The Hindu Business Line : Friday, December 12, 2003

`Technology can be a cost monster if not watched'
TECHNOLOGY will give Indian banks the cutting edge in the event of globalisation but it can also turn into a cost monster if business needs are not kept in mind, senior bankers told delegates at a bankers' conference. "Exercises have to be ... More

INSURANCE

`Separate solvency margins must for insurance cos'
THE Insurance Regulatory and Development Authority (IRDA) should have prescribed separate solvency margins for new and old insurance companies, according to Mr S. Chidambaram, Consulting Actuary. Speaking at a seminar on `LIC's solvency ... More

LIFE INSURANCE

Singareni Collieries ties up with LIC for group gratuity
THE State-owned Singareni Collieries Company Ltd in collaboration with Life Insurance Corporation of India has launched a unique group insurance assurance scheme to settle the gratuity claims of Collieries. As a first instalment, a cheque of Rs ... More

RBI & OTHER CENTRAL BANKS

RBI allows banks to invest in debt funds
THE Reserve Bank of India has said banks can continue to invest in mutual funds units, which have fully invested in non-statutory liquidity ratio (SLR) debt securities, listed or unlisted. They would, however, not be allowed to invest in mutual ... More

PRIVATE BANKS

IFC holding in GTB falls below 5 pc
HYDERABAD: The equity holding of the International Finance Corporation (IFC) in Global Trust Bank (GTB), has fallen below 5 per cent. In a communiqué to stock exchanges on Thursday, GTB said IFC has sold 43,75,023 equity shares of the ... More

PUBLIC SECTOR BANKS

Union Bank takes lead, fixes PLR at 10.75 pc
UNION Bank of India has taken the lead among its peer banks in adopting a new benchmark PLR, which has been fixed at 10.75 per cent. Speaking on the sidelines of the Bank Economists Conference - 2003 here today, Mr V. Leeladhar, Chairman and ... More

SBI launches MF schemes for NRIs
SBI Mutual Fund has announced the launch of an investment scheme targeted at NRIs. The scheme, named Magnum NRI Investment Fund, will be open from December 15 to January 13 at a par value of Rs 10, according to a company release. This ... More

CREDIT MARKET

ALEAP to sign pact with Andhra Bank, CGTSI
THE Association of Lady Entrepreneurs of Andhra Pradesh (ALEAP) will sign a memorandum of understanding with Andhra Bank and Credit Guarantee Fund Trust for Small Industries (CGTSI) to launch Mutual Credit Guarantee Fund Scheme. The scheme ... More

SECURITISATION

Kotak Mahindra ARC finds business brisk
THE asset reconstruction division of Kotak Mahindra Bank has bought shaky loans "worth about Rs 400-500 crore" in the three months of its existence, the bank's Executive Vice-Chairman and Managing Director, Mr Uday S. Kotak, told journalists here ... More

MERGERS & ACQUISITIONS

`Bank takeover laws not clear'
THE Reserve Bank of India has expressed its discomfort over opaque laws governing takeover of banks. One major area of concern, according to the RBI Governor, Dr Y.V. Reddy, is the amalgamation of NBFCs with banks. In this case, the law does ... More

Ashok Leyland Fin forms panel on IndusInd merger
ASHOK Leyland Finance has appointed a committee consisting of some of its directors to look into the modalities of the proposed merger with IndusInd Bank. The committee is expected to appoint a valuer in about 15 days, senior company sources ... More

EVENTS

Consolidation in banks must to face global challenge: Purwar
INDIA should have 6-7 large banks to look to the outside world with a focused approach. These banks need plenty of internal resilience to face the global challenge, said Mr A.K. Purwar, Chairman, State Bank of India. "Consolidation among ... More

Complexity in banks' operations — `Focus needed on risk analysis, management and control systems'
Risk becomes too complex and volatile an issue to be adequately covered by a simple set of prescriptive rules, Ms Shyamala Gopinath, Executive Director, RBI, said. More

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