20 december 2003
suspends tamilnad mercantile bank board
new delhi: with a firm view that it was in public
interest to take remedial measures in the matter of tamilnad
mercantile bank ltd (tmb), the company law board on friday
ordered suspension of tmb's board of directors with immediate
bank pays rs 35-crore interim to govt
bangalore: syndicate bank has presented a cheque
for rs 34.69 crore as interim dividend to the government.
meet on dec 24
thiruvavanthapuram: the national insurance company
is holding a one-day `bancassurance meet' for its own
officials as also those of indian overseas bank with whom
it has established a bancassurance tie-up.
may sell stake in idbi bank
industrial development bank of india may sell its stake
in idbi bank ltd before merging itself with a public sector
upgrades tata motors' ncd issues
mumbai: icra has upgraded the long-term rating
assigned to the rs 300-crore and rs 250-crore ncd programmes
of tata motors ltd (tml), from `laa' to `laa+.'
automation of state bank group shortly
hyderabad: all the seven associate banks of the
state bank of india are scheduled to achieve complete
computerisation of their branches in the country and overseas
within the next couple of months, the sbi group managing
director, mr chandan bhattacharya, announced here on thursday.
- flex system for abu dhabi bank
bangalore: abu dhabi commercial bank (adcb) is
implementing i-flex solutions' flexicube core banking
scheduled to go live in the fourth quarter of 2004, the
solution will facilitate the development of new tailor
made products and services for adcb customers, as well
as accelerating its time to market.
hearing postponed to january 7 & 8
mumbai: the supreme court has rescheduled the hearing
of the mardia chemicals case to january 7 and 8 on the
request of the solicitor general of india. the landmark
case's final ruling is expected to have a bearing on the
entire indian banking industry with its interpretation
of the securitisation act. earlier the case was to be
heard on december 19.
john deere ties up with sbh for tractor financing
hyderabad: l&t john deere pvt ltd, a joint
venture between l&t and the us-based agricultural
farm equipment maker, john deere & company, has entered
into an alliance with state bank of hyderabad on an exclusive
basis for tractor financing.
buyback of equity from banks likely after budget
bangalore: equity buyback from the public sector
banks is expected to commence after the union budget for
the next fiscal as part of the government's commitment
to dilute stake.
chairmen for life, general insurance councils
hyderabad: the insurance regulatory and development
authority has announced new chairmen for the life and
general insurance councils.
an announcement, the authority has nominated the irda
member (life), mr t.k. banerjee, as the chairman of the
executive committee of the life insurance council of the
insurance association of india.
irda member (non-life), mr mathew verghese, has been appointed
the chairman of the executive committee of the general
insurance council of the insurance association of india
lifts forex ban on hero honda, others
mumbai: the reserve bank of india has withdrawn
its directive issued to authorised dealers in january
this year, prohibiting them from releasing foreign exchange
to pepsi foods ltd, hero honda motors ltd and lg electronics
india pvt ltd, in connection
declares 25 per cent interim dividend
new delhi: punjab national bank has declared an
interim dividend of 25 per cent for the financial year
on rural banking
mangalore: the former chairman and managing director
of syndicate bank, dr n.k. thingalaya, will deliver a.b.
shetty memorial endowment lecture on "need for restructuring
rural banking sector in india," at mangalore university
on december 24.
raises india's foreign currency rating to stable
mumbai: standard & poor's ratings services
today revised the outlook on india's long-term foreign
currency rating to `stable' from `negative', taking into
account the country's rising foreign exchange reserves.
may have to pay more for 14.7 per cent in uti bank
new delhi: the hsbc group may have to pay a higher
price than the rs 306-crore to cdc financial services
(mauritius) ltd and the south asia regional fund for buying
out their combined 14.7 per cent stake in the uti bank
in case they revise their open offer price to a level
higher than the acquisition price of rs 90 per share.
to raise fdi cap in private banks
new delhi: the finance minister, mr jaswant singh,
has said that the government has in principle decided
to enhance the limit of foreign direct investment (fdi)
in banking companies.
raises outlook on 3 banks
mumbai: standard & poor's, the international
credit rating agency, has revised its outlook on the foreign
currency debt ratings on icici bank, industrial development
bank of india and bank of baroda, to `stable' from negative,
draws roadmap to zero revenue deficit
mumbai: a report recently prepared by finmin, titled
'india: the coming golden age', says, "the rough
contours for elimination of revenue deficit are likely
to increase in direct taxes to gdp ratio of 1.5 percentage
points, increase in union exise duty (including services)
to gdp ratio by two percentage points; state value added
tax to contribute additional one percentage point of gdp;
drop in subsidies of one percentage point of gdp and drop
in interest payments to gdp ratio of 0.5 percentage points."
capital to expand ap operations
hyderabad: bajaj capital ltd , the premier financial
planner and investment advisory services company, plans
to expand the network of its investment centre to 100
from the current 85 over the next year.
remittances on the rise again
kochi: the nri deposits in indian banks are on
the rise again despite the growing strength of the rupee
in the money markets and plunging interest rates. "it
is proving to be a joyful christmas and a happy new year
for the banking industry with the surge in bank shares
at the stock markets and the revival of nri deposits,"
a senior bank official said.
floats it arm
mumbai: germany's largest insurer allianz is expanding
its exposure by setting up an exclusive subsidiary for
it-related services and by treating india as a regional
hub for its grand south-asian plan.
banks may sell stamp paper
mumbai: in the wake of the multi-crore telgi stamp
paper scam, the maharashtra government is now considering
a proposal to allow banks to sell stamp paper.
to have world's first-ever floating atm
kochi: kerala has almost all banks both nationalised
and private competing with each other for providing more
and more value-added services. the latest in this series
is going to be a floating atm, first of its kind in india
and perhaps in the world.
plans to network 2,500 branches by 2005
chennai: punjab national bank expects to connect
2,500 of its branches by march 2005.
bank to market hdfc standard life products
thiruvananthapuram: union bank of india launched
the marketing of life insurance and pension products from
hdfc standard life in the thiruvananthapuram region on
in pact with ttk group for nri services
kochi: indian overseas bank has tied with ttk services
for offering a range of services to nris including healthcare
to dependants and property services in india.
to get rs 2,500-crore recap assistance
new delhi: backed with the assurance from the finance
minister, mr jaswant singh, that the government would
provide rs 2,500 crore for the recapitalisation of idbi
spread over five years, the parliament on monday cleared
the industrial development bank of india repeal with the
rajya sabha giving its assent to the bill. the bill seeks
to convert the financial institution into a universal
rating for federal bank fds
kochi: crisil has assigned the highest rating p1+
to short-term fixed deposits of federal bank.
15 december 2003
likely to cut agricultural loans rates
aurangabad: the centre is planning to further reduce
the interest rates on agriculture loans, finance minister
jaswant singh said today.
may have to top up capital: irda
kolkata: the insurance regulatory and development
authority (irda) is of the view that insurance companies
in india may operate on increased capital bases, of which
only 26 per cent can be currently held by foreign insurers.
rs 200-cr income from bancassurance
bangalore: national insurance company ltd has targeted
a premium income of rs 200 crore this year from its bancassurance
royal sundaram opens branch at kochi
kochi: royal sundaram, the chennai-based private
general insurer, has opened its new branch in kochi in
line with its expansion plans aimed at providing easy
access for its growing customer and agency base.
bank to sell bajaj allianz products
chennai: karnataka bank will sell bajaj allianz
general insurance company's products following an agreement
signed here today.
newspersons after finalising the agreement, mr ananthakrishna,
chairman of karnataka bank, said that the tie-up is in
line with the bank's "wish to be a financial supermarket
providing all financial solutions to its clientele."
the thrissur-based south indian bank ltd, as part of its
platinum jubilee celebrations, has launched sib-lifeline,
a financial scheme for medical treatment.
depositors for early bank revival
hyderabad: the depositors' association of the scam
hit prudential co-op bank, has appealed to the government,
the reserve bank of india and the bank management to ensure
early sanction of the rs 300 crore revival plan, which
could help provide some relief to the `financially crippled
reserves cross $97 billion
mumbai: india's foreign exchange reserves surged
by over $1 billion to cross the $97 billion mark for the
week ended december 5.
list of reports on