18 jan 2003

rbi finetunes forex norms for life firms
mumbai: the reserve bank of india on friday announced modifications to the foreign exchange management (insurance) regulations (2000)-life insurance
memorandum dated may 3, 2000, to cover new private sector life insurance companies that came into being after opening it up for private sector.

citi sets up e-platform for hr functions
mumbai: cititbank india's human resources department (hrd) has developed an electronic platform that will allow it to move regular hr functions online so that it can concentrate on the other, more important issues such as training processes and staffing requirements.

aviva life ups capital base to rs 155 crore
mumbai: aviva life insurance has increased its capital base by rs 45 crore, taking the total paid-up capital to rs 155 crore. the joint venture partners, dabur and aviva, have together contributed to the additional capital, chief executive officer stuart purdy said.

sidbi teams up with us fund for $40-m vcf
mumbai: small industries development bank of india has signed an mou with washington-based small enterprises assistance fund to set up a $40m venture capital fund exclusively for small enterprises.

rbi asks banks to act on internal controls, mis
mumbai: the reserve bank of india on friday asked commercial banks to take immediate steps to implement the recommendations of the advisory group on banking supervision it set up under the chairmanship of ms verma pertaining to strengthening mis and internal control mechanisms.

icici bank cuts home loan rates
mumbai: icici bank has cut interest rates on housing loans by 50 basis points, effective january 17. by bringing the interest rates on the fixed rate home loans at par with the current adjustable rates, the bank will be able to attract new segments of customers.

federal bank q3 profit at rs 82 cr
kochi: at the end of the third quarter, the aluva-based federal bank has notched up a cumulative net profit of rs 82.46 crore, registering an increase of 28 per cent over the corresponding period of last year.

j&k bank offers up to 15 per cent equity for sale
new delhi: jammu & kashmir bank ltd. has decided to go slow on its proposal to set up an asset management company and would focus on its insurance business to swell it non-interest income in near term.

sidbi to run $40-m support fund for small enterprises
mumbai: the small industries development bank of india (sidbi) will shortly operationalise a $40 million support fund for small enterprises, according to p.b. nimbalkar, chairman, sidbi.

psb sends notice to 301 defaulters
new delhi: punjab and sind bank (psb) has issued notices to 301 defaulters involving an amount of rs 167 crore under the securitisation and reconstruction of financial assets and enforcement of security interest bill, 2002.

andhra bank to securitise home loans, return capital
hyderabad: andhra bank intends to raise rs 200 crore from the market by securitising a part of its housing loan portfolio.

17 jan 2003

uti bank q3 net up 44 per cent
mumbai: uti bank on thursday announced a 44 per cent jump in net profit to rs 51.50 crore for the third quarter-ended december 31, 2002 as compared to
rs 35.76 crore for the corresponding quarter in the previous fiscal.

rbi notifies norms for pds trading g-secs on bourses
mumbai: the reserve bank of india has notified operational guidelines for primary dealers for trading in government securities on the stock exchanges.

icra unveils svg rating for corporates
new delhi: credit rating agency icra limited has launched the first ever combined rating of stakeholder value creation and governance practices for companies in india. godrej consumer products ltd is the first company to be given such a rating.

hdfc standard life expects to cross rs 100-crore mark this fiscal
mumbai: hdfc standard life insurance is expecting to cross the rs 100-crore premium business mark during the current fiscal. the country’s first private life insurance company has made business of rs 36 crore in 2001-02.

gtb proposes pref/rights issue
hyderabad: global trust bank ltd (gtb) is planning to raise further capital under tier-i category to strengthen its capital to risk assets ratio (crar) and, in turn, for future growth.

oh debt, where is thy sting...
mumbai: the country's external debt has topped the $100-billion mark and as of end-june 2002 stands at $ 101.3 billion, a rise of $ 3.1 billion or 3.2 per cent over $ 98.2 billion at end-march 2002.

icici info solution for lakshmi vilas
bangalore: icici infotech announced that lakshmi vilas bank has chosen its core banking solution, newton, to be deployed across all branches.

lvb cuts rate for deposits
bangalore: lakshmi vilas bank has slashed the interest rate both for domestic and nre deposits by 0.25 per cent for periods above 271 and 364 days maturity slab. the change has been effected from january 16.

icici bank opens atms with telugu facility
mumbai: icici bank has announced the launch of telugu language automated teller machines (atms) here on thursday. with this, the icici bank customers in andhra pradesh would have the option of three languages for doing atm transactions, telugu, hindi and english.

16 jan 2003