23 Nov 2002

Banks raise toast to Securitisation Bill; defaulters rush in with recast options
New Delhi: The passage of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Bill (2002) in the Lok Sabha has enthused bankers.

IIB to hold courses for non-bankers, graduates
Kolkata: The Indian Institute of Bankers has decided to throw open its courses for non-members working in different areas of the financial services sector and fresh graduates as part of its new vision statement prepared on the occasion of its platinum jubilee year.

Moody's lifts China debt outlook to positive
New Delhi: Moody's raised its outlook on China's foreign debt on Friday, saying surging exports and foreign currency reserves were increasingly protecting the country from financial shock.

Sri Lanka aims Tt sell state insurer by year-end
New Delhi: Sri Lanka aims to sell off a state-run insurer by year-end, its biggest privatisation in five years, an official said on Friday, helping the government meet an ambitious $220 million privatisation target.

Fresh pension offer for banks under study
New Delhi: The Government is considering offering another option of pension to officers and employees of public sector banks, the Minister of State for Finance, Anandrao V. Adsul, has said.

Corp Home cuts lending rates further
Mangalore: Corporation Bank has once again reduced its interest rates on Corp Home loans by 25 basis points across the board effective from November 25. This is the second revision after the announcement of the mid-term credit policy by the Reserve Bank of India.

BoB's housing loan fortnight
Mumbai: Bank of Baroda's South Zone proposes to 'celebrate a special fortnight' during which housing loans on concessional terms will be disbursed to middle income groups, the bank's General Manager, M.B. Samant, told presspersons yesterday.

Max New York Life on rural hunt
Mumbai: Max New York Life Insurance Co Ltd will conduct pilot projects in select rural areas with the objective of selling its insurance products. If successful, the products would then be replicated in other parts of the country.

Oriental Bank cuts PLR
New Delhi: Oriental Bank of Commerce (OBC) has reduced its prime lending rate (PLR) on advances from 11.5 per cent to 11 per cent. The maximum spread has also been slashed from 3.5 per cent to 3 per cent.

Sabre interest in Centurion Bank
Mumbai: The RBI seems to be quite satisfied (for the present) with the way Centurion Bank, UTI Bank and IDBI Bank are being managed while admitting to the need of the three for a strong dose of capital infusion.

22 Nov 2002

IDBI cuts rates on Flexibonds-16 by 25-75 bps
Mumbai: The Industrial Develo-pment Bank of India has slashed interest rates offered on its Flexibonds-16 issue by 25 to 75 basis points. IDBI though has offered investors an opportunity to invest in these bonds for longer tenures.

State Bank slashes deposit rates by 25-50 basis points
Mumbai: The State Bank of India has slashed its domestic term deposit rates across various maturities in the range of 25 to 50 basis points.

Sebi chief calls for greater tech usage
Mumbai: The need for greater use of technology in the Indian securities market, which is looking forward to a T+1 trading environment in the near future, came across as the underlying message at the 'Banking and Finance Summit 2002', hosted by Tata Consultancy Services.

Citibank fined for `deficient service'
Chennai: Citibank, Chennai, has been directed by the District Consumer Disputes Redress Forum to pay Rs 1.33 lakh, with a compensation of Rs 10,000, to a holder of the bank's credit card for the "deficiency in service and failure" to renew the group insurance policy of New India Assurance Co Ltd.

RBI clarified on Rs 500 notes
Mumbai: The Reserve Bank of India has clarified that Rs 500 denomination notes continue to be legal and banks not accepting these notes should be brought to the notice of the RBI.

Banks make solid bids at OMO
Mumbai: The Rs 6,000-crore Open Market Operations by RBI witnessed aggressive bidding by nationalised banks on Thursday. This is the fourth consecutive OMO and auction to have witnessed such bidding by banks flush with funds.

Banks, FIs prepare to write back Dabhol provisions
Mumbai: A slew of domestic banks and financial institutions (FIs) are preparing to write back some of the provisions made for Enron-promoted Dabhol Power Company (DPC) once it returns to the grid.

AIBOC welcomes `forced merger' of banks
Kolkata: The All-India Bank Officers' Confederation (AIBOC) has welcomed what it calls `the forced merger' of the Kozhikode-based Nedungadi Bank with the Government-owned Punjab National Bank as well as the `likely takeover' of Centurion Bank by Andhra Bank.

Bank staff to observe `protest day'
Kolkata: The United Forum of Bank Unions (UFBU) is gearing itself to launch a country-wide agitation against the "unhelpful attitude" of the Government and the managements.

21 Nov 2002