15 mar 2003
to meet rbi on epf rate cuts
new delhi: under increasing pressure to cut interest
rates on employees provident fund, the labour ministry
is expected to meet shortly the rbi brass in a bid to
retain the current rate of 9.5 per cent
turns a tough pitch
new delhi: domestic general insurance companies
have failed to finalise their treaty arrangements with
reinsurance companies within the deadline set by the insurance
regulatory and development authority (irda).
ties up with maruti for car loans
chennai: state bank of india has tied-up with maruti
udyog ltd to offer car loans for maruti cars. the two
organisations will be able to utilise each other's customer
base as well as distribution network,to cross-sell maruti
vehicles and sbi vehicle loans.
14 mar 2003
see tough days ahead for sfc bonds
new delhi: state financial corporations are unlikely
to raise as much funds as they had expected this time
around as most banks, particularly public sector ones,
have decided not to subscribe to bond issues liberally
even as such investments qualify for meeting statutory
liquidity ratio norms.
to turn us-64 into bonds opens tomorrow
mumbai: the option to holders of us-64 certificates
to convert their holdings into tax-free bonds in lieu
of the units would be on offer from march 15. however,
the bonds will be issued in may.
for inclusion of states guarantee obligations in
new delhi: the state finance secretaries
panel, appointed by rbi to assess risk of state government
guarantees, has suggested that provision for repayment
of such guarantees should be made in the budget (state)
itself, as a large number of state government guarantees
are effectively in the nature of debt.
cap on tax-free saving bonds removed
new delhi: the finance ministry has removed the
investment ceiling on tax-free saving bonds. the bonds
will have a maturity of 5 years and carry an interest
rate of 6.5 per cent per anum payable half yearly. the
scheme commences from march 24, 2003.
global gets licence for broking
new delhi: aon global insurance services private
ltd (agispl) has received its composite insurance broking
licence from the insurance regulatory and development
authority of india.
options to hedge risks allowed
mumbai: the reserve bank of india has decided to
introduce foreign currency-rupee options for hedging currency
exposures in the forex markets.
india to vend vanillas via banks
chennai: the united india insurance company ltd,
one of the four public sector non-life insurance majors
headquartered at chennai, has decided to out-licence its
vanilla products to various banks across the country.
upgrades tata engg to stable
new delhi: standard & poor's ratings services
has revised the outlook on its `bb-' rating for tata engineering,
to stable from negative.
bank pact with united india
hyderabad: andhra bank has announced that it has
received the licence of the insurance regulatory and development
authority (irda) to act as a corporate agent for procuring
or soliciting insurance business of united indian insurance
india gets $25 m from parent
new delhi: rabobank nederland has injected fresh
capital of $25 million into
indian subsidiary rabo india. with this, the current shareholding
in the indian venture as gone up to 100 per cent from
the earlier 75 per cent.
to issue 6.5 per cent tax-free savings bonds
new delhi: the government on thursday announced
the decision to launch 6.5 per cent tax-free savings bonds
(2003) with effect from march 24.
bank bonds sale
mumbai: icici bank is launching a retail issue
of bonds, including a tax-saving one, on march 15. the
bank has, however, pared the interest rate on the bonds
- tax-saving and regular income - to 6.75 per cent.
13 mar 2003
share in indian banks global assets down 2 percent:
mumbai: the share of dollar in the international
assets of banks in india has come down by over two per
cent by september 30, 2002, compared to the previous quarter,
though it has remained the largest component of such assets.
home fin taps nhb for rs 100-crore refinance
chennai: sundaram home finance ltd, the housing
finance arm of the chennai-based non-banking finance company
sundaram finance ltd, has approached the national housing
bank for a rs 100-crore refinance facility.
chem asked to file counter-claim against icici bank
ahmedabad: the gujarat high court has directed
the ahmedabad-based mardia chemicals limited to file a
counter claim against icici bank in the debt recovery
tribunal in mumbai within four weeks.
value of 34 banks on bse, nse rises in february
mumbai: the turnover value of 35 banks, which has
listed on the stock exchange, mumbai, increased from the
level of rs 1,882.84 crore during january 2003 to the
level of rs 2,324.06 crore during february 2003.
to limit players in arc biz
mumbai: three companies - promoted by icici bank,
ifci ltd and another mumbai-based financial sector player
- have so far filed applications with rbi for registration
as asset reconstruction companies, it is reliably learnt
keen to exit from stcil
mumbai: the managing director of stcil, r.v. joshi,
confirmed sbi's view. "we know they want to exit...
but there is no definite timeline", he said.
housing cuts lending rates
mumbai: dewan housing finance corporation has brought
down its interest rate on housing loans by 150 basis points,
to 9.25 per cent (for five years) under its variable monthly
spinning ncd gets `aa-'
mumbai: the rating agency, crisil has awarded `aa-'
rating to the rs 80-crore non-convertible debenture (ncd)
issue of the ludhiana-based vardhman group's mahavir spinning
for clearing house in mumbai
mumbai: the reserve bank of india (rbi) has said
that the clearing house in mumbai will not function on
march 14 as the government of maharashtra has declared
holiday on account of moharrum.
mite to pm's relief fund
new delhi: union bank of india (ubi) has presented
a cheque of rs 2 crore to the prime minister's relief
fund. the cheque was presented to the prime minister,
atal behari vajpayee, by the bank's chairman and managing
secrecy laws to be eased
new delhi: lenders will soon have a bedfellow to
share their disturbing secrets. sheddingits long-standing
allergy towards allowing lenders to make credit information
available more freely, the government is finally set to
relax banking secrecy laws to allow banks and financial
institutions (fis) to share details of their borrowal
accounts with the credit information bureau of india ltd
repo auction today
mumbai: the reserve bank of india will hold four-day
repo and reverse repo auctions on march 13. the change
has been brought about consequent to the government of
maharashtra declaring march 14 as holiday, in place of
march 15, on account of the last day of moharrum under
the negotiable instruments act, 1881, said an rbi press
12 mar 2003
bank plans acquisitions from 2004-2005, to hike car
new delhi: federal bank, one of the old generation
private sector commercial banks, has decided to go for
acquisition of other banks from 2004-05.
to sanction rs 60 crore loan for dewan housing fin
new delhi: the board of international finance corporation
(ifc), the private financing arm of the world bank, has
approved the sanctioning of a rs 60 crore long-term assistance
facility to dewan housing finance corporation ltd, to
expand the latter's housing finance operations in the
india consortium receives ongc account
mumbai: the public sector united india insurance
company ltd, along with a consortium of other three public
sector insurers, has bagged the mandate for underwriting
the oil and natural gas corporation's $14 billion (approximately
rs 70,000 crore) on-shore and off-shore assets.
tranche of kerala loan issue today
mumbai: the reserve bank of india will raise the
last tranche of kerala development loan for 2002-2003
on wednesday through tap issue. this is for debt-swap
with the government of india, a state government release
birla group open to banking foray
mumbai: the a v birla group will consider a foray
into banking if the regulatory environment becomes friendlier.
told to follow norms on forex revaluation
mumbai: the reserve bank of india (rbi) has directed
commercial banks to comply with its norms on reporting
revaluation of foreign currency assets and liabilities.
bank upbeat on home loans
mangalore: corporation bank, which has been aggressively
marketing its housing loan products in the past few years,
is all set to reach its targeted growth of 140 per cent
in the disbursal of home loans during the current fiscal
mahindra gets rbi okay for bank posts
mumbai: the reserve bank of india has approved
the appointment of the top posts in the new private sector
kotak mahindra bank. the bank is expected to start operations
before march 31.
directors for andhra bank
hyderabad: andhra bank informed the stock exchanges
on tuesday that its shareholders at their extraordinary
general meeting (egm) held on march 10 had elected four
11 mar 2003
panel okays oswal chem rs 2,300-cr debt restructuring
new delhi: the empowered committee of the corporate
debt restructuring (cdr) mechanism, which met last week,
has decided to give a lifeline to the beleaguered uttar
pradesh-based oswal chemicals & fertilizers ltd by
preparing a tentative restructuring package for its debt
of over rs 2,300-crore.
meeting on sbis forex job division today
mumbai: the countrys biggest public sector
commercial bank, state bank of india, has convened a crucial
meeting on tuesday to settle the continuing and controversial
issue of equal distribution of forex operations between
the banks kolkata and mumbai offices.
aig targets village slice of $50-bn life insurance pie
mumbai: tata aig life insurance has started eyeing
the village slice of the insurance pie, especially in
the south. the company has not merely crossed the stipulated
minimum of five per cent in rural programmes, but has
more than doubled it, according to ian j watts, country
head, tata aig life insurance.
rejigs 3 life products for more flexibility
new delhi: icici prudential life insurance on monday
revamped its lifelink, lifelink pension and smartkid products
to make them more flexible.
to network 450 more branches
mumbai: bank of india will be networking 450 new
branches to its existing fully connected network of 275
branches, according to d. krishnamurthy, general manager,
information technology (it).
ernakulam division crosses rs 100-cr mark
kochi: the ernakulam division of the life insurance
corporation of india has crossed the first premium mark
of rs 100 crore in the current fiscal and thus became
one among the top 10 divisions in the country in business
bank seeks to expand nri clientele
abu dhabi: indian bank is seeking to expand its
nri client base and reassure its nri customers regarding
the future, following the bank's good performance in the
past year, according to ranjana kumar, chairperson and
managing director of indian bank.
changer at mumbai cst
mumbai: a note-to-coin changer machine was installed
by union bank of india at the chatrapati shivaji terminus
railway station in mumbai on monday.
finance corpn may not meet npa recovery target
new delhi: the corporation proposes to set up an
asset reconstruction company to manage the non-performing
assets as well as add new business through securitisation
of npas from banks and other financial institutions.
10 mar 2003
bonds for us-64 punters, may be tradeable
new delhi: the government has decided to offer
two types of bonds, including an 8 per cent taxable paper,
to us-64 investors who do not want to encash units when
they come up for redemption in may 2003. those who want
cash will receive rs 12 per unit for up to 5,000 units.
to withdraw three schemes by march
coimbatore: facing strain in continuing with high
assured return schemes in a falling interest rate regime,
lic plans to withdraw at least three schemes - new jeevan
shree, bima nivesh and bal vidya - by the end of the month.
insurance, allahabad bank join hands
new delhi: two major public sector players, national
insurance company ltd and allahabad bank, signed an agreement
on saturday for bancassurance in the presence of a.v adsul,
union minister of state for finance.
list of reports
on finance diary