30 Nov 2002

RBI allows PNB to cut stake in PD arm to 30 per cent
Mumbai: The Reserve Bank of India (RBI) has given the go-ahead to Punjab National Bank for lowering its equity in its primary dealer arm PNB Gilts progressively to 49 per cent and then 30 per cent over the next three years from the present 74 percent.

KPMG plans training in anti-money laundering provisions
New Delhi: KPMG is in talks with a number of banks to conduct training programmes on anti-money laundering provisions and procedures.

IDBI Bank stops sale of Tata AIG products via ATMs
Mumbai: IDBI Bank has withdrawn its `any time insurance' offering, whereby it was selling general insurance products of Tata AIG through its ATMs.

United India inks pact with South Indian Bank
Kochi: The Thrissur-based South Indian Bank has joined hands with United India Insurance through a corporate agency tie-up whereby the company's insurance products will be sold through the bank's branch network.

BoI to outsource HR systems
Mumbai: Bank of India (BoI) plans to totally outsource its human resources (HR) management systems. The move is expected to save 50 per cent of the bank's funds.

IIBI to service own bonds
Mumbai: Industrial Investment Bank of India Ltd (IIBI) will be taking over the servicing of the government-guaranteed IIBI Bond (SLR) issued up to September 1993 (up to series 22) covering payment of interest and redemption proceeds

Union Bank cuts PLR
Mumbai: Union Bank of India has reduced its prime-lending rate (PLR) by 0.25 percentage points to 11.25 per cent effective December 1. The prime term lending rate (PTLR) of the bank remains at 12 per cent, said a press release.

Bonds fall on profit-taking
Mumbai: RBI announced Rs 4,500 crore OMO sale of the 10.95 per cent 2011 paper through uniform price auction has been scheduled for December 2.

Canara Bank cuts long-term deposit rates
Mumbai: Canara Bank has dropped its lending rates by 25 basis points (0.25 per cent) for term deposits in view of the continuing liquidity overhang in the banking system.

29 Nov 2002

Govt may go in for sell-off in UTI-II after 3-5 years
New Delhi: Finance minister Jaswant Singh has said that government might consider disinvestment in UTI-II after 3 to 5 years. The minister did not commit to any new assured return scheme for UTI-I after the bifurcation of the Unit Trust of India (UTI) for which the Lok Sabha passed a Bill on Thursday.

ICICI Bank takes over Mardia Chemicals Unit under NPA act
Mumbai: ICICI Bank has taken possession of one of the units of Mardia Chemicals Ltd located at Vatva in Ahmedabad district, as part of exercising its right as a lender under the Securitisation & Reconstruction Act, which was passed by both the Houses of Parliament recently.

Moody's places IOC issuer on possible upgrade
New Delhi: Several significant recent positive changes in Indian Oil Corporation's credit profile have prompted international ratings agency Moody's to place IOC's `Ba2' long term issuer rating under review for possible upgrade.

ICICI Bank launches ATM in Bengali
Kolkata: The bank yesterday launched Bengali ATM transaction screens in the city, with the hope that it will be able to serve more customers who may prefer the language over English or Hindi.

IDBI ready with roadmap for universal bank
Mumbai: IDBI has said it is ready with the roadmap for transforming into an universal bank under which it would retain its 38-year-old brand equity by retaining its name as IDBI Bank Ltd.

Allahabad Bank seizes property in Chennai
Chennai: Allahabad Bank has taken possession of a (residential) property worth about Rs 3 crore in the city, using the powers given by the Securitisation and Reconstruction of Financial Assets and Enforcement of Security (Second) Ordinance, 2002.

Despite NPA bill, Delhi DRTs fail to gain momentum
New Delhi: Even as creditor institutions rejoice over the securitisation ordinance crossing the Parliamentary hurdle, work on recovery of dues through debt recovery tribunals in the Capital has almost ground to a halt.

ICICI to pay off entire merger liability by next fiscal-end
Mumbai: ICICI Bank will pay off the entire liability accruing from the merger of the erstwhile ICICI Ltd with it by the end of the financial year 2003-04.

Panel wants more EoIs Before Sicom stake sale
New Delhi: A high-powered committee led by state chief secretary Ajit Nimbalkar on Thursday has directed KPMG to roll out one more advertisement seeking expression of interest for the divestment of 26 per cent stake in the Mumbai-based NBFC, Sicom Ltd.

Bank of India to outsource HR; sets up sub-committee
Mumbai: Bank of India has decided to outsource its human resource related requirements with a view to introduce sophisticated HR practices, processes and techniques in managing its workforce.

28 Nov 2002

ICICI Bank plans to set up kiosks in rural areas
Mumbai: ICICI Bank is planning to set up kiosks to offer financial services in the rural areas. The outfits, which would be on the lines of STD booths, would also extend agricultural loans.
The proposal would partly help the bank in meeting its priority sector lending targets. It would be possible to extend agricultural loans, which comprise priority sector lending, through the kiosks in the rural areas.

SG to shut Asian arm
Mumbai: SG, the corporate and investment banking arm of Société Générale, today announced that it is closing its Asian equity sales and research activities on account of depressed markets. The move will result in around 180 employees, representing nine per cent of the group's total workforce, being laid off in the region.

Syndicate Bank schemes for agri-credit
Mangalore: Syndicate Bank has formulated a `special plan' for agricultural credit. Under this plan, for the development of the agricultural sector in the Dakshina Kannada and Chikmagalur districts of Karnataka, the bank has already disbursed loans amounting to Rs 12 crore during the first half of 2002-2003, while the total lending to farmers in this region stood at Rs 108 crore.

CII for tax sops on pension funds
Hyderabad: The session on pension reforms at the 7th Insurance Summit 2002 being held here by the Confederation of Indian Industry (CII) has stressed the urgent need for a change in the pension schemes existing in the country. The speakers also felt that tax benefits on contribution to pension funds should be continued.

Union Bank to automate 500 branches by 2005
Madurai: Five hundred branches would get computerised and online banking facilities offered to customers by the year 2005, V Leeladhar, chairman and managing director, Union Bank of India, said.

UTI Bank cuts home loan floating rates
Mumbai: UTI Bank has cut interest rates on its floating rate housing loans by 25 basis points. The change is effective from November 25.

Crisil Downgrades Kotak Mahindra Primus NCDs, FD
Mumbai: The Credit Rating Information Services of India Ltd (Crisil) on Wednesday downgraded Kotak Mahindra Primus Ltd's (KMPL) nine non-convertible debentures (NCD) aggregating Rs 213.40 crore and fixed deposit (FD) issue and removed them from watch with developing implications.
The NCDs were downgraded to 'AA-' from 'AA' while the FD issue was scaled down to 'FAA' from 'FAA+', Crisil said.