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RBI
directs banks to get cracking on EFT
Mumbai: The Reserve Bank of India has urged commercial
banks to implement Electronic Fund Transfer successfully
with a view to facilitate settlement.
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IDBI
takes over Ganesh Benzoplast salt refinery under Securitisation
Act
Mumbai: The Industrial Development Bank of India has
taken possession of the salt refinery of Ganesh Benzoplast
Ltd situated in Rajkot district of Gujarat, under the
Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act (Securitisation
Act-2002).
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Employer
to be blamed for TDS default
New Delhi: Employees will no longer be at fault in
case the employer fails to pay tax deducted at source,
thanks to an amendment in the current Budget. Instead,
the employer will be liable to pay interest and penalty.
The defaulting corporate is liable to face 15 per cent
interest on the tax payable and penalty that can go up
to 100 per cent of the tax amount.
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KBJNL
to receive Hudco loan to retire its high-cost debt
Bangalore: The Karnataka government-promoted Krishna
Bhagya Jala Nigam Limited has tied up a deal with Hudco
for a term loan of Rs 300 crore as part of its plan to
retire high cost debt of Rs 405 crore.
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Exim
Bank ties up with EBRD to push exports from India
New Delhi: The Export Import Bank of India (Exim Bank)
has joined hands with EBRD, a regional multilateral financing
agency, to promote exports from India to European and
central Asian regions.
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SBI
Life gets nod for group pensions
New Delhi: SBI Life has received clearance from the
Insurance Regulatory and Development Authority (IRDA)
for launching a group pension scheme.
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Nabard
to raise Rs 200 crore via tax-free bonds
Mumbai: The National Bank for Agriculture and Rural
Development (Nabard) will raise over Rs 200 crore through
private placement basis by issuance of tax-free bonds
and tax-free priority sector bonds.
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Muthoot
ties up with Tata AIG
Kochi: Muthoot Insurance Services, the latest venture
of the Rs1,000-crore Muthoot Pappachan Group, has been
appointed as the corporate agent of Tata AIG Life Insurance
Company Ltd in Kerala.
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Private
bank FDI cap only at 74 pc
New Delhi: The confusion over the cap on foreign direct
investment in private sector banks has been cleared.The
Ministry of Finance has decided that the FDI limit would
be capped at 74 per cent and not at a higher limit as
was being contemplated due to the ambiguous announcement
made by the Finance Minister, Jaswant Singh, during his
presentation of the Union Budget.
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Canara
Bank's floating rate plan for big deposits
Mumbai: The public sector Canara Bank has launched
a floating rate deposit scheme (FRDS) for high networth
individuals. It is the first bank to launch this kind
of a deposit scheme. The minimum investment amount in
FRDS is Rs 10 lakh.
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SBI
Life bancassurance services come to
Delhi
New Delhi: SBI Life has launched its bancassurance
services in the Delhi region under which select SBI branches
and other banks will sell its life insurance and pension
products directly to consumers.
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SEBI
clears ING group equity revamp in
Vysya Bank
Hyderabad: The Securities and Exchange Board of India
(SEBI) has exempted the ING group from complying with
the provisions of SEBI Regulations on Substantial Acquisition
of Shares and Takeovers following the latter's proposal
to go in for an internal restructuring of its group companies'
holding in ING Bank, formerly known as Vysya Bank.
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