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Rural bank staff oppose amendment to RRB
Act
Hyderabad: The employees of Grameena banks in Andhra Pradesh have taken up a
State-wide campaign since September 1 against the "pernicious recommendations'' of the Chalapathi Rao
Committee on RRB Act amendments.
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More players qualified to offer pension products
Kolkata: The regulatory authorities had already placed their
views on ways to push ahead with the reforms and a broad roadmap would now have to be
developed.
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`Surplus' in banks even after VRS SBI may come out with exit option
Coimbatore: Syndicate Bank is said to have come to a conclusion that with
the implementation of the Centralised Banking Solution, there are surplus
hands.
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Om Kotak in talks for marketing
Mumbai: OM Kotak Mahindra Life Insurance Company Ltd is in talks with banks,
both nationalised and private sector, non-banking financial companies and
entrepreneurs with huge databases for an alternative channel for marketing
its products.
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Govt contests S&P line - `Downgrade poses no problem'
New Delhi: The Government has written to the credit rating agency, Standard
and Poor's on Friday contesting the assumptions made by it for downgrading
India's local currency debt to `junk' status.
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Markets shrug off downgrade
Mumbai: Perhaps, the rating agency Standard and Poor's chose the wrong day
to downgrade India. On a day when Mumbai, the country's financial capital,
was paying obeisance to the elephant-headed Ganesha - the God who removes
all obstacles - marketmen would certainly not consider the downgrade as an
obstacle to be taken seriously.
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NHAI to cut interest rates on bonds
New Delhi: The National Highways Authority of India is to cut the interest
rate on its bonds issued under Section 54 EC of the Income-Tax Act by 50
basis points, the NHAI Chairman, Deepak Dasgupta, has said.
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Will RBI's rescue strategy work?
Mumbai: The RBI seems to have made up its mind on a rescue strategy for the
stuttering cluster of old and new private sector banks. In five years time,
the old private sector banks such as Lord Krishna, Nedungadi, South Indian,
Catholic Syrian and the rest may have little operational space in the
financial system.
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ICD defaults put financiers on the edge
Mumbai: The private finance markets in Mumbai and Ahmedabad are jittery with
financiers frantically recalling funds loaned to corporates, either through
inter-corporate deposits or discounted bills route.
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Asset size of foreign banks up 11.5% by end-March 02
Mumbai: The capital adequacy ratio of Siam Commercial Bank turned negative
while Bank of Nova Scotia, Standard Chartered Grindlays Bank and Standard
Chartered Bank had negative liquidity gaps in 1-14 days time band in excess
of the prescribed limit for the year ended March 2002.
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NHAI may cut interest rates on tax-free bonds
New Delhi: Having raised over Rs 2,000 crore from market borrowings this
fiscal, National Highway Authority Of India is mulling cutting interest rate
on its tax-free bonds issue by 50 basis points.
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RoNW of 43 NBFCs rises to 16% in 2001-2002
The return on net worth of 43 Non Banking Finance Companies increased during
2001-02 over the previous year, indicating an increase in the efficiency of
generating higher shareholder value.
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Bankers, forex markets discount major impact
Mumbai: S&P decision on Thursday to downgrade Indias
long-term rupee debt rating to BB+ from BBB-, and the short-term rating to B from A3 will not
impact economic growth with hardly any affect on the foreign direct
investment either seems to be the overwhelming view.
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