1 mar 2003
plan for happy greying
coimbatore: the proposed launch of a plan by lic
for citizens over the age of 55 guaranteeing an annual
return of 9 per cent would serve as one of the best investment
options for those seeking pensions.
players will miss mass pensions action
mumbai: icici prudential would have been happy
to have an opportunity to be part of the mass pensions
big bang, but...
new delhi: the expected big bang announcement on
freeing of foreign direct investment (fdi) limit in banking
ended in disappointment.instead of lifting the 20 per
cent cap on fdi in state bank of india (sbi) or other
nationalised banks as was being expected by the capital
markets, the finance minister, jaswant singh, limited
his tampering with the limits to only the private sector
bank where fdi of `at least 74 per cent' would be allowed
against the previous 49 per cent.
time for private banks to go rural
new delhi: private banks will be encouraged to
open more branches in rural areas, the finance minister
has said. the statistics seem to bear out the case that
private banks have hitherto been shy of going into india
bank, repo rates cut
mumbai: the reserve bank of india on friday reduced
the interest rate on savings accounts from four per cent
per annum to 3.5 per cent with immediate effect.
28 feb 2003
doubles sanctions to infrastructure projects
new delhi: housing and urban development corporation
sanctions for infrastructure projects have more than doubled
to rs 10,142.56 crore in the current year compared to
rs 5,098 crore last year.
of demand forces tiic to scrap two finance schemes
chennai: the tamil nadu industrial investment corporation
ltd has dispensed with the hire purchase and leasing finance
schemes with effect from january 28.
buys over 1 per cent equity stake in dfhi from idbi
mumbai: the state bank of india has bought 24,94,850
equity shares in discount and finance house of india ltd
from industrial development bank of india for rs 315 per
bank term deposits get highest safety rating
new delhi: credit rating agency icra assigned the
highest safety rating of 'maaa' to icici bank's term deposit
programme and reaffirmed the highest safety 'a1+' rating
to certificate of deposits for the enhanced amount of
rs 3,000 crore.
banks'funding drive strains family ties
mumbai: japan's biggest banking group, mizuho holdings,
is finding that out as it goes about raising a massive
$7.3 billion in funds from its group firms to boost capital
levels that have been left looking thin by a government
crackdown on bad loans.
national bank to reduce net npas to 5 per cent by 2005
new delhi: punjab national bank, one of the leading
nationalised banks, was all set to bring down its net
non-performing assets to international standards, having
maintained a consistent track record of profitability,
pnb chairman, ss kohli said
tightened for inter-branch reconciliation
mumbai: the reserve bank of india has decided to
reduce the time period allowed to banks for making provisions
against the net debit balance in the inter-branch accounts
from one year to six months from the year ending march
plans offices in 3 gulf nations
mumbai: union bank of india (ubi) is in the process
of setting up representative offices abroad - at united
arab emirates (uae), sultanate of oman and qatar. the
plan is expected to crystallise within the next 3- 5 months.
bank cuts fcnr (b) rates for select periods
mangalore: corporation bank has reduced interest
rates for select tenures on fcnr (b) deposits with effect
from february 28. while the interest rate on dollar deposits
for tenure of one-year to less than two years remains
at 1.10 per cent, the interest rate for a period of two
years to less than three years and for three-year dollar
deposits are 1.55 per cent (1.65 per cent) and 2.05 per
cent (2.20 per cent). fcnr (b) deposits are currently
accepted in three currencies - the dollar, pound and euro.
bets rs 1,000 cr on venture with maruti
new delhi: state bank of india has taken an exposure
of rs 1,000 crore for the current financial year under
the sbi maruti finance scheme, a strategic tie-up between
the largest public sector bank and maruti udyog, the country's
largest passenger car manufacturer in india.
27 feb 2003
charts plan to reap 50 per cent more profit from global
ahmedabad: state-run bank of baroda (bob) has chalked
out a blueprint for increasing its operating profit from
overseas operations by 50 per cent in 2003-04 by focusing
on existing operations territory-wise and setting up operations
in some more countries.
bank to raise $100 million forex loan
mumbai: icici bank has hit the syndication market
with a $100 million external commercial borrowing. the
facility, with a tenure of one year, is likely to carry
a coupon of less than 50 basis points above libor.
govt offers revival package for charminar co-op bank
hyderabad: the andhra pradesh government has announced
a revival-cum-reconstruction package for the ailing charminar
co-operative bank whose chairman, sajjad aga committed
suicide last year.
cuts provisioning period for bad entries
mumbai: the reserve bank of india has brought down
the one-year limit for mandatory 100 per cent provisioning
in case of unreconciled entries outstanding in inter-bank
accounts to six months, which will be made applicable
from march 31, 2004.
karnataka bank plans rights issue
mangalore: the mangalore-based karnataka bank,
which has issued bonus shares in the ratio of 1:1 to its
shareholders in december 2002, is offering rights issue
of shares in the ratio of one share for every two shares
of post-bonus share capital at a premium of rs 15 per
share per share of rs 10 face value.
banking summit in bangkok
bangalore: infosys technologies is hosting a banking
summit with a theme "technology-enabled agile banking"
at bangkok on march 3.
sanmar unveils pension plan
chennai: amp sanmar assurance launched a pension
plan, `bhagya shree',on wednesday. a company release says
that the plan has been structured with flexibility as
the key principle.
debt plan on watch
mumbai: the `p1+' rating assigned to the rs 80-crore
short-term debt programme of redington has been placed
on rating watch by crisil, following the announcement
that gtl ltd plans to acquire the company.
bank to sell om kotak life products
mumbai: dena bank and om kotak mahindra life insurance
company ltd (omkm) on wednesday announced a strategic
alliance for bancassurance. under the `mutually exclusive
referral' arrangement, omkm's life insurance products
will be made available through dena bank's branch network.
to borrow $ 100 m abroad
new delhi: indian railway finance corporation ltd
(irfc) has entered the overseas market with a plan to
borrow $100 million which would be utilised to retire
some of its earlier high cost loans, a top railway ministry
free to decide on npa categorisation
new delhi: the government on wednesday ruled out
any further legislative flexibility to the existing securitisation
law in the matter of settlement of non-performing assets
(npas) even as it recognised the validity of industry's
suggestion over the need for a distinction between "wilful
defaults" and "honest failures".
26 feb 2003
sees psbs' profits down 40 per cent by '06 as spreads
mumbai: public-sector banks (psb) better note this.
the credit rating and information services of india has
said that over the next four years, psbs may see an over
40 per cent drop in profitability because of the decline
in spreads on their investment portfolios.
estimates market for potential securitisation at rs 60,000
mumbai: the credit rating information services
of india on tuesday said that it estimates the local banking
system has assets of about rs 60,000 crore that can be
bank in parleys with civic bodies for card payment
mumbai: hdfc bank, one of the new generation private
sector commercial banks, is holding talks with the municipal
authorities in karnataka and punjab for enabling utility
services payments through hdfc bank credit and debit cards,
according to the bank's executive director, vinod yennemadi.
grabs 73 per cent of pvt pensions mart
new delhi: icici prudential life insurance on tuesday
claimed that it had captured 73 per cent of the local
private sector pensions market as of january 2003.
bank eyes rs 20 cr income via insurance hawking
mumbai: canara bank is targeting fee-based income
of rs 20 to 25 crore during the first year of its distribution
of insurance products of aviva life insurance.
bank home loans come with durables, job loss cover
mumbai: idbi bank has tied up with bajaj allianz
general insurance to offer unemployment insurance cover,
along with its housing loans.
bank plans insurance cover for clients
mumbai: union bank of india is planning to unveil
value-added insurance scheme for its customers. the bank
is planning to offer a group insurance cover for its depositors
and a loan cover term assurance plan for its borrowers.
mumbai: standard chartered bank has introduced
family savings account under the name parivaar. according
to the bank, this account provides a wealth management
package with insurance and investment services.
for idbi as mutual fund partner - principal group in talks
new delhi: in what could lead to yet another major
reorganisation in the mutual fund industry, the principal
financial group has opened up negotiations with punjab
national bank for an equity tie-up for its asset management
offers one-time settlement of npas
thiruvananthapuram: state bank of travancore has
evolved a one-time settlement scheme for recovery of dues
in respect of outstanding balance of non-performing assets
not exceeding rs 10 crore as on march 31, 2000.
25 feb 2003
pegs extra monthly spend post-wage revision at rs 800
new delhi: the banking industry is poised to incur
an additional expenditure of around rs 800 crore per month
on account of the 8th bipartite wage revision in the industry.
in talks with pwc, deloitte on npa front
new delhi: with a view to bringing down its non-performing
assets, state bank of india has decided to rope in external
plans tie-up with iim to impart training for bankers
kolkata: indian institute of bankers will tie up
with indian institute of management to impart management
skills to the top officials in the banking sector.
to raise rs 200-crore loan to augment working capital
chandigarh: the punjab state electricity board
has approached the market to raise a term loan of rs 200
crore at an interest rate of 10.50 per cent to augment
its working capital resources.
seeks to adress iibi dividend obligations
new delhi: in order to nip in the bud any new signs
of sickness among financial institutions, the government
is casting about for means to tackle the predicament facing
the industrial investment bank of india.
places rs 13,000-cr debt with rbi
new delhi: in a move aimed at benefiting from a
strong foreign exchange reserves position and low interest
rate regime in the domestic market, the government today
privately placed with the reserve bank of india (rbi)
two new securities aggregating rs 13,000 crore for buying
foreign currency to prepay loans taken from world bank
and asian development bank (adb).
union plans direct bank credit facility
mumbai: western union financial services is planning
to start direct money transfers to bank accounts of individuals
in india as a new service area to increase its market
share in the country.
new delhi: icra has downgraded the rating assigned
to the rs 50-crore non-convertible debenture programme
of s. kumars nationwide ltd ) from `lbb', under rating
watch, to `ld', indicating default.
bank keen to tap captive insurance
mumbai: union bank of india had a total credit
portfolio of rs 22,465 crore at the end of last financial
year. of this about rs 19,000 crore were secured against
raises bulk deposit rates
hyderabad: the lakshmi vilas bank ltd has decided
to pay additional interest of 0.25 percentage points on
bulk deposits of rs 50 lakh and above for maturity periods
ranging between 90 and 365 days (both inclusive).
hikes rates on deposits
mumbai: bank of india has raised interest rates
by 25 basis points on domestic term deposits of amounts
less than rs one crore, in the maturity bracket of "46
to 90 days'', effective from february 27.
24 feb 2003
want to be covered under securitisation act
chennai: for more than a century-and-a-half, the
`nidhi' non-banking finance companies, had been doing
geography-specific lending, against the security of property
and jewels.typically, repayments of loans against property
were delayed, but recoveries were 100 per cent.
bank eyes housing portfolio
mumbai: idbi bank ltd is likely to acquire retail
portfolios of other banks or finance companies once clarity
on its merger with parent, industrial development bank
of india (idbi), emerges.
urges recap funds for primary co-op banks
chennai: the all india co-op bank employees' federation
has reiterated its demand for recapitalisation assistance
to primary co-operative banks.
asks states to augment revenues
mumbai: the reserve bank has expressed concern
over the huge fiscal and revenue deficits in several states
in the recent years, and asked them to make concerted
efforts to augment their revenue receipts to ensure adequate
funds for developmental activities.
list of reports
on finance diary