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Heavy
hand of govt in bank management must end: Singh
New Delhi: Planning Commission member NK Singh
has said that the government should remove its ‘heavy
hand’ from banking sector to push forward the unfinished
agenda of banking and financial sector reforms in the
country.
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Canara
Bank plans to raise Rs 300-crore tier-II capital
Mumbai: The Bangalore-based public sector bank
Canara Bank is planning to raise Rs 300 crore tier-II
capital, with a greenshoe option of another Rs 100 crore.
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ICICI
Direct to rope in local partners for expansion
Mumbai: ICICI Direct, the online trading service,
is planning to expand its services nationwide by roping
in local partner called direct business catalyst for achieving
a 10-15 per cent growth in its customer base.
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Kotak
Mahindra bundles free insurance with plan
Mumbai: Kotak Mahindra Mutual Fund will offer free
life insurance to prospective investors in its K Bond
Deposit Plan, according to Atul Sharma, Vice-President
Marketing, Kotak Mahindra Asset Management Company Ltd.
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Settling
of motor accident claims - Police, insurance cos told
to follow mandatory provisions
Chennai: The Madras High Court has held that in
order to avoid any problem in settling the claims of persons
involved in vehicle accidents, the mandatory provisions
should be fully complied with by the police, insurance
companies and the claimants.
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Kotak
Mahindra retail banking from February
Chennai: Kotak Mahindra Finance Ltd will commence
its banking operations as Kotak Mahindra Bank Ltd by February
2003, according to Sandesh Kirkire, Head, Debt Funds.
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FRB
interest at 5.92 pc
Mumbai: The rate of interest on the floating rate
bonds, 2017 (FRB 2017) applicable for the coming half-year
shall be 5.92 per cent per annum as against 6.84 per cent
in the previous half-year.
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Nabard
cuts capital gain bonds rates
Mumbai: The National Bank for Agriculture and Rural
Development (Nabard) has decided to reduce the interest
rate on its capital gains bonds to 6 per cent per annum
from the existing rate of 6.5 per cent, with effect from
January 2, 2003.
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Jalan
optimistic about achieving 8 pc growth
Mumbai: The Reserve Bank of India (RBI) has expressed
optimism about achieving the 8 per cent growth targeted
by the National Development Council for the Tenth Plan
period.
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Indian
Bank may go for IPO in one year
Mumbai: Indian Bank is planning to approach the
capital market for initial share sell (IPO) in one year,
the Chairperson and Managing Director, Ranjana Kumar,
said.
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