Diebold buys out HMA in JV
Mumbai: Diebold Inc on Wednesday said that it had reached an agreement to acquire the remaining 50 per cent equity of Diebold HMA Pvt Ltd held by HMA Data Systems Pvt Ltd. After the acquisition, this joint venture sales and service organisation headquartered in Chennai, will become a 100 per cent subsidiary of Diebold Inc.
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IDBI ’02-03 net down 5 per cent
New Delhi: Industrial Development Bank of India (IDBI) has posted a net profit of Rs 401 crore for 2002-03, a drop of 5 per cent from Rs 424 crore of the previous year. The profit before tax, though, saw a spurt of 10 per cent to Rs 455 crore. IDBI has made a higher provision for NPAs of Rs 1,110 crore against Rs 775 crore, chairman PP Vora said, after a board meeting to adopt the audited accounts. It also recommended a 15 per cent dividend. Vora declared that the FI had successfully concluded its exercise in consolidation and was poised for growth this year onwards. The net profit for the fourth quarter rose 15 per cent to Rs 209 crore compared to Rs 182 crore in the corresponding period of the previous fiscal. However, he refused comment on the possibilities on its corporatisation or merger with its subsidiary IDBI Bank.
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BankMuscat to invest up to Rs 75 crore in Centurion Bank
Mumbai: BankMuscat has announced that it would invest up to Rs 75 crore in Centurion Bank as part of the restructuring proposal by the Sabre group. The bank also announced that it would merge its Bangalore branch with Centurion after the recast proposal gets regulatory approvals. "We see substantial opportunities in promoting investment flows, trade and NRI services between India, Oman and the Gulf," BankMuscat’s international operations head Suleiman Shahbal said. BankMuscat India chief executive Samit Ghosh will hand over the day-to-day management to an interim chief executive under the advice of Sabre group, but will continue to represent BankMuscat during the transition until all regulatory approvals are in place, the bank said.
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Max New York Life to Pay maiden cash bonus
New Delhi: Max New York Life insurance Company has decided on a maiden cash bonus to its whole-life policy-holders. The bonus will be offered to those who bought these covers prior to February 6, 2002, a company press release stated. CEO and managing director Anuroop Tony Singh said in a statement that the bonus would be paid on the policy anniversary date in 2003-04.
Customers would be given five ways of exercising their option -- leave the bonus to accumulate with the company and earn interest, buy paid-up additions to raise the death benefit of the base policy, use it to offset against future payable premiums, take the amount in cash or else buy an additional one-year term cover.
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HDFC ’02-03 profit rises 19 per cent
Mumbai: The Housing Development Finance Corporation (HDFC) has posted a 19.01 per cent rise in its net profit to Rs 690.29 crore for 2002-03 as compared to Rs 580.01 crore posted in the preceding fiscal. The HDFC board, took the results on record on Wednesday, has recommended a dividend of Rs 11 per share. The earnings per share (diluted) (EPS) was at Rs 30.41 as compared to Rs 25.52 for the preceding fiscal. For the fourth quarter ended March 31, 2003, its net profit grew to Rs 239.19 crore from Rs 206.45 crore in the corresponding period in the preceding fiscal, reflecting a 15.86 per cent growth.
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Can Fin Homes to pay 25 per cent
Bangalore: Can Fin Homes Ltd reported a net profit of Rs 21.58 crore for fiscal 2002-03, up 8.93 per cent from Rs 19.81 crore a year ago. The board of directors has recommended a 25 per cent dividend payout. The company sanctioned Rs 421 crore in the last financial year while disbursements were Rs 366 crore. The company plans to float an Rs 100-crore mortgage backed securities in near term. The housing finance firm was hopeful of reporting higher profit for the current fiscal tracking a
drastic dip in cost of funds despite the prevailing soft interest regime.
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RBI direction on IFR norm
Mumbai: The RBI has told banks that while the Investment Fluctuation Reserve (IFR) would continue to be treated as Tier II capital, it would not be subject to the ceiling of 1.25 per cent of the total risk weighted assets. In a circular to all commercial banks, RBI has said, that for the purpose of compliance with the capital adequacy norms, Tier II capital including IFR, would be considered up to a maximum of 100 per cent of total Tier I capital, effective from March 31 onwards.
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Lazard working on funding options for GTB
Hyderabad: Lazard India, the consultancy firm appointed by Global Trust Bank (GTB), have commenced work on the `funding options' for the bank for which they received a mandate from GTB, according to information available here. The key branches of GTB across the country, mostly in the State capitals have been witnessing increased activity of late, with Lazard India representatives busy collecting details of business managed by the respective branches vis-à-vis the credit offtake and deposit
mobilisation potential in these areas.
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Birla MF ties up with KVB
Mumbai: Birla Sunlife Mutual Fund has entered into a strategic alliance with Karur Vysya Bank (KVB) for distribution of its products. "In the initial phase, the fund's schemes will be made available to the bank's customers through 40 branches before rolling it out to the rest of its network," said P.T. Kuppuswamy, Chairman, Karur Vysya Bank, at a press conference held here on Wednesday. "In the first year of the alliance, we expect to do business worth around Rs 100 crore," Mr Kuppuswamy said. The bank has around 10 lakh depositors and 2 lakh customers on the advance side, he added.
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Marginal rise in SBI priority sector loans
Mumbai: State Bank of India's priority sector advances during the
fiscal year 2002-03 has risen to Rs 43,000 crore as compared to Rs 41,000 crore in the previous year. However, priority sector loans, as a percentage of net bank credit, has slipped marginally to 40 per cent, from 41.53 per cent in the previous year. Bank officials largely ascribe this decline to a large expansion in corporate advances during the year, constituting net bank credit.
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Orange ties up with banks for prepaid card refill options
Mumbai: Orange, the cellular service operator of the Hutch group for the Mumbai circle, on Wednesday announced the facility of refilling of prepaid cellular cards through SMS or through ATMs for customers of several banks it has tied up with. Chiefly, this allows a mobile subscriber to refill his prepaid balance while roaming and without the inconvenience of having to carry prepaid slips bought from his home circle. Orange has tied up with State Bank of India, UTI Bank, IDBI Bank and Citibank. And the facility has been made available through a company called Euronet Worldwide which provides electronic financial transaction solutions
to companies in the US, Europe and Asia.
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