5 apr 2003
to source 5 per cent business via alternative distribution
mumbai: life insurance corporation of india (lic)
plans to procure five per cent of its business in 2003-04
through alternative distribution channels like corporate
agents, bancassurance and insurance brokers, lic chairman
sb mathur said on thursday after announcing a tie-up with
state-run central bank of india (central bank) for bancassurance.
note on securitisation accounting is good move: crisil
mumbai: credit rating and information services
of india on thursday said it believed that the recent
issuance of the guidance note on accounting for securitisation
by the institute of chartered accountants of india deserves
to be welcomed.
notifies issue of 8 per cent 2003 savings bonds
mumbai: the reserve bank of india has issued a
circular to banks, notifying the issue of eight per cent
savings (taxable) bond, 2003, commencing april 21, 2003.
the move is in line with the centres recent notification.
receives rs 590-crore commitments
new delhi: the proposed india development fund,
promoted by infrastructure development finance corporation
with focus on infrastructure projects, has received capital
commitments of rs 590 crore by march 31, 2003, with the
latest investment of rs 100 crore from state-run union
bank of india.
gesco may extend pre-emi payment scheme
mumbai: the rs 190-crore-mahindra gesco developers
ltd (mgdl), which pioneered a pre-emi payment scheme for
customers at two of its properties in the city, may extend
it to other locations too.
can sell kp's 4.5 per cent in balaji
mumbai: bank of india has obtained an order from
the mumbai debt recovery tribunal allowing it to sell
23 lakh shares (about 4.5 per cent of the company's equity
capital), held by suspended stock broker ketan parekh
in balaji telefilms, to recover the dues that the stock
broker owes to the bank.
kotak expands capital base
mumbai: om kotak mahindra life insurance company
(omkm) increased its share capital by rs 30 crore, taking
the total capital base of the company to rs 183 crore.
raises rs 66 crore
mumbai: development credit bank ltd (dcb) has raised
fresh subordinate debt of rs 66 crore through private
placement to fund its large-scale expansion plans. the
tier-ii capital was raised at a rate of 8 per cent for
a tenor of 63 months, as on march 31, said a press release
bank zone to hike rural lending
chennai: central bank of india's chennai zone (tamil
nadu and kerala) plans to enlarge its rural lending. its
direct lendings to the agricultural sector last year was
rs 175 crore. the zone proposes to raise this to at least
rs 210 crore in the current financial year.
products soon for services export
new delhi: the export credit guarantee corporation
(ecgc) has reduced premium by 20-40 per cent on exports
to developing countries and emerging markets, effective
mangalore: the national president of the all-india
bank officers' confederation (aiboc), k.d. khera, will
address a meeting of bank officers on april 5 in mangalore.
4 apr 2003
state housing board cuts loan rates
thiruvananthapuram: the kerala state housing board
(kshb) has decided to reduce interest rates on housing
loans advanced from may 1.
launches property show in hyderabad
hyderabad: citibank has announced the inauguration
of its three-day property event - shelter's propshop -
here on thursday, claimed to be the biggest property show
in the twin cities of hyderabad and secunderabad.
promoters of banks may be allowed higher stake
new delhi: parity may soon be restored for indian
promoters of domestic private sector banks, with the ministry
of finance examining the possibility of permitting them
to hold a higher stake, which might even go up to 74 per
cent as was recently allowed for foreign direct investment
in the sector.
bank mulls introducing rain insurance product
mumbai: icici bank has disbursed rs 2,000 crore
towards agriculture and food-based projects during the
2002-2003 fiscal, nachiket mor, executive director of
the bank, has said.
bank advances up by 19 pc
mumbai: union bank of india's gross advances have
increased by rs 4,278 crore for the financial year ended
march 31, 2003, up by 19 per cent over last year, as per
the provisional data available.
bangalore card launched
bangalore: the state bank of india has announced
the launch of the sbi bangalore card. the card is meant
for a broad-based target audience in the 25 plus age group
ranging from upwardly mobile professionals and middle
3 apr 2003
gets tough on `clean-note policy'
mumbai: the reserve bank of india (rbi) has decided
to get tough with banks, which do not comply with its
east zone unveils core banking solutions
new delhi: the east up zone of the punjab national
bank on wednesday embarked upon core banking solutions
by putting its lone high value branch here on the interconnectivity
new york unveils corporate agency model
mumbai: max new york life, the insurance company,
has tied up with the kerala-based futuristic consultancies
ltd, a financial services company, to launch its operations
in the state using the corporate agency model.
club offers to repay prudential loans
mumbai: country club (india) ltd, the city-based
hospitality major, has decided to avail loans from other
banks and financial institutions to clear the dues of
1 apr 2003
of inter-bank funds from today
mumbai: the reserve bank of india, in conjunction
with banks, has embarked upon a scheme that would enable
safe, secure and same-day electronic transfer of funds
across the country.
to be introduced from april 1, the special electronic
fund transfer (seft) scheme will have settlement taking
place at mumbai for inter-bank funds transfers. the scheme
will be made available in over 2,500 bank branches in
500 cities, according to a rbi press release.
surplus doubles to $6.11 billion
mumbai: the country's balance of payments (bop)
surplus during the october-december 2002 period almost
doubled to $6.11 billion from $3.62 billion during the
corresponding period in 2001, according to rbi data.
the current account balance surplus was marginally down
at $721 million during the third quarter of 2002-03, over
$795 million in the year-ago period.
ny life stays focused on quality '
coimbatore: the chief executive officer and managing
director of max new york life, mr anuroop `tony' singh,
has reaffirmed that the company's vision is to emerge
as the most admired company in this space and "not
necessarily the largest".
premium income up 11 pc
chennai: the export credit guarantee corporation's
(ecgc) premium income for the current year has increased
by 11 per cent, to rs 375 crore, compared to rs 338 crore
however, claims settled continue to be higher than the
premium income. but `claims settled'
31 mar 2003
rbi norms for listed banks' quarterly reports
mumbai: as per the new rbi norms the listed banks
need not strictly comply with the institute of chartered
accountants of india's (icai) accounting standard on `interim
financial reporting' (as-25) for their quarterly reporting
under the listing agreements.they would, however, be required
to comply with the recognition and measurement principles
laid down in as-25 for their quarterly reports.
inflow dip to hit govt borrowings
mumbai: with forex inflows slowing down considerably
in recent weeks and restraining the relentless build-up
of the central bank's reserves, the party for large-scale
market borrowings by the government at low interest rates
may soon be over.
plans two nri branches
new delhi: punjab national bank (pnb), which took
over nedungadi bank recently, is planning to open two
specialised nri branches in kerala as part of its post-merger
business strategy for the state. the branches are likely
to be located in malappuram and thrissur districts.
list of reports
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