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UTI
to retain corporates, institutions in US-64
Mumbai: The Unit Trust of India has rejected the
Tarapore Committee recommendation to bar institutional
investors, including banks and corporates, from investing
in the US-64 scheme.
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Canara
Bank IPO for Rs 385 crore opens on November 18
Mumbai: The Bangalore-based Canara Bank is set
to hit the market with an initial public offering of Rs
385 crore, consisting of 11 crore shares of Rs 10 each
at a premium of Rs 25 each.
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Bengal
Co-op plays bank, manager absconds with farmers’
money
Kolkata: The police in West Bengal’s Bankura
district have been accused of sitting on investigations
against the manager of a farmers’ co-operative society
who ran an unauthorised banking business at the cost of
landless farmers.
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Bank
Of Baroda north zone clocks Rs 90-crore gross profit
Mumbai: Bank of Baroda’s northern zone has
clocked a gross profit of Rs 90 crore in the first half
of the current fiscal.
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Madras
HC upholds Special Judge verdict in Sancheti case
Chennai: The Madras High Court has upheld the orders
against Sancheti & Co passed by the Court of the Special
Judge and rejected the petition filed by the company seeking
to set aside the orders.
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LIC
keen to trim policy lapses
Coimbatore: IN a bid to curb policy lapses, the
southern region of the State-owned Life Insurance Corporation
(LIC) is now aiming to push policies of higher denomination
and stress on yearly mode of payment.
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ICRA
reaffirms A1 rating to MTR Foods CP
New Delhi: ICRA has reaffirmed the A1 rating, indicating
highest safety in the short-term, to the enhanced Commercial
Paper programme of Rs 10 crore of MTR Foods Ltd (MTR).
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HMT
bonds placed on rating watch
New Delhi: Rating agency ICRA has placed the MAAA
(S) rating assigned to the Rs 40.43 crore medium-term
bond programme of HMT Ltd under `Rating watch with negative
implications'.
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SBI
local head offices to get more powers
Mumbai: State Bank of India proposes to grant additional
powers to its 14 local head offices across the country
in order to expedite the decision making process on sanctioning
loans.
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IFCI
asked to rework $100-m debt with lenders
New Delhi: The Government has told the IFCI to
try and re-negotiate with its lenders and investors the
repayment of one of its foreign currency borrowings aggregating
$100 million, due this month.
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Nabard
slashes interest rates
Mumbai: Following the bank rate cut, the National
Bank for Agriculture and Rural Development (Nabard) has
decided to cut interest rates on small loans up to Rs
25,000 by 75 basis points to 6.75 per cent from 7.50 per
cent.
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Corporation
Bank cuts deposit rates
Mangalore: Corporation Bank has decided to reduce
its interest rates on deposits with effect from November
11. For the maturity band between 15 and 29 days, the
interest rate has been brought down from 5 per cent to
4.50 per cent while in the 46 days to 90 days category,
the rate has been reduced from 5.50 per cent to 5.25 per
cent.
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SBI
Caps begins due diligence on DFHI
Mumbai: SBI Capital Markets has begun a due diligence
on Discount and Finance House of India (DFHI), on behalf
of State Bank of India, which plans to raise its stake
in DFHI. As per the plan, after SBI and its associates
hike their stakes to 51 per cent from the current
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IIB
appointed certifying agency
New Delhi: The Insurance Regulatory and Development
Authority (IRDA) has designated the Indian Institute of
Bankers (IIB) as the testing and certifying agency for
banassurance.
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