Four insurance laws to become single legislation
New Delhi: Four major insurance laws are to be merged into a comprehensive legislation that would govern the sector in future. The Law Commission of India is laying the groundwork for the new legislation by preparing a concept paper for the overhaul. 
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LIC Housing reduces rates
Mumbai: LIC Housing Finance Ltd has reduced the floating rate of interest under individual loan schemes to 9.50 per cent from 11.00 per cent previously. The floating rate of interest was 11.00 per cent for all slabs of term loans up to twenty years.
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ICICI Prudential to ride on parent clout
Mumbai: ICICI Prudential is betting on its parent's strength to sell its new Group Insurance Policy to corporates. Though a late entrant in the group life cover segment almost 20 months after it started the business. 
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Transporters resent move to detariff motor insurance
New Delhi: The Insurance Regulatory and Development Authority (IRDA) has a fight on hand on its proposal to de-tariff motor insurance business. 
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Escorts NCDs downgraded
Mumbai: The rating agency Crisil has downgraded Escorts Ltd's Rs 150-crore non-convertible debenture (NCD) issue to `A-' from `A'. Similarly, the company's Rs 20.46-crore non-convertible debenture issue has also been marked down to `A-' from `A'. 
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RBI may permit banks to issue standby LCs
Mumbai: The Reserve Bank of India may allow banks to issue `standby letters of credit' in favour of foreign banks without its prior permission. 
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Corporation Bank ATM centre in Vellayambalam
Mangalore: Corporation Bank has no less than 70 ATMs already in operation and Thiruvananthapuram city will have a network of 10 outlets by the end of the next month, according to M. Vishwanathan Nair, General Manager of the bank. 
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Allahabad Bank to seek foreign managerial skills
Kolkata: Allahabad Bank proposes to strengthen its relationships with its foreign correspondents, according to Dr B. Samal, CMD of the bank. 
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Union Bank IPO oversubscribed three times
Mumbai: The Rs 288-crore initial public offer of Union Bank of India is understood to have been oversubscribed nearly three times, an indication perhaps that investors are confident of investing in fundamentally strong issues. 
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Scandals make bankers wary
New York: The Federal Reserve Board of the US has recently reported that few banks have encountered significant problems with the accuracy or completeness of financial statements submitted to them. 
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Banks to team up with RBI over Basle norms 
New Delhi: State Bank of India, Bank of Baroda and IDBI Bank along with the RBI are going to represent India at a meeting in Kuala Lampur, to review the progress of the implementation of Basle Accord and identify road-blocks that banks in the Asian region are likely to face. 
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IBA, unions mull novel method for NPA recovery 
Kolkata: The Indian Banks Association and the major trade unions operating in the industry are jointly charting an innovative strategy to put pressure on the habitual bank loan defaulters. 
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SBI plans marketing division; global consultant to formulate strategy 
Mumbai: The State Bank of India, the countrys biggest public sector commercial bank, has decided to appoint a global consultant to frame a modern marketing strategy for its products. 
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United India posts Rs 153 crore net in 01-02 
New Delhi: United India Insurance Company Ltd, the Chennai-based public sector general insurance company, on Wednesday reported a net profit of Rs 152.85 crore for the financial year ended March 2002. 
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FIs favour repeal ff SICA for effective debt recovery 
New Delhi: Financial institutions have told the standing committee on finance that continuation of Sick Industries Companies Act and BIFR will defeat the purpose of NPA Recovery Ordinance.
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