29 mar 2003
issues guidelines on credit derivatives
mumbai: rbi, in its draft guidelines on credit
derivatives, has said that banks will be initially permitted
to use credit derivatives only for the purpose of managing
their credit risk, which includes buying protection on
loans and investments for reduction of credit risk.
bank cuts global growth outlook; sees us recession risk
new delhi: the world bank has downgraded its outlook
for global growth for this year and sees the risk of recession
and deflation in the united states, according to a bank
report obtained by reuters on thursday.
banks to extend banking hours on
mumbai: the apex bank has asked all public sector
banks and other authorised banks to keep their tax collecting
branches open for a reasonably longer time for this purpose
only, the rbi said in a release.
clear uti bank pref share allotment
mumbai: uti bank shareholders on friday approved
the issuance and allotment of 3.83 crore shares on preferential
basis at rs 42.75 per share to four investors, including
chryscapital and bahrain-based citicorp banking.
plans insurance products for exporters
new delhi: ecgc is planning a slew of insurance
products to suit the needs of exporters. these include
products like a turnover policy, buyer-wise policy which
would be rolled out in april this year, said pma hakeem,
chairman and managing director, ecgc.
life planning schemes for nris
mumbai: sbi life, the joint venture life insurance
company between state bank of india and cardiff sa of
france, is contemplating special insurance schemes for
non-resident indians (nris). currently, the company is
selling its existing insurance schemes to nris in india.
these are all rupee-dominated schemes and the future payments
will also be made in rupees.
bank debenture for rs 45 crore
mumbai: idbi bank ltd has informed the bombay stock
exchange (bse) that it has allotted, 900, tier ii, subordinated,
unsecured, redeemable, non-convertible, and debentures
series c, by way of private placement.
shareholders okay capital hike
hyderabad: the shareholders of global trust bank
ltd (gtb) have approved a proposal to enhance the authorised
share capital to rs 350 crore from the existing rs 200
crore. gtb currently has a paid-up equity capital of rs
finance cos' deposit rate cap at 11 pc
mumbai: national housing bank (nhb) has announced
a 150 basis points reduction in the ceiling on the interest
rates that housing finance companies (hfcs) can offer
on public deposits.
28 mar 2003
rates on psb recap bonds from sept
mumbai: public sector banks have earned a major
reprieve with the government agreeable to reversing its
decision to impose floating rates on 10 per cent recapitalisation
sees indian insurance market poised for a churn
mumbai: the indian insurance regulator, n rangachary,
better be prepared. the two-year old liberalised insurance
market with 21 private and five public sector companies
is in for a churn.
credit committee for each sbi circle to expedite loan
new delhi: the state bank of india (sbi), in an
attempt to quicken the process of sanction of loan proposals,
has assigned one additional circle credit committee in
each of its 15 circles, according to sbis bengal
circle chief general manager tk keshavamurthy.ry
life insurance rolls out bancassurance in bengal circle
kolkata: sbi life insu-rance co ltd on thursday
announced the launch of bancassurance services in the
bengal circle of state bank of india.
bye to `ashoka pillar' notes
mumbai: the reserve bank of india, it appears,
has decided to phase out the ashoka pillar series currency
notes. the apex bank, has since november last, been instructing
the banks against reissuing currency notes bearing the
ashoka pillar emblem.
bank plans to return rs 100-cr capital
bangalore: the public sector syndicate bank has
proposed to reduce its paid-up capital base by rs 100
crore in a bid to improve shareholder returns. this would
be done during the course of the next financial year and
the bank's board had already approved it, syndicate bank's
general manager, b.s. murthy said.
bank on a major recovery drive - notices soon to defaulters
for rs 250 cr
hyderabad: prudential bank, the city-based troubled
urban co-operative bank, under the supervision of the
newly-appointed administrator, t. satyanarayana rao, has
decided to go aggressive on recoveries of non-performing
assets (npas) with the help of the powers conferred under
the recently promulgated securitisation act.
up co-op banks to tap `project loans' again
new delhi: the finance ministry, rbi and nabard
have jointly revived the idea of writing off losses of
well over rs 6,000 crore held by the co-operative credit
complaints to ombudsman
mumbai: the number of complaints received by the
banking ombudsmen of the reserve bank of india during
the year 2001-2002 was down by 2.5 per cent, as compared
to those received in 1998-99, according to an rbi report
reviewing the banking ombudsmen scheme for the period
1998-99 to 2001-02.
27 mar 2003
asks dena bank to pen capital restoration
mumbai: the reserve bank of india has come down
hard on state-run dena bank and asked it to discuss capital
restoration plan and strategies for its successful implementation
to improve its financial position at its upcoming board
meeting on end-march 2003.
skeletons may fall out of ifcis cupboard if probed:
mumbai: the maharashtra government has said that
many scams may come to light if an inquiry is instituted
into the misuse of profits/interests earned by the industrial
finance corporation of india on its lendings to the sugar
industry in the state.
picks infosys for core banking solution
mumbai: infosys technologies will provide core
banking solutions to private sector development credit
bank to improve operational efficiency of the bank and
facilitate it to launch value-added services like internet
bank to focus on car finance
mangalore: corporation bank is planning to lay
more emphasis on retail portfolio, especially car finance,
in the next financial year.
may get annuity pie of pensions markets
new delhi: while the insurance regulatory and development
authority (irda) might have lost the race for the new
pension regulator, the government has in store a consolation
prize for it. according to the plans for the new pension
system,irda would continue to regulate the annuities and
other-related developments in the payout stage of the
new pension scheme even after the setting up of the pension
fund regulatory and development authority (pfrda).
bank offers `sms alerts' facility
mumbai: centurion bank has launched mobile phone-based
`sms alerts' a value-added premium service. centurion
bank customers with mobile subscriptions can get updated
information on their bank transactions through the `sms
aig unveils indemnity cover for auditors
mumbai: tata aig general insurance company has
launched its professional indemnity policy for chartered
accountants. the policy has been exclusively designed
in consultation with the bombay chartered accountants
society for individual chartered as well as their firms
with one to five partners, said dalip verma, managing
director, tata aig general insurance company, addressing
a press conference here on wednesday.
trading in gilts lacklustre
mumbai: the reserve bank of india scheme for gilts
trading on the bourses seems to be facing a `chicken and
egg' situation excepting a few, most primary dealers are
yet to even seek consent from their boards to participate
in the new initiative.
plans retail focus in new fiscal
mumbai: development credit bank ltd (dcb) is to
change its focus from wholesale banking to retail banking
in the new fiscal.
panel to manage charminar bank
hyderabad: aa a part of its efforts to restructure
and revive the operations of the ailing charminar bank,
the city-based urban cooperative bank, the andhra pradesh
state registrar of cooperative societies (rcs) has appointed
a seven-member person-in-charge committee for a period
of one year.
26 mar 2003
life insurance teams up with ge, maruti countrywide
mumbai: sbi life insurance company on tuesday announced
tie-ups with ge countrywide to provide life insurance
cover against personal, two-wheeler and auto loans, and
with maruti countrywide to provide life insurance cover
against auto loans.
in a bind over rbi decision on prudential bank
mumbai: the reserve bank of indias recent
decision to supersede the board of prudential cooperative
urban bank has put the registrar of cooperative societies,
a co-regulator of cooperative banks in the state, in a
to guarantee saving on home, personal loans
mumbai: after having entered the market with what
is apparently the cheapest home-loan offering at 8.5 per
cent, hsbc, in an attempt to grow its market share, is
set to launch a guaranteed saving scheme for
home and personal loans.
relieved as court stays recovery of rs 50-cr arrears
mumbai: the maharashtra government has heaved a
sigh of relief as the bombay high court has stayed the
recovery of rs 50-crore arrears towards interest, principal
and surcharge by industrial finance corporation of india,
industrial development bank of india, icici and others.
share prices may delay s koreas plan to privatise
new delhi: plunging share prices are wrecking south koreas
plan to privatise state-owned banks as the government
will have to lower prices or delay the process
bank to open more outlets in lic premises
mangalore: in pursuance of its `strategic alliance'
with life insurance corporation (lic), the mangalore-based
corporation bank is opening 33 more service outlets on
lic premises. these outlets, to be opened on march 26,
will be spread across punjab,chandigarh, delhi, rajasthan,
jharkhand, orissa, maharashtra, goa, karnataka and tamil
bank bond issue
mumbai: dena bank has informed the bombay stock
exchange that it has come out with an issue of 7 per cent
unsecured, redeemable, non-convertible subordinate bonds
on private placement basis. the bank plans to raise rs
60 crore with an option to retain over subscription up
to rs 40 crore.
of india plans rating tool for ssis
mumbai: bank of india (boi) will shortly introduce
a credit rating system exclusively for the small-scale
industries (ssis), factoring in the problems unique to
the sector, and things easier for borrowers from this
unions want rbi to review stapling order
even while the reserve bank of india has sought compliance
on the `clean note policy', bank employees have decided
to defy the order on stapling of notes. raising objection
to the introduction of non-stapling, the united forum
of bank unions (ufbu), while advising its members to oppose
the policy, has appealed to rbi to restore the original
system of stapling the notes.
bank staff `refuse' administrator
hyderabad: at the headquarters of the hyderabad-based
ailing prudential cooperative bank, employees refused
to allow the government-appointed administrator to take
charge of the affairs while superseding its board of directors
to check nbfc, co-op bank frauds - ap govt plans special
court for economic offences
hyderabad: the members of the andhra pradesh legislative
assembly voiced their concern asking the government to
constitute a house committee and prepare an action plan
to address economic offences that have rocked several
non-banking financial institutions.
25 mar 2003
bank sets rs 100 crore to beef up retail operations
mumbai: kotak mahindra bank ltd, which has received
the reserve bank of indias approval for setting
up a bank, will open its first branch at nariman point,
mumbai on march 31, 2003.
issues new norms on repos transactions
mumbai: the reserve bank of india on monday issued
guidelines on uniform accounting policies to be followed
by market participants for repos and reverse repos transactions.
vysya readies pension, group insurance products
mumbai: ing vysya life insurance company pvt ltd,
the joint venture between ing insurance international
bv, ing vysya bank and the gmr technologies and industries
ltd, is planning to come out with products for the pension
and the group insurance segment within the next 12 months.
lombard otc sales top 50,000 policies
new delhi: icici lombard general insurance on monday
claimed that that the initial response to its over-the-counter
products has been very positive, contributing 30 per cent
of its non-motor retail sales.
commits rs 100 cr for india development fund
mumbai: bank of baroda on monday said that it has
committed rs 100 crore to the india development fund.
solution for kotak bank
bangalore: i-flex solutions has announced that
kotak mahindra bank has selected its flagship product,
flexcube, for its core-banking operations.
to sell ing vysya insurance products
mumbai: bharat overseas bank (bob) entered into
a memorandum of understanding (mou) with ing vysya life
insurance on monday to promote the latter's insurance
products across its branches.
irda non-life brokerage norms - `no payment for business
from govt, psus'
new delhi: as per the new guidelines on general
insurance contracts, insurance brokers cannot charge brokerage
or commission on the business of government and public
cos: divestment clause looms large for foreign promoters
new delhi: for foreign promoters of indian insurance
companies, the euphoria over the move to hike foreign
direct investment (fdi) cap in insurance to 49 per cent
could be short-lived, with the government proposing to
slap the mandatory divestment clause on them as is currently
applicable to indian promoters.
bank, bob get nod for offshore branches in sezs
mumbai: state bank of india (sbi) and bank of baroda
(bob), the two largest public sector banks, have received
rbi licence to set up offshore banking units (obus) in
special economic zones (sezs).
24 mar 2003
kannada banks register rs 7,238-cr business
bangalore: the 331 branches of all the banks operating
in the dakshina kannada district of karnataka have registered
a total business of over rs 7,238 crore as of december
2002. total deposits of the banks stood at rs 4,963.46
crore and advances at rs 2,274.66 crore.
for immediate freeing of own-damage segment - motor insurance
tariffs in for changes
new delhi: the free market forces are set to win
a battle of a different kind with yet another tariff bastion
- the motor insurance business - likely to crumble under
its impact. in its draft report on detariffing on motor
insurance, the justice t n c rangarajan committee has
said that in an era of liberalisation market there appears
no alternative but to remove tariffs from the own-damage
(od) segment of the business with immediate effect.
sundaram opens new branch
chennai: royal sundaram, the chennai-based private
general insurer has announced the launch of its second
city branch in nungambakkam in chennai city on friday.
the company has proposed to launch more branches across
bank projects credit outlay of rs 951 cr
kochi: under the primary sector, crop loans aggregate
rs 113.87 crore. under term loans, minor irrigation, land
development, farm mechanisation, plantation and horticulture
and allied activities have been given priority.
adalats to deal with andhra bank npas
hyderabad: following the request of andhra bank,
the city legal services authority, city civil court, has
constituted four benches of lok adalat on saturday exclusively
to take up andhra bank matters of hyderabad zone.
list of reports
on finance diary