OIC makes Rs 246-crore provision for third party claims 
New Delhi: In a brave decision to identify and rectify its weaknesses, city-based Oriental Insurance Company has decided to take a Rs 246.4-crore hit on account of third party motor liability provisioning and clean up its 01-02 balance sheet. 
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Allahabad Bank, ICICI Prudential in bancassurance tie-up 
Kolkata: Allahabad Bank, which is headquartered here, announced Tuesday it had entered into a strategic bancassurance tie-up with ICICI Prudential Insurance Co Ltd. 
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Bank of Americas Japan unit faces penalty 
New Delhi: Japans securities watchdog said on Tuesday it had urged punitive administrative action against the Tokyo branch of a Bank of America unit for alleged illegal business practices involving exchangeable bonds. 
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Experiment in LAB unsuccessful
Mumbai: The RBI has set up a committee to review the working of Local Area Banks (LABs) as the experiment, introduced by P. Chidambaram, former Finance Minister, has not been particularly a success. 
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Forex release norms relaxed
Mumbai: The Reserve Bank of India (RBI) has permitted banks to release up to $500 worth of foreign exchange on the basis of a simple letter from resident individuals. 
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Corpn Bank to expand home loan portfolio
Mangalore: Corporation Bank has decided to push its home loan schemes on the basis of its "attractive interest rates''. The bank expects to record good volumes in the home loan segment during the remaining part of the current fiscal. 
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Reinsurance rate hike may drive up project premiums
Bangalore: Domestic project insurance premiums are likely to face further rise with a hardening of reinsurance rates worldwide. Industry sources said here that this was a direct result of the large underwriting losses suffered by the world's largest reinsurers, Munich Re and Swiss Re. 
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Godrej & Boyce CP gets `P1'
Mumbai: Crisil has assigned a rating of `P1' for the Rs 60-crore commercial paper (CP) programme of Godrej & Boyce Manufacturing Company Ltd. 
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South Indian Bank `privilege card'
Kochi: Blending tradition with technology, the South Indian Bank has introduced a multi-purpose card named `SIB Privilege Card' for its customers. The card will not only serve as an ATM card but also for anywhere banking at networked on-line branches all over the country.
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Bank of India corporate banking branch at Coimbatore
Coimbatore: Bank of India has embarked on a project of establishing `corporate banking' branches to cater to the needs of its corporate clientele. It has established such exclusive boutiques in eight places New Delhi, Kolkata, Chennai, Mumbai,Nagpur, Ahmedabad, Pune and Bangalore. 
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Bank wage talks to kick off soon
New Delhi: The battle lines have been drawn for the eighth bipartite wage settlement in the public sector banking industry. The Indian Banks' Association (IBA) and the unions under the umbrella United forum of Bank Unions (UFBU) are preparing to initiate negotiations in the coming days that would determine the new wage structure over a five-year period for the 7,57,000-odd employees working in the 27 public sector banks, which include officers, clerical cadre and other staff. 
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Central Bank spots `excess manpower'
Coimbatore: There is an air of unease among the staff. They perceive this study as a prelude to the second VRS in the bank. 
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Co-op banks in Gujarat - A crumbling edifice
Ahmedabad: The customer would not be too interested in the post-mortem that invariably follows a particular bank collapse. What is of paramount importance is how another debacle like the one that hit the Surat Urban Co-operative Bank, can be averted. 
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AP co-op bank licence cancelled
Mumbai: The Reserve Bank of India (RBI) has cancelled the licence of Andhra Pradesh-based Armoor Co-operative Urban Bank Ltd, to carry on banking business. 
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US-64 to get 2002 sibling under UTI-II
New Delhi: The Unit Trust of India plans to split its flagship scheme US-64. UTI plans to slice off assets which have accrued in the scheme since January 1, 2002, and form a separate scheme christened US-2002.
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Punjab National Bank to pocket Nedungadi Bank
Kochi: Punjab National Bank will take over the Nedungadi Bank that was up for sale after RBI initiated the move to weed out the broker promoter Rajendra Bhantia from the bank. The Bhantias hold 32 per cent stake in the Kochi-based bank.
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