Inflation rate down
New Delhi: The inflation rate has come down to 2.44 per cent for the week ended 4 December, 0.2 per cent less than the previous week. The fall has been mainly on account of continuous fall in the prices of major food products.
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CII withdraws advice on banks’ closure
New Delhi: The Confederation of India Industry is withdrawing the recommendation made by its task force on non-performing assets that three weak banks, Uco Bank, Indian Bank and United Bank of India should be closed down. CII is learnt to be writing to finance minister Yashwant Sinha on this. The decision comes in the wake of the managements of these banks questioning the propriety and competence of the task force to arrive at such a conclusion. CII has issued a statement saying it understands and respects the sentiments and views of the management and employees of these banks and is, therefore, asking the government no to consider this particular proposal. The task force, headed by ICICI’s managing director and chief executive officer had in all made 26 recommendations.
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Private insurance to take off by end-2000
Bangalore: Chairman of Insurance Regulatory and Development Authority of India N. Rangachary says private sector insurance operators will be able to start full-scale activity by the end of 2000. The regulations will be in place by March 2000, applications from intending players will be invited in April, and by end-September the processing of applications will be completed, Mr Rangachary told newsmen after a seminar on emerging scenario on insurance regulation and management. It will be made mandatory for selected insurance companies to maintain solvency position on a daily basis and there will be actuaries to interact with consumers and the regulator in order to protect consumers’ interests, he added.
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DBS eyes stake in UTI Bank
Mumbai: Singapore-based DBS Group Holdings is keen on acquiring a 20 per cent stake in UTI Bank. The company, considered Southeast Asia’s largest banking group, is reported to have held preliminary talks with UTI Bank recently. However, both the sides did not elaborate on the talks.
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