IDBI Bank buys BNP's merchant acquisition business
Mumbai: IDBI Bank has taken over the merchant acquisition business of BNP Paribas for an undisclosed amount.
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There's reward in risk
Opportunities for IT companies exist in Basel II implementation in banks, mainly in the areas of operational risks, which include technology support for internal ratings. M
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Kotak Mahindra to turn bank, recruit 200
Mumbai: Kotak Mahindra Finance Ltd (KMFL) will recruit 200 people over the next three months as it converts itself into a full-fledged bank. At present, KMFL has 600 employees. The company will begin operations as a commercial bank from November 1,2002
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Insurers putting away Janata cover
Mumbai: Public sector insurance companies are quietly phasing out the Janata Personal Accident (JPA) cover policies from their portfolios to curtail claims losses.
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Parliament okays insurance Bill
New Delhi: Parliament approved on Tuesday a Bill to delink four subsidiary companies from the General Insurance Corproation of India. Another Bill on allowing brokers, co-operatives and intermediaries in the sector was passed by the Rajya Sabha.
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The more unhealthy, the merrier
New Delhi: Seemingly, the RBI and the Finance Ministry seem to have decided against any banking or financial entity to go under. That explains the complex exercises to bale out UTI and IFCI and could be extended to others whenever they go belly up.
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Ratings on HMT bonds withdrawn
Mumbai: ICRA has withdrawn the `rating watch' on the HMT's bonds, long-term and short-term, following the company having cleared the entire interest obligation on the bonds.
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HDFC Bank to go mobile with Hutchison
Mumbai: HDFC Bank, the leading private sector bank in the country, has announced the launch of mobile banking facility in Andhra Pradesh in alliance with the fourth cellular operator in the circle - Hutchison.
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Catholic Syrian Bank to add 15 branches
Kochi: With the Thrissur-based Catholic Syrian Bank's capital adequacy levels having crossed the RBI stipulated levels after several years, the bank has plans to open around 15 new branches during the current year.
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Private banks `other income' slides in Q1
The profit party seems to be coming to an end for banks that are seeing their "other income" sliding once again. Old private banks have been hit hard in the first quarter of the current fiscal.
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IDBI Bank Q1 net down 39 per cent
Mumbai: IDBI Bank net profit went down 39 per cent at Rs 11.14 crore for the first quarter ended June 30, 2002 as against Rs 18.22 crore for the quarter ended June 30, 2001. Total expenditure went up to Rs 141.45 crore from Rs 117.98 crore.
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Karnataka Bank net up 25% in first quarter
Mangalore: The Mangalore-based Karnataka Bank registered a 25.22 per cent growth in net profit during the first quarter of the current fiscal compared to the corresponding period last year. T
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Syndicate Bank hikes short-term deposit rates
Syndicate Bank has raised the short-term deposit rates up to 179 days by 0.25 per cent and reduced rates at the long-end by 25 basis points.
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Corpn Bank takes savings-linked LIC cover for staff
Bangalore: Corporation Bank has introduced a group savings-linked insurance scheme for its employees under a policy obtained from the Life Insurance Corporation (LIC).
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SIDBI to raise Rs 1,000 cr through capital gains bonds
Mumbai: THE Small Industries Development Bank of India (SIDBI) on Tuesday announced the launch of its capital gains bonds at a coupon rate of 7.5 per cent in order to raise Rs 800-1,000 crore.
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Central Bank cuts deposit rates
Mumbai: Central Bank of India (CBI) has revised its domestic term deposit rates downwards by 25 basis points in select maturities effective from August 1. The new rate on deposits with a maturity of 180 days to less than one-year is 6.25 per cent.
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Rs 500-cr bailout package for UTI
New Delhi: The government has announced Rs 500-crore budgetary support to Unit Trust of India as part of the Rs 8,007-crore supplementary demands for grants for the current financial year.
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MIPs bleed Rs 1,937 Cr
Mumbai: UTIs monthly income plans have seen a massive value erosion of almost Rs 1,937 crore during the past one year. The fourteen MIPs run a negative reserve of Rs 3,740 crore as on June 30, 2002.
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SBI net up 32% at Rs 763.2 cr in Q1
Mumbai: State Bank of India (SBI) has posted a net profit of Rs 763.20 crore for the quarter ended June 30, 2002, a 31.64 per cent increase over the Rs 579.78 crore net during the corresponding period in the previous year.
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Rs 500-cr bail-out for UTI in first supplementary
New Delhi: The Government on Tuesday provided a Rs 500-crore bail-out for the Unit Trust of India (UTI) to enable the country's largest mutual fund meet the shortfall between the assured repurchase price and net asset value (NAV) of the US-64 scheme.
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