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Sun
Life keen on India, eyes bigger JV pie
Mumbai: Sun Life Services, the Canadian financial
services major is bullish on its Indian investment, and
remains firm on its commitment to AV Birla group.
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Nabard
plans to help 1 million self-help groups by ’06-07
New Delhi: The National Bank for Agriculture and Rural
Develop-ment intends to to achieve a target of helping
one million self-help groups by 2006-07 which constitutes
a third of the country’s rural poor.
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ICICI
Bank leads domestic lenders in NPA recovery
Mumbai: Public sector banks and financial institutions
together have recovered Rs 931.16 crore as on December
31, 2002 under the new Securitisation Act, to help banks
reduce their NPAs.
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RBI
sets Rs 111.11 cut-off at 7.37 per cent 2014 bond auction
Mumbai: The Reserve Bank of India set a lower-than-expected
cut-off of Rs 111.11 (YTM: 5.9787 per cent) at its auction
of the 7.37 per cent 2014 bond while it set a cut-off
yield of 6.30 per cent for the new 20-year stock.
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Market
round-up
Mumbai: Call rates continued to rule soft amidst excess
liquidity in the inter-bank system. The rates closed at
4.25-4.50 per cent on Tuesday, as compared to the previous
close of 4.75-5.00 per cent.
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Sale
of Coimbatore Pioneer Mills machinery — Sundaram
Finance gets HC approval
Chennai: The Madras High Court has permitted the sale
by Sundaram Finance Ltd, Chennai, of machinery of Coimbatore
Pioneer Mills Ltd by suspending the operation of the order
dated February 21, 2003 of the single judge, who had made
absolute the interim stay granted on January 2 and January
10
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Banks
draw less refinancing from Nabard
Mumbai: Aggregate sanctions by National Bank for Agriculture
and Rural Development (Nabard) to various banks and State
governments increased by 7.3 per cent to Rs 22,696.01
crore as on March 31, 2003 from Rs 21,145.65 crore in
the previous year.
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Tata
AIG office in Mangalore
Mangalore: TATA AIG Life Insurance Company Ltd has
opened an office in Mangalore to enhance its distribution
network. According to Tata AIG, they are the first private
insurer to set up office in Mangalore.
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New
India, Bajaj Allianz top premium collections
New Delhi: While New India Assurance tops the list
of public sector non-life companies in premium collections,
it is Bajaj Allianz among the private sector players for
the first eleven months period of fiscal year 2002-03.
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Credit
limit for overseas ventures hiked
Mumbai: Banks can now extend credit and non-credit
facilities to Indian joint ventures and wholly-owned subsidiaries
abroad for up to 10 per cent of their (banks) unimpaired
capital funds (Tier I and Tier II capital). Earlier, banks
were allowed to provide such facilities for only up to
5 per cent of their unimpaired Tier I capital, in a bid
to provide banks additional avenues for deployment of
funds held in FCNRB, EEFC, RFC, etc, accounts.
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ICICI
Bank to use Pramati tool
Hyderabad: Pramati Technologies, global provider of
application development tools and middleware infrastructure,
has announced it has entered into a deal with ICICI Bank
to deploy Pramati Server software.
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Bank
Muscat eyes retail portfolios
Mumbai: Bank Muscat says its interest in picking up
stake in Centurion Bank along with Sabre Capital hinges
on "certain conditions" put forward last year.
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SBI
launches Hyderabad card
Hyderabad: SBI Cards and Payment Services Ltd, the
country's leading issuer of Visa cards, has announced
the launch of Hyderabad's own city affinity card, the
SBI Hyderabad Card.
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