CARE gives AAA rating for Nabard issues
Mumbai: Rating agency CARE has assigned the highest rating of AAA to Nabard's forthcoming borrowing issues in the current year for up to Rs 2,000 crore. "This is an umbrella rating granted to the various specific issues that will be floated by the National Bank over the current year," CARE said.
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GIC to invest Rs 5 crore in APIDC-VCL Biotechnology Fund
Kolkata: General Insurance Co Ltd (GIC) says it will invest Rs 5 crore in APIDC Venture Capital's Biotechnology Venture Fund. APIDC-VCL is a private-partnership between Ventureast Group and the Andhra Pradesh Industrial Development Corp. GIC is now exclusively dealing with reinsurance, both inward and outward. It has emerged as one of the largest reinsurers in the Afro-Asian region. This is India's first national fund focussed on biotechnology companies, which has received the approval from the Irda for investment by insurance companies.
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Bank of India to attach PAL properties
Mumbai: Bank of India (BoI) is planning to attach the properties of Premier Automobile Ltd under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) or non-payment of dues of Rs 9.50 crore. BoI has issued notice under the SARFAESI Act 2002 to the company in February 2003 and is now planning to take over PAL's assets which was mortgaged to BoI. The assets includes the land and the factory of PAL, located at Kalyan, in Thane district of Maharashtra. PAL is the manufacturer of the Fiat brand. BoI is also planning to take possession of the assets of Yuvraj Industries for the non-payment of dues which amounted to Rs 15.54 crore. When contacted BoI officials revealed the plan to attach 89 flats in Vadodara, and also the properties of the guarantor of the loan, Amber food Pvt Ltd. BoI had issued notice to them on August last year. "We were waiting for striking compromise settlements with both the companies. Because, attaching properties is not the proper solution of the problem", a senior BoI official said, adding that the current plan emerges after the failure to strike compromise deals with the companies. Meanwhile, BoI has also given consent to ICICI Bank and Industrial Finance Company of India for attaching properties of Lloyd Steel Industries and Modern Suitings for non-payment of dues. BoI's exposure to Lloyd Steel amounted to Rs 150 crore while its dues Suiting are to the tune of Rs 7.5 crore, BoI official said.
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Bharat Overseas Bank to hawk BoBCards
Mumbai: BoBCards Ltd, the credit card subsidiary of Bank of Baroda Ltd, has tied up with Bharat Overseas Bank for the distribution of credit cards. Says C B Chhaya, managing director, BoBCards: "Our view is to increase our card base in the South. We thought it better to market our product through an established bank to ensure the quality of business, rather than the quantity.'' The company currently has a card base of 200 thousand and is targeting a sale of around 10,000 cards through this tie-up in the next three months. G. Krishna Murthy, chairman and CEO of the bank, said, the tie up with BoBCards is a move towards boosting the bank's non-fund based income. Bharat Overseas Bank Ltd, will market the entire, range of BoBCards, which include BOB card Paras, BOB card Silver, BOB card gold, BOB card Global through the network of its branches. At present the bank has a network of 80 branches and plans to open 45 more branches in 3 years. Meanwhile, BoBCards has achieved a net profit of Rs 4.15 crore during the financial year 2002-03, as compared to Rs 2.30 crore in the corresponding period in the previous year. Total income of the company was at Rs 32.71 crore (Rs 31.52 crore). The company has announced a 10 per cent dividend for its shareholders.
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UBI plans bullion trading
Coimbatore: Union Bank of India is launching the Union Bullion (bullion trading) services in the city on Friday. Mr V. Leeladhar, Chairman and Managing Director of the bank will launch the services, according to a press release.
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Central Bank TN CMS branch
Coimbatore: The fourth Cash Management Service (CMS) branch of the Central Bank of India (CBI) and the first in Tamil Nadu was operationalised here on Thursday. The bank is planning to open one such specialised branch in Chennai soon. Hitherto, the bank had addressed the problems of its retail customers with regard to collection and realisation of cheque through the Quick Collection Centres. Now, it is targeting the corporate clients by offering such service through the specialised branch. According to S. Gopalakrishnan Nair, assistant general manager, the bank is proposing to open 5 such specialised branches taking the total CMS branches to 10 during the current year.
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