18 jan 2003
finetunes forex norms for life firms
mumbai: the reserve bank of india on friday announced
modifications to the foreign exchange management (insurance)
regulations (2000)-life insurance
memorandum dated may 3, 2000, to cover new private sector
life insurance companies that came into being after opening
it up for private sector.
sets up e-platform for hr functions
mumbai: cititbank india's human resources department
(hrd) has developed an electronic platform that will allow
it to move regular hr functions online so that it can
concentrate on the other, more important issues such as
training processes and staffing requirements.
life ups capital base to rs 155 crore
mumbai: aviva life insurance has increased its
capital base by rs 45 crore, taking the total paid-up
capital to rs 155 crore. the joint venture partners, dabur
and aviva, have together contributed to the additional
capital, chief executive officer stuart purdy said.
teams up with us fund for $40-m vcf
mumbai: small industries development bank of india
has signed an mou with washington-based small enterprises
assistance fund to set up a $40m venture capital fund
exclusively for small enterprises.
asks banks to act on internal controls, mis
mumbai: the reserve bank of india on friday asked
commercial banks to take immediate steps to implement
the recommendations of the advisory group on banking supervision
it set up under the chairmanship of ms verma pertaining
to strengthening mis and internal control mechanisms.
bank cuts home loan rates
mumbai: icici bank has cut interest rates on housing
loans by 50 basis points, effective january 17. by bringing
the interest rates on the fixed rate home loans at par
with the current adjustable rates, the bank will be able
to attract new segments of customers.
bank q3 profit at rs 82 cr
kochi: at the end of the third quarter, the aluva-based
federal bank has notched up a cumulative net profit of
rs 82.46 crore, registering an increase of 28 per cent
over the corresponding period of last year.
bank offers up to 15 per cent equity for sale
new delhi: jammu & kashmir bank ltd. has decided
to go slow on its proposal to set up an asset management
company and would focus on its insurance business to swell
it non-interest income in near term.
to run $40-m support fund for small enterprises
mumbai: the small industries development bank of
india (sidbi) will shortly operationalise a $40 million
support fund for small enterprises, according to p.b.
nimbalkar, chairman, sidbi.
sends notice to 301 defaulters
new delhi: punjab and sind bank (psb) has issued
notices to 301 defaulters involving an amount of rs 167
crore under the securitisation and reconstruction of financial
assets and enforcement of security interest bill, 2002.
bank to securitise home loans, return capital
hyderabad: andhra bank intends to raise rs 200
crore from the market by securitising a part of its housing
17 jan 2003
bank q3 net up 44 per cent
mumbai: uti bank on thursday announced a 44 per
cent jump in net profit to rs 51.50 crore for the third
quarter-ended december 31, 2002 as compared to
rs 35.76 crore for the corresponding quarter in the previous
notifies norms for pds trading g-secs on bourses
mumbai: the reserve bank of india has notified
operational guidelines for primary dealers for trading
in government securities on the stock exchanges.
unveils svg rating for corporates
new delhi: credit rating agency icra limited has
launched the first ever combined rating of stakeholder
value creation and governance practices for companies
in india. godrej consumer products ltd is the first company
to be given such a rating.
standard life expects to cross rs 100-crore mark this
mumbai: hdfc standard life insurance is expecting
to cross the rs 100-crore premium business mark during
the current fiscal. the countrys first private life
insurance company has made business of rs 36 crore in
proposes pref/rights issue
hyderabad: global trust bank ltd (gtb) is planning
to raise further capital under tier-i category to strengthen
its capital to risk assets ratio (crar) and, in turn,
for future growth.
debt, where is thy sting...
mumbai: the country's external debt has topped
the $100-billion mark and as of end-june 2002 stands at
$ 101.3 billion, a rise of $ 3.1 billion or 3.2 per cent
over $ 98.2 billion at end-march 2002.
info solution for lakshmi vilas
bangalore: icici infotech announced that lakshmi
vilas bank has chosen its core banking solution, newton,
to be deployed across all branches.
cuts rate for deposits
bangalore: lakshmi vilas bank has slashed the interest
rate both for domestic and nre deposits by 0.25 per cent
for periods above 271 and 364 days maturity slab. the
change has been effected from january 16.
bank opens atms with telugu facility
mumbai: icici bank has announced the launch of
telugu language automated teller machines (atms) here
on thursday. with this, the icici bank customers in andhra
pradesh would have the option of three languages for doing
atm transactions, telugu, hindi and english.
16 jan 2003
bank net up 31 per cent on higher treasury gains
mumbai: buoyed by treasury profits, hdfc bank recorded
a 31% growth in net profit to rs 98.9 crore during the
third quarter ended december 30, '02 against rs 75.5 crore
in the corresponding period of the previous year.
bank to raise rs 40 crore tier-ii funds
mumbai: idbi banks board of directors on
wednesday gave an in-principle nod for a rs 40 crore tier-ii
capital issue. fe had reported on december 31 that idbi
bank may look at raising tier-ii capital as a stop-gap
measure to overcome its immediate capital adequacy requirements.
bank to hold rs 11,000-crore omo today
mumbai: the reserve bank of india will conduct
open market operations on thursday, to suck out rs 11,000
crore from the inter-bank system.
bank cuts deposit rates by 25 bps
mumbai: state-run central bank of india has lowered
its term deposit rates by 25 basis points for select slabs
with effect from january 15.
bank of india net rises 45 per cent to rs 144 crore
mumbai: union bank of india has posted a 45 per
cent rise in its net profit for the quarter-ended dec
2002 at rs 143.58 crore. it has reported a total income
of rs 1,281.33 crore, which is up 9.06 per cent when compared
to that of the same quarter previous year.
15 jan 2003
loans drive idbi banks retail assets to rs 1,038
mumbai: idbi bank on tuesday announced that its
retail portfolio had crossed the rs 1,000-crore mark to
touch rs 1,038 crore as on december 31, 2002, up from
rs 408 crore as on march 2002.
bank seizes defaulters assets
mumbai: union bank of india will take over six
properties in chennai by the end of this month under the
securitisation and reconstruction of financial assets
and enforcement of security interest ordinance 2002.
slashes rates for flexibond-17
mumbai: industrial development bank of india has
slashed the deposit rates on its flexibond-17 offering,
to be kicked off next monday (january 20), by 75 to 100
basis points, when compared to its previous issue flexibonds-16.
notification on nedungadi merger this month
mumbai: the reserve bank of india is expected to
notify the amalgamation of sick private sector nedungadi
bank with punjab national bank by the end of this month.
leasing fd issue downgraded
new delhi: icra has downgraded the rating assigned
to the fixed deposit programme of phf leasing ltd (pfhl)
from `ma-' to `mb+', indicating inadequate safety.
sun life adds `waiver of premium' rider
mumbai: birla sun life insurance has launched a
`waiver of premium' rider, which covers critical illness
as well as total permanent disability. the rider benefits
will be available even when the customer suffers from
an accident and is totally and permanently disabled, said
a press release.
per cent priority sector lending target achieved
kochi: the commercial banks in kerala have disbursed
rs 3,823 crore to the priority sector during the half
year ended september 2002, which represented 43 per cent
of the target of rs 8,912 crore set for the whole year
ending march 31, 2003.
plans integration across group banks
mumbai: state bank of india is planning what could
perhaps be termed as a "quasi group merger"
beginning with credit and treasury integration across
its seven associates. the rs 3,80,000-crore sbi, and its
group entities would unify several business processes,
including various treasury functions and high-value credit
appraisal, sanction and disbursement, top bank officers
14 jan 2003
payment services stuck with it non-compliant partners
mumbai: citibank, the largest issuer of credit
cards in india, is finding itself walled in by technically-backward
prospective partners in trying to give value-added services
to its card holders.
bank issues notices to recover rs 316 crore
mumbai: the mumbai-based dena bank groaning under
stressed assets has issued 190 notices to defaulters involving
rs 316 crore.
trust mulls equity capital issue
hyderabad: global trust bank ltd is looking at
raising tier-1 capital and proposes to appoint merchant
bankers for the same.
keen on hiking stake in tata-aig to 49 per cent
mumbai: the us-based american international group,
the largest international insurance company, is keen to
increase its stake to 49 per cent from 26 per cent in
tata aig life insurance, as soon as the necessary regulatory
clearance is available.
bags ppn deal
kochi: icici-lombard general insurance company
ltd has opened the year with a bang and taken the pillai
perumal nallur (ppn) power project insurance cover away
from the public sector insurers.
gets nod for offices abroad
mumbai: indusind bank has received the rbi permission
to set up its first overseas representative offices in
dubai and london.
bank 9-month net up
new delhi: the jammu and kashmir bank ltd (j&k
bank) has recorded a net profit of rs 236.18 crore for
the nine-month ended december 31, 2002, a 35 per cent
jump over the net of rs 174.79 crore during the corresponding
period in the previous fiscal.
bank unveils debit card
mumbai: dena bank has announced the launch of dena
international debit card in association with visa electron.
bank cuts deposit rates
mumbai: central bank of india has reduced its term
deposit rates by 25 basis points for select slabs effective
january 15. for deposits with tenors between 91 days and
179 days, the interest rate has been cut to 5.25 per cent
(5.50 per cent).
bank trims deposit rates
new delhi: oriental bank of commerce (obc) has
announced reduction of domestic term deposit rates from
january 13. the rate for deposits for a period of one-year
to less than 2 years has been reduced by 50 basis points
to 5.75 per cent.
aig launches pension plan
mumbai: tata aig life insurance co ltd yesterday
launched `nirvana', a pension plan for individuals. with
a minimum cover of rs 50,000, this policy is available
for anyone between 18 and 55 years of age with the flexibility
to retire between 50 and 65 years.
hyderabad: global trust bank has announced the
launch of `videsh mudra' enabling the resident indians
to retain the foreign exchange acquired by them in a current
account with the bank.
bank, dena to share atm networks
new delhi: corporation bank and dena bank have
decided to share their atm networks to bring the combined
strength of atms to 600 by march. at present, corporation
bank has a tie-up with karnataka bank and the delhi-based
oriental bank of commerce for atm sharing.
bank to market insurance products
new delhi: the union bank of india has finalised
plans to market general insurance products from the end
of this month. the bank would join hands with new india
assurance for the distribution of general insurance products.
13 jan 2003
expenses, says irda
new delhi: in an interesting development, the insurance
regulatory and development authority (irda) has directed
all the four public sector non-life insurance companies
- new india assurance, oriental insurance, united india
insurance and national insurance to bring down the level
of their management expenses.
park funds in long-dated securities
mumbai: bond markets remained steady during the
week as traders preferred to book profits. the undertone,
however, remained firm. the ten-year yield to maturity
remained at 6.03 per cent, down slightly from the previous
week's 6.04 per cent.
bank cuts deposit rates
mumbai: canara bank has announced a cut in its
domestic term deposit rates for the period of one-year
and more by 25 basis points ( 0.25 percentage points)
with effect from january 13.
bank offers cms with more capabilities
mumbai: idbi bank has announced the launch of the
`disbursement module' of its `cash management services',
which, according to the bank, offers additional features
to its corporate customers.
sbi makes loans cheaper for judges,
cops & teachers
mumbai: judges, cops and teachers can now get cheaper
loans with banks spinning out new products to cash in
on the great retail rush.
list of reports on