IFCI eyes strategic partnerships 
New Delhi: IFCI Ltd is on the lookout for strategic partners for itself and its asset reconstruction company. IFCI via its ARC is also in talks with a few players to sell its NPA portfolio either in selected or a bundled form. 
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HDFC, SBI set to dilute stakes in Cibil 
Mumbai: HDFC, and SBI which hold 40 per cent each in the Credit Information Bureau of India Ltd, will divest their stakes to make way for other market participants. 
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New Basel pact to be multi-formated 
Mumbai: The new Basel Capital Accord Committee is unlikely to force all countries and banks to adopt a single format of norms irrespective of their specific circumstances, but will offer an option to choose from three models, according to BIS GM, Andrew Crockett. 
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Geojit Securities to shift client a/cs to UTI Bank
Kochi: In a bid to expedite settlement pay-out in a more efficient manner, Geojit Securities has decided to shift all its personal and client accounts to UTI Bank. 
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LIC announces bonus rates
Mumbai: Life Insurance Corporation (LIC) has declared a bonus of Rs 100 per thousand sum assured for Whole Life policyholders. For endowment type policies, the corporation has announced a bonus in the range of Rs 49 to Rs 71 per thousand sum assured. 
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Oriental cleans up motor cover losses; still in red
New Delhi: In a major clean-up exercise, Oriental Insurance Company Ltd (OIC) has made total provisions of Rs 246.4 crore during 2001-02 to cover up its losses in its motor portfolio, resulting in the company showing a net loss of Rs 235.66 crore during the the year compared to a net profit of Rs 74.18 crore in the previous year. 
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RBI directs Global Trust to change auditors
Mumbai: The Reserve Bank of India has rejected the request of Global Trust Bank (GTB), the Hyderabad-based private sector bank, for reappointment of Lovelock & Lewes, Chartered Accountants, as the statutory auditors of the bank for the financial year 2002-2003. 
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Injunction on Federal Bank vacated
Kochi: The interim injunction granted by the sub-court of Alappuzha restraining Federal Bank from declaring the results of the director board elections held on August 29 has been lifted by the court. 
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SBI interaction with CAs
Mangalore: The branches of State Bank of India in Mangalore organised a `Chartered accountants' meet' to highlight the bank's various personal and commercial segment products available to individuals, industrialists and the trading community. 
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Banks halt IFCI support plans pending revival package
New Delhi: Banks have also decided to hold back any further decision on rollover of their investments in IFCI's instruments that have come up for redemption recently. 
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IFCI in talks for asset recast venture partner
Mumbai: In a bid to select an equity partner for its asset reconstruction venture, IFCI has initiated talks with Deutsche Bank and a few other foreign companies. 
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ICICI Bank files prospectus for Safety Bonds
Mumbai: ICICI Bank is likely to hit the retail debt market with the erstwhile ICICI's popular series of bonds called `Safety Bonds'. The bank has filed an umbrella prospectus with the Securities and Exchange Board of India (SEBI) to raise Rs 2,500 through retail issues of bonds. 
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Andhra Bank cuts rates on term deposits
Hyderabad: Andhra Bank, the public sector bank, has announced a revision in its interest rates on both domestic and NRE term deposits. 
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Better show by banking sector, says Fitch
Mumbai: Indian banks have, over the past few years, improved their capital adequacy ratios. On an average, the reported capital adequacy ratio of public sector banks improved by a percentage point to 11.43 per cent for fiscal year 2002 from 10.43 per for fiscal year 2002 from 10.43 per cent for the previous year, according to Fitch Ratings India. 
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