8 mar 2003
sets minimum owned funds for arcs at rs 2 crore
mumbai: the reserve bank of india has pegged the
minimum-owned funds at rs two crore for registering a
securitisation and reconstruction company. the rbi said
that it would come up with the final guidelines shortly.
ups icici bank forex bond ratings
new delhi: international rating agency moodys
investors service on friday upgraded the long-term foreign
currency bond ratings of icici bank to investment grade
baa3 from ba1. the rating reflects
icici banks financial strength.
co-operative bank directors quit en masse
hyderabad: yet another co-operative bank in andhra
pradesh is facing a liquidity crisis. after last years
crisis at the charminar cooperative bank, it is now time
for the vasavi co-operative bank to reach a similar precarious
fin of us outsources systems management to tcs
mumbai: tata consultancy services (tcs) has bagged
an offshore maintenance contract from toyota financial
services of the us.
gather on irda report - pension reforms draw `life' from
new delhi: a pension reform thirsty government
appears to have rushed to the oasis (old age social and
income security) to quench its thirst, leaving the insurance
regulatory and development authority (irda) high and dry
in the process.
ny life's pension plan
mumbai: max new york life on friday launched `easy
life', a plan to help people meet their post-retirement
financial needs. the plan allows customer to choose his
retirement any time between 50 and 70 years of age through
threeannuity options that help him plan his monthly retirement
bank loan offer for women
kochi: to mark occasion of international women's
day on march 8, syndicate bank has announced that it will
be waiving service charges on fresh vehicle and consumer
durable loans taken by women under the `synd vahan' and
`synd suvidha' schemes.
bank's foreign currency loan plans
mumbai: in pursuance of the recent rbi guidelines,
dena bank has introduced two new schemes to suit indian
residents and non-resident indians.
to float mf
mumbai: as part of its expansion plans in india,
abn-amro bank will be floating a mutual fund, rijkman
groenink, chairman, abn-amro bank n.v., said on friday.
7 mar 2003
taps ifc for $200-million loan; decision likely in april
mumbai: the housing development finance corporation
ltd as sought $200 million by way of loan assistance from
the international finance corporation, the private financing
arm of the world bank.
against move to amend tax clause
new delhi: both private and public sector life
insurance companies have suggested a review of the new
budgetary proposal to amend clause 10d of section 10 of
the income tax act wherein the existing tax exemption
available under the clause will not be allowed on any
life insurance policy where premium exceeds 20 per cent
of the sum assured.
icra retains laaa rating for
new delhi: credit rating agency icra on thursday
retained the highest safety "laaa" rating for
gas authority of india ltd's rs 250 crore non-convertible
debentures, but warned that profits might take a hit due
to rise in gas prices and risks on its distribution business.
amro bank set to expand ops
mumbai: dutch banking major abn amro bank on thursday
said it views india as a "major business centre"
and plans to expand its operations through more branches,
atms and kiosks in 11 cities by 2005.
sun life looks at rs 205-cr premium income
mumbai: birla sun life insurance is targeting a
premium income of rs 205 crore for this financial year
as compared to rs 36 crore last year, according to nani
javeri, ceo, birla sun life insurance.
allows surveyors to shift depts
new delhi: in a significant development, the insurance
regulatory and development authority (irda) has decided
to permit licensed surveyors to shift their department,
however, with the approval of the regulator.
bank to fund solar lighting projects
mangalore: syndicate bank has offered funding for
solar lighting projects in the country. it has set a target
of 20,000 solar units to be funded during this fiscal.
raises rs 700 cr from public deposits
new delhi: housing and urban development corporation
(hudco) has added fresh deposits worth rs 700 crore to
its public deposit scheme, thereby registering a 100 per
cent growth over last year.
bank bonds fully subscribed
mumbai: union bank of india's unsecured redeemable
non-convertible subordinated bonds issue of rs 400-crore
has been fully subscribed through private placement. the
tenor of the bond is 85 months and priced at 6.9 per cent,
said a press release.
banks cut interest rates on fixed deposits
thiruvananthapuram: the co-operative banks in the
state have reduced the interest rates on fixed deposits.
accordingly, the state co-operative bank will now pay
an interest of 4.75 per cent for deposits between 15 and
45 days, while the district co-operative banks will pay
five per cent and the primary banks 5.50 per cent for
the same duration.
6 mar 2003
directs banks to get cracking on eft
mumbai: the reserve bank of india has urged commercial
banks to implement electronic fund transfer successfully
with a view to facilitate settlement.
takes over ganesh benzoplast salt refinery under securitisation
mumbai: the industrial development bank of india
has taken possession of the salt refinery of ganesh benzoplast
ltd situated in rajkot district of gujarat, under the
securitisation and reconstruction of financial assets
and enforcement of security interest act (securitisation
to be blamed for tds default
new delhi: employees will no longer be at fault
in case the employer fails to pay tax deducted at source,
thanks to an amendment in the current budget. instead,
the employer will be liable to pay interest and penalty.
the defaulting corporate is liable to face 15 per cent
interest on the tax payable and penalty that can go up
to 100 per cent of the tax amount.
to receive hudco loan to retire its high-cost debt
bangalore: the karnataka government-promoted krishna
bhagya jala nigam limited has tied up a deal with hudco
for a term loan of rs 300 crore as part of its plan to
retire high cost debt of rs 405 crore.
bank ties up with ebrd to push exports from india
new delhi: the export import bank of india (exim
bank) has joined hands with ebrd, a regional multilateral
financing agency, to promote exports from india to european
and central asian regions.
life gets nod for group pensions
new delhi: sbi life has received clearance from
the insurance regulatory and development authority (irda)
for launching a group pension scheme.
to raise rs 200 crore via tax-free bonds
mumbai: the national bank for agriculture and rural
development (nabard) will raise over rs 200 crore through
private placement basis by issuance of tax-free bonds
and tax-free priority sector bonds.
ties up with tata aig
kochi: muthoot insurance services, the latest venture
of the rs1,000-crore muthoot pappachan group, has been
appointed as the corporate agent of tata aig life insurance
company ltd in kerala.
bank fdi cap only at 74 pc
new delhi: the confusion over the cap on foreign
direct investment in private sector banks has been cleared.the
ministry of finance has decided that the fdi limit would
be capped at 74 per cent and not at a higher limit as
was being contemplated due to the ambiguous announcement
made by the finance minister, jaswant singh, during his
presentation of the union budget.
bank's floating rate plan for big deposits
mumbai: the public sector canara bank has launched
a floating rate deposit scheme (frds) for high networth
individuals. it is the first bank to launch this kind
of a deposit scheme. the minimum investment amount in
frds is rs 10 lakh.
life bancassurance services come to delhi
new delhi: sbi life has launched its bancassurance
services in the delhi region under which select sbi branches
and other banks will sell its life insurance and pension
products directly to consumers.
clears ing group equity revamp in vysya bank
hyderabad: the securities and exchange board of
india (sebi) has exempted the ing group from complying
with the provisions of sebi regulations on substantial
acquisition of shares and takeovers following the latter's
proposal to go in for an internal restructuring of its
group companies' holding in ing bank, formerly known as
5 mar 2003
bank finetunes ways and means scheme for states
mumbai: the reserve bank of india on tuesday revised
the ways and means advances scheme for states. under the
new scheme, normal wma limits will amount to rs 7,170
crore, up by 18.8 per cent from the existing rs 6,035
move based on report of ramachandran committee
new delhi: the rationalisation of the formula for
fixing the limits for ways and means advances for the
states was based on the recommendations of the c ramachandran
finance spots punjab as operations base for north india
kolkata: kolkata-based peerless general finance
& investment company has identified punjab as a key
area for its operations as part of its drive to step up
new business in the northern india.
puts cap on insurers exposure to mutuml funds
new delhi: the insurance regulatory and development
authority of india has issued an order to both public
and private insurance companies detailing the guidelines
for investments in mutual funds.
ropes in ibm, h-p, accenture for bpr
mumbai: bank of baroda has appointed ibm, hewlett-packard
and accenture for business process re-engineering, which
includes system integration and upgradation of business
processes in line with technological developments
india gets broking licence
new delhi: the us-based insurance service firm,
marsh inc, has received the licence for operating as an
insurance broking firm in india. it has already set up
a joint venture in india - marsh india pvt ltd - with
an indian company, rampart.
lowers nbfc deposit rates limit
mumbai: the reserve bank of india has lowered the
maximum interest rate that non-banking finance companies
(nbfcs) can offer on deposits to 11 per cent from 12.5
per cent, an rbi release said.
offers rs 876-crore group cover to wipro staff
mumbai: tata aig life insurance company on tuesday
announced that it will extend insurance cover to 15,930
employees of wipro ltd for a total sum assured of rs 876
takes up debt recast with sbi
kolkata: steel authority of india ltd (sail), the
largest public sector steel producer in the country controlling
around one-third of the country's steel production,has
taken up the issue of replacing its high-cost debts with
cheaper loans with its bankers the state bank of india.
flexibonds issue at reduced rates
mumbai: industrial development bank of india (idbi)
has announced the 18th issue of its retail debt instrument,
flexibonds, with reduced yields. the institution has slashed
interest yield by 25 basis points on the most popular
infrastructure (tax-saving) bond.
trims deposit rates
mumbai: bank of baroda (bob) has cut interest rates
on domestic term deposits by 25 to 75 basis points across
maturities, effective march 10.
3 mar 2003
mumbai: although the gross borrowings for the year
2003-04 have been projected at rs 1,66,000 crore, the
market is not unduly worried about it as the net borrowings
are at rs 1,07,194 crore, which is lower than the revised
estimates of rs 1,12,865 crore in 2002-03, according to
arun kaul, managing director, pnb gilts.
build-up pace slows a tad
mumbai: accretion to the country's forex reserves
was significantly lower at $71 million for the week ended
february 21, as compared to the trend in the recent past.forex
inflows were to the tune of $616 million in the previous
week and $1.084 billion in the week before that.
rate cut hints at change of tack
new delhi: the bank of england had lowered the
interest rates by 0.25 percentage points to 3.75 per cent
in a surprise move at the start of last month. the timing
of the move surprised the market.
cuts interest rates
thiruvananthapuram: the state bank of travancore
(sbt) has announced reduction in interest rates on housing
loans with effect from march 1, a bank spokesman announced
list of reports
on finance diary