15 feb 2003

total investment of scbs rises to rs 5,68,346 crore
mumbai: the total investments of scheduled commercial banks increased to rs 5,68,346 crore as on march 31, 2002, compared to rs 4,80,488 crore in previous fiscal, according to the latest rbi bulletin.

rbi lifts ceiling on eefc funds for trade-related loans
mumbai: exporters now can grant trade related loans/ advances without any limit from their exchange earners' foreign currency accounts to their overseas importer customers.

idbi merger with idbi bank closer to reality
mumbai: the issue of idbi possible merger with its banking arm has taken a full circle. after rejecting the merger proposal for over a year, the fi is set to go in for merger with its banking subsidiary, idbi bank, as part of its conversion into a corporate bank, as it would take shape after transformation.

sbi sets rs 500 crore for it
mumbai: state bank of india has earmarked rs 500 crore on information technology for the fiscal 2003-04, chairman ak purwar said, after inaugurating the 'single window system' at its gateway of india branch in mumbai.

general insurance cos to face shortage of devt officers soon
new delhi: the house marketing force of the general insurance companies in india is heading for an acute shortage of development officers with "development officers amended service scheme 2002" coming into effect soon.

taib bank offering for nris
mumbai: bahrain-based foreign institutional investor taib bank yesterday launched its portfolio management service (pms) in india aimed at domestic and non-resident indians.

iib tie-ups for training
kolkata: the indian institute of bankers (iib), which is into its platinum jubilee year, has tied up with a couple of international institutions to ramp up its training programmes.

exim bank extends $5-m line of credit to lanka bank
new delhi: export-immport bank of india (exim bank) and hatton national bank (hnb) ltd of sri lanka have signed an agreement for a line of credit of $5 million from exim bank to hnb, to support india's exports to sri lanka.

corpn bank cuts fcnr (b) rates
mangalore: corporation bank has revised its interest rates on fcnr (b) deposits with effect from february 14. this downward revision of interest rates will be applicable to fcnr (b) pound deposits.

escorts debt issues marked down
mumbai: crisil has downgraded escorts ltd's rs 150-crore non-convertible debenture issue to bbb from a-. the rs 20.46-crore non-convertible debenture issue has also been marked down to bbb from a-.

14 feb 2003

vbc fin plans insurance foray
vizag: the board of directors of vbc finance & leasing ltd, part of the visakhapatnam-based vbc group, has decided to discontinue the existing business of finance and leasing.

syndicate bank slashes home loan rates
hyderabad: syndicate bank has announced a slash in interest rates ranging from 25 basis points to 100 basis points under various tenures

corporate debt revamp poses problems for insurance cos
bangalore: the corporate debt restructuring (cdr) initiated by the financial institutions (fis) has created new problems for the general insurance companies, especially those in the public sector. sources here said that the cdr provisions relating to reduction in interest rates would impact all their income flows from investments.

ubi to issue bonds to raise rs 400 crore
mumbai: union bank of india (ubi), which whittled down the government's stake to 61 per cent through an initial public offering last year, is planning to issue bonds worth rs 400 crore to beef up its tier-ii capital.

ifc keen to invest more in core sector projects
new delhi: the international finance corporation (ifc) has highlighted its persistent focus on india and said that it seeks to venture into new sectors of the economy to strengthen the competitive quotient of the domestic industry.

hudco bonds get triple a rating
new delhi: housing and urban development corporation ltd (hudco) has been accorded a triple a (so) rating by fitch india, for its tax-free and taxable bonds issue which signifies highest safety with regard to timely timely payment of principal and interest.

13 feb 2003