IRDA moots Rs 3-cr net worth floor for brokers
New Delhi: While proposing to restrict foreign holding in broking entities to 26 per cent, the Insurance Regulatory and Development Authority (IRDA) has suggested that composite insurance brokers carrying on both insurance and reinsurance broking should have a minimum net worth of Rs 3 crore.
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Floating rate deposits: The idea is still to sink in
Mumbai: The Reserve Bank of India, in its monetary and credit policy for 2002-03, advised all banks to put in place a flexible rate system with a fixed rate option also for depositors.
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Interest rate outlook continues to be soft
Mumbai: The bond market gave up some of its recent gains on a remark by the central bank Governor that the recent OMO was done to suck out liquidity and stabilise the market.
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Rethink on UTI, IFCI,IDBI privatisation Govt to exit only after revival
The new strategy which is being thought of could imply that the Government may infuse some more funds for these institutions to help stage a revival.
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Yields on corporate bonds also falling
Mumbai: Faced with this deluge of liquidity in the market, bankers are now beginning to take more interest in the corporate bond market. But to be on the safer side, the focus is exclusively on public sector and FI bonds, and some `AAA' rated corporate secur ities. As a result, yields on corporate bonds are also falling.
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SBT revises FCNR rates
Kochi: State Bank of Travancore (SBT) has revised the interest rates on FCNR deposits with effect from August 12. The revised rate for US dollar deposits for one year to less than two years is 1.5 per cent, for two years to less than three years two above 2.65 per cent.
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Rupee may touch 48.50 by Aug-end
Mumbai: The rupee had a busy week, moving down by about 10 paise to 48.76 levels before ending the week at its 48.65 pivot.
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G-sec norms for small urban co-op banks may be eased
New Delhi: The Reserve Bank of India has told the urban co-operative banking sector that it is considering relaxing the stipulations for the smaller banks on mandated investments in Government securities for the purposes of statutory liquidity ratio (SLR)requirement.
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Jaswant opposes UTIs distress equity sale
New Delhi: The finance ministry is opposed to any distress selling of Unit Trust of Indias equity holdings. Top government sources revealed that finance minister Jaswant Singh is not in favour of "equity bleeding" by UTI.
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