The Hindu Business Line : Tuesday, December 09, 2003

Pension fund regulator to take off from New Year
THE much-awaited Pension Fund Regulatory and Development Authority (PFDRA) is scheduled to take off from January 1 next year offering defined contribution schemes to the newly-recruited Central Government staff, the Joint Secretary in the Union ... More

Eyes on pension regulator HQ — AP hopes to be `insurance capital'
THE Andhra Pradesh Government is making all out efforts to get the headquarters of the proposed Pension Regulatory and Development Authority (PRDA) in the State capital, the Chief Minister, Mr N. Chandrababu Naidu, said here on Monday. The ... More

FOREX

Rupee up 5 paise; g-secs range-bound
MUMBAI: The rupee on Monday closed five paise higher at 45.555/565 against the dollar. This is the second consecutive day of appreciation for the domestic currency, which moved up 8 paise since Thursday. The Indian currency opened the ... More

Students abroad to get NRI status
INDIAN students studying abroad will henceforth be treated as NRIs under the Foreign Exchange Management Act. A Reserve Bank of India (RBI) release said that as non-residents, students will be eligible for receiving remittances from India up to ... More

INFORMATION TECHNOLOGY

CUB plans to network 25 branches
CITY Union Bank expects to be able to network 25 of its 125 branches before the end of this year. The bank has bought the core banking software of Tata Consultancy Services, Quartz. It is the first Indian bank to use the software. The ... More

INSURANCE

Markets not mature for total deregulation: IRDA
OBSERVING that the market was full of imperfections, the Insurance Regulatory and Development Authority (IRDA) Chairman, Mr C.S. Rao, has opposed the complete deregulation of the insurance industry and favoured striking a balance between market ... More

Taking insurance to rural masses
THE Insurance Regulatory and Development Authority has initiated measures to evolve a separate regulatory framework for self-help groups (SHGs) and non-governmental organisations (NGOs) to enable them sell micro-insurance products and also create ... More

LIFE INSURANCE

MNYL in bancassurance talks with co-op banks
MNYL is in talks with about 10 banks for possible equity tie-ups. "The insurance company could pick up stake in the bank or the bank in the insurance company or both could invest in each other or set up a subsidiary as special purpose vehicle," said Mr Singh. More

CREDIT RATING

Kotak Mahindra Primus
MUMBAI: Crisil has granted `P1+' rating to the Rs 650 crore short-term debt programme of Kotak Mahindra Primus Ltd. The rating is based on the fact that the company has improved its core profitability. The rating reflects the ... More

DERIVATIVES MARKETS

BPCL completes first interest rate swap
BHARAT Petroleum Corporation Ltd on Monday completed its first interest rate swap for a loan of Rs 100 crore. Citigroup completed the interest rate derivative transaction, a news release said. The company has moved from domestic fixed interest ... More

FOREIGN BANKS

Rabo Bank arm begins operations
RABO International Advisory Services BV (RIAS), a fully-owned subsidiary of the Netherlands-based, Rabobank group, has commenced its operations in India. Rabo India Finance would now operate certain key strategic advisory offerings under the ... More

FINANCIAL INSTITUTIONS

LS passes IDBI Bill — `Govt equity not to drop below 51 pc'
THE Lok Sabha today passed the Industrial Development Bank (Transfer of Undertaking and Repeal) Bill, 2002, that would allow the corporatisation of the development financial institution and its conversion into a banking entity. The passage of ... More

NON-PERFORMING ASSETS

Central Bank asked to accept Radhakrishna Mills' offer — Not a wilfful defaulter, says Debt Recovery Tribunal
THE Debts Recovery Tribunal (DRT), Coimbatore, has directed the Central Bank of India to accept the offer of Rs 2.61 crore from Radhakrishna Mills Ltd as a one-time settlement (as per the guidelines of the RBI that enjoined upon all public sector ... More

MERGERS & ACQUISITIONS

Singapore bank `in talks' for GTB stake
DEVELOPMENT Bank of Singapore (DBS) is learnt to have been at an advanced stage of discussions with the Global Trust Bank (GTB) to pick up 49 per cent equity holding. The Singapore-based bank is also said to have initiated the process of due ... More

RIGHTS ISSUES

Cholamandalam board okays 1:2 rights issue
THE board of directors of Cholamandalam Investment and Finance Company Ltd today approved a rights issue in the ratio of 1:2. The shares will be issued at a premium of Rs 45. The shareholders of the company earlier approved an increase in ... More

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