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IDBI-Principal investing in foreign securities
Mumbai: IDBI-Principal Asset Management Company has joined the growing club
of Indian mutual funds that are taking advantage of the recent policy decision allowing mutual funds to invest in rated foreign
securities.
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Three companies shortlisted for financial district project in Karnataka
Bangalore: Among Karnataka's dream is a plan is to set up an exclusive
financial district in the city on the lines of Mumbai's Bandra Kurla zone
which will be abuzz with financial institutions, banks, insurance companies and venture capitalists.
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PNB Housing reduces interest rates
Mumbai: PNB Housing Finance Ltd has reduced interest rates on home loans for
resident and non-resident Indians by 25 basis points for different slabs.
For the seven-year fixed rate loan, the interest would now be 10.25 per cent
per annum.
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IDBI walks away from Tata Home
Mumbai: While IDBI was willing to acquire Tata Home Finance after due
diligence, the Tatas' bid to include the scandal-ridden holding company,
Tata Finance, as well drove IDBI away from the deal.
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Bajaj Allianz named lead insurer for RTPS 4th unit
Mumbai: With this latest award, BAGICL has revised its premium income target
for the current financial year. It has now raised its target to Rs 300
crore, up by Rs 100 crore.
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Focus on rural healthcare insurance
Bhopal: The need to implement the managed care mode of rural healthcare
insurance was emphasised at the workshop on Community Health Insurance
Scheme of the government of Madhya Pradesh.
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Pru ICICI to launch foreign debt fund by September
Mumbai: Prudential ICICI Mutual Fund plans to launch a new fund that
provides investors an opportunity to invest in the foreign debt market by
September-end 2002. The asset management company is expected to file the
draft offer document soon.
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Bharat Overseas goes for IT upgradation
Mumbai: The private sector Bharat Overseas Bank Ltd has embarked on a major
IT upgradation by computerising its branches to introduce a centralised
banking solution with a database apart from offering various services to its
customers.
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Union Bank cash management services launched
Mumbai: Union Bank of India has launched its cash management services at 35
centres in India. Through the CMS, the bank is targeting volumes of Rs
2,000-3,000 crore in the current year and plans to increase the number of
clients covered.
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SBM to focus on services sector
Mumbai: State Bank of Mysore is looking at advances to traders -- including
the service sector -- and the retail segment as a focus area and looking to
improving quality of service through technology infusion and human resource
skill management.
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SBI launches SmartGold with IOC
Mumbai: State Bank of India jointly with Indian Oil Corporation has launched
SmartGold, a double benefit card that can be used both as an ATM and pre-paid card. The card
can be used for purchase of petrol, diesel and servo engine oils at 48 IOC centres.
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25% wage hike sought for clerks
Mumbai: In its charter of demands on wage revision submitted to the Indian
Banks' Association, the National Organisation of Bank Workers has demanded a
25-per cent increase in wages for the clerical staff.
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HDFC Bank kicks off loan shops project
Mumbai: In a bid to take credit to the customers door step, HDFC Bank is
setting up loan shops through its direct selling agents and has piloted the
project in Chennai.
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NPAs are a major cause or concern: Reddy
Mumbai: Non-performing assets are one of the emerging issues that affect
economic activities. They are a major cause for concern, said Dr Y V
Reddy, deputy governor, Reserve Bank of India, and to-be executive director of the
International Monetary Fund.
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ICRA assigns highest safety to NTPC bonds
Mumbai: The credit rating agency ICRA has assigned the highest safety rating
of LAAA to the NTPC's Rs 300-crore bond issue even as it said the capacity
expansion of the corporation was likely to be adversely affected.
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Review rate cut, PHDCCI tells LIC
Mumbai: Demanding a review of LICs decision to cut interest rates on
pension schemes, PHDCCI has said the existing policy-holders should be
provided exit options with benefits.
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