3 August 2002
HDFC to raise $100 m more
Mumbai: Housing Development Finance Corporation (HDFC) is to raise $100 million through international funding in the latter half of this financial year.
General insurance cos sore over directives on TPAs
New Delhi: The top-level managements of the four public sector general insurance companies are reportedly annoyed with the Union Government's repeated intervention in the appointment of third party administrators (TPAs).
Insurers told to stick to TPA fee ceiling
New Delhi: While the process for hiring third-party administrators (TPAs) has been decentralised, the General Insurance Public Sector Association (GIPSA) has directed the four non-life general insurance companies to adhere to the cap on fees.
PSU insurers dump compassion
New Delhi: Public sector general insurance companies are quietly dispensing with compassionate appointments in a bid to rationalise manpower utilisation.
Primary dealers told to publish accounts
Mumbai: Primary dealers (PDs) have been asked by the Reserve Bank of India to make public details of their balance sheet and their profit and loss account. So far, PDs did not have disclosure requirements.
RBI for ceiling on States' loan guarantees
Mumbai: To bring about fiscal discipline in state finances, RBI has recommended a need for a ceiling on guarantees on loans given by State governments to various state level undertakings.
Catholic Syrian to offer VRS
Kochi: The Thrissur-based Catholic Syrian Bank is planning a voluntary retirement scheme at various levels of the organisation for people who have completed 55 years of age.
IOB keeping options open on second VRS
Hyderabad: Indian Overseas Bank (IOB) has an open mind about introducing second round of voluntary retirement scheme (VRS), according to its Chairman and Managing Director, Mr S.C. Gupta.
Union Bank returns Rs 58 cr to Government
Mumbai: Union Bank of India, which has announced a public issue of Rs 288 crore, has returned Rs 58 crore to the Government, thus reducing the Government's stake to 60.8 per cent from the current level of 100 per cent.
Associate unattractive : `IDBI wants to merge with another bank'
Mumbai: Merging with IDBI Bank was not an attractive proposition going by the current size of the bank, Mr P.P. Vora, Chairman, IDBI, told shareholders yesterday at the institution's annual general meeting.
Exim Bank to extend $10-m credit to PTA Bank
New Delhi: Export-Import Bank of India (Exim Bank) has signed an agreement to extend line of credit (LoC) of $ 10 million to Eastern and Southern African Trade and Development Bank (PTA Bank).
IndusInd bid to auction hotel property stalled
New Delhi: The Alternative Disputes Resolution (ADR) Arbitral Tribunal, New Delhi, has stalled IndusInd Bank's bid to auction the Pune-based Ram Laxman Hotels' property, where the five-star Holiday Inn is located, following a dispute over loan repayment.
IOB to raise Rs 175-crore tier-II
Hyderabad: Indian Overseas Bank has decided to raise Rs 175 crore of Tier-II capital through private placement during the current financial year.
MoF seeks RBI advice for changes in banking act
New Delhi: The ministry of finance has sought comments from the Reserve Bank of India on the changes required in the Banking Regulation Act, 1949, for providing an option to the foreign banks to either operate as branches of their parent banks or to set up subsidiaries. Full story
States should assess guarantee-linked risks for PSU bonds
Mumbai: A senior RBI official said on Friday that state governments need to assess the risks associated with the guarantees extended to bonds floated by public sector undertakings.
BankAm cuts India growth forecast on drought fears
Mumbai: Bank of America has lowered Indias economic growth estimate for the current financial year to four per cent, from five projected earlier, citing lower farm output as the country faces the worst drought in more than a decade.
2 August 2002
UTI borrows more from SBI to keep US-64 liquid
Mumbai: Unit Trust of India borrowed Rs 500 crore from State Bank of India a few days ago to create liquidity in its flagship US-64 scheme. The loan is over and above the Rs 1,000 crore it borrowed from SBI recently.
Corporate agents: Irda puts on hold licensing
New Delhi: The Insurance Regulatory and Development Authority has put on hold licensing of corporate agents till further notice.
HDFC Bank's advisory service facility
Mumbai: HDFC Bank is targeting the affluent masses with its `wealth management programme' with the aim of covering 1,00,000 customers by the end of the financial year,
Canfin Homes to beef up marketing
Bangalore: Canfin Homes Ltd (CFHL) is planning an aggressive campaign for marketing its products. The company has set in motion the initiative by setting up its central marketing department in Bangalore.
ICICI Bank property show begins today
Mumbai: ICICI Bank Home would offer spot sanctions for home loans on the displayed properties. The customers opting for a spot loan would get advantages such as a reduced interest rate of 10.75 per cent on adjustable rate loans and an offer of zero processing fee for the loans, which are usually up to 0.5 per cent of the loan amount.
Home loan festival from Vibank
Bangalore: Vibank Housing Finance Ltd, a subsidiary of Vijaya Bank, will launch a 10-day `Own Your Home Festiva ' on August 22, 2002.
Transporters seek IRDA action on tariff norms
New Delhi: It's time for fresh action on the motor insurance front with transporters once again seeking the intervention of the Insurance Regulatory and Development Authority (IRDA) to discipline insurance companies, which allegedly are openly flouting the norms.
TN lorry owners for third party insurance
Chennai: The State Lorry Owners' Federation has asked its member associations to take up with the insurance companies the issue of accepting third party insurance premiums.
Tax-free bonds cap may be set around Rs 10 lakh
New Delhi: The Government is set to fix a liberal annual investment limit of over Rs 10 lakh on the new tax-free bonds announced by the Finance Minister, Jaswant Singh, on Wednesday.
Tax-free bonds look appetising
Mumbai: Jaswant Singh's new tax-free bond is expected to be the best bet for investors in an otherwise depressed market, according to market watchers. The bonds are seen as an attractive opportunity as there is no cap on investment.
Ingersoll Rand CP assigned `P1+'
Mumbai: Crisil has rated Ingersoll Rand's Rs 75 crore commercial paper issue as `P1+', indicating highest safety.
ICICI Bank debit card feat
Mumbai: ICICI Bank yesterday said it has issued over 10 lakh debit cards, becoming the largest debit card issuer in the country. The bank launched its debit card "Ncash' in January 2001.
Lakshmi Vilas Bank cuts rates
Hyderabad: Lakshmi Vilas Bank (LVB) has announced revised interest rates on domestic term deposits. The rates, based on the recommendations of the bank's asset liability company, have come into effect from August 1,2002.
Andhra Bank revises deposit rates
Hyderabad: Andhra Bank, the Hyderabad-based public sector bank, has announced new interest rates for term deposits. The revised rates would come into effect from August 1, 2002.
Union Bank issue at Rs 6 premium
Mumbai: Union Bank of India has set a premium of Rs 6 for the Rs 10 share for its proposed public issue. The issue is of 18 crore equity shares amounting to Rs 288 crore.
Drought shadow over retail loans
Mumbai: With the spectre of drought looming large over the country, the banking industry is confronting a crisis of confidence. As the drought situation becomes a reality, the industry's honeymoon with retail lending might be cut short.
CIFCL to raise Rs 400 crore via non-convertible debentures
Chennai: Chola-mandalam Investment & Finance Company Ltd, is raising Rs 400 crore by way of issuing redeemable non-convertible debentures of Rs 200 crore and short-term redeemable NCDs of Rs 200 crore on a private placement basis.
BOBL rejigs Bangkok ops on Andersen advice
Chennai: Bharat Overseas Bank Ltd has recast its Bangkok operations lock, stock and barrel by branching out to new business areas and infusing fresh funds.
BNP Paribas Q2 net dented by weak equity markets
Mumbai: French bank BNP Paribas said on Thursday that slumping equity markets had pushed net profits down 13 per cent in the second quarter as it sounded a note of caution over when more stable business conditions would return.
1 August 2002
Tata Fin net loss at Rs 9.76 cr
Mumbai: Tata Finance has registered a net loss of Rs 9.76 crore for the first quarter ended June 30,2002. The company has changed its accounting year from July - June to April - March.
Srei International net up 8.25 pc
Kolkata: Srei International Finance has recorded a 8.25 per cent growth in net profit for the quarter ended June 30, 2002 at Rs 2.55 crore, from Rs 2.47 crore during the same quarter of last financial year.
Third party administrators : Insurance companies call interviews
New Delhi: The travails of the third party administrators (TPAs) are continuing. With General Insurance Public Sector Association (GIPSA) finally deciding to scrap its TPA panel.
Mild rally in bonds expected: BoA
Mumbai: A mild rally in the bond market can be expected given the flush liquidity conditions, continued primary supply of securities at the long-end of the yield curve, mildly rising headline inflation, steady currency rates.
ICICI Bank Q1 net at Rs 253 cr
Mumbai: ICICI Bank Ltd has posted a net profit of Rs 252.90 crore for the first quarter ended June 30, 2002 against Rs 65.25 crore in the previous corresponding period.
Will truck finance give banks the mileage?
New Delhi: A couple of banks may have ventured into commercial vehicle financing as a natural extension of their car financing business, but how successful they will be in this sector is yet to be seen.
Dhanalakshmi Bank posts higher net in Q1
Kochi: Dhanalakshmi Bank has recorded a 43 per cent increase in operating profits to Rs 15.99 crore during Q1 of the current fiscal from Rs 9.10 crore in the corresponding period last year.
KVB net up
Coimbatore: Karur Vysya Bank's (KVB) has registered a 13.81 per cent jump in net profit to Rs 22.25 crore during the first quarter of the current fiscal compared to Rs 19.55 crore in the corresponding quarter of the previous year.
Interest income boosts Q1 net for Allahabad Bank
Chennai: In the first quarter of the current financial year (April-June 2002-03), Allahabad Bank posted a 43 per cent jump in net profit at Rs 28.48 crore as compared to Rs 19.91 crore in the same period of the previous year.
SBH net rises 44 pc
Hyderabad: State Bank of Hyderabad (SBH) has registered a growth of 44.22 per cent in net profit for the first quarter of current fiscal year ended June 30, 2002 on a marginal growth of 7.72 per cent in turnover.
APSFC targets Rs 415-cr sanctions
Hyderabad: The Andhra Pradesh State Finance Corporation (APSFC) has targeted to sanction Rs 415 crore and disburse Rs 310 crore for the financial year 2002-2003.
Borrowing limit of PDs in call market to be cut
Mumbai: The Reserve Bank of India has said that borrowing limits of primary dealers in the inter-bank call money market will be reduced in two stages while lending will be permitted only up to 25 per cent of their net owned funds
HSBC H1 net seen declining 21%
Mumbai: Banking giant HSBC Holdings is expected to report next week that bad debt charges doubled in the first half of the year, dragging down net profit by as much as 21 per cent, as the global economy remained weak.
Sundaram Finance clocks Rs 9.4-crore net in June-quarter
Chennai: Sundaram Finance Ltd on Wednesday reported a net profit of Rs 9.37 crore for the quarter ended June 30, 2002, marginally up from Rs 9.12 crore it clocked during the same period in the previous year.
CIFCL to enhance share capital to Rs 70 crore
Chennai: Cholamandalam Investment and Finance Company Ltd has decided to enhance its authorised share capital to Rs 70 crore from the present level of Rs 21 crore.
Vibank Housing eyes Rs 25-cr loan disbursal
Mumbai: Vibank Housing Finance Limited, a Vijaya Bank subsidiary, is organising a month-long "own your home festival" from Thursday, eyeing to disburse loans to the tune of Rs 25 crore, a top VHFL official said on Wednesday.
Tata Finance net loss at Rs 9.76 crore in Q1
Mumbai: Tata Finance has registered a net loss of Rs 9.76 crore for the first quarter ended 30 June 2002.
The company has changed its accounting year from July-June to April-March. Consequently, the quarter April-June 2001 was the last quarter of the earlier financial year ended on 30 June 2001.
The total income of the company stood at Rs 94.40 crore while interest was at Rs 89.5 crore. The other income was at Rs 4.90 crore, and is inclusive of Rs 2.5 crore towards reversal of provision made for expenses the earlier years, as the same was no longer required, said the company in a notification to the Bombay Stock Exchange.
