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LIC
to source 5 per cent business via alternative distribution
avenues
Mumbai: Life Insurance Corporation of India (LIC)
plans to procure five per cent of its business in 2003-04
through alternative distribution channels like corporate
agents, bancassurance and insurance brokers, LIC chairman
SB Mathur said on Thursday after announcing a tie-up with
state-run Central Bank of India (Central Bank) for bancassurance.
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Guidance
note on securitisation accounting is good move: Crisil
Mumbai: Credit Rating and Information Services of
India on Thursday said it believed that the recent issuance
of the guidance note on Accounting for Securitisation
by the Institute of Chartered Accountants of India deserves
to be welcomed.
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RBI
notifies issue of 8 per cent 2003 savings bonds
Mumbai: The Reserve Bank of India has issued a circular
to banks, notifying the issue of eight per cent savings
(Taxable) bond, 2003, commencing April 21, 2003. The move
is in line with the Centre’s recent notification.
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IDF
receives Rs 590-crore commitments
New Delhi: The proposed India Development Fund, promoted
by Infrastructure Development Finance Corporation with
focus on infrastructure projects, has received capital
commitments of Rs 590 crore by March 31, 2003, with the
latest investment of Rs 100 crore from state-run Union
Bank of India.
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Mahindra
Gesco may extend pre-EMI payment scheme
Mumbai: The Rs 190-crore-Mahindra Gesco Developers
Ltd (MGDL), which pioneered a pre-EMI payment scheme for
customers at two of its properties in the city, may extend
it to other locations too.
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BoI
can sell KP's 4.5 per cent in Balaji
Mumbai: Bank of India has obtained an order from the
Mumbai Debt Recovery Tribunal allowing it to sell 23 lakh
shares (about 4.5 per cent of the company's equity capital),
held by suspended stock broker Ketan Parekh in Balaji
Telefilms, to recover the dues that the stock broker owes
to the bank.
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OM
Kotak expands capital base
Mumbai: OM Kotak Mahindra Life Insurance Company (OMKM)
increased its share capital by Rs 30 crore, taking the
total capital base of the company to Rs 183 crore.
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DCB
raises Rs 66 crore
Mumbai: Development Credit Bank Ltd (DCB) has raised
fresh subordinate debt of Rs 66 crore through private
placement to fund its large-scale expansion plans. The
Tier-II capital was raised at a rate of 8 per cent for
a tenor of 63 months, as on March 31, said a press release
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Central
Bank zone to hike rural lending
Chennai: Central Bank of India's Chennai zone (Tamil
Nadu and Kerala) plans to enlarge its rural lending. Its
direct lendings to the agricultural sector last year was
Rs 175 crore. The zone proposes to raise this to at least
Rs 210 crore in the current financial year.
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ECGC
products soon for services export
New Delhi: The Export Credit Guarantee Corporation
(ECGC) has reduced premium by 20-40 per cent on exports
to developing countries and emerging markets, effective
April 2003.
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Bank
officers' meet
Mangalore: The national President of the All-India
Bank Officers' Confederation (AIBOC), K.D. Khera, will
address a meeting of bank officers on April 5 in Mangalore.
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