The Hindu Business Line : Friday, April 25, 2003

Shrachi Securities gets Dutch credit
SHRACHI Securities Ltd has secured lines of credit from two Dutch financial institutions, FMO and Triodos Bank. The Kolkata-based financial services company proposes to use the overseas credit facilities to shore up its fund base. FMO ... More

PENSION PLANS

IRDA chief opposes regulator for pensions
THE Chairman of Insurance Regulatory and Development Authority (IRDA), Mr N. Rangachary, has strongly opposed the Government's move to create a separate regulatory body for pensions. He said that such a move could prove counterproductive to ... More

COURTS/LEGAL ISSUES

Andhra Bank gets nod for merger
HYDERABAD: Andhra Bank, the Hyderabad-based premier public sector bank, has received approvals from the Andhra Pradesh High Court to merge with itself Andhra Bank Housing Finance Ltd (ABHFL). In a communiqué to stock exchanges, the bank ... More

FOREX

Rupee steady; bonds volatile
Mumbai: THE rupee ended steady at 47.34 against the dollar on Thursday almost unchanged from its previous closing levels at 47.3425/3475. Dealers contend the market was flat after the rupee opened at 47.33 levels, with hardly any movement ... More

GENERAL INSURANCE

Truckers to gain under free tariff regime: Panel
THIS is one question that would continue to trouble truckers who are back behind the steering wheels after a 10-day interregnum. If the motor insurance experience were painful with insurance companies overcharging despite specified rates, what ... More

DERIVATIVES MARKETS

RBI allows hedging interest rate risks
THE Reserve Bank of India has allowed commercial banks, primary dealers and all India financial institutions to trade in interest rate derivatives in a phased manner. The Securities and Exchange Board of India has already given its go ahead to ... More

PUBLIC SECTOR BANKS

Single window at State Bank of Bikaner & Jaipur
FOR the first time in the Eastern region, State Bank of Bikaner & Jaipur, an associate bank of State Bank of India, has launched the single window system at its Vivekananda Road branch here. Under the system, customers will not be required to ... More

FOREIGN BANKS

Bengal banks to strike today on StanChart issue
NORMAL banking operation in over 3,300 branches in West Bengal is likely to be affected on Friday as the Bengal Provincial Bank Employees Association (BPBEA), an affiliate of All India Bank Employees Association (AIBEA), has given a call for ... More

StanChart eyes distressed assets
STANDARD Chartered Bank, the largest foreign bank in the country, is keen to buy distressed assets to turnaround, sell or to add to its own asset book. "We would like to purchase it at written-down value, try and revive it and sell it at a ... More

MERGERS & ACQUISITIONS

Sabre will retain Centurion name & staff
SABRE Capital Group, which is taking over the management of Centurion Bank, has no plans to retrench any staff. On the other hand, the bank will be recruiting more people. The name of the bank will be retained. Mr Rajiv Maliwal, Managing ... More

REGULATORY BODIES & RULINGS

IRDA allays fears on insurers' credibility
IN the wake of the collapse of cooperative banks and the recent brief run on ICICI Bank, the public seems to have become wary of the private insurance players too. According to the IRDA Chairman, Mr N. Rangachary, the regulator "has been ... More

CO-OPERATIVES

AP co-op bank victims up in arms
HUNDREDS of victims of several `crisis ridden' co-operative banks in Andhra Pradesh have threatened to take legal recourse against the State Government, Reserve Bank of India (RBI) and Registrar of Co-operative Societies (RoC) if they failed to ... More

TRENDS

Banks wary of ECB prepayment loans
Banks already have large direct exposures to FIs through subscription of bonds and provision of support in the form of credit lines. Consequently, refinancing ECBs supported by guarantees would mean an increase in their respective exposures, sources said. Moreover, bankers said, they had already reached some of the group exposure limits and were not prepared to breach them. More

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