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RBI
finetunes forex norms for life firms
Mumbai: The Reserve Bank of India on Friday announced
modifications to the Foreign Exchange Management (Insurance)
Regulations (2000)-Life Insurance
Memorandum dated May 3, 2000, to cover new private sector
life insurance companies that came into being after opening
it up for private sector.
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Citi
sets up e-platform for HR functions
Mumbai: Cititbank India's human resources department
(HRD) has developed an electronic platform that will allow
it to move regular HR functions online so that it can
concentrate on the other, more important issues such as
training processes and staffing requirements.
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Aviva
Life ups capital base to Rs 155 crore
Mumbai: Aviva Life Insurance has increased its
capital base by Rs 45 crore, taking the total paid-up
capital to Rs 155 crore. The joint venture partners, Dabur
and Aviva, have together contributed to the additional
capital, chief executive officer Stuart Purdy said.
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Sidbi
teams up with US fund for $40-m VCF
Mumbai: Small Industries Development Bank of India
has signed an MoU with Washington-based Small Enterprises
Assistance Fund to set up a $40m venture capital fund
exclusively for small enterprises.
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RBI
asks banks to act on internal controls, MIS
Mumbai: The Reserve Bank of India on Friday asked
commercial banks to take immediate steps to implement
the recommendations of the Advisory Group on Banking Supervision
it set up under the chairmanship of MS Verma pertaining
to strengthening MIS and internal control mechanisms.
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ICICI
Bank cuts home loan rates
Mumbai: ICICI Bank has cut interest rates on housing
loans by 50 basis points, effective January 17. By bringing
the interest rates on the fixed rate home loans at par
with the current adjustable rates, the bank will be able
to attract new segments of customers.
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Federal
Bank Q3 profit at Rs 82 cr
Kochi: At the end of the third quarter, the Aluva-based
Federal Bank has notched up a cumulative net profit of
Rs 82.46 crore, registering an increase of 28 per cent
over the corresponding period of last year.
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J&K
Bank offers up to 15 per cent equity
for sale
New Delhi: Jammu & Kashmir Bank Ltd. has decided
to go slow on its proposal to set up an asset management
company and would focus on its insurance business to swell
it non-interest income in near term.
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SIDBI
to run $40-m support fund for small enterprises
Mumbai: The Small Industries Development Bank of
India (SIDBI) will shortly operationalise a $40 million
support fund for small enterprises, according to P.B.
Nimbalkar, Chairman, SIDBI.
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PSB
sends notice to 301 defaulters
New Delhi: Punjab and Sind Bank (PSB) has issued
notices to 301 defaulters involving an amount of Rs 167
crore under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Bill, 2002.
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Andhra
Bank to securitise home loans, return capital
Hyderabad: Andhra Bank intends to raise Rs 200
crore from the market by securitising a part of its housing
loan portfolio.
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