5 apr 2003

lic to source 5 per cent business via alternative distribution avenues
mumbai: life insurance corporation of india (lic) plans to procure five per cent of its business in 2003-04 through alternative distribution channels like corporate agents, bancassurance and insurance brokers, lic chairman sb mathur said on thursday after announcing a tie-up with state-run central bank of india (central bank) for bancassurance.

guidance note on securitisation accounting is good move: crisil
mumbai: credit rating and information services of india on thursday said it believed that the recent issuance of the guidance note on accounting for securitisation by the institute of chartered accountants of india deserves to be welcomed.

rbi notifies issue of 8 per cent 2003 savings bonds
mumbai: the reserve bank of india has issued a circular to banks, notifying the issue of eight per cent savings (taxable) bond, 2003, commencing april 21, 2003. the move is in line with the centre’s recent notification.

idf receives rs 590-crore commitments
new delhi: the proposed india development fund, promoted by infrastructure development finance corporation with focus on infrastructure projects, has received capital commitments of rs 590 crore by march 31, 2003, with the latest investment of rs 100 crore from state-run union bank of india.

mahindra gesco may extend pre-emi payment scheme
mumbai: the rs 190-crore-mahindra gesco developers ltd (mgdl), which pioneered a pre-emi payment scheme for customers at two of its properties in the city, may extend it to other locations too.

boi can sell kp's 4.5 per cent in balaji
mumbai: bank of india has obtained an order from the mumbai debt recovery tribunal allowing it to sell 23 lakh shares (about 4.5 per cent of the company's equity capital), held by suspended stock broker ketan parekh in balaji telefilms, to recover the dues that the stock broker owes to the bank.

om kotak expands capital base
mumbai: om kotak mahindra life insurance company (omkm) increased its share capital by rs 30 crore, taking the total capital base of the company to rs 183 crore.

dcb raises rs 66 crore
mumbai: development credit bank ltd (dcb) has raised fresh subordinate debt of rs 66 crore through private placement to fund its large-scale expansion plans. the tier-ii capital was raised at a rate of 8 per cent for a tenor of 63 months, as on march 31, said a press release

central bank zone to hike rural lending
chennai: central bank of india's chennai zone (tamil nadu and kerala) plans to enlarge its rural lending. its direct lendings to the agricultural sector last year was rs 175 crore. the zone proposes to raise this to at least rs 210 crore in the current financial year.

ecgc products soon for services export
new delhi: the export credit guarantee corporation (ecgc) has reduced premium by 20-40 per cent on exports to developing countries and emerging markets, effective april 2003.

bank officers' meet
mangalore: the national president of the all-india bank officers' confederation (aiboc), k.d. khera, will address a meeting of bank officers on april 5 in mangalore.

4 apr 2003

kerala state housing board cuts loan rates
thiruvananthapuram: the kerala state housing board (kshb) has decided to reduce interest rates on housing loans advanced from may 1.

citibank launches property show in hyderabad
hyderabad: citibank has announced the inauguration of its three-day property event - shelter's propshop - here on thursday, claimed to be the biggest property show in the twin cities of hyderabad and secunderabad.

indian promoters of banks may be allowed higher stake
new delhi: parity may soon be restored for indian promoters of domestic private sector banks, with the ministry of finance examining the possibility of permitting them to hold a higher stake, which might even go up to 74 per cent as was recently allowed for foreign direct investment in the sector.

icici bank mulls introducing rain insurance product
mumbai: icici bank has disbursed rs 2,000 crore towards agriculture and food-based projects during the 2002-2003 fiscal, nachiket mor, executive director of the bank, has said.

union bank advances up by 19 pc
mumbai: union bank of india's gross advances have increased by rs 4,278 crore for the financial year ended march 31, 2003, up by 19 per cent over last year, as per the provisional data available.