RBI seeks banks ops risk data in line with Basel pact 
Mumbai: Headway has been made towards evolving a method to measure the operational risk across countries and the Basel Committee has asked all central banks to collect data on operational risks. 
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Interest spread of 26 PSU banks up 7.2% in 2001-02 
Mumbai: Interest spreads of 26 public sector banks increased by 7.22 per cent to Rs 31,291 crore during 2001-02 from the level of Rs 29,184 crore during 2000-01. 
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Three StanChart Group MFs to sport Grindlays brand 
Mumbai: Following the RBI clearance for the merger of Standard Chartered Bank with Standard Chartered Grindlays Bank effective from September 1, the Grindlays brand will be sported by three mutual fund schemes that already exist within the group. 
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GIC Housing not keen on securitisation
Thiruvananthapuram: GIC Housing Finance has not visited the deposit-raising market after 1999 leading to some loss in terms of "sustained presence'' at the marketplace which in turn is holding it back from foraying into housing loans securitisation programme.
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Banks asked to be transparent on consumer loan ads
Mumbai: Banks have been asked to refrain from advertising the financing of consumer durable by distorting facts related to interest rates. In a circular issued to commercial banks, the RBI said that some banks were providing low or zero per cent per cent interest rates on consumer durable advances to borrowers through adjustment of discount available from manufacturers or dealers of consumer goods. 
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SBI Life declares revisionary bonus for 3 schemes
Hyderabad: SBI Life Insurance Company Ltd has announced a revisionary bonus on the sum assured for the savings-oriented insurance products issued by the company, `Sanjeevan, Young Sanjeevan and Scholar'. 
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Allianz Bajaj aims at 1 lakh policies
Mumbai: Allianz Bajaj Life Insurance has sold over 50,000 individual life insurance policies in 10 months of operation. The company kicked off operations in October last. 
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GIC extends date for farmers' declarations
Bangalore: General Insurance Corporation (GIC) has said that it has extended the cut-off date to receive declarations from banks for non-loanee farmers in Karnataka. 
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`A1' retained for Escorts CP
New Delhi: Icra has revised the long-term rating of Escorts Ltd from `LA+' to `LA'. The new rating indicates adequate safety. 
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DCB plans to hike FDI to 49 pc
Mumbai: Development Credit Bank Ltd is considering the possibility of raising its foreign direct investment (FDI) component to 49 per cent from the current level of 37.50 per cent. 
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`Makharias clandestinely acquired stake in UWB'
Mumbai: The Investors' Grievances Forum (IGF) has alleged that the Makharia group, several companies of which are on the list of wilful defaulters, has "clandestinely" acquired about 17.5 per cent stake in the Satara-based United Western Bank (UWB). 
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Andhra Bank begins tax collection
Hyderabad: As a part of its attempts to augment non-fund based income streams, Andhra Bank has commenced a new service called collection of direct taxes. The collections include all direct taxes comprising corporate tax, estate duty, expenditure tax, gift tax, hotel receipt tax, interest on delayed remittance, income-tax, interest tax and wealth tax.
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EDS deal likely with ABN-Amro
Mumbai: A.T. Kearney's parent Electronic Data Systems Corp (EDS) is in final contract discussions with ABN-Amro Bank N.V's wholesale banking unit for a 5-year IT-services deal that may well be worth in excess of $1.5 billion. 
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Classic City buys Hotel Holiday Inn
Mumbai: In execution of the decree obtained by IndusInd Bank Ltd in a recovery case against the Ram Laxman Hotels Pvt Ltd , Hotel Holiday Inn, Pune, owned by RLHL, was sold at an auction to Classic City Investments Pvt Ltd (CCPIL) for Rs 29.8 crore.
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Ordinance on NPAs repromulgated
New Delhi: The President, Dr A.P.J.Abdul Kalam, has repromulgated the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002. The Ordinance seeks to provide banks and financial institutions powers to The Ordinance seeks to provide banks and financial institutions powers to tackle the problem of non-performing assets. 
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IndusInd Bank-IEFL merger swap at 1:1
Mumbai: The Hindujas-promoted IndusInd Bank Ltd is merging one of its holding companies, IndusInd Enterprises & Finance Ltd, with itself at a swap ratio of one equity share of IBL for every share of IEFL. 
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Karnataka Bank bonus at 1:1
Bangalore: Karnataka Bank has announced the issue of fully-paid bonus shares in the ratio of one equity share for every one held besides offering one equity share of Rs 10 each at a price of Rs 25 (premium Rs 15) on a rights basis. 
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UTI Tenders Almost All Its IPCL Shares 
Mumbai: The Unit Trust of India has tendered its entire chunk of 8.80 per cent or around 2.18 crore shares in Indian Petrochemical Corporation Ltd excepting around 88,000 shares held under its Nifty index schemes to the open offer made by Reliance Industries at Rs 231 per share. 
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