15 november 2003
banks
see positive impact from new ecb norms
mumbai: credit offtake in banks, in terms of rupee
borrowings, will receive a substantial boost as a result
of the government's tightening the screws on external
commercial borrowings, according to bankers.
pnb
gilts seeks rbi nod for portfolio management
new delhi: pnb gilts ltd, the primary dealer subsidiary
of punjab national bank, has approached the reserve bank
of india for permission to offer portfolio management
services to clients.
moratorium
on gujarat bank
mumbai: on the recommendation of the reserve bank
of india, the government of india has passed the order
of moratorium on the south gujarat local area bank ltd,
navsari, gujarat.
the moratorium will remain in force from the close of
business on november 13 to february 12, 2004.
pnb
housing cuts rate to 7.75 per cent on all home loans
new delhi: pnb housing finance, as part of a festival
offer, has reduced interest to a flat rate of 7.75 per
cent for all loans of up to 20 years. the loans would
be extended on a monthly reducing balance.
rupee
down 4 paise; gilts subdued
mumbai: the rupee closed four paise weaker at rs
45.42 against the dollar on friday against thursday's
close at rs 45.38 in a volatile forex market.
dealers said that after opening at rs 45.37, the domestic
currency slipped on consistent buying of greenbacks by
state-run banks.
insurance
plan for undergraduate nris in december
new delhi: the government has finalised a scheme
to provide mandatory insurance cover to undergraduate
indian workers going abroad on term contracts. according
to available estimates, there are close to 12 lakh undergraduate
indian workers employed abroad who will be the direct
beneficiaries of this insurance cover.
nabard
reduces refinance rates
mumbai: national bank for agriculture and rural
development has reduced the rate of interest on refinance
by 100 to 125 basis points and also reduced loan slabs
for refinance from four to three. the revised rates are
applicable from november 12, 2003
14 november 2003
karur
vysya to market ecgc risk products
coimbatore: export credit guarantee corporation
(ecgc) has signed a mou with tamil nadu-based karur vysya
bank ltd, to enable the former to route marketing of its
export credit/risk insurance products through the latter
under the concept of `bancassurance'. karur vysya is the
fourth bank to enter into the tie-up with ecgc, after
corporation bank, south indian bank and federal bank.
the mou was signed on thursday by s. prabhakaran, executive
director of ecgc, and p.t. kuppuswamy, chairman of kvb,
at the bank's headquarters in karur, according to an ecgc
communication issued here.
the agreement would enable kvb offering the ecgc's export insurance covers to the exporting community serviced by the bank's various branches across the country. ecgc is offering six different export insurance risk covers including the three new additions - buyer-wise policy, turnover policy and maturity factoring - for the exporters. according to ecgc corporate office sources, the corporation is also likely to sign a similar agreement with bank of rajasthan ltd next week.
