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RBI
cuts NRE deposit rate cap
Mumbai: In
a significant step, the Reserve Bank has said the interest
rate offered on non-resident (external) rupee deposits
will now be capped at 100 basis points (bps) over the
London inter-bank offered rate (Libor). This is a sharp
150 bps reduction from the earlier ceiling of 250 bps
over Libor, announced on July 17 this year.
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E&Y
to advise DCB on capital raising plan
Mumbai: Expecting the regulations to permit foreign
direct investment in domestic private sector banks up
to 74 per cent, the Development Credit Bank (DCB) has
appointed global consultancy firm Ernst & Young (E&Y)
to advise on the bank's capital raising plan.
"The
regulatory environment in respect of foreign direct investment
limit in domestic private sector banks is likely to change
and the E&Y will advise on financing options for the
given scenario and regulatory environment," DCB managing
director HV Sheshadri said.
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PNB
Housing raises $5 m through ECBs
New Delhi: PNB Housing Finance Ltd has raised $5
million by way of external commercial borrowings (ECBs).
The deal was arranged by Standard Chartered Bank.
According
to a release, the company proposes to raise a total of
$25 million through the ECB route. Negotiations for the
remaining $20 million are in an advanced stage. The company
would also raise another Rs 250 million by way of commercial
paper.
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ICICI
Bank named Bank of Year
Mumbai: ICICI
Bank been chosen as the `Bank of the Year 2003' in India
and has won the `Best Multi-Channel Strategy 2003' in
the Banker Awards 2003.
The award is given by the Banker magazine, the global
finance magazine of the Financial Times group of UK.
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LIC
Housing Finance sanctions up 47 per cent in April-August
Chennai: LIC Housing Finance's sanctions till the
end of August this year, at Rs 1,729,85 crore, were up
47.36 per cent over the corresponding period of last year.
Disbursements grew by 61.7 per cent, to reach a figure
of Rs 1,545.26 crore, the company's CEO and Director,
Mr S C Jain, said here.
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