29 June 2002

ING to up stake in Vysya Bank to 49%
Mumbai: In a move to further consolidate its holdings, the Dutch financial group ING has decided to hike its equity holding in Vysya Bank to 49 per cent.

NHB settlement saddles StanChart with Rs 393-cr loss
Mumbai: Standard Chartered Grindlays Bank on Friday announced a net loss of Rs 393.2 crore despite posting a five per cent jump in profit before tax to Rs 257.6 crore for the fiscal year 2001-02.

Centurion gets breather for preparing balance sheet
Mumbai: Centurion Bank has received an extension of three months for publishing its annual results for the fiscal 2001-02 from the Reserve Bank of India.

Bank Muscat PAT declines to Rs 0.66 crore
Bangalore: Bank Muscat has registered a steep fall in profit after tax touching Rs 0.66 crore in the fiscal ending 31 March 2002 as against the Rs 2.12 crore in the previous year.

Home banking looks the future way
Different strokes for different folks, they say. Banking is soon to live up to it. The interest rates on fixed deposits, loans, savings bank accounts and other banking services could vary in the future if you bank through the Internet or phone.

StanChart Grindlays records Rs 393-cr net loss
Mumbai: A massive one-time charge of Rs 506.5 crore on account of the out-of-court settlement reached with the National Housing Bank has pushed Standard Chartered Grindlays Bank into the red. It has recorded a Rs 393-crore net loss.

Rakesh Mohan to be RBI deputy governor
Mumbai: Dr Rakesh Mohan, who quit as advisor to the finance minister last month, will join the Reserve Bank of India as deputy governor shortly. According to officials here, the prime minister has cleared the proposal to appoint Dr Mohan as successor of Dr.Y.V. Reddy.

IFCI records losses for 2001-02 at Rs 885 cr
New Delhi: Industrial Finance Corporation of India (IFCI) has incurred a net loss of Rs 884.7 crore in 2001-02, over three times more than Rs 265.93 crore registered in the previous fiscal. It has also shown an operating loss of Rs 253 crore, against a Rs 233.97-crore operating profit in 2000-01.

The board of directors of the sick financial institution (FI) met on Friday to take on record the financial results.

Its basic and diluted earnings per equity share (not annualised) stood at -14.57 at the end of March 2002 as against -5.09 as on 31 March 2001. IFCI has a paid-up capital of Rs 638.68 crore and a preferential share capital of Rs 449.27 crore.

The government infused Rs 400 crore last year as tier-I capital and Life Insurance Corporation Rs 200 crore as tier-II capital in the form of 20-year convertible debentures.

Reserves excluding revaluation reserves declined to Rs 249 crore from Rs 250.35 crore the previous year.

HDFC seeks approval to raise borrowing limit
Mumbai: Housing Development Finance Corporation Ltd (HDFC) will be seeking shareholders approval to increase its borrowings limit to Rs 35,000 crore from the existing limit of Rs 20,000 crore at the annual general meeting, scheduled on 25 July 2002.

As on 31 March 2002 HDFCs total borrowings amounted to Rs 18,755.69 crore. Borrowings constituted 87 per cent of funds employed as on 31 March 2002. Deposits constituted 45 per cent, domestic term loans 30 per cent, bonds and debentures 18 per cent and international borrowings 7 per cent of the total borrowings.