SBI Ahmedabad division posts Rs 267-crore net profit
Ahmedabad: State Bank of India's Ahmedabad circle, consisting of Gujarat and three Union Territories (Daman, Diu and Dadra and Nagar Haveli), has posted a net profit of Rs 267 crore during the year ended 31 March 2002, an increase of 63 per cent compared to Rs 164 crore in the last year.
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StanChart to lure more consumers in China
Mumbai: Standard Chartered Bank said on Friday it hoped to use its profitable corporate banking business as a springboard to target more consumers in China, a massive market slowly opening to foreign banks.
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PNB revises FCNR rates
Mumbai: Punjab National Bank has revised interest rates on its foreign currency non-resident scheme with effect from 8 July 2002.
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Two Manipal group firms suspend transactions
Mangalore: Two months after the Ramesh Pai group decided to 'restructure' its non-banking finance business, two other units of the Manipal group have suspended their transactions, according to an official statement.
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APSFC scouts for cheaper funds to slash lending rates
Hyderabad: The Andhra Pradesh State Financial Corporation is looking for cheaper sources of funds so that it could slash its lending rates. The corporation is exploring the possibility of getting access to the foreign as well as the domestic money markets.
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SBI slashes housing loan rates
Mumbai: Housing loans have just got a little cheaper. State Bank of India has cut its rates by around 50 basis points to 10 per cent on its floating rate loans. This cut by SBI comes after recent rate cuts by HDFC and LIC Housing Finance.
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Tube Investments infuses another Rs 76 cr in insurance arm
Mumbai: Tube Investments of India Ltd has additionally invested Rs 76.30 crore in Cholamandalam General Insurance Co Ltd, a company promoted by it. With this investment, Tube Investments' holding in Cholamandalam General Insurance aggregates Rs 78.75.
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Huge reserves vital for curbing volatility: Jalan
Mumbai: RBI governor Dr Bimal Jalan has advocated building of safety walls by countries (by creating higher reserves) to check volatility in capital flows and external markets. "Let each country take measures to build its own safety walls," he said.
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New Bill to be tougher on dishonour of cheques
New Delhi: Soon, a dishonoured cheque could land the issuer of the instrument in prison for a period of two years. And the processes of law would move overtime to ensure that the guilty is placed behind bars at the earliest.
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Crisil assigns AA- for IPCL's NCD issue
Mumbai: Credit rating Information Services of India Ltd (Crisil) has assigned AA- and P1+ ratings to the Rs 1,200-crore non-convertible debenture issue and Rs 900-crore commercial paper programme respectively of Indian Petrochemicals Corporation Ltd.
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IDBI Bank plans branches in Mysore, Belgaum
Mumbai: IDBI Bank has a current business portfolio of Rs 200 crore (deposit and advances) in Karnataka and hopes to increase the turnover through the new products. The bank is also planning to open branches in Mysore and Belgaum.
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PSB lending to public sector companies up 36%
Mumbai: Public sector banks lent more money to those from their own ilk in 2001-02. Advances of 23 public sector banks to public sector companies rose by 36 per cent in the last fiscal. This was when the overall credit growth was up only 19 per cent.
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BNP Paribas to wield axe
Mumbai: The French Bank BNP Paribas will retrench the remaining 60 employees in its Indian retail business by yearend. The bank had retrenched 80 in February following the decision to wind up its retail business.
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Rally in mid-cap brings smile to US-64
Mumbai: India's single largest mutual fund scheme Unit Scheme 1964 (US-64) is beginning to realise value from its dud stocks thanks to the current bull run in old economy mid-cap counters.
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