8 mar 2003

rbi 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.

moody’s ups icici bank forex bond ratings
new delhi: international rating agency moody’s 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 bank’s financial strength.

vasavi co-operative bank directors quit en masse
hyderabad: yet another co-operative bank in andhra pradesh is facing a liquidity crisis. after last year’s crisis at the charminar cooperative bank, it is now time for the vasavi co-operative bank to reach a similar precarious condition.

toyoto 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.

cobwebs gather on irda report - pension reforms draw `life' from oasis
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.

max 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 income.

syndicate 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.

dena 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.

abn-amro 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

hdfc 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.

insurers 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 gail ncds
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.

abn 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.

birla 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.

irda 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.

syndicate 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.

hudco 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.

union 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.

co-op 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

rbi 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.

idbi takes over ganesh benzoplast salt refinery under securitisation act
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 act-2002).

employer 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.

kbjnl 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.

exim 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.

sbi 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.

nabard 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.

muthoot 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.

private 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.

canara 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.

sbi 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.

sebi 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 vysya bank.

5 mar 2003

reserve 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 crore.

wma 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 committee.

peerless 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.

irda 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.

bob 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

marsh 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.

rbi 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.

tata-aig 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 crore.

sail 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.

idbi 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.

bob 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

borrowings manageable
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.

forex 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.

boe 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.

sbt 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 here.

list of reports on finance diary