Sidbi formally delinked from IDBI
Mumbai: In a bid to provide finance help to start-ups, the government has formally de-linked the Small Industries Development Bank of India (Sidbi) from its parent company IDBI.

Till now, IDBI held 100 per cent of Sidbi. Under the change initiated Sidbi will become an independent entity, with an enhanced authorised capital of Rs. 1,000 crore with immediate effect. 49 per cent of the capital will be offloaded to the public. The balance 51 per cent will be held by the government through its institutions GIC, LIC etc.

Recently, in order to promote small ventures in the software sector, Sidbi has set up a venture capital fund. It also plans to float a fund in Silicon Valley, US, to fund software entrepreneurs there.
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Delhi police throws a bouncer at the South African cricket team
New Delhi: In a startling revelation, the Delhi police bowled a big bouncer at the South African cricket team, by claiming to have recorded conversations between South African captain, Hansi Cronje, and a London-based Indian businessman that proves that the touring team threw away matched during their recent tour of India. The consideration paid for throwing away such matches seems to be to the tune of $140,000 paid into Cronje’s London bank account. The police bouncers also target four other members of the touring team – Herschelle Gibbs, Nicky Boje, Pieter Strydom and Henry Williams.

While the dust raised by this announcement seems to have gripped the entire cricketing world, a lot of investigation and proving of allegations need to be done now. The South African captain has, obviously, denied all charges and the Indian affiliate of the businessman, who has been detained by the Delhi police denies any knowledge of having met with Cronje.

The match continues…
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LIC Housing and PNB Housing cut rates
Mumbai: Following the rate cuts announced by the Reserve Bank of India, LIC Housing Finance and PNB Housing Finance have announced rate cuts in their lending norms.

The former has cut its rates by 175 basis points. Earlier, the rates were 13.5 per cent, 14.5 per cent and 15 percent for loans of tenors up to 10 years, between 10 and 15 years, and beyond 15 years, respectively. Rates of interest on loans without the collateral of an LIC policy are 13.5 per cent up to a tenure of fifteen years.

PNB has cut its rate upto 25 basis points. PNB Housing Finance had already announced a reduction on interest rates of individual housing loans to 13.25 per cent, effective from March 27, 2000. The PNB Housing Finance is following a single slab structure for individual loans ranging between Rs 2 lakh and Rs 10 lakh. Under no circumstances is the company willing to slash interest rates for individual housing loans below 13 per cent as their borrowing rate from NHB is 12 per cent.
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