25 jan 2003

idbi sees rs 5,000 cr in fds, current a/c in universal mode
mumbai: idbi has projected that, after becoming a commercial bank, current account and fixed deposits would contribute about rs 5,000 crore to rs 7,000 crore in the initial two years.

bank of rajasthan to sell lic mf units
new delhi: bank of rajasthan ltd is to sell mutual fund products of lic mutual fund. a memorandum of understanding to this effect is likely to be signed between bor’s managing director kali mohan bhattacharya and licmf’s chief executive officer mr murali on february 1.

obc clocks 57 per cent rise in gross profit in april-dec
new delhi: oriental bank of commerce clocked a 56.7 per cent rise in gross profit during april-december 2002. its gross profit stood at rs 832 crore during this period, against rs 531 crore in the corresponding period of 2001-02.

rbi asks dealers not to give forex
mumbai: the reserve bank of india has directed all authorised forex dealers not to release any foreign exchange to the sponsors of the world cup cricket event without its permission.

sbh nine-month net profit up 17.5 pc
hyderabad: state bank of hyderabad (sbh), one of the associate banks of state bank india (sbi), has announced 12.2 per cent growth in gross profit and 17.53 per cent in net profit for the nine-month period of the current fiscal year ended december 31, 2002.

ashok leyland fin board clears debenture issue
chennai: the board of directors of ashok leyland finance on friday cleared a proposal to raise rs 200 crore through private placement of debentures.

dca allows insurers to revise a/cs
new delhi: the department of company affairs (dca) has permitted insurance companies to reopen and revise their accounts in order to comply with technical requirements of any other law, even after their adoption in the annual general meeting and filing with the registrar of companies (rocs).

hsbc `cheers' for india
new delhi: the hongkong and shanghai banking corporation (hsbc), recently launched a multi-city, multi-channel promotional campaign, called "i cheer for india" in connection with the forthcoming world cup in south africa.

union bank bond issue gets `aa+'
mumbai: the rs 400-crore union bank of india bond issue has received `aa+' rating from the credit rating agency, crisil.

24 jan 2003

lic to take 10 pc stake in ifci asset rejig co
mumbai: life insurance corporation of india (lic) would take a 10-per cent stake in asset care enterprise, the asset reconstruction company (arc) set up by ifci ltd.

sbi mutual plans to increase asset base
mumbai: state bank of india mutual fund plans to increase its corpus of funds by rs 2,600 crore to around 7,000 crore in a year's time.

aviva life promoters infuse rs 45-cr capital
mumbai: in order to fuel its expansion plans, the joint venture partners of aviva life insurance company india (aviva) -- aviva plc and the dabur group -- have infused rs 45 crore fresh capital into the company taking the total capital to rs 255 crore.

south indian bank’s net up 21 per cent to rs 55 cr in april-dec
thrissur: the south indian bank has clocked a 21 per cent rise in net profit during the april-december period of the current fiscal.

ifci revamp set to be over by march
new delhi: the restructuring of ifci ltd may be accomplished by march this year, since the creditor banks have agreed to restructure liabilities worth rs 7,000 crore.

bor net 129 per cent up at rs 18.4 cr
new delhi: the bank of rajasthan ltd on thursday announced a 129 per cent jump in net profit to rs 18.37 crore for the quarter ended december 31, 2002, compared with rs 8.01 crore registered in the corresponding period previous fiscal.

aviva life gets into pensions
mumbai: aviva life insurance on thursday announced the launch of two new individual products pensionplus, a regular savings personal pension plan, and secure life, a term insurance with premium back plan.

idbi bank launches fund management product
mumbai: idbi bank has launched a fund management product, which is a technology-enabled solution for managing corporate payables.

good response to central bank adalat
coimbatore: central bank of india received an overwhelming response to the exclusive lok adalat conducted here on tuesday. the bank was able to recover rs 2.45 lakh in cash and reach a compromise to the tune of rs13.48 lakh on a single day.

bajaj allianz, kvb to sign pact today
karur: karur vysya bank would enter into an arrangement with bajaj allianz general insurance company ltd on friday for the sale of general insurance products.

23 jan 2003