MONEY & BANKING
FINANCIAL SERVICES
Bajaj Capital forms broking arm
BAJAJ Capital Ltd, a financial planning company, has kicked off its insurance broking operations by floating a separate entity called Bajaj Capital Insurance Broking Ltd. The new insurance broking company has already received the licence from ...
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PENSION PLANS
Record-keeping body for pensions to be set up soon
THE setting up of the Central Record-keeping Agency for the pension sector is entering its final stages with a host of players evincing interest in taking up the job. Leading contenders for the job include NSDL, CDSL, UTI Investor Service and ...
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INSIGHT
Forex reserves: After hundred, back to square one?
Moving from debt- to non-debt-creating inflows does not unambiguously signal a change for the better. The latter create liabilities that are hard to quantify and even harder to anticipate and provide for. Large inflows cannot be welcomed blindly with out the FII's track record being examined closely.
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FOREX
Norms eased for external commercial borrowings
IN continuation of the pre-poll `mini Budget' package, as announced by the Finance Minister, Mr Jaswant Singh, last week, the Government on Monday overhauled the policy guidelines governing external commercial borrowings (ECBs) to render it more ...
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Rupee tad firmer; gilts listless
MUMBAI: THE rupee closed on Monday at 45.4050/4100, two paise up from Friday's close of 45.42/43 against the dollar. The domestic currency opened lower at 45.44/45 but rose contrary to the international scene of the greenback gaining ...
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Changes in ECB guidelines `a step towards full convertibility'
THE recent amendments to the external commercial borrowings guidelines are largely in the direction of liberalisation and should augur well for corporates seeking overseas funds, industry representatives said. "These changes are a step in the ...
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INFORMATION TECHNOLOGY
Doorstep delivery
Competition seems to have prompted major banks to set up ATMs at the doorsteps of major industrial establishments and government offices, such as the one before the BSNL head office in Kochi. ...
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FINANCIAL PERFORMANCE
Union Bank posts small rise in Q3 net; to pay 20 pc interim
UNION Bank of India has recorded a 4.49 per cent increase in net profit for the third quarter ended December 2003 at Rs 150.04 crore as against Rs 143.58 crore in the corresponding previous period. The bank's board has approved a 20 per cent ...
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Federal Bank net rises 37 pc in nine months
THE Aluva-based Federal Bank has recorded a growth of 37 per cent in net profit to Rs 113.30 crore (Rs 82.46 crore) during the first nine months of the current fiscal. The bank had been on a high growth trajectory since 2000. The financial ...
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LIFE INSURANCE
Modernised LIC branch to be opened at Kaloor
AS part of its modernisation drive, the Ernakulam division of the Life Insurance Corporation of India is opening a modernised branch at Kaloor on Tuesday with hi-tech features to render top class facilities to the customers. It is the second ...
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GENERAL INSURANCE
Product liability cover offered to auto parts sector
AUTO majors such as Ford and General Motors which insist on product liability insurance from Indian component makers, will now be able to outsource more work to them. This has been made possible with domestic insurance companies offering such ...
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PRIVATE BANKS
UTI Bank may raise Rs 50 cr
UTI Bank Ltd is to consider raising Rs 50 crore Tier II capital through the private placement route. The bank on Monday informed BSE that the meeting of the board of directors to be held on January 20, 2004, is expected to consider among other ...
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Centurion package gets RBI nod
CENTURION Bank Ltd today informed the exchanges that the Reserve Bank of India on January 19 accorded its approval to the scheme of arrangement between the Bank Muscat (SAOG), Centurion Bank and the shareholders of the bank. This includes the ...
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PUBLIC SECTOR BANKS
Indian Bank plans to expand Tier II capital by Rs 300 cr
INDIAN Bank has proposed to raise Tier II capital to the extent of Rs 200 crore -Rs 300 crore during the current fiscal. The bank, now owned entirely by the government, is also eyeing an equity issue in 2005 to carry out an expansion ...
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Highest safety rating for Canara Bank bonds
ICRA has assigned the `LAAA' (L triple A) rating to Canara Bank's proposed Rs 250-crore subordinated bonds programme while reaffirming the same rating to the bank's existing Rs 500-crore subordinate bonds programme. The ratings, indicating the ...
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Andhra Bank board meet
Award for Indian Bank
Andhra Bank loans to SHGs
FINANCIAL INSTITUTIONS
$50-m Exim Bank credit line to Sudan
EXPORT-Import Bank of India (Exim Bank) has extended a $50-million line of credit to Sudan. The credit line is meant to support India's export of equipment, goods and services to the African nation, said a release from Exim Bank. An ...
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CREDIT MARKET
Collateral-free loans: Small units out of banks' loop
IT is now three full years since the Credit Guarantee Scheme was launched to enable banks lend to small-scale units without making them pledge their assets for the loans. But statistics show that the scheme has been ineffective. Till January ...
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Banks may be allowed to offer lines of credit
THE Government of India is thinking of routing external lines of credit — funds that provide credit to importers abroad who buy Indian products and services — through commercial banks. Till now, such lines of credit have been routed ...
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SHORT TERM INSTRUMENTS
Corporates shy away from CPs, bonds
CORPORATE appetite for raising money through instruments other than regular bank loans seems to be on the wane. Raising money through commercial paper (CP) - an instrument that can be used only by top-rated corporates - and bonds was quite ...
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Cross Currency Rates
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