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IFC
set to pick 10 per cent stake in Birla Home Finance
Mumbai: The Washington-based International Finance
Corporation has agreed to pick 10 to 15 per cent equity
stake in KK Birla Group company Birla Home Finance Ltd,
besides providing a Rs 100 crore line of credit to the
company.
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Corp
Bank to use LIC’s overseas property for opening offices
Mangalore: Corporation Bank is planning to open
offices overseas at premises owned by Life Insurance Corporation
of India and was at an advanced stage of introducing debit
card within the current financial year, its chairman and
managing director K Cherian Varghese said on Wednesday.
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CIFCL
to launch co-branded credit card next month
Chennai: Cholamandalam Investment and Finance Company
Ltd, part of the Rs 4,200 crore Murugappa group, is planning
to launch co-branded credit card in alliance with a public
sector bank in January 2003.
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RBI
likely to agree to reopening of Charminar Co-op Bank
Mumbai: The Reserve Bank of India is likely to
agree for reopening of the city-based Charminar Urban
Co-operative Bank, subject to certain conditions.
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BoJ
report sees uncertain economic recovery ahead
Kolkata: The Bank of Japan maintained its sombre
assessment of the economy in a monthly report on Wednesday,
saying domestic demand remained weak and that the chances
of a recovery were unclear.
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Interest
waived on kharif loans - Banks to bear brunt of Rs 2,000-cr
loss
New Delhi: Bowing to pressures from the Agriculture
Ministry and State Governments, the Centre has decided
to grant a complete interest waiver on crop loans availed
of by farmers during the drought-affected 2002 kharif
season.
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Aviva
may raise capital by Rs 50 cr
Mumbai: Aviva Life Insurance Company's capital
is likely to be enhanced by Rs 50 crore. The promoters,
Aviva plc of the UK and Dabur, will bring in the money
next month. This will take the capital base of the company
to Rs 160 crore.
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Punjab
& Sind Bank to `wear' a new look
New Delhi: Punjab and Sind Bank (PSB) is attempting
a facelift that could well set a trend in the public sector
banking industry. Neckties are now a must as part of a
dress code that is being strictly implemented.
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South
Indian Bank bid to bridge NRI gulf
Abu Dhabi: South Indian Bank is concluding new
arrangements with correspondents in some Gulf states as
it plans to diversify its portfolio and also widen access
for its large NRI clientele in this region, according
to the bank's Chairman, A. Sethumadhavan.
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LIC
licence to Corpn Bank
Mangalore: With the Mangalore-based Corporation
Bank having secured the corporate agency licence to sell
products of the Life Insurance Corporation of India, the
Zonal Manager of LIC, Hyderabad, is to officially hand
over the licence to the Chairman K. Cherian Varghese,
at the bank's corporate office here on Thursday
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Banks
look to IDBI for recovery against Roofit
Mumbai: Banks are awaiting a decision from IDBI
Ltd, the term lending institution which has major exposure
to Roofit Industries Ltd, to go ahead with the recovery
proceedings.
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RBI
proposes stiff prudential norms
for setting up ARCs
Mumbai: The Reserve Bank of India yesterday said
an asset reconstruction company (ARC) would have to maintain
a minimum capital adequacy ratio of not less than 15 per
cent of its total risk-weighted financial assets on an
on-going basis.
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