15 mar 2003

ministry to meet rbi on epf rate cuts
new delhi: under increasing pressure to cut interest rates on employees provident fund, the labour ministry is expected to meet shortly the rbi brass in a bid to retain the current rate of 9.5 per cent

reinsurance turns a tough pitch
new delhi: domestic general insurance companies have failed to finalise their treaty arrangements with reinsurance companies within the deadline set by the insurance regulatory and development authority (irda).

sbi ties up with maruti for car loans
chennai: state bank of india has tied-up with maruti udyog ltd to offer car loans for maruti cars. the two organisations will be able to utilise each other's customer base as well as distribution network,to cross-sell maruti vehicles and sbi vehicle loans.

14 mar 2003

banks see tough days ahead for sfc bonds
new delhi: state financial corporations are unlikely to raise as much funds as they had expected this time around as most banks, particularly public sector ones, have decided not to subscribe to bond issues liberally even as such investments qualify for meeting statutory liquidity ratio norms.

offer to turn us-64 into bonds opens tomorrow
mumbai: the option to holders of us-64 certificates to convert their holdings into tax-free bonds in lieu of the units would be on offer from march 15. however, the bonds will be issued in may.

panel for inclusion of states’ guarantee obligations in budget
new delhi: the state finance secretaries’ panel, appointed by rbi to assess risk of state government guarantees, has suggested that provision for repayment of such guarantees should be made in the budget (state) itself, as a large number of state government guarantees are effectively in the nature of debt.

investment cap on tax-free saving bonds removed
new delhi: the finance ministry has removed the investment ceiling on tax-free saving bonds. the bonds will have a maturity of 5 years and carry an interest rate of 6.5 per cent per anum payable half yearly. the scheme commences from march 24, 2003.

aon global gets licence for broking
new delhi: aon global insurance services private ltd (agispl) has received its composite insurance broking licence from the insurance regulatory and development authority of india.

forex-re options to hedge risks allowed
mumbai: the reserve bank of india has decided to introduce foreign currency-rupee options for hedging currency exposures in the forex markets.

united india to vend vanillas via banks
chennai: the united india insurance company ltd, one of the four public sector non-life insurance majors headquartered at chennai, has decided to out-licence its vanilla products to various banks across the country.

s&p upgrades tata engg to stable
new delhi: standard & poor's ratings services has revised the outlook on its `bb-' rating for tata engineering, to stable from negative.

andhra bank pact with united india
hyderabad: andhra bank has announced that it has received the licence of the insurance regulatory and development authority (irda) to act as a corporate agent for procuring or soliciting insurance business of united indian insurance company.

rabo india gets $25 m from parent
new delhi: rabobank nederland has injected fresh capital of $25 million into
indian subsidiary rabo india. with this, the current shareholding in the indian venture as gone up to 100 per cent from the earlier 75 per cent.

govt to issue 6.5 per cent tax-free savings bonds
new delhi: the government on thursday announced the decision to launch 6.5 per cent tax-free savings bonds (2003) with effect from march 24.

icici bank bonds sale
mumbai: icici bank is launching a retail issue of bonds, including a tax-saving one, on march 15. the bank has, however, pared the interest rate on the bonds - tax-saving and regular income - to 6.75 per cent.

13 mar 2003