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