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HDFC
shareholders approve bonus issue
Mumbai: Shareholders of HDFC on Monday approved
proposals to issue a bonus share in the ratio of 1:1 and
enabling buyback of shares even as a few foreign investors
opposed the bonus resolution.
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Corporation
Bank to get insurance corporate agency licence soon
Mangalore: Corporation Bank is poised to get its
insurance corporate agency licence this week, making it
the first public sector bank to be registered thus since
the Bancassurance regulations were announced.
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ICICI
Bank to save Rs 880 crore by substituting high-cost debt
Mumbai: ICICI Bank proposes to save nearly Rs 880
crore by substituting low-cost deposits for its high-cost
debts worth Rs 22,000 crore this fiscal and Rs 23,000
crore in 2003-04.
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Birla
Sun Life, Andhra Bank team up
Mumbai: Birla Sun Life Insurance and Andhra Bank
have jointly launched a savings account, AB Jeevan Abhaya,
which offers the account holder a life insurance cover
up to Rs 2 lakh.
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RBI
eases agriculture term loan norms
Mumbai: The RBI said that term loans, which were
converted from kharif crop loans can be treated as current
dues and need not be classified as NPAs.
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RBI
moots identification number for bank
customers
Mumbai: The Reserve Bank of India has mooted the
idea of giving each bank customer a unique identification
number. When a person becomes a bank customer for the
first time, he will be given this number.
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Lenders
agree to help recast IFCI liabilities
New Delhi: Institutional lenders, including a clutch
of public sector banks and financial institutions, yesterday
agreed on a broad plan to restructure the liabilities
of IFCI Ltd, which includes reduction of interest rates
and extending the maturity of a portion of the loans.
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ICICI
Bank, others take over assets of Patheja
group
Mumbai: Close on the heels of taking over assets
of the Ahmedabad-based Mardia Chemicals for non-repayment
of loans, banks led by ICICI Bank have taken over the
personal property of the promoters of the Patheja group
of companies under the asset securitisation law. The personal
property of the promoters includes residential flats in
various places such as Mumbai, Pune, Thane and Bangalore.
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Canara
Bank to set own team after defaulters
Mumbai: Canara Bank has set in motion the process
of constituting a dedicated team selected from within
its officials to seize assets of defaulters and manage
them till their disposal to recover dues.
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Securitisation
Bill brings defaulters across table; banks to cut NPAs
to 5%
New Delhi: With the Parliament passing the Securitisation
Bill, the banking industry is looking at bringing down
the non-performing assets (NPAs) from the existing 7-8
per cent to 5 per cent.
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Bank
of India modifies deposit maturity, rates
Mumbai: Bank of India has modified the maturity
buckets for interest rates on domestic as well as non-resident
external rupee (NRE) term deposits. The new maturity buckets
introduced for the domestic term deposits are 3 years
to less than 5 years for which the interest rate would
be 6.50 per cent and five years and above with an interest
rate of 6.75 per cent.
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IFCI
to hold 49% in Asset Care
New Delhi: IFCI has now decided to hold 49 per
cent stake in its Asset Care Enterprise Ltd (ACE), while
the remaining equity would be split among banks, institutions
and multilateral agencies.
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Syndicate
Bank plans new `Pygmy Plus'
Kochi: Syndicate Bank is planning to launch a new
scheme called `Pygmy Plus'. This new `pygmy' scheme would
enable depositors to avail of loans at any time, according
to the General Manager of Syndicate Bank (Udupi Zone),
M S Bhandarkar.
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