ABN Amro looks at 30 percent growth
Mumbai: ABN Amro Bank is looking at a growth of 30 percent in net profit and assets in financial year 2005. With a book size of Rs10,000 crore, the bank disbursed loans worth Rs6,500 crore in FY 2003-2004 and expects loans to grow by 30 per cent in the current fiscal. In the last fiscal year, the banks retail business grew faster than the wholesale business.

Its net non-performing asset (NPA) dipped to 0.5 per cent as on March 2004 against 1.8 per cent in the previous year and the bank has received eight new branch licences from the Reserve Bank of India (RBI) and, by March 2005, it plans to increase its branch network to 24.
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World Bank recommends reducing fiscal deficit to let economy grow
New Delhi: The World Bank has said that the Indian economy will grow only at six per cent over the next five years as against the target of seven to eight per cent unless the government reins in fiscal deficit and raises investment to improve the physical and social infrastructure in rural areas.

The World Bank has said in all likelihood India will continue to grow at six per cent over the next five years and though there is an in-built dynamism in services sector the key to India's growth lies in rural areas.

The World Bank said the other challenge is the fiscal deficit and the Central Government has to come up with innovative ideas for reallocating expenditure of not only the Centre but the States as well.
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Amalgamation of RRBs demanded
Hyderabad: The All-India Regional Rural Bank (RRB) Employees' Association has urged the government to approve the recommendations of the Bankers Committee and amalgamate the RRBs to form six zonal rural banks in the country.

Addressing newspersons here, the Association Secretary, S. Venkateswar Reddy, said the Bankers Committee, comprising the Chiefs of commercial banks, representatives of RBI, Nabard and Central and State Governments, had submitted its report to the Government on May 1.
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Rupee up 2 paise
Mumbai: The rupee closed two paise higher on Tuesday at 45.02/03 against the dollar, up from Monday's close of 45.0425/05.
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Birla Sun Life launches Credit Guard plan
Mumbai: Birla Sun Life yesterday launched Credit Guard plan to capitalise on the growing retail-lending sector and the need to hedge risk factor of all parties involved including the lender and the borrower.

Peter Akers, coo, Birla Sun Life Insurance, said, "Credit Guard plan will help a leading institution manage the risk of lending, by insuring the borrower's life. It will eliminate the risk of the loan turning into non-performing asset on event of the death of the borrower.''
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