Bank takeover laws not clear
Mumbai: The Reserve Bank of India has expressed its discomfort over opaque laws governing take over of banks. One major area of concern, according to the RBI Governor, Dr Y.V. Reddy, is the amalgamation of NBFCs with banks. In this case, the law does not impose any obligation on the part of either the bank or the NBFC to seek the RBI's approval before filing the scheme of amalgamation in the courts.
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Reddy charts out roadmap for global standards
Mumbai: In his first local public address after taking charge of Reserve Bank of India ,outside of the November policy review - Yaga Venugopal Reddy revealed his confidence on the journey of Indian banks towards achieving global standards.

"I have, no doubt, that our banks could well be on the anvil of being reckoned to be on par with international banks. My submission is that, to reach global standards, and hopefully surpass them, we need to focus on legal, institutional and transactions aspects, Dr Reddy said.
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Union Bank takes lead, fixes PLR at 10.75 per cent
Mumbai: Union Bank of India has taken the lead among its peer banks in adopting a new benchmark PLR, which has been fixed at 10.75 per cent.
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IFC holding in GTB falls below 5 per cent
Hyderabad: The equity holding of the International Finance Corporation (IFC) in Global Trust Bank, has fallen below 5 per cent.
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IVRCL board okays private placement to Citicorp, Chryscapital
Hyderabad: The board of directors of IVRCL Infrastructures and Projects Ltd on Thursday in principle approved private placement of 80 lakh equity shares of the company at Rs 125 per share of Rs 10 each to Citicorp International Finance Corporation, CVC International and Chrys Capital II.
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Karnataka Bank awards
Mangalore: The Delhi region of the Karnataka Bank has bagged the golden trophy for "Best Region" and Ludhiana branch bagged the silver trophy for "Best Branch", instituted by the Karnataka Bank Employees' Association.
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Separate solvency margins must for insurance companies
Thiruvananthapuram: The Insurance Regulatory and Development Authority (IRDA) should have prescribed separate solvency margins for new and old insurance companies, according to Mr S. Chidambaram, Consulting Actuary.
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RBI allows banks to invest in debt funds
Mumbai: The Reserve Bank of India has said banks can continue to invest in mutual funds units, which have fully invested in non-statutory liquidity ratio (SLR) debt securities, listed or unlisted. They would, however, not be allowed to invest in mutual fund plans that invest more than 10 per cent of funds in unlisted securities from January 1, 2005.
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