IDBI interested in UBI, BoB and PNB for merger
New Delhi: The finance ministrys search for a potential merger partner for IDBI has zeroed in on three banks, namely, UBI, Bank Of Baroda and PNB. 
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RBI asks state-run banks to get agri-act right 
Mumbai: The Reserve Bank of India on Monday urged state-run banks to achieve the minimum target of 18 per cent agricultural lending of their net bank credit by the end of this fiscal. 
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ITI begins migration from A to B NBFC 
Chennai: Following its recent decision to migrate from category A to B non-banking finance company, the Chennai-based Investment Trust of India Ltd has started repaying its depositors. 
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L&T raises 10-year Rs 65-cr bonds priced at 8.25 per cent 
Mumbai: Larsen & Toubro Ltd has raised Rs 65 crore through a 10-year secured bond at a coupon rate for 8.25 per cent payable annually. The issue of Rs 65 crore opened on August 20 with a book building range of 8.20 per cent to 8.40 per cent. 
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IBM Global, i-flex bag banking project
Bangalore: IBM Global Services, the services arm of IBM India Ltd, will implement the centralised banking solution in Bharat Overseas Bank (BOB) Ltd. 
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SBI to focus on Kerala home loan segment
Kochi: State Bank of India (SBI) is concentrating on the home loan market of Kerala, having slashed its interest rates to one of the lowest in the country. 
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LIC scheme for Corp Bank a/c holders
Mangalore: Life Insurance Corporation of India (LIC) has finalised a scheme, `Corp Jeevan Raksha', to provide group insurance coverage to all deposit holders of the Corporation Bank. 
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LIC unit pact with 3 pvt cos
Kochi: The Ernakulam Division of Life Insurance Corporation of India (LIC) has entered into a tie-up with three private firms for corporate agency and distribution of various insurance products in the State. 
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Motor insurance tariff deregulation on cards
New Delhi: A move is on to deregulate motor insurance tariff. The Insurance Regulatory and Development Authority (IRDA) has asked the Tariff Advisory Committee (TAC) to bring out a white paper on `de-tariffing' the motor insurance sector. 
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Public insurers shy away from State transport cover
Hyderabad: Faced with mounting claims ratios, public sector insurance companies have refused to provide insurance cover to the State road transport undertakings (SRTUs) in the country. 
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Canara Bank plans coin counters
Bangalore: Canara Bank has launched a nationwide awareness drive on coins starting with Bangalore, Chennai, Hyderabad and Kozhikode. A mobile counter stationed at bank branches in prominent places will dispense coins of Re 1, Rs 2 and Rs 5.
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IFCI assets may go to lenders
New Delhi: The bail-out package for IFCI Ltd is likely to involve a large-scale takeover by other banks and financial institutions of its critical liabilities. 
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Return Rs 600 cr to Govt ahead of public offer, PFC advised
Mumbai: J M Morgan Stanley, Power Finance Corporation's consultants, has advised the corporation to return around Rs 600 crore of equity to its owner, the Government, in order to make its initial public offering (IPO) plan of 10 per cent of the reduced equity base amounting to Rs 46 crore attractive to the investor
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Orissa to issue bonds to raise Rs 350 crore
Bhubaneswar: The Housing and Urban Development Department of the Government of Orissa has launched a major project for sewerage improvement in Cuttack, Puri, Bhubaneswar, Rourkela, Sambalpur, Berhampur and Anhul, by raising funds from the secondary market. 
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StanChart, Grindlays merger completed
Mumbai: The first phase of integration between the two entities involved people integration, followed by systems integration, and thirdly, the liability/deposit transfers. 
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Srei in securitisation pact with ICICI Bank
Mumbai: The company is hopeful of a 25 per cent growth in business during the first half of the current financial year (which will end on September 30, 2002). 
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CII welcomes UTI bailout package 
New Delhi: Confederation of Indian Industry president Ashok Soota has welcomed governments Rs 14,561-crore bailout package for the financially distressed Unit Trust of India. 
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