28 Dec 2002

Heavy hand of govt in bank management must end: Singh
New Delhi: Planning Commission member NK Singh has said that the government should remove its 'heavy hand' from banking sector to push forward the unfinished agenda of banking and financial sector reforms in the country.

Canara Bank plans to raise Rs 300-crore tier-II capital
Mumbai: The Bangalore-based public sector bank Canara Bank is planning to raise Rs 300 crore tier-II capital, with a greenshoe option of another Rs 100 crore.

ICICI Direct to rope in local partners for expansion
Mumbai: ICICI Direct, the online trading service, is planning to expand its services nationwide by roping in local partner called direct business catalyst for achieving a 10-15 per cent growth in its customer base.

Kotak Mahindra bundles free insurance with plan
Mumbai: Kotak Mahindra Mutual Fund will offer free life insurance to prospective investors in its K Bond Deposit Plan, according to Atul Sharma, Vice-President Marketing, Kotak Mahindra Asset Management Company Ltd.

Settling of motor accident claims - Police, insurance cos told to follow mandatory provisions
Chennai: The Madras High Court has held that in order to avoid any problem in settling the claims of persons involved in vehicle accidents, the mandatory provisions should be fully complied with by the police, insurance companies and the claimants.

Kotak Mahindra retail banking from February
Chennai: Kotak Mahindra Finance Ltd will commence its banking operations as Kotak Mahindra Bank Ltd by February 2003, according to Sandesh Kirkire, Head, Debt Funds.

FRB interest at 5.92 pc
Mumbai: The rate of interest on the floating rate bonds, 2017 (FRB 2017) applicable for the coming half-year shall be 5.92 per cent per annum as against 6.84 per cent in the previous half-year.

Nabard cuts capital gain bonds rates
Mumbai: The National Bank for Agriculture and Rural Development (Nabard) has decided to reduce the interest rate on its capital gains bonds to 6 per cent per annum from the existing rate of 6.5 per cent, with effect from January 2, 2003.

Jalan optimistic about achieving 8 pc growth
Mumbai: The Reserve Bank of India (RBI) has expressed optimism about achieving the 8 per cent growth targeted by the National Development Council for the Tenth Plan period.

Indian Bank may go for IPO in one year
Mumbai: Indian Bank is planning to approach the capital market for initial share sell (IPO) in one year, the Chairperson and Managing Director, Ranjana Kumar, said.

27 Dec 2002

Bank Economists' meeting opens in Bangalore today
Bangalore: The 24th session of the Bank Economists' Conference will begin its deliberations here on Friday with the theme 'Indian Banking: Managing Transformation'.

United Western to approve new board at AGM on Dec 28
Mumbai: The United Western Bank's annual general meeting slated for December 28 will give its nod for the constitution of a new board of directors.

PNB Gilts gets licence for merchant banking
Mumbai: PNB Gilts Ltd (PGL) has received clearance from the Securities and Exchange Board of India (SEBI) for carrying out merchant banking activities.

Citicorp Fin issue gets `AAA(SO)'
Mumbai: Crisil has assigned `AAA (SO)' rating to the Rs 72.98 crore Citicorp Finance (India) Ltd securitisation transaction.

Highest safety rating for Exim Bank bonds
New Delhi: ICRA has assigned a LAAA (L Triple A) rating to the Rs 2,000 crore bond programme (enhanced from Rs 1,000 crore) of Export Import Bank of India. ICRA has also reaffirmed the LAAA rating to its outstanding bond programmes.

UTI Bank opens currency chest in Hyderabad
Hyderabad: While commissioning its online payment mechanism through a tie up with telecom major Bharat Sanchar Nigam Ltd, UTI Bank has also opened its first currency chest in Hyderabad.

G-secs on stock retail mode
Mumbai: The Reserve Bank of India yesterday reduced the level of Cash Reserve Ratio (CRR) that banks are required to maintain on a daily basis from 80 per cent to 70 per cent.

Corpn Bank plans to recover Rs 100 cr from defaulters
Mangalore: Backed by the Securitisation Bill, Corporation Bank plans to recover close to Rs 100-crore from defaulters by March-end, the Chairman and Managing Director, Cherian Varghese, said.

26 Dec 2002