate on June 27 from 6 per cent to 5.75 per cent.

New Bill on NPA introduced
New Delhi: The Government today introduced a Bill in the Lok Sabha to replace the Asset Reconstruction and Securitisation Ordinance. The Bill left the provision of the ordinance unchanged with no dilution provided as sought by industry. The Ordinance was promulgated on June 21.

ICICI Bank opposes bid to wind up Kothari Petro
Chennai: ICICI Bank has opposed a petition filed by the Allahabad Bank before the Madras High Court, asking for winding up Kothari Petrochemicals Ltd, a part of the Chennai-based H.C. Kothari group. In March 1998, Kothari Petrochemicals, a part of the Chennai-based H.C. Kothari group.

Govt rules out PFs entry into capital markets
New Delhi: The government has said there is no proposal as of now to allow provident funds to invest in the capital markets for realising better earnings.

Insurance firms must tap rural business
Mumbai: Life insurance companies must focus more on rural business besides moving from the agent-driven selling model to new distribution models.

Reserve Bank will maintain liquidity, Says Jalan
Mumbai: The Reserve Bank of Indias governor, Dr Bimal Jalan, on Friday said that the central bank will continue to maintain liquidity in the market.

144 employees eligible for Sicom VRS
Mumbai: Nearly 144 of the total 270 employees would be eligible for the voluntary retirement scheme approved by the board of directors of Mumbai-based development bank Sicom Ltd.

19 July 2002

Crisil sounds alarm bells over state govt guarantees
Mumbai: Five states which together account for almost 50 per cent of the aggregate state-level guarantees is estimated to encounter aggregate debt servicing obligations of over Rs 44,000 crore over the next five years, says Crisil.

Harshad Mehta tops State Bank defaulters list at over Rs 800 crore
Mumbai: The late Harshad Mehta still rules the sweepstakes when it comes to NPAs in the Maharashtra region as on March 31, 2001 if the data on NPAs of over Rs 10 crore released by All India Bank Employees Association on Thursday is anything to go by.

Lord Krishna Bank plans acquisitions, public issue
Kochi: In order to become a major player in the private sector, Kerala-based Lord Krishna Bank has proposed initiatives which include an IPO, acquisition of small and medium private sector banks, providing inter-connectivity, launching 50 offsite ATMs and expanding branch networks.

South Indian Bank Q1 net up 22% to Rs 19 crore
Kochi: After making provisions for NPAs, standard assets, staff entitlements and taxation, South Indian Bank registered a net of Rs 18.81 crore compared to Rs 15.38 crore during the corresponding period last year.

GE Caps raises Rs 100 crore seven-year FRDs at 8.10%
Mumbai: GE Capital Services India has raised Rs 100 crore from the market through privately placed debentures at an interest rate at 190 basis points above the Reuters one-year government securities benchmark, which works out to 8.10 per cent.

Clearing Corporation plans alternative to call money
Mumbai: With the RBI planning to phase out non-bank entities from the call money market, the Clearing Corporation of India Ltd (CCIL) is set to introduce a new instrument as an alternative to call money, allowing participants to borrow and lend funds against securities.

Rupee steady; gilts bullish
Mumbai: The rupee closed steady on Thursday almost similar to its previous levels at 48.7750/78 against the dollar in a lacklustre forex market. Forex dealers said, that the market was inactive with thin trading volumes, as there was not much trading volumes, as there was not much movement in the currency. "Demand for the greenback is almost nil and supplies were adequate, so the rupee remained stable for the entire day,' said a forex dealer with a private sector bank.

Corpn Bank sets aside Rs 88 cr for tech upgradation
Mangalore: As part of its drive to build up an image of being a `technology-savvy' bank, the Mangalore-based Corporation Bank has set aside a sum of Rs 88 crore for technology upgradation, according to the bank's Chairman and Managing Director, Mr K. Cherian Varghese.

CanFin Q1 net rises 10 pc
Bangalore: Canfin Homes has increased its net profit by 10 per cent for the first quarter of the current financial year to Rs 4.49 crore. For the corresponding period of the last financial year, the net profit was Rs 4.07 crore.

RBI cheers up Govt with Rs 10,300-cr dividend
New Delhi: For a third consecutive year, the Reserve Bank of India has pitched in a big way to help the Centre tide over its cash flow problems. The RBI, which is the Government's debt manager, has decided to transfer close to Rs 10,300 crore as dividend to the Government out of its surplus profit for 2001-02 (July-June), according to the Secretary, Department of Economic Affairs (DEA), Mr C.M. Vasude.

RBI surplus profit surges above Rs 10,000 crore
Mumbai: The Reserve Bank of India seems to have good news for the Finance Minister struggling to find resources to fill the Budget deficit. For the year ending June 2002, the surplus profit of the bank seems to have surged from Rs 9,350 crore last year Rs 10,750 crore this year, a bonus of Rs 1,400 crore.

Online phone bill payment thru Centurion Bank
Ernakulam: An online telephone bill payment facility for the customers of Centurion Bank has been inaugurated by Mr John Thomas, General Manager (Finance), BSNL, Ernakulam, here.

Union Bank Q1 net up 81 pc at Rs 114 crore
Mumbai: Union Bank of India has registered a 80.72 per cent rise in net profit at Rs 113.91 crore for the first quarter ended June 30, 2002 from Rs 63.03 crore in the corresponding quarter in the previous year.

Bank defaults mount to Rs 80,246 cr: AIBEA
Kolkata: Till March 31, 2001, a total of 12,090 accounts defaulted to the tune of Rs 80,246.46 crore to banks and financial institutions in the country, according to a study undertaken by the All India Bank Employees Association (AIBEA).

'Defend PSU banking' rallies today
Thiruvananthapuram: The United Forum of Bank Unions (UFBU), Kerala, will observe "Defend public sector banking day' on July 19 by holding rallies and meetings throughout the State. The State Convener of UBFU, Mr V.G. Sidharthan, said that the bank staff will attend office on Friday wearing badges.

18 July 2002

SBI Life plans endowment products, eyes mid-east market
Mumbai: SBI Life Insurance is actively looking at selling its policies in the Middle-East, and would also soon come out with endowment products, a senior company official said.

Corporation Bank launches Corp E-Cheque
Mumbai: Corporation Bank on Wednesday introduced 'Corp E-Cheque' service by combining its internet banking product with Electronic Funds Transfer scheme of RBI to facilitate payment to pre-approved beneficiaries within 48 hours.

JP Morgan chase profits rise on consumer banking
JP Morgan Chase & Co Inc, the number two US bank holding company, said on Wednesday its quarterly profit before one-time items rose, as gains in consumer banking operations offset weak trading results.

Citigroup profits rise 15 per cent
Mumbai: Citigroup Inc, on Wednesday posted a 15 per cent rise in quarterly profits, as growth in consumer lending, credit cards and bonds businesses offset a slowdown in stock market-related revenues like advising on mergers.

Bank of Canada raises rates, cautious about future
Mumbai: Bank of Canada raised its overnight interest rate for the third time this year on Tuesday to keep the high-flying economy in check but said market and corporate uncertainty have made it more cautious about economic prospects than just a month ago.

17 July 2002

ECGC net rises 29 per cent despite increased claims
Depressed overseas markets , fluctuating prices and a sharp increase in wilful defaults have resulted in a 130 per cent spurt in claims on Export Credit Guarantee Corporation of India Ltd (ECGC). Claims settled by the corporation during the year ended March 31, 2002, increased to Rs 487.12 crore compared to Rs 212.49 crore for the year ended March 31, 2001. The rise is also due to the settlement of several pending claims, said a senior official.

ECGC, however, reported a net profit of Rs 46.04 crore for the year ended March 31, 2002, up 29 per cent from Rs 35.55 crore for the year ended March 31, 2001.

DSL Soft opens centre for banking tech
DSL Software, a joint venture between HCL Technologies and Deutsche Bank, in alliance with the Indian Institute of Management, Bangalore, has launched `Centre for research in finance and banking,' a centre of excellence for banking technology.

ICDS suspends transactions
ICDS Ltd , a Non Banking Finance Company belonging to the Pai group of Manipal has suspended transactions.