HSBC to launch three MF schemes
Mumbai: HSBC is set to foray into mutual funds, courtesy three open-ended schemes equity, income and liquid. It has lodged the offer documents with the Securities and Exchange Board of India for approval. The schemes were by HSBC Mutual Fund.
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Canara Bank slashes home loan rates
Bangalore: Canara Bank has reduced the interest rate on housing loans up to five years tenure by 50 basis points and it will now cost 10.50 per cent to the customers irrespective of the quantum of the loan.
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United India to float Rs 100-crore arm
Mumbai: United India Insurance Company Ltd, the largest insurer in rural insurance business and a subsidiary of General Insurance Corporation, has drawn ambitious plans to set up a separate subsidiary company with a paid-up equity of Rs 100 crore for exclusively dealing with per-sonal line products. It has appointed A F Ferguson for providing con-sultancy services for the new project.
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PSU general insurance firms: Third party administrators' shortlisting soon
New Delhi: The panel of third party administrators prepared by the General Insurance Public Sector Association for working on behalf of the public sector general insurance companies is under threat of being scrapped.
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NRIs can repatriate more from Re funds
Mumbai: The Reserve Bank of India on Tuesday enhanced limits for repatriation of funds by non-resident Indians and persons of Indian origin out of balances held in their non-resident ordinary rupee account.
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IDBI Bank to focus on retail segment
Mumbai: Thrust in the retail segment and expansion in the number of branches seem to be the keyword for IDBI Bank for the current financial year, according to Shridhar Iyer, cluster head (retail banking), Pune.
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SBI draws up strategy for retail segment
Mumbai: State Bank of India has drawn up a fresh strategy to boost its retail business through mass marketing and of corporate tie-ups. So far, the  bank, the largest in the country, has been mainly leveraging its large network to promote its operations.
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SBI opens personal loans cell in Hyderabad
Hyderabad: In a move towards greater thrust on retail finance, State Bank of India has inaugurated a Personal Loans Cell at its Hyderabad zonal office here.
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Debit card from UTI Bank
Mumbai: UTI Bank has launched the Visa Electron International Debit Card, which will be issued free of cost to its entire savings and current account holders. The debit card, launched on Monday, will be accepted at 2,500 ATMs and 32,000 merchant bankers.
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Sundaram Finance to buy out Stewart stake in JV
Chennai: Sundaram Finance Ltd will buy out the 39-per cent stake held by Stewart Newton Holdings (Mauritius) Ltd in the joint venture Sundaram Newton Asset Management Company for Rs 18 per share, according to the board of directors of Sundaram Finance.
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Gujarat persuades co-ops to invest in Narmada Nigam
Ahmedabad: The Gujarat government, at a meeting convened by Chief Minister Narendra Modi, on Monday persuaded the state co-operative banks to park Rs 300 crore in the Sardar Sarovar Narmada Nigam Ltd.
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Dhanalakshmi Bank net rises 49%
Thrissur: The Thrissur-based Dhanalakshmi Bank has registered a 49-per cent growth in its net profit at Rs 10.07 crore for the fiscal ended 31 March 2002.
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Western Union to launch Direct-to-bank service
Mumbai: Western Union Financial Services International, one of the leading money transfer service providers, is planning to launch direct-to-bank service in India shortly.
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Insurers unfazed by Pak conflict: ICICI Lombard CEO
Mumbai: Indias simmering border conflict with Pakistan and its struggle to quell religious riots has not deterred insurance companies in their quest to explore a largely untapped market, a new entrant has said.
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ICRA revises long-term IDBI debt rating to high safety
Mumbai: The rating agency ICRA has revised the rating  assigned to the long-term borrowing programme of the Industrial Development Bank of India from LAAA+ to LAA, indicating high safety albeit at a lower level.
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