IFCI merger with PNB gets board nod
New Delhi: Approval has been granted for Punjab National Bank's (PNB) buyout of India's oldest term-lending institution, IFCI Ltd. The move towards the merger has been given in-principle clearance by the board of directors of both PNB and IFCI at meetings held in Mumbai and New Delhi, respectively.

The merger moves has been catalysed by the ministry of finance that was keen to end the troubles of the ailing IFCI that had been making repeated sorties to the government for assistance. Finance Minister Jaswant Singh has recently said that IFCI will be merged with a public sector bank by 1 April 2004.
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SBI net profit increases 16% in Q3
Mumbai: State Bank of India (SBI) has reported a net profit of Rs 919.44 crore for the third quarter ended 31 December 2003. This shows a rise of 16 per cent over the corresponding quarter last year.

The bank however, recorded a fall of 5.6 per cent in its total income to Rs 8,559.34 crore during the quarter largely on account of the 17.59 per cent fall in other income and a 3.47 per cent decrease in interest earnings.
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IRDA likely to up ceiling on investment in mutual funds
Kolkata: The Insurance Regulatory and Development Authority (IRDA), which has recently allowed insurance companies to invest their temporary surplus funds in derivatives-linked mutual funds to the extent to 50 per cent, is likely to review the cap and consider raising it after some time.

The authority has also decided against allowing them to invest in equity linked mutual funds.
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