Financial Daily
from THE HINDU group of publications

Thursday, October 19, 2000




Banking & Finance

Banking and Finance
SBI insurance arm to have Rs 500-cr start-up capital
STATE Bank of India (SBI) would start its life insurance subsidiary with a capital base of Rs 500 crore, against the minimum Rs 100 crore prescribed under the insurance laws, the SBI Chairman, Mr G. G. Vaidya, has said.

RBI remedy for gridlock found usurious
WHAT would you think of someone who charges you a day's interest for lending you funds for just five minutes? Does it sound Shylockian? If the fund facility is being offered merely to tackle a gridlock which can easily be sorted out by means of a book ad justment, would you not think of the lender as an extortionist? This is how a couple of primary dealers feel about what the central bank has done recently.

Yield curve at long end seen steady
THE yields at the long-end of the gilt yield curve are not expected to show a substantial decline till the end of the quarter. Nor are they expected to inch up, says ICICI Securities (I-Sec) in its fortnightly debt market update.

SBI projects Rs 8,000-cr capital need in 4 years -- Fresh equity issue ruled out
STATE Bank of India (SBI) would require an additional Rs 7,000-8,000 crore capital during the next four years to maintain a capital adequacy ratio of over 12 per cent, the SBI Chairman, Mr G.G. Vaidya, has said.

SBI circle expects IMD collections of $15 m
THE State Bank of India (SBI), Bengal Circle, hopes to collect about $15 million from NRIs under the India Millennium Deposit (IMD) scheme. The circle mobilised almost the same amount from the region under the Resurgent India Bond scheme launched in Sept ember 1998.

Financial Performance
UTI Bank Q2 net up 158 pc at Rs 19.08 cr
MUMBAI: UTI Bank has reported a 158 per cent jump in its net profit for the second quarter ended September 30, 2000, to Rs 19.08 crores from Rs 7.39 crores in the corresponding period in the previous year.

HDFC Bank Q2 net spurts to Rs 49 cr
HDFC Bank Ltd has recorded a 75.6 increase in net profit at Rs 49.17 crore for the second quarter ended September 2000 over Rs 28 crore for the quarter ended September 1999.

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