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Crisil
sees financial recasts key to reviving steel firms
Mumbai: Large scale financial restructuring that
would significantly reduce finance cost and debt levels
is essential to turnaround domestic steel companies.
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SBI
not to levy service charge for cash plus
Mumbai: The country’s biggest public sector
commercial bank, State Bank of India, is jumping into
the competition with private sector and foreign banks
by providing debit cards, christened SBI Cash Plus, absolutely
free of cost to its customers.
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BoB
cuts rates for small borrowers
Mumbai: Bank of Baroda has reduced its interest
rates for loans up to Rs two lakh by 25 basis points to
10.75 per cent from the current level of 11 per cent.
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STCI
taps foreign currency deposits for fund needs
Mumbai: Securities Trading Corporation of India,
a large primary dealer in the g-secs market, has started
tapping a new source of funds, loans against foreign currency
deposits (FCNR deposits).
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No
inspection of Tata Fin books
New Delhi: The Government has not ordered any inspection
or checking of the accounts of Tata Finance under the
provisions of the Companies Act, the Finance Minister,
Jaswant Singh, told the Rajya Sabha on Tuesday.
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AAA'
rating to Exim Bank issue
Mumbai: Exim Bank of India has received the `AAA'
rating for its proposed Rs 1,000-crore bond issue from
the Credit Rating Information Services of India Ltd. The
funds will be used for lending activities.
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Core
group of lenders to frame IFCI recast plan
Mumbai: Leading banks and financial institutions
yesterday agreed to form a core group of lenders to chalk
out a restructuring proposal for IFCI Ltd.
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PNB
hikes rates for short-term deposits
New Delhi: Punjab National Bank (PNB) has decided
to revise the rates of interest on domestic term deposit
under which the new rate for maturity of 1-3 years has
been reduced whereas interest rate of of short-term deposits
has been increased.
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Lord
Krishna Bank gain assets through ordinance
Kochi: Lord Krishna Bank Ltd has taken possession
of secured assets mortgaged to the bank under the Securitisation
Ordinance 2002. The bank took into its possession 10,480
cents of land situated in Broadway, Ernakulam in the heart
of Kochi city.
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Parliament
gives assent to NPA Bill
New Delhi: The Parliament yesterday passed the
Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Bill 2002, with the
Rajya Sabha giving its assent to the new law that would
provide major powers to banks and financial institutions.
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Insurance
meet to be held in Hyderabad
New Delhi: The Confederation of Indian Industry
(CII), which organised six international summits on the
insurance sector from 1996 onwards, is organising the
Seventh Insurance Summit 2002, at Hyderabad, on November
27 and 28.
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