15 feb 2003
investment of scbs rises to rs 5,68,346 crore
mumbai: the total investments of scheduled commercial
banks increased to rs 5,68,346 crore as on march 31, 2002,
compared to rs 4,80,488 crore in previous fiscal, according
to the latest rbi bulletin.
lifts ceiling on eefc funds for trade-related loans
mumbai: exporters now can grant trade related loans/
advances without any limit from their exchange earners'
foreign currency accounts to their overseas importer customers.
merger with idbi bank closer to reality
mumbai: the issue of idbi possible merger with
its banking arm has taken a full circle. after rejecting
the merger proposal for over a year, the fi is set to
go in for merger with its banking subsidiary, idbi bank,
as part of its conversion into a corporate bank, as it
would take shape after transformation.
sets rs 500 crore for it
mumbai: state bank of india has earmarked rs 500
crore on information technology for the fiscal 2003-04,
chairman ak purwar said, after inaugurating the 'single
window system' at its gateway of india branch in mumbai.
insurance cos to face shortage of devt officers soon
new delhi: the house marketing force of the general
insurance companies in india is heading for an acute shortage
of development officers with "development officers
amended service scheme 2002" coming into effect soon.
bank offering for nris
mumbai: bahrain-based foreign institutional investor
taib bank yesterday launched its portfolio management
service (pms) in india aimed at domestic and non-resident
tie-ups for training
kolkata: the indian institute of bankers (iib),
which is into its platinum jubilee year, has tied up with
a couple of international institutions to ramp up its
bank extends $5-m line of credit to lanka bank
new delhi: export-immport bank of india (exim bank)
and hatton national bank (hnb) ltd of sri lanka have signed
an agreement for a line of credit of $5 million from exim
bank to hnb, to support india's exports to sri lanka.
bank cuts fcnr (b) rates
mangalore: corporation bank has revised its interest
rates on fcnr (b) deposits with effect from february 14.
this downward revision of interest rates will be applicable
to fcnr (b) pound deposits.
debt issues marked down
mumbai: crisil has downgraded escorts ltd's rs
150-crore non-convertible debenture issue to bbb from
a-. the rs 20.46-crore non-convertible debenture issue
has also been marked down to bbb from a-.
14 feb 2003
fin plans insurance foray
vizag: the board of directors of vbc finance &
leasing ltd, part of the visakhapatnam-based vbc group,
has decided to discontinue the existing business of finance
bank slashes home loan rates
hyderabad: syndicate bank has announced a slash
in interest rates ranging from 25 basis points to 100
basis points under various tenures
debt revamp poses problems for insurance cos
bangalore: the corporate debt restructuring (cdr)
initiated by the financial institutions (fis) has created
new problems for the general insurance companies, especially
those in the public sector. sources here said that the
cdr provisions relating to reduction in interest rates
would impact all their income flows from investments.
to issue bonds to raise rs 400 crore
mumbai: union bank of india (ubi), which whittled
down the government's stake to 61 per cent through an
initial public offering last year, is planning to issue
bonds worth rs 400 crore to beef up its tier-ii capital.
keen to invest more in core sector projects
new delhi: the international finance corporation
(ifc) has highlighted its persistent focus on india and
said that it seeks to venture into new sectors of the
economy to strengthen the competitive quotient of the
bonds get triple a rating
new delhi: housing and urban development corporation
ltd (hudco) has been accorded a triple a (so) rating by
fitch india, for its tax-free and taxable bonds issue
which signifies highest safety with regard to timely timely
payment of principal and interest.
13 feb 2003
maruti ink car finance pact
new delhi: the countrys largest bank, state
bank of india, and the largest car maker, maruti udyog
ltd on wednesday signed a tie-up for car finance to make
it available to customers, especially in the semi-urban
and rural market.
to offer cheapest home loans at 8.99 per cent
mumbai: the hongkong and shanghai banking corporation
ltd on wednesday announced a slash in its home loans.
the bank will offer floating rate home-loans at 8.25 per
cent for four to five year periods and fixed-rate loans
at 8.99 per cent for eight to 20-year periods.
to retire rs 405-crore debt
bangalore: the karnataka-government promoted krishna
bhagya jala nigam limited has embarked upon a plan to
retire the high-cost debt of rs 405 crore raised at 15.75
per cent in 1998.
to cut home loan rates further
mumbai: the state bank of india is examining the
issue of reducing interest rates on housing loans for
its existing customers, under both the fixed and flexible
of bahrain into retail business
hyderabad: bank of bahrain & kuwait has announced
that it has entered into retail banking operations in
india aimed at expanding its business operations.
delay in daewoo assets bidding process
new delhi: the bidding process in the ongoing auction
of daewoo motor india ltd's (dmil) assets, met with further
delay on wednesday, as the debt recovery tribunal (drt)-appointed
receiver rejected bids for the company's current assets.
12 feb 2003
plans to set up call centre, processing facility
mumbai: global insurer aviva plc has decided to
establish a call centre and claims processing facility
in india to service its uk-based general insurance business.
spread of 36 banks up 16.92 per cent in q3
mumbai: interest spreads of 36 banks increased
by 16.92 per cent to rs 8,463 crore during october-december
2002 from the level of rs 7,238 crore during october-december
seeks tax sops for fresh investments
new delhi: a delegation of phd chamber of commerce
and industry, led by its president pk jain, met union
minister for commerce and industry arun jaitley to urge
upon the need for providing favourable tax treatment for
fresh investments in the industry.
may revise rates if war breaks out
mumbai: the countrys second largest bank,
icici bank, has hinted at a revision of its interest rates
in the event of a war between the us and iraq. however,
icici bank ceo, kv kamath said the bank would maintain
its stable to downward bias for interest rates in case
things are normal.
for more freedom to intermediaries
new delhi: insurance agents would be permitted
to sell multi-insurers products in the future. insurance
regulatory and development authority is currently examining
such a plan and this will be in place in two years time.
to subscribe to another rs 100-cr equity in nhb
mumbai: the reserve bank of india has decided to
subscribe to an additional rs 100 crore in equity in the
national housing bank. with the government since issuing
a notification to give effect to this decision, the authorised
capital of nhb will stand increased to rs 450 crore from
rs 350 crore, according to a rbi news release issued on
affirms foreign currency ratings at `bb'
new delhi: international rating agency `fitch'
has affirmed india's long-term foreign currency and local
currency ratings at `bb' and `bb'+ respectively. the short-term
foreign currency rating is `b'.
bank cuts interest rates on feb bonds
mumbai: in keeping with the lower interest rate
regime, icici bank has cut the rates on the second tranche
of its unsecured redeemable bonds worth rs 400 crore,
which is open for subscription from february 14.
11 feb 2003
to invest $100-m a year in east asias core sectors
new delhi: the international finance corp, the
world banks investment arm, said on monday it would
invest around $100-$150 million a year over the next three
years on power and infrastructure in east asia to meet
bank keen to buy other banks retail business, eyes
30 per cent market share
mumbai: icici bank is eyeing acquisitions of retail
business of other banks and is likely to outsmart all
banks in this segment by posting over 100 per cent growth
at rs 18,000 crore and raising its market share to 30
per cent by this fiscal, official sources said.
searches partners for malvika steel
new delhi: unwilling to write off the rs 3,000
crore malvika steel in jagdeeshpur, uttar pradesh, the
term-lending institution industrial finance corporation
of india has approached steel giants like tisco and sail
for management takeover and revival of it.
to offer utility payment services
mumbai: in an effort to enhance income from fee-based
services, union bank of india plans to offer soon to its
customers the utility payment services in
addition to the existing service like marketing insurance
products, mutual funds, demat services etc.
reiterates stance on npa regularisation
mumbai: the reserve bank of india on monday reiterated
that the banks should strictly adhere to its instructions
on reclassification of npas if arrears of interest and
principal are paid by the borrowers in case of loan accounts.
reduces interest rate by 2 per cent for hfcs, scbs
mumbai: national housing bank on monday cut its
interest rate to scheduled commercial banks and housing
finance companies by two per cent across the board under
its new liberalised refinance scheme.
bank review meet
mangalore: karnataka bank conducted a `review conference'
at its head office here on monday. the conference was
attended by the bank's `regional heads' apart from other
officials and executives.
trust bank plans more atms in coimbatore
coimbatore: to reach out to its customers in the
residential pockets, global trust bank is contemplating
to activate four more atms in coimbatore by june 2003.
at present the bank has 8 atms here, the last of which
was inaugurated last week.
chennai helps recover rs 4.54 crore
chennai: a lok adalat meeting held here by the
debt recovery tribunal-i, chennai, resulted in a spot
recovery of rs 4.54 crore and a "promise of rs 15
lakh more within a specified period". the meeting,
held on february 1, took up 37 cases involving rs 23.16
crore, drt-i officials said.
10 feb 2003
software for idbi bank
kolkata: idbi bank has announced the deployment
of vistafin, an enterprise-wide relationship management
platform developed by geoscope information systems (india).vistafin
provides a single-point interface for capturing sales,
purchase, redemption information for all investment services
managed by the bank as well as fee income tracking/reconciliation
india offers mediclaim package for andhra bank cardholders
hyderabad: new india assurance company ltd has
offered a tailor-made mediclaim policy to credit cardholders
of andhra bank along with the third party administrators
(tpas), offering cashless facility for medical emergencies.
mulls war-risk insurance scheme
new delhi: a new war-risk insurance scheme being
considered by the international civil aviation organisation
(icao), which seeks to provide adequate insurance coverage
in the short and medium term under favourable conditions,
while allowing private insurance markets to come back
gradually into the market, could soon become a reality.
to raise rs 600 crore through bonds
mumbai: bank of baroda has received the government
approval to raise rs 600 crore through issuance of bonds
to augment its capital adequacy ratio. the finance ministry
has permitted the bank to raise the rs 300 crore with
a green-shoe option of rs 300
list of reports
on finance diary