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BoB
charts plan to reap 50 per cent more profit from global
ops
Ahmedabad: State-run Bank of Baroda (BoB) has chalked
out a blueprint for increasing its operating profit from
overseas operations by 50 per cent in 2003-04 by focusing
on existing operations territory-wise and setting up operations
in some more countries.
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ICICI
Bank to raise $100 million forex loan
Mumbai: ICICI Bank has hit the syndication market
with a $100 million external commercial borrowing. The
facility, with a tenure of one year, is likely to carry
a coupon of less than 50 basis points above Libor.
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AP
govt offers revival package for Charminar Co-op Bank
Hyderabad: The Andhra Pradesh government has announced
a revival-cum-reconstruction package for the ailing Charminar
Co-operative Bank whose chairman, Sajjad Aga committed
suicide last year.
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RBI
cuts provisioning period for bad entries
Mumbai: The Reserve Bank of India has brought down
the one-year limit for mandatory 100 per cent provisioning
in case of unreconciled entries outstanding in inter-bank
accounts to six months, which will be made applicable
from March 31, 2004.
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Karnataka
Bank plans rights issue at 1:2
Mangalore: The Mangalore-based Karnataka Bank, which
has issued bonus shares in the ratio of 1:1 to its shareholders
in December 2002, is offering rights issue of shares in
the ratio of one share for every two shares of post-bonus
share capital at a premium of Rs 15 per share per share
of Rs 10 face value.
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Infosys'
banking summit in Bangkok
Bangalore: Infosys Technologies is hosting a banking
summit with a theme "Technology-enabled agile banking"
at Bangkok on March 3.
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AMP
Sanmar unveils pension plan
Chennai: AMP Sanmar Assurance launched a pension plan,
`Bhagya Shree',on Wednesday. A company release says that
the plan has been structured with flexibility as the key
principle.
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Redington
debt plan on watch
Mumbai: The `P1+' rating assigned to the Rs 80-crore
short-term debt programme of Redington has been placed
on rating watch by Crisil, following the announcement
that GTL Ltd plans to acquire the company.
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Dena
Bank to sell OM Kotak life products
Mumbai: Dena Bank and OM Kotak Mahindra Life Insurance
Company Ltd (OMKM) on Wednesday announced a strategic
alliance for bancassurance. Under the `mutually exclusive
referral' arrangement, OMKM's life insurance products
will be made available through Dena Bank's branch network.
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IRFC
to borrow $ 100 m abroad
New Delhi: Indian Railway Finance Corporation Ltd
(IRFC) has entered the overseas market with a plan to
borrow $100 million which would be utilised to retire
some of its earlier high cost loans, a top railway Ministry
official said.
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Lenders
free to decide on NPA categorisation
New Delhi: The Government on Wednesday ruled out any
further legislative flexibility to the existing securitisation
law in the matter of settlement of non-performing assets
(NPAs) even as it recognised the validity of industry's
suggestion over the need for a distinction between "wilful
defaults" and "honest failures".
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