21 feb 2003

sbi appoints consultants for regulatory compliance in us
mumbai: the state bank of india has appointed a consultant in the us to modify reporting systems and set the business process in line with the requirements of us regulators.

uco bank ipo hinges on achieving car by fiscal-end, performance
mumbai: the kolkata-based uco bank is not sure of the capital requirement even though it is planning to enter the capital market with its first public issue sometime in september 2003.

sbi life insurance offers assured returns product
mumbai: sbi life insurance company has launched lifelong pensions, a product with an assured return of 4 per cent for the first seven years, to be revised later.

first tranche of rs 7,325 cr state govt loan sale on feb 25
mumbai: the first tranche of on-tap issue of market borrowings worth rs 7,325 crore by all the states will be held on february 25 and the ten-year securities will carry a coupon rate of 6.95 per cent, reserve bank of india said.

idbi bank's facility for corporates
mumbai: idbi bank has launched a fund management product, a totally outsourced solution for managing corporate payables. the services offered under the product include cheque writing, instant payment at over 500 locations across the country, electronics payment uploads and anytime auto reconciled management information systems.

gic can invest in foreign treasuries
mumbai: general insurance corporation (gic) has been permitted to park fully foreign premium receipts abroad and to invest in foreign government securities.

rs 13,600-cr placement with rbi deferred
mumbai: the private placement of debt worth rs 13,600 crore by the union government with the reserve bank of india announced in january-end to prepay debt worth $ 2.8 billion has been deferred to a later date.

monitor country exposures on weekly basis, banks told
mumbai: the reserve bank of india, in its guidelines on country risk management, has asked banks to switchover to real-time monitoring of country exposures by march 31, 2004.

hdfc bank's fd issue gets `highest rating'
new delhi: the rating agency, credit analysis & research ltd (care), has assigned a `care aaa (fd)' rating to the fixed deposit programme of hdfc bank.

ubi to sell hdfc mutual products
mumbai: union bank of india (ubi) is targeting rs 100 crore as fee-based income from various marketing and distribution tie-ups, according to v. leeladhar, cmd, ubi.

sbi may cut home loan rates for old clients
mumbai: sbi board is meeting on friday to consider a cut in home loan interest rates for customers who had borrowed at higher rates in the past.

mastercard, visa join banks to boost direct debit usage
new delhi: banks and card issuing associations like visa and mastercard are now evolving aggressive strategies like acceptance development programme, usage promotion and consumer awareness programmes to reverse the lacklustre end usage of debit cards.

20 feb 2003

idbi to kick off roadshows for $75-m loan this weekend
mumbai: industrial development bank of india is set to kick off roadshows by this weekend to raise an external syndicated loan of $75 million, with a greenshoe option of $20 million.

rbi clarifies on npa classification
mumbai: in a reprieve to borrowers who pay up on their non-performing accounts (npa), the reserve bank of india (rbi) has clarified through a circular dated february 10, 2003 that if arrears of interest and principal are paid by borrower in case of loans classified as npa, the account would no longer be treated as npa but instead be classified as "standard account."

students from iim, narsee monjee bag crisil awards
mumbai: in order to encourage talent and promote excellence among india’s future business leaders, crisil, india’s premier credit rating, advisory and information services company, has awarded 13 dynamic students as crisil young thought leaders for 2002.

pune company slaps notice on fis citing breach of trust
pune: financial institutions icici, idbi and sidbi have referred the pune-based dynamic logistics to the debt recovery tribunal for recovering loans granted for expansion purposes.

rbi statement on states auction leads to liquidity pressure
mumbai: the reserve bank of india’s announcement on wednesday that some state governments would tap the market for raising rs 14,151 crore before the end of the fiscal (next month-end) has led to the fear of liquidity pressure on the market from the next reporting fortnight starting from saturday (february 22).

govt may allow 100 per cent fdi in private banks
new delhi: the government is set to consider a proposal to allow 100 per cent foreign equity in domestic private banks through the automatic route, a hike in equity ceiling for the insurance sector to 49 per cent, besides opening up foreign direct investment (fdi) in a host of other sectors.

training deadline extended for tpas
new delhi: the insurance regulatory and development authority (irda) has decided to extend the deadline for compulsory training for third party administrators (tpas) in the health insurance services.

catholic syrian ties up with birla sun life
kochi: the thrissur-based catholic syrian bank will be distributing the products of birla sun life insurance company ltd. the bank and the insurance company announced their strategic alliance on `banking on life', the bancassurance brand of birla sun life at thrissur.

19 feb 2003