7 Dec 2002

Iffco-Tokio sees 131 per cent more premium income
New Delhi: Iffco-Tokio General Insurance Co Ltd has targeted a 131 per cent rise in premium income in the current financial year to March 31, 2003, according to CEO & MD Ajit Narain.

HSBC, ABN, ING keen on IDBI stake in bank
Mumbai: Three of the world's biggest banks - HSBC, ABN Amro and ING - have shown interest in acquiring a portion of IDBI's stake in IDBI Bank, joining a growing queue of prospective bidders for one of the country's youngest private sector banks.

ICICI Bank cracks whip on Jord Engineers
Mumbai: ICICI Bank on Friday issued a notice to Jord Engineers India Ltd, promoted by Rakesh Chaturvedi of Mathura, under the Securitisation and Reconstruction Ordinance.

HDFC Bank teams up with Orange
Mumbai: HDFC Bank has tied up with Orange to get pre-paid cards of customers refilled for any desired amount via short messaging service.

Andhra Bank's takeover plan for Centurion assumes new turn
Mumbai: The Centurion Bank takeover by Andhra Bank has assumed a new dimension with the proposed acquirer believed to have asked the Reserve Bank of India for full compensation in view of the former's net worth erosion or impose a moratorium.

AMP Sanmar bullish on India
New Delhi: AMP Sanmar, a private player in life insurance business , is not unduly perturbed by the Kelkar Committee prescription for lifting tax exemptions on investments in life insurance instruments.

6 Dec 2002

Can Fin Homes launches loan campaign
Madurai: Can Fin Homes Ltd has launched a campaign through all its offices across the country for home loans since November 27 and will last till January 31, 2003.
According to a press release, the company has worked out a special offer with a package of reduced interest rates starting from 9 per cent for those who register with it during the campaign period (till January 31 next) with the objective to give the best deal to loan seekers through the most competitive price.

PNB, defaulters in talks to settle dues
New Delhi: Punjab National Bank (PNB), which has issued 1,182 notices country-wide for dues recovery under the securitisation ordinance, has managed to attract borrowers to the negotiating table in over 200 cases. The aggregate amount involved in the cases where notices have been sent is about Rs 138 crore, officials said.

SBI in talks with IOC for smart cards
Chennai: State Bank of India is in talks with Indian Oil Corporation (IOC), for jointly issuing smart cards. These cards could be used by the bank's customers, not only at IOC's petrol bunks, but also at many other points of sale, both in India and abroad.

Indian Bank seizes Chennai hotel assets
Chennai: Indian Bank announced that it had taken possession of the property of Hotel Srilekha Pvt Ltd in Chennai. Hotel Srilekha Pvt Ltd owes the bank Rs 5.67 crore. The property (which is in the Devi theatre complex in the city) is said to be worth nearly Rs 8 crore.

RBI directs bank chiefs to implement clean note policy
Mumbai: The Reserve Bank of India (RBI) has asked all banks to implement its instructions to do away with stapling of note packets and to introduce banding packets with paper or polythene bands so that the life of currency notes is increased.

Orange ties up with HDFC Bank
Mumbai: Orange has announced it has tied up with HDFC Bank to allow the Bank's account holders to get their prepaid cellular service cards refilled through the Short Messaging Service (SMS) facility. Orange is the Hutchinson group's cellular service in the Mumbai circle.

5 Dec 2002

RBI sees 50 per cent rise in value of electronic fund transfers
Mumbai: The Reserve Bank of India has set an ambitious target of achieving a near 50 per cent growth in transaction value of electronics funds transfer by the end of the current financial year.

Oman International gives VRS to 22 staff
Mumbai: Oman International Bank has trimmed its workforce by 22 through a voluntary retirement scheme. The bank had a staff strength of close to 59 which has now been reduced to 37 for its two-city operations in Mumbai and Cochin.

United India launches new schemes for weaker sections
New Delhi: United India Insurance Company Ltd has launched a slew of schemes targeted at financially weaker sections of the society.

RBI auction of Rs 5,000 crore bonds to sail through
Mumbai: The Reserve Bank of India's auction of the 8.35 per cent 2022 for a notified amount of Rs 5,000 crore is expected to sail through without any hiccups, amidst excess liquidity in the inter-bank system.

BHFL to expand satellite offices network to 30
Mumbai: As part of its business strategy to provide service in small towns and semi-urban habitations, the Birla Home Finance Ltd, a 50:50 joint venture with BHW Holdings AG Germany, has proposed to expand its satellite offices network to 30 by the end of current financial year.

Western Union seeking money transfer tie-ups
Mumbai: Western Union Financial Services International, a global money transfer outfit, has initiated talks with some private and more public sector banks to firm up money transfer arrangements through them.

Sundaram Finance to set up Internet kiosks
Mumbai: Sundaram Finance proposes to put up Internet kiosks at eight of its offices (to start with), to popularise the company's freight exchange portal www.infreight.com www.infreight.com.

UCO Bank cuts home loan rates
Mumbai: UCO Bank has slashed the interest rates for UCO Shelter, the home loan scheme of the bank, with effect from December 1 2002.

AMP Sanmar to tap small towns in TN
Chennai: AMP Sanmar has entered into an agreement with Trade Wings the Dhandapani Group and Karvy Consultants for marketing its policies.

New CRR norm puts banks off-balance
Mumbai: Several banks are finding cash management difficult while maintaining the daily minimum of 80 per cent balance of the cash reserve ratio, as prescribed by the RBI in the Credit Policy.

ICICI Bank plans sector-wise PLR
Mumbai: ICICI Bank Ltd has approached the RBI for permission to introduce a sector-wise prime lending rate (PLR) structure. If this is accepted, the bank will be able to offer varying rates of interest to different sectors.

United Bank bets on higher advances
Mumbai: United Bank of India hopes to achieve a 20 per cent growth in advances in 2002-03 as compared to 15 per cent posted in 2001-02.

Bill to corporatise IDBI introduced
New Delhi: Finance Minister Jaswant Singh yesterday introduced the Bill seeking to corporatise Industrial Development Bank of India (IDBI) in the Lok Sabha. The Bill was subsequently referred to the Parliamentary Standing Committee on Finance.

IDBI looking for `bank' advisor
Mumbai: Industrial Development Bank of India (IDBI) is in talks with commercial banks, including foreign ones, to advise it on converting itself into a bank. Parliament is likely to pass a Bill amending the IDBI Act to help the development financial institution become a stand-alone bank in the ongoing winter session.

Kotak bond limit hiked to Rs 1 crore
Mumbai: OM Kotak Mahindra has increased the maximum investment limit on its Kotak Insurance Bond (KIB) to Rs 1 crore from Rs 20 lakh.

Watershed development fund created in Nabard
New Delhi: Agriculture minister Ajit Singh disclosed that a Rs 200-crore watershed development fund has been created in the National Bank for Agriculture and Rural Development.