13 december 2003
clearing will hit banks hard
mumbai: the yet-to-be implemented, real time online
clearing system, will drive down margins of banks, said
bankers at the bank economists' conference.
bank opens `highest' atm in sikkim
mumbai: uti bank today inaugurated its atm at thegu,
near the nathula pass in sikkim, which at 13,200 feet
is the highest atm in india.
promoters to wait & watch on stake dilution
chennai: kotak mahindra bank's promoters, the kotak
mahindra group, want to wait for the evolution of the
policy regarding ownership of banks to take a decision
on diluting their stake in the bank.
12 december 2003
takeover laws not clear
mumbai: the reserve bank of india has expressed
its discomfort over opaque laws governing take over of
banks. one major area of concern, according to the rbi
governor, dr y.v. reddy, is the amalgamation of nbfcs
with banks. in this case, the law does not impose any
obligation on the part of either the bank or the nbfc
to seek the rbi's approval before filing the scheme of
amalgamation in the courts.
charts out roadmap for global standards
mumbai: in his first local public address after
taking charge of reserve bank of india ,outside of the
november policy review - yaga venugopal reddy revealed
his confidence on the journey of indian banks towards
achieving global standards.
"i have, no doubt, that our banks could well be on
the anvil of being reckoned to be on par with international
banks. my submission is that, to reach global standards,
and hopefully surpass them, we need to focus on legal,
institutional and transactions aspects, dr reddy said.
bank takes lead, fixes plr at 10.75 per cent
mumbai: union bank of india has taken the lead
among its peer banks in adopting a new benchmark plr,
which has been fixed at 10.75 per cent.
holding in gtb falls below 5 per cent
hyderabad: the equity holding of the international
finance corporation (ifc) in global trust bank, has fallen
below 5 per cent.
board okays private placement to citicorp, chryscapital
hyderabad: the board of directors of ivrcl infrastructures
and projects ltd on thursday in principle approved private
placement of 80 lakh equity shares of the company at rs
125 per share of rs 10 each to citicorp international
finance corporation, cvc international and chrys capital
mangalore: the delhi region of the karnataka bank
has bagged the golden trophy for "best region"
and ludhiana branch bagged the silver trophy for "best
branch", instituted by the karnataka bank employees'
solvency margins must for insurance companies
thiruvananthapuram: the insurance regulatory and
development authority (irda) should have prescribed separate
solvency margins for new and old insurance companies,
according to mr s. chidambaram, consulting actuary.
allows banks to invest in debt funds
mumbai: the reserve bank of india has said banks
can continue to invest in mutual funds units, which have
fully invested in non-statutory liquidity ratio (slr)
debt securities, listed or unlisted. they would, however,
not be allowed to invest in mutual fund plans that invest
more than 10 per cent of funds in unlisted securities
from january 1, 2005.
11 december 2003
to hire 100 it professionals in 2004
mumbai: bank of baroda is planning to hire over
100 it professionals to develop technological infrastructure
for offering core-banking solutions. bob has also tapped
the job market to recruit a human resources development
man its it upgrading plan, the bank has already short-listed
20 candidates for induction. "we will recruit people
in phases as per requirements. in the next 12 to 16 months,
we are planning to hire around 100 professionals,"
general manager v chandrasekhar was quoted as saying.
these professionals will be recruited for a three-year'
term and will get a market related remuneration package.
bob board has also cleared its hiring plan.
info eyes buyouts in banking, financial services
mumbai: l&t infotech, the information technology
arm of larsen & toubro (l&t), is eyeing acquisitions
in the core banking and financial services arena. the
need is basically to complement its own activities in
this arena. the mandate is to look for companies with
strength in corporate and investment banking software
arena to complement its own offerings in securities and
are looking at alliances and acquisitions in the banking
and financial space," said y m deosthalee, cfo, l&t.
l&t infotech has been in discussions with a wide range
of companies but nothing has materialised till date because
valuations have not favourably worked out. the possible
acquisition target could be one that has a marketing face
in the us and could provide market support. also, l&t
infotech could provide the partnership for the indian
market. the company, which registered revenues of rs 269.5
crore during the last fiscal, has also become the first
company to offer end-to-end solutions on mobile phones,
deosthalee was quoted as saying.
10 december 2003
solution for ing vysya
bangalore: genesis it innovationson tuesday announced
the completion of the audiovisual integration solutions
for ing vysya and its corporate headquarters in bangalore.
the project incorporates multiple audio and video devices.
posts big growth in india
mumbai: visa has recorded a substantial growth
in the issue of number of cards, card sales volume and
retail sales volume in india.
to a visa india press release, in the third quarter ended
september, the total number of visa cards touched the
14.77-million mark, registering a 121.6 per cent increase.
bank receives forbes award
mangalore: corporation bank, which has been adjudged
as one of the best 200 "under a billion" companies
in the world outside the us by the forbes magazine, received
the award at hong kong recently.
solutions for shamrao vithal co-operative bank
bangalore: computer associates international inc
(ca) on tuesday announced that shamrao vithal co-operative
bank ltd, one of the oldest co-operative banks in asia,
has deployed ca's unicenter family of solutions to simplify
it administration and improve customer service levels
in support of strategic growth objectives.
life to expand equity base
hyderabad: aviva life insurance india, the insurance
joint venture between dabur and the uk-based aviva plc,
has decided to pump in further equity of rs 80 crore shortly.
09 december 2003
completes first interest rate swap
mumbai: bharat petroleum corporation ltd on monday
completed its first interest rate swap for a loan of rs
100 crore. citigroup completed the interest rate derivative
transaction, a news release said.
eases norms for overseas investment
mumbai: the reserve bank of india has liberalised
and simplified the present policy of overseas direct investment.
central bank has permitted indian companies to transfer
shares of their joint ventures or wholly-owned subsidiaries
abroad by way of sale under the automatic route.
of punjab in talks with citi, newbridge
mumbai: bank of punjab is in talks with a few strategic
investors, including newbridge capital and citibank, for
a possible placement of up to 49 per cent of its equity
through the preferential route.
fund regulator to take off from new year
hyderabad: the much-awaited pension fund regulatory
and development authority is scheduled to take off from
january 1 next year offering defined contribution schemes
to the newly-recruited central government staff, the joint
secretary in the union ministry of finance, mr u.k. sinha,
announced here on monday.
plans to network 25 branches
chennai: city union bank expects to be able to
network 25 of its 125 branches before the end of this
year. the bank has bought the core banking software of
tata consultancy services, quartz.
in bancassurance talks with co-op banks
jaipur: in a bid to strengthen distribution, max
new york life insurance company (mnyl) is tying up with
two co-operative banks and will also enter into equity
tie-ups with other banks
bill scrapes through in lok sabha
new delhi: the government was highly embarrassed
when the treasury benches could not muster the strength
to pass the industrial development bank of india (transfer
of undertaking and repeal) bill in the lok sabha.
08 december 2003
to review rentals to boost realty returns
mumbai: to tap higher returns and innovative schemes,
life insurance corporation of india (lic) has started
focusing aggressively on those investments which earlier
were unpopular in its list of mammoth investment portfolio.
in this direction, lic, which also happens to be the second
biggest real estate owner in the country after the railways,
has planned to make the maximum from this class of assets
conservatively estimated at about rs 2,500 crore.
n bhardwaj, managing director, lic said: "the modernisation
in some of the branch offices and the head-office has
already started. it's not only the face-lift but also
creating more space and better utilisation by renting
the spare space. our revalued real-estate assets are worth
about rs 2,500 crore, whose current market price might
be still far higher."
list of reports on