The Hindu Business Line : Saturday, September 06, 2003

Rupee gains 5 paise — Securities decline
MUMBAI: The rupee ended stronger on Friday at 45.87/88, gaining 5 paise over Thursday's closing of 45.93. After opening at 45.91/9150, the domestic currency slipped to an intra-day low of 45.94, dealers said. "A large private ... More

No more FERA hangovers: Jalan
THE rupee should become as good a currency as the dollar or the yen and India should be the strongest in external sector, was the parting shot from the Reserve Bank Governor, Dr Bimal Jalan. Dr Jalan who will demit from his office on September ... More

NBFCS

StanChart's plan for 100% NBFC gets clearance
THE Government has allowed Standard Chartered Bank to set up a 100 per cent wholly owned non-banking financial company (NBFC) in the country. Standard Chartered's Rs 250-crore foreign direct investment (FDI) proposal was among the 11 cleared by ... More

LIFE INSURANCE

MetLife plans group insurance cover
METLIFE India Insurance Company Ltd plans to launch its group insurance and pension products within the next few weeks. Briefing reporters here today, the Managing Director of MetLife India Insurance, Mr Venkatesh Mysore, said the company ... More

IRDA revises norms on profit sharing for group cover
AIMED at significantly minimising the risks of corporate houses going in for group term assurance covering the lives of their employees and at the same time ensuring that the life insurance providers do not suffer losses, the Insurance Regulatory ... More

GENERAL INSURANCE

National Insurance hopes to reach top slot by this fiscal
NATIONAL Insurance Co Ltd (NIC) hopes to become the nation's number one general insurance company by the end of the current financial year, according to its Chairman and Managing Director, Mr H.S. Wadhwa. Addressing a press conference here, he ... More

Bajaj Allianz, Pan Insurance unveil `Gururaksha'
BAJAJ Allianz General Insurance and Pan Insurance Brokerage have launched a co-branded insurance package for teachers called `Gururaksha'. The package is designed for teachers, lecturers, readers, professors and trainers of all kinds including ... More

CREDIT RATING

`AAA (SO)' for ICICI Bank ST loan receivables
CRISIL has assigned `AAA(SO)' rating to the Rs 244.8- crore pass through certificates issued under the securitisation of sales tax loans receivables of ICICI Bank. The securitised receivables are sales tax dues to the Government of Maharashtra ... More

RBI & OTHER CENTRAL BANKS

Will Reddy make the Ministry walk the talk?
AT a recent farewell lunch to the media, Dr Bimal Jalan, Governor, RBI, admitted to "RBI autonomy by convention" particularly in the conduct of monetary policy and added the RBI did not face any problem with the Finance Ministry. On the ... More

PRIVATE BANKS

Federal Bank takes ATMs to villages
FEDERAL Bank expects its successful business model of fanning out into rural Kerala heartland with ATMs will find ready takers among peer banks. Speaking to Business Line, Mr K.P. Padmakumar, Chairman, said the rural-urban divide in the ... More

PUBLIC SECTOR BANKS

Banks seek transfer of Plan resources to States
PUBLIC sector banks have sought assignment of Central transfer of Plan resources to States as a pre-condition for extending debt support to utilities and other state-owned public sector enterprises. This move comes close on the heels of a ... More

INTEREST RATES

`PLR benchmarking by month-end'
THE benchmarking of PLR (prime lending rate), as suggested by Reserve Bank of India to various banks to ensure greater transparency in the determination of interest rates, will be in place during current month itself, according to Mr K.K. Rai, ... More

SECURITISATION

Govt. not for major changes in Securitisation Act: D.C.Gupta
THE Government is not in favour of any major changes in the Securitisation Act, the Finance Secretary, Mr D.C. Gupta said on Friday. While there was no plan "at this moment" to dilute the provisions of the Act, which facilitates banks and ... More

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