VSNL cuts line, Internet rates
Mumbai: Videsh Sanchar Nigam Ltd. has brought down its rates for leased lines, Internet access and web-hosting services. The company has announced a 25 per cent reduction in the tariff for its international private leased lines and a 50 per cent reduction specifically for Internet service providers. The new rates will benefit software companies, Internet service providers and web hosting services. Besides these cuts, VSNL has also announced that 100 per cent export-oriented units can avail of an additional 20 per cent discount above the across-the board 25 per cent reduction in the rental for leased lines.

The dial-up Internet connectivity rates have also been slashed by 15 per cent. Now a 100-hour account will cost Rs 1,500, 250-hour and 500-hour accounts Rs 3,400 and Rs 5,500 respectively. VSNL has also extended the duration of all internet accounts to three years instead of the present one year and each user will be offered five MB storage space instead of the present two MB.

The price cuts will come into force from 15 January.
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NBFC registration decentralised
Mumbai: The Reserve Bank of India will consider applications from non-banking financial companies for registration at its regional offices. RBI has now given powers to its regional offices to process the applications and decide to grant approval or to reject them. This is applicable for NBFCs not accepting public deposits. Such applications  will be processed by RBI’s central office in Mumbai. The central bank wants to speed up the registration process and in each region a committee comprising the regional director and a local official of the RBI has been formed to handle the process.
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New services from South Indian Bank
Kochi: South Indian Bank has plans to launch a medical and accident insurance scheme for non-resident Indians and it has tied up with the United India Insurance Company for this purpose. The scheme will provide medical and accident insurance cover to NRIs and their family members residing in India. The bank has also lined up a depository services facility in coordination with the Stock Holding Corporation of India and it will be available at the bank’s leading branches in Kerala.
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NatWest takes key official to ward off bids
London: National Westminster Bank has poached a key executive from leading British retail bank Lloyds TSB and has entrusted to him the responsibility to beef up the bank’s defence against acquisition bids. Gordon Pell, who has been group executive director for retail distribution at Lloyds, has been appointed chief executive of UK banking by NatWest. He will draw a salary of $658,300 a year plus usual executive director’s bonuses and share options.

NatWest is fighting a battle against takeover bids by Bank of Scotland and Royal Bank of Scotland.

Mr Pell has been a key official at Lloyds, which had only recently given him a very central responsibility in a restructured management.
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