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HDFC
taps IFC for $200-million loan; decision likely in April
Mumbai: The Housing Development Finance Corporation
Ltd as sought $200 million by way of loan assistance from
the International Finance Corporation, the private financing
arm of the World Bank.
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Insurers
against move to amend tax clause
New Delhi: Both
private and public sector life insurance companies have
suggested a review of the new budgetary proposal to amend
clause 10D of Section 10 of the Income Tax Act wherein
the existing tax exemption available under the clause
will not be allowed on any life insurance policy where
premium exceeds 20 per cent of the sum assured.
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Icra
retains LAAA rating for Gail NCDs
New Delhi: Credit rating agency ICRA on Thursday retained
the highest safety "LAAA" rating for Gas Authority
of India Ltd's Rs 250 crore non-convertible debentures,
but warned that profits might take a hit due to rise in
gas prices and risks on its distribution business.
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ABN
Amro Bank set to expand ops
Mumbai: Dutch banking major ABN Amro Bank on Thursday
said it views India as a "major business centre"
and plans to expand its operations through more branches,
ATMs and kiosks in 11 cities by 2005.
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Birla
Sun Life looks at Rs 205-cr premium income
Mumbai: Birla Sun Life Insurance is targeting a premium
income of Rs 205 crore for this financial year as compared
to Rs 36 crore last year, according to Nani Javeri, CEO,
Birla Sun Life Insurance.
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IRDA
allows surveyors to shift depts
New Delhi: In a significant development, the Insurance
Regulatory and Development Authority (IRDA) has decided
to permit licensed surveyors to shift their department,
however, with the approval of the regulator.
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Syndicate
Bank to fund solar lighting projects
Mangalore: Syndicate Bank has offered funding for
solar lighting projects in the country. It has set a target
of 20,000 solar units to be funded during this fiscal.
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Hudco
raises Rs 700 cr from public deposits
New Delhi: Housing and Urban Development Corporation
(Hudco) has added fresh deposits worth Rs 700 crore to
its Public Deposit Scheme, thereby registering a 100 per
cent growth over last year.
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Union
Bank bonds fully subscribed
Mumbai: Union Bank of India's unsecured redeemable
non-convertible subordinated bonds issue of Rs 400-crore
has been fully subscribed through private placement. The
tenor of the bond is 85 months and priced at 6.9 per cent,
said a press release.
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Co-op
banks cut interest rates on fixed deposits
Thiruvananthapuram: The co-operative banks in the
State have reduced the interest rates on fixed deposits.
Accordingly, the State Co-operative Bank will now pay
an interest of 4.75 per cent for deposits between 15 and
45 days, while the district co-operative banks will pay
five per cent and the primary banks 5.50 per cent for
the same duration.
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