8 feb 2003

rbi almost through with govt borrowing for current fiscal
mumbai: the reserve bank of india is more or less through with the government’s borrowing programme for the current fiscal. at last count, it had raised rs 1,12,000 crore out of the budgeted rs 1,16,779 crore.

return on main income of 33 banks rises to 13.5 per cent in third quarter
mumbai: the return on main income of 33 banks increased during the period between october-december, 2002 as against the previous level in the corresponding period of last year, indicating an improvement in the performance of quoted banks.

lic housing cuts lending rates
mumbai: lic housing finance ltd has reduced interest rates by 50 to 70 basis points with effect from february 4. d. krishnan, general manager (marketing), lic housing finance ltd, informed this at a press conference here on friday.

birla sun life plans to sell 90000 policies
mumbai: birla sun life insurance co ltd expects to report a first premium income of close to rs 200 crore in the current financial year through sale of close to 90,000 policies, the chief executive officer, nani javeri, has said.

lvb to roll out insurance products
hyderabad: the karur-based lakshmi vilas bank (lvb), which had tied-up with aviva life insurance, a joint venture between the dabur group and cgu for the distribution of life products, has chalked out a programme to roll out insurance products in andhrapradesh from next week, beginning with visakhapatnam.

icici lombard to double capital
mumbai: icici lombard general insurance company will shortly double its paid- up equity capital to rs 220 crore from the current level of rs 110 crore.

tata aig earns rs 165-cr premium income
mumbai: tata aig general insurance company ltd has earned a premium income of rs 165 crore in the first nine months of the current financial year, as against rs 85 crore in the whole of last year, company officials said yesterday.

indian bank gets rs 770-cr recap; car rises to 9 per cent
mumbai: indian bank has received a sum of rs 770 crore as capital from the union government. with this recapitalisation, the bank's capital adequacy rises to 9 per cent.

icici bank bonds reaffirmed `aaa'
mumbai: care has reaffirmed the `aaa' rating (care aaa) assigned to various outstanding debt instruments of icici bank ltd (ibl).

federal bank staff plan stir
coimbatore: the stand-off between the management and federal bank employees union appears to have widened. the union has decided to intensify its agitational path by calling upon members to observe a work-to-rule stance, besides conducting demonstrations daily, from february 1, in front of almost all the branches of the bank.

7 feb 2003

26 banks to face heavy capital erosion if rates go up: study
mumbai: a study conducted by the indian council for international economic relations says at least 26 banks could lose 25 per cent or more - 15 of them even 50 per cent - of their equity capital if interest rates were to rise by 320 basis points (bps), given their interest rate exposures.

dmil auction on feb 12 buoys lenders’ mood
new delhi: lenders to the beleaguered daewoo motors india ltd are hopeful of securing their exposure to the company with the upcoming auction of the auto-player on february 12 at the premises of the indian merchants chamber in mumbai.

icici lombard, hdfc standard up capital base
mumbai: two private-sector insurance majors - icici lombard general insurance and hdfc standard life insurance - on thursday announced capital infusions into their respective businesses. icici lombard’s board has approved a proposal to infuse rs 110 crore to take its current paid-up capital base to rs 220 crore.

union bank signs corporate agency agreement with nia
mumbai: union bank of india has become the first state-run bank to take up composite corporate agency of a general insurance company in the country by signing an agreement with the new india assurance co ltd to market their non-life insurance products.

kotak mahindra gets nod for bank
mumbai: kotak mahindra finance ltd has been awarded the licence to commence its banking business by the reserve bank of india. the bank is to be called kotak mahindra bank ltd and is likely to commence operations before march 31.

alf offers petro card in tie-up with bpcl
chennai: ashok leyland finance ltd (alf) expects to disburse credit worth about rs 300 crore through its tie-up with bharat petroleum corporation ltd (bpcl). the tie-up, for a co-branded smart card, was announced here yesterday.

`stable outlook' for britannia ncds
mumbai: britannia industries ltd's (bil) rs 50-crore non-convertible debenture (ncd) programme has been rated as `aaa' (ind) with a "stable outlook'' by fitch ratings india, a 100 per cent subsidiary of fitch inc.

exim bank may recover dues from daewoo
new delhi: the delhi debt recovery tribunal has passed a judgement in favour of exim bank of india, allowing it to recover a sum of rs 146.66 crore from daewoo motors india ltd, bank officials said.

6 feb 2003