Banks inch towards IFR build-up after hiccups  
New Delhi: Eleven state-run banks and some private sector banks have built an IFR of more than the average one per cent during the first year, out of the five per cent of the reserve the regulator had asked them to build over a five-year tenure, dispelling initial apprehensions about the possibility of meeting the norm and its impact on their profits for 2001-02. 
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BOBL to hawk mutual fund, insurance products 
Chennai: Bharat Overseas Bank Ltd is planning to foray into distribution of insurance and mutual fund products soon. 
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IBA waives multiple charges on Swadhan 
New Delhi: The Indian Banks Association has waived off all charges except transaction fees for new banks joining its automated teller machine shared payment network, Swadhan. 
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HDFC Standard life targets 1 Lakh policies In '02-03 
Mumbai: HDFC Standard Life Insurance has set a target of 100,000 policies worth Rs 85 crore premium for the year 2002-03. The company had managed to sell 31,000 policies last fiscal, for which Rs 35 crore was collected as premium. 
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Bank of Tokyo to transfer deposits to HSBC
Kolkata: The Bank of Tokyo-Mitsubishi (BTM) and The Hongkong & Shanghai Banking Corporation (HSBC) have entered into a tie-up for the transfer of deposits of BTM's customers to HSBC in Kolkata. 
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States seek deregulation of development loans
New Delhi: States in the western and southern regions have sought a free pricing regime for raising resources through State development loans. 
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Grasim mops up Rs 50 cr from `inverse floater'
Mumbai: Grasim Industries has raised Rs 50 crore for 5 years through an instrument called the `inverse floater'. The `inverse floater' is an instrument where the coupon yield behaves inversely to the general direction of interest rates. 
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NPA ordinance:Empowering the financial sector
New Delhi: The new Finance Minister, Mr Jaswant Singh, deserves to be complimented for introducing the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Bill in the Lok Sabha. 
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Bank of Rajasthan cuts deposit rates
Jaipur: The new interest rates effective from August 5, 2002, on deposits for a period of 15 to 45 days will be lowered to five per cent from 5.25 per cent previously, 46 days to 90 days will decrease to six per cent from 6.25 per cent.
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Union Bank says IPO will shore up resources
Mumbai: Union Bank of India yesterday announced that its initial public offering of Rs 288 crore would open on August 20, and close on August 28. The issue of 18 crore-equity shares of Rs 10 each carries a premium of Rs 6 per share. 
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Irda to open head office in Hyderabad On Aug 12  
New Delhi: Insurance Regulatory and Development Authority will open its new head office in Hyderabad on August 12. 
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Union Bank notice to 30 defaulters 
Mumbai: Union Bank of India is in the process of serving notices to 30 of its borrowers as per the provision under the new debt ordinance. 
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Bank Of Punjab opens 93rd branch
Chandigarh: Having opened its third branch in Panchkula, Haryana last week, Bank of Punjab is now gearing to shortly open branches in Cochin, Pathankot, Morinda, Manimajra (Chandigarh) and Samrala. 
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HSBC India record 17.06% fall in net for FY-02
Mumbai: Hongkong and Shanghai Banking Corporation India operations have posted a 17.06 per cent decline in net profit at Rs 166.59 crore for financial year ended March 31, 2002, compared to Rs 200.88 crore in the previous financial year. 
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Stanchart ties up with Prudential ICICI fund
Mumbai: Standard Chartered Bank plans to launch a new scheme, Principal Protection Plan', along with Prudential ICICI Mutual Fund.
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