Thomson Financial plans rating agency
Mumbai: Thomson Financial BankWatch, a division of the Toronto-based Thomson Financial, and the world's largest bank rating agency, will set up a full service credit rating agency in India. The agency provides research and analysis on 1,000 financial institutions in more than 95 countries.

The agency has applied to the Securities and Exchange Board of India for a licence to establish a full service credit rating agency in India focusing on banks and financial institutions.  
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Rupee rate swaps peter out
Mumbai: After the initial euphoria, interest rate swaps and forward rate agreements have hit the rock bottom. On the first day, banks claimed that a total of 30 deals, involving Rs 500 to Rs 600 crore, were concluded, but on the second day, there was only one deal, for an amount of Rs 10 crore.

Money markets dealers say the banks were in the field on the first day for publicity and most deals were not genuine.

The Reserve Bank of India has given permission to banks to transact interest rate swaps denominated in Indian rupees earlier this week. Analysts also said the market is one-sided because only foreign banks are looking to trade and everyone is looking to receive, and there are few payers.  
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IBA asked to rate banks
Mumbai: The Reserve Bank of India has asked the Indian Banks' Association to rate banks on customer service based on a survey to be conducted by the IBA. The survey will be on the basis of a rating model for customer service in banks provided by the RBI.

The banks will be split into two groups, and each group may be subjected to the survey once in two years. The model has been prepared by an in-house working group of the RBI and has been approved by the board for financial supervision.  
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SBI, CSFB in gold-assaying venture
Mumbai: Four public sector banks led by the State Bank of India are finalising an agreement with Credit Suisse First Boston for a gold assaying venture. The agreement is expected to be signed on 13 July.

SBI will have a 51 per cent stake in the joint venture, and CSFB will hold 26 per cent. The company will have an initial capital of Rs 15 crore.

The joint venture will set up gold assaying facilities in five or six centres in the country.  
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VSNL chief's selection questioned
New Delhi: The appointments committee of the cabinet has questioned the selection process adopted by the Public Enterprises Selection Board in identifying the chairman and managing director of Videsh Sanchar Nigam Ltd. The PESB has recommended S.K. Gupta, chief general manager of Gujarat telecom circle, for the position.

The appointments committee has sought clarifications from the PESB why the directors of VSNL, including Amitabh Kumar, acting chairman and managing director, have been excluded from the interview.
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