RBI warns on 'evergreening'
Mumbai: The Reserve Bank of India (RBI) has issued a stern warning to public sector banks against any attempt to 'evergreen' their balance sheets for 2003-04.

According to banking sources, the central bank has said that it is keeping a close tab on such activities, and any bank resorting to 'evergreening' would be taken to task.
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Bajaj Allianz will SMS for motor claims alerts
Mumbai: Bajaj Allianz General Insurance intends to use SMS for conveying the status of motor claims. Bajaj Allianz is the first general insurer to launch this facility, whereby SMS is linked to the claims module, enabling the company to update the customer on the status of the claim during the entire period. Bajaj Allianz proposes to roll out the SMS facility for other products shortly.

Bajaj Allianz has developed the software in-house and has integrated the same with the main policy transaction software.Bajaj Allianz has settled claims worth Rs208 crore since inception and has made payments for claims over Rs100 crore in the current fiscal, which the company claims to be the highest payout in the private general insurance sector.
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Bank of India to appeal against $82 million claim
Mumbai: Bank of India (BoI) has decided to appeal against the London High Court's judgement asking it to pay $82 million in compensation to the official liquidator for its 'fraudulent' transactions with the collapsed Bank of Credit and Commerce International (BCCI).The judge awarded damages of $43.2 million to Deloitte (the liquidator), which, along with an interest of $ 39 million works out to a little over $82 million.

The judge said Bank of India's London-based manager, K L Samant, knew that BCCI's deposits with the bank were being used to defraud BCCI creditors and that the bank must bear responsibility for the manager's actions.BCCI collapsed in 1991, owing $16 billion in the world's biggest banking fraud. The liquidator is currently pursuing a separate lawsuit of nearly $1.8 billion against the Bank of England, the UK central bank, over its regulatory role in the collapse.
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