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Reserve
Bank finetunes ways and means scheme for states
Mumbai: The Reserve Bank of India on Tuesday revised
the ways and means advances scheme for states. Under the
new scheme, normal WMA limits will amount to Rs 7,170
crore, up by 18.8 per cent from the existing Rs 6,035
crore.
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WMA
move based on report of Ramachandran Committee
New Delhi: The rationalisation of the formula for
fixing the limits for ways and means advances for the
states was based on the recommendations of the C Ramachandran
Committee.
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Peerless
Finance spots Punjab as operations base for north India
Kolkata: Kolkata-based Peerless General Finance &
Investment Company has identified Punjab as a key area
for its operations as part of its drive to step up new
business in the northern India.
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Irda
puts cap on insurers’ exposure to Mutuml funds
New Delhi: The Insurance Regulatory and Development
Authority of India has issued an order to both public
and private insurance companies detailing the guidelines
for investments in mutual funds.
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BoB
ropes in IBM, H-P, accenture for BPR
Mumbai: Bank of Baroda has appointed IBM, Hewlett-Packard
and Accenture for business process re-engineering, which
includes system integration and upgradation of business
processes in line with technological developments
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Marsh
India gets broking licence
New Delhi: The US-based insurance service firm, Marsh
Inc, has received the licence for operating as an insurance
broking firm in India. It has already set up a joint venture
in India - Marsh India Pvt Ltd - with an Indian company,
Rampart.
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RBI
lowers NBFC deposit rates limit
Mumbai: The Reserve Bank of India has lowered the
maximum interest rate that non-banking finance companies
(NBFCs) can offer on deposits to 11 per cent from 12.5
per cent, an RBI release said.
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Tata-AIG
offers Rs 876-crore group cover to Wipro staff
Mumbai: Tata AIG Life Insurance Company on Tuesday
announced that it will extend insurance cover to 15,930
employees of Wipro Ltd for a total sum assured of Rs 876
crore.
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SAIL
takes up debt recast with SBI
Kolkata: Steel Authority of India Ltd (SAIL), the
largest public sector steel producer in the country controlling
around one-third of the country's steel production,has
taken up the issue of replacing its high-cost debts with
cheaper loans with its bankers the State Bank of India.
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IDBI
Flexibonds issue at reduced rates
Mumbai: Industrial Development Bank of India (IDBI)
has announced the 18th issue of its retail debt instrument,
Flexibonds, with reduced yields. The institution has slashed
interest yield by 25 basis points on the most popular
infrastructure (tax-saving) bond.
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BoB
trims deposit rates
Mumbai: Bank of Baroda (BoB) has cut interest rates
on domestic term deposits by 25 to 75 basis points across
maturities, effective March 10.
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