|
LIC
scheme for khadi workers approved
New Delhi: The Expenditure Finance Committee (EFC)
of the Ministry of Agro and Rural Industries has approved
the implementation of the `Janashree Arogya Bima Yojna'
(JABY) of the Life Insurance Corporation (LIC) which is
to provide insurance to khadi workers. The proposal is
likely to see an expenditure of about Rs 50.05 crore during
the financial years 2003-04 to 2006-07 during the Tenth
Plan period and the financial year 2007-08 during the
Eleventh Plan period for implementing the scheme. Official
sources indicated that the contribution of the Centre
and the Khadi and Village Industries Commission (KVIC)
will be Rs 8.14 crore of the total expenditure. The introduction
of the package is part of the recommendations made by
a high-powered committee headed by the deputy chairman
of the planning commission, K.C. Pant. On the basis of
the recommendations of the Pant committee, the Government
announced a package of incentives in May 2001 for the
development of the KVI sector in the country. The starting
of an insurance scheme for the khadi workers is part of
the package.
Back
to News Review index page
Mahesh
Bank expresses optimism on UCB future
Hyderabad: Contrary to the popular belief on the
uncertain future of urban co-operative banks (UCBs) in
Andhra Pradesh, Mahesh Bank is quite optimistic of the
growth of co-operative urban banking industry and hopes
that it would successfully overcome the current crisis.
Stating that one need not be pessimistic about the future
of UCBs in view of recent serial debacles of banks in
the State, the chairman of Mahesh Bank, B.N. Rathi, said
integrity and transparency in managing the co-operative
banks would ensure that it came out of the prevailing
crisis and regain its past glory. Addressing a gathering
of clients and depositors on the eve of shifting of the
bank's Ameerpet branch into new premises here on Monday,
Rathi said, "Indian banking industry has been and
is being nurtured and nourished by way of ideas, guidance
and support by a galaxy of luminaries of the Indian finance
world. Men may come, men may go, but the institutions
stay for ever."
Back
to News Review index page
Union
Bank sees 30-pc jump in operating profit
Mumbai: Union Bank of India is expecting a 30-per
cent increase in operating profit in the current fiscal,
from Rs 1,304 crore in the previous financial year, according
to V. Leeladhar, chairman and managing director, Union
Bank of India. Addressing shareholders at the bank's first
annual general meeting after its public issue in August
2002, Leeladhar said, that the bank would focus on asset
resolution in the future and would concentrate on recoveries,
consolidation and restructuring of large accounts. Leeladhar
said that the bank had no immediate plans of returning
equity to the government. UBOI had obtained an in-principle
approval for returning capital to the tune of Rs 58 crore
last year.
Back
to News Review index page
IndusInd
bank to compensate client depository
Kochi: The Consumer Disputes Redressal Forum here
has directed the Ernakulam branch of IndusInd Bank Ltd
to refund the enhanced charges realised from a depository
account holder for offering DP services. The forum passed
the order on a complaint filed by D. Nandakumar, a chief
engineer in FACT, challenging the decision of the bank
to change unilaterally the rate structure for the purpose
of offering the depository services to him. The forum
also allowed the petition with a cost of Rs 500 to the
complainant towards court expenses. ``On perusal of documents
and hearing the complaint in detail, we are of the opinion
that there is some deficiency in service of the opposite
parties. The complainant is entitled to the enhanced changes
realised on the depository accounts before February 2002,"
the forum comprising K. Radhakrishnan, president, and
members Ninu Kuttymoosa and K.N. Radhakrishnan, said.
Back
to News Review index page
Centurion
EGM okays new team, merger
Mumbai: The shareholders of Centurion Bank have
approved the induction of a new management team led by
Sabre Capital Worldwide, the amalgamation with Bank Muscat
and the recapitalisation proposal at an extraordinary
general meeting held on June 14, 2003 at Goa, the registered
office of the bank. The results of the meeting had been
filed at the Goa Bench of the Bombay High Court and is
expected to receive a final order in 15 days time, said
a senior official in the bank. The court will now notify
the Registrar of Companies to seek its permission on the
matter.
Back
to News Review index page
Syndicate
Bank's housing loan awareness camp
Mangalore: Syndicate Bank conducted a programme
on housing loan scheme called `Syndnivas'. It was conducted
by the bank's Mangalore regional office. The housing loan
awareness camp was held at the bank's Belthangady branch
and covered its branches in the Belthangady taluk of Dakshina
Kannada district. According to a press release, the bank's
regional manager, M.M. Mallya, hasstated that the new
`Syndnivas' housing loan scheme — with `attractive
reduced interest rates' — has been launched for the
benefit of middle and lower middle class people.
Back
to News Review index page
HDFC
Mops Up Rs 100 Crore
Mumbai: The Housing Development and Finance Corporation
(HDFC) on Tuesday mobilised Rs 100 crore from the market
at an interest rate of 5.40 per cent per annum. The funds
were mobilised through privately placed non-convertible
debentures (NCD) with one-year maturity. The deal was
struck last week, but the funds were realised today, HDFC
general manager (treasury) Conrad D’souza, told the
press person. HDFC issued the secured redeemable debentures
of Rs 10 lakh each aggregating Rs 100 crore. Debentures
would be redeemed at the end of the one year tenure on
June 16, 2004, it added. This is the second time that
HDFC has hit the market for mobilising funds within a
fortnight’s time. It had recently mopped up another
Rs 250 crore from the market at a coupon rate of 5.82
per cent, issuing a five-year NCD.
Back
to News Review index page
ICICI
Bank offers VRS option
Mumbai: Within a year of the reverse merger of
the erstwhile ICICI Ltd with ICICI Bank, the second largest
bank in the country with a total staff strength of 11,000
has decided to offer an early retirement option (ERO)
to its employees. All staffers are eligible for this option
except full-time directors of the bank. The bank has also
decided to abolish the post of joint managing director
after the retirement of Mr HN Sinor from the post. ICICI
Bank’s executive director Kalpana Morporia said the
early retirement option had been launched for “meeting
the demands of the employees and there is no downsizing
of its employees”. The move would be simultaneously
followed by a recruitment drive by the bank as it is opening
60 branches in the current fiscal. “The replacement
would be at the ratio of 3:2 and the overall staff strength
would be maintained at the earlier level”, she said.
The retirement option would be available to those who
have completed 40 years of age and seven years of service
with the bank, including in those entities which have
merged with the bank.
Back
to News Review index page
OM
Kotak Mahindra to kick off new pension plan shortly
Hyderabad: OM Kotak Mahindra Life Insurance Company
Ltd is in the process of launching a new annuity policy
having more options targeting those persons retiring in
about one or two years from now. Company vice-president
(marketing) Ashutosh Bishnoi said: “The new product
is under research and expected to be launched in September
or October during the current year.” He was here
on Tuesday in connection with the launch of Kotak Safe
Investment Plan, which offers safety of capital, with
high returns while protecting the investor from downside
losses. The pension payment will commence almost immediately
in case of the proposed annuity policy, he added. The
company now offers annuity policies where the payment
will be after a stipulated period. The premium paid will
be converted into units and invested in any one or a combination
of four professionally managed funds selected by the policyholder-money
market, Gilt, balanced, growth funds. On maturity the
policyholder will receive either the sum assured or the
market value of the units, whichever is higher.
Back
to News Review index page
Centre
puts LIC’s subsidised pension scheme on hold
Mumbai: Last minute intervention from the big bosses
of the finance ministry let loose confusion over the launch
of the Life Insurance Corporation’s Varishtha Pension
Scheme, the Centre’s subsidised pension scheme offering
nine per cent return on Tuesday. The corporation which
was all set to kickstart the sale of the the much awaited
business stood embarrassed and had to postpone the launch
of the scheme without giving any proper reason and or
announcing a future date for the launch. “We had
completed all formalities seeking clearances from the
ministry of finance and Insurance Regulatory and Development
Authority and obviously there was no lapse on our part
while announcing the launch of the scheme” said sources
in LIC. “It might be that the bosses in the ministry
wants to launch the scheme either by the FM or PM as a
populist measure when the election is round the corner”,
sources added. The scheme which was announced by finance
minister Jaswant Singh in his budgetary speech with much
fanfare on February 28 was already overdue for its launch.
LIC was scheduled to begin its business for this scheme
on Tuesday.
Back
to News Review index page
DCB
set to position itself as mainstream, modern pvt bank
Mumbai: The Development Credit Bank (DCB) is marching
aggressively towards its objective of becoming a mainstream
and modern private sector bank. The bank is working on
executing a set of initiatives including a communication
and marketing exercise to carve a niche for itself in
the competitive marketplace. “The exercise will strive
to create awareness about the content and spirit of the
bank’s punchline Old Fashioned Banking: New Fashioned
Technology”, DCB head (personal financial services)
Sandeep Mookerjee said. The bank will focus on the upper
segment of the public sector banks’ customers. “This
segment offers great opportunity as majority of them want
technology and services of foreign banks and at the same
time do not want to lose positive attributes of banking
with public sector banks,” he said. DCB is also set
to launch its debit card soon, with affiliation from both
global payment facilitators Visa and MasterCard. The bank
will provide a lot of incentives to customers such as
services on discount etc to encourage the uses of cards.
Back
to News Review index page
|
