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Harkirat
Singh opts out of Rabo Bank
Mumbai: Harkirat Singh, one of the
three promoters of the proposed private sector Rabo Bank,
has pulled out of the venture, stating that there is "lack
of mutuality of the objective of the bank". The RBI
had granted an in-principle approval to the proposed bank
in February. The new bank was to be set up by the three
banking professionals in partnership with Rabobank of
the Netherlands. Other individual promoters are Rana Kappor
and Ashok Kapur.
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Crisil
spots need for banks to rework reserve strategy
Mumbai: The recent scare on ICICI Bank’s deposit
front is an eye-opener to the manner in which private
sector banks manage cash. Credit Rating and Information
Services of India Ltd (Crisil) is of the view that these
banks need to vary their sources of liquidity to manage
and tide over such scares. Crisil also makes the critical
observation that technology, by providing additional networked
channels, has increased the speed and impact of the withdrawal
rush. “This has greatly increased the complexity
of the logistical issues of cash management and the need
for banks to react faster to able to minimise the impact
of such events,” notes Crisil.
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NHB
completes MBS issue for housing loans
New Delhi: The National Housing Bank (NHB) announced
on Monday that it had completed mortgage-backed securitisation
(MBS) issue for housing loans of BOB Housing Finance Limited.
The MBS issue involved 3548 individual loans amounting
to Rs 77.16 crore. The deal size involved Rs 59.65 crore
(class A pass through certificates and balance amount
of Rs 17.50 crores of class B pass through certificates)
of a tenor of 108 months with a coupon of 6.89 per cent
calculated annually but payable monthly.
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State
Bank places order for 1,500 ATMs with NCR
Mumbai: The State Bank of India (SBI) and NCR Corporation
have inked a pact for the supply of 1,500 automated teller
machines (ATMs) in the country. These ATMs will be supplied
to SBI over the next 18 months, and with this deployment,
SBI will have the largest network of over 3,000 ATMs.
The contract, signed in Mumbai on April 19 encompasses
hardware, site installation services and ATM Network Management
Services.
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HSBC
launches educational loans to boost retail biz
Mumbai: HSBC has enlarged its retail product and
service segment in India with educational loans. The bank
is trying to get a share of the Rs 18,000 crore amount
spent annually in India for higher education, said bank
sources. HSBC will offer unsecured educational loans up
to Rs five lakh and secured loans up to Rs 25 lakh. The
latter can be paid over four years, while the former can
be paid over seven years through equated monthly instalments
and interest will vary from 10.5 per cent to 13 per cent
depending on the course undertaken. Along with tuition
fees, lodging expenses in India or overseas will be covered.
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IDBI
takes over Suman Motels' Alibaug resort
Mumbai: Industrial Development Bank of India (IDBI)
has taken over possession of the second resort of Suman
Motels Ltd located at Alibaug under the newly introduced
Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act 2002, according
to a release. Steps have been initiated for the takeover
of the company's resorts at Village Yesde, Alibaug and
Panchgani as well, the release added.
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Exim
Bank to retire Rs 700-cr debt
Mumbai: Exim Bank will exercise the call option
to retire some of its high-cost debt amounting Rs 700
crore during the current fiscal year 2003-04. This will
be done in June for Rs 300 crore and in December for another
Rs 400 crore. Exim Bank had taken in high-cost bonds through
issuance in the mid-90s, when interest rates were ruling
high at between 11.50 and 13.50 per cent, its Managing
Director, T.C. Venkat Subramanian, said at a press conference
here on Monday
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State
Bank
not to book accrued interest on Dabhol project loans
Mumbai: State Bank of India will not be booking
accrued interest this year on overdue loans to the Dabhol
Power Company (DPC).
Besides, the country's largest commercial bank, which
has an exposure of more than Rs 1,000 crore in the 2184-MW
power project, would also make a prudential provision
of a little over Rs 100 crore for the asset classified
"project under implementation", a top SBI official
said. The Reserve Bank of India recently allowed banks
to book accrued interest on projects under implementation.
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EPFO
pension thru UTI Bank
Thiruvanathapuram: UTI Bank has been added to the
list of banks through which the Employees Provident Fund
Organisation (EPFO) will release pension in the Kerala
Region. Announcing this, the Regional Provident Fund Commissioner
(Pensions), A. Hamsa, said the organisation has been releasing
pension under the Employees Provident Fund Scheme 1995
through the branches of the State Bank of India, Canara
Bank, Indian Bank, Syndicate Bank, HDFC Bank as well as
through Post Offices.
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Housing
loan for beedi workers
Thiruvanathapuram: A consolidated financial assistance
of Rs 1.27 crore will be distributed among the community
of beedi workers in the State for purposes of constructing
houses. Announcing this here, an official spokesman said
that the amount was being made available by the Kannur-based
Assistant Welfare Commissioner's Office under the Union
Ministry of Labour. According to K.T. Mani, Assistant
Commissioner, demand drafts have been forwarded to those
establishments where beedi workers are employed.
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Let
PF, Pension, Postal Savings Flow Into IDBI’
New Delhi: The Parliamentary committee on public
undertakings (CoPU) has recommended that the government
declare Industrial Development Bank of India (IDBI) as
an infrastructure undertaking and permit it to float tax-free
capital gains bonds for access to low-cost, long-term
funds. It also urged the government to stipulate a portion
of the provident, pension and postal savings to be compulsorily
invested in IDBI, besides granting it “special”
support to improve its financial health. The committee
is chaired by VK Malhotra.
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