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.
4 Dec 2002
Parliament nod for UTI's bifurcation
New Delhi: The Parliament on Tuesday gave its approval for bifurcation of Unit Trust of India into two companies UTI-I and UTI-II.
RBI worried over revenue shortfalls, not fiscal deficit
Mumbai: The Reserve Bank of India is concerned about the revenue shortfalls faced by the Centre and several state governments in the current year.
ABN Amro Bank chips in for wildlife conservation
Mumbai: 'Sanctuary', a wildlife magazine, has selected seven people for their contribution to the defence of wildlife and environment for 'Sanctuary Wildlife Awards 2002' in association with ABN Amro Bank.
BPCL, Ashok Leyland Fin team up for 'affinity card'
New Delhi: Ashok Leyland Finance Ltd is planning to come out with 'affinity cards' in association with Bharat Petroleum Corporation Ltd sometime around mid-January 2003. It has obtained RBI's approval for the purpose.
'Higher FDI may hinder listing of insurance JVs'
Mumbai: The insurance regulator feels that permission to raise foreign equity in insurance joint ventures to 49 per cent could defeat the long-term objective of broadbasing equity holding in these companies.
Irda against banks broking insurance products for now
New Delhi: The insurance regulator has told banks that they cannot be allowed to take up broking of insurance products for lack of enabling provisions in the Banking Regulations Act.
Another VRS for banks under study
New Delhi: In a bid to further rationalise staff strength, the Government is considering a second round of voluntary retirement schemes (VRS) for public sector banks. Some banks have asked for a second round of VRS.
ICICI Bank slaps notice on JK co
Mumbai: A group of lenders led by ICICI Bank has issued a notice to take over the assets of JK Udaipur Udyog Ltd (JKUUL) of the Hari Shanker Singhania-promoted JK group to recover loans of about Rs 132 crore.
PSU insurers await Govt nod to implement VRS
New Delhi: The boards of the four public sector insurance companies have cleared the voluntary retirement scheme (VRS) for development officers and some categories of clerical staff.
IOB to open more ATMs in Hyderabad
Hyderabad: Indian Overseas Bank (IOB) has announced a detailed plan to computerise all its branches in Andhra Pradesh and also expand its distribution channels in the form of automatic teller machines (ATMs).
Bank Muscat's loan scheme for two-wheelers
Bangalore: Bank Muscat has launched a loan scheme for the purchase of two-wheelers in Bangalore. The bank, which set up shop here three years ago, has focussed on the growing two-wheeler sector as its latest retail business.
KNNL to raise Rs 225 crore more by March-end
New Delhi: The bonds are likely to be privately placed or through structured deals and/or availing term loans from commercial banks during the current fiscal.
UCO, Allahabad banks revise rates
Mumbai: Both UCO Bank and Allahabad Bank have announced revision of rates of interest on domestic term deposits. For UCO, the revised rates will come into force from December 7 and for Allahabad Bank from December 4.
3 Dec 2002
HDFC shareholders approve bonus issue
Mumbai: Shareholders of HDFC on Monday approved proposals to issue a bonus share in the ratio of 1:1 and enabling buyback of shares even as a few foreign investors opposed the bonus resolution.
Corporation Bank to get insurance corporate agency licence soon
Mangalore: Corporation Bank is poised to get its insurance corporate agency licence this week, making it the first public sector bank to be registered thus since the Bancassurance regulations were announced.
ICICI Bank to save Rs 880 crore by substituting high-cost debt
Mumbai: ICICI Bank proposes to save nearly Rs 880 crore by substituting low-cost deposits for its high-cost debts worth Rs 22,000 crore this fiscal and Rs 23,000 crore in 2003-04.
Birla Sun Life, Andhra Bank team up
Mumbai: Birla Sun Life Insurance and Andhra Bank have jointly launched a savings account, AB Jeevan Abhaya, which offers the account holder a life insurance cover up to Rs 2 lakh.
RBI eases agriculture term loan norms
Mumbai: The RBI said that term loans, which were converted from kharif crop loans can be treated as current dues and need not be classified as NPAs.
RBI moots identification number for bank customers
Mumbai: The Reserve Bank of India has mooted the idea of giving each bank customer a unique identification number. When a person becomes a bank customer for the first time, he will be given this number.
Lenders agree to help recast IFCI liabilities
New Delhi: Institutional lenders, including a clutch of public sector banks and financial institutions, yesterday agreed on a broad plan to restructure the liabilities of IFCI Ltd, which includes reduction of interest rates and extending the maturity of a portion of the loans.
ICICI Bank, others take over assets of Patheja group
Mumbai: Close on the heels of taking over assets of the Ahmedabad-based Mardia Chemicals for non-repayment of loans, banks led by ICICI Bank have taken over the personal property of the promoters of the Patheja group of companies under the asset securitisation law. The personal property of the promoters includes residential flats in various places such as Mumbai, Pune, Thane and Bangalore.
Canara Bank to set own team after defaulters
Mumbai: Canara Bank has set in motion the process of constituting a dedicated team selected from within its officials to seize assets of defaulters and manage them till their disposal to recover dues.
Securitisation Bill brings defaulters across table; banks to cut NPAs to 5%
New Delhi: With the Parliament passing the Securitisation Bill, the banking industry is looking at bringing down the non-performing assets (NPAs) from the existing 7-8 per cent to 5 per cent.
Bank of India modifies deposit maturity, rates
Mumbai: Bank of India has modified the maturity buckets for interest rates on domestic as well as non-resident external rupee (NRE) term deposits. The new maturity buckets introduced for the domestic term deposits are 3 years to less than 5 years for which the interest rate would be 6.50 per cent and five years and above with an interest rate of 6.75 per cent.
IFCI to hold 49% in Asset Care
New Delhi: IFCI has now decided to hold 49 per cent stake in its Asset Care Enterprise Ltd (ACE), while the remaining equity would be split among banks, institutions and multilateral agencies.
Syndicate Bank plans new `Pygmy Plus'
Kochi: Syndicate Bank is planning to launch a new scheme called `Pygmy Plus'. This new `pygmy' scheme would enable depositors to avail of loans at any time, according to the General Manager of Syndicate Bank (Udupi Zone), M S Bhandarkar.
2 Dec 2002
The balance of payments myth
Mumbai: The central bank's forex reserves have grown by a whopping $12.2 billion this financial year and it is expected to touch $14-billion mark by December end.
Indian Bank set to get Rs 770-crore recap fund
Mumbai: Indian Bank is set to soon get a pat on the back from the government by way of release of the second tranche of recapitalisation.
Rising NPAs: Bank officers urge govt to act on war-footing
Kochi: Expressing concern over the alarming proportion of non performing assets (NPAs) in the banking industry, the All India Bank Officers' Association (AIBOA) has urged the Union government and the Reserve Bank of India to take immediate steps to safeguard the interest of bank depositors and the investing public.
Madras HC stays DRT order against Chennai company
Chennai: The Madras High Court has ordered interim stay of an ex-parte decree passed by the Debts Recovery Tribunal against a Chennai-based company for recovery of a sum of Rs 9.97 crore.