INSIGHT
RBI paving the way for PSBs' shake-out
THE Reserve Bank of India has facilitated the entry of Indian corporates into owning private banks. Corporates and investors have been placed on par with foreign outfits, which have the freedom to own 74 per cent or even 100 per cent in extant ... More

FOREX
Rupee gains; gilts down
MUMBAI: The rupee ended on Friday at 45.29/30 against the dollar, a tad up from Thursday's close of 45.3050/3100. The domestic currency has strengthened even as the dollar has gained steam against international currencies. The rupee ... More

STOCKS
SBI top pick for mutual funds
THE mutual fund industry has invested more than Rs 3,000 crore in one scrip - State Bank of India. Banking sector funds have more than 25 per cent of their entire portfolio invested in this scrip, while diversified equity funds have exposures ... More

FINANCIAL PERFORMANCE
SBI net rises 16.8 pc in Q3
LOWER cost of funds and diversification of loan portfolios have enabled State Bank of India to report a 16.8 per cent growth in net profit at Rs 919.44 crore for the third quarter ended December 31, 2003, as compared to a net profit of Rs 787.05 ... More

Oriental Bank net at Rs 457 cr
ORIENTAL Bank of Commerce (OBC) has declared a net profit of Rs 457 crore for the nine-month ended December 31, 2003, a 36-per cent increase over Rs 337 crore recorded during the same period in the previous year. The gross profit stood at Rs ... More

IDBI net rises 17 pc
INDUSTRIAL Development Bank of India (IDBI), undergoing conversion into a commercial bank, has posted a 17-per cent increase in net profit for the third quarter ended December 31, 2003 at Rs 47 crore, up from Rs 40 crore in the corresponding ... More

Karnataka Bank nine-month net rises 17 per cent
KARNATAKA Bank Ltd has registered a growth of 16.69 per cent in its net profit for the nine-month period ending December 31, to touch Rs 105.62 crore, according to a bank release here on Friday. The net profit stood at Rs 90.51 crore for the ... More

Sundaram Finance Q3 net at Rs 13 cr
SUNDARAM Finance Ltd has reported a net profit of Rs 13.24 crore on an income of Rs 91.66 crore for the quarter ended December 31, 2003, compared with a net profit of Rs 10.67 crore on an income of Rs 85.48 crore for the same period last year. ... More

PNB net climbs 37 pc in Q3
PUNJAB National Bank (PNB) has recorded a net profit of Rs 259.80 crore for the quarter ended December 2003, an increase of 37.3 per cent over Rs 189.25 crore in the corresponding quarter in the previous year. During this quarter, the bank ... More

BoB net up 21 pc; to pay 30% interim
BANK of Baroda has recorded a 20.66 per cent jump in net profit for the third quarter ended December 31, at Rs 306.95 crore as compared to Rs 254.38 crore in the corresponding period of the previous year. The bank's board has declared an ... More

Srei International Fin PAT rises 21 pc in Q3
SREI International Finance Ltd (Srei), for the quarter ended December 31, 2003, has recorded a 21 per cent increase in its profit after tax at Rs 4.09 crore (Rs 3.37 crore). The company has registered a growth of 34 per cent in PAT for the ... More

Dhanalakshmi Bank net up
THE net profit of the Thrissur-based Dhanalakshmi Bank has grown by 17 per cent to Rs 13.21 crore (Rs 11.28 crore) during the first nine months of the current financial year. The total business volume of the bank also grew 17.68 per cent and ... More

IFCI losses mount in Q3
IFCI Ltd has recorded losses of Rs 1,114.64 crore for the third quarter ended December 2003, compared to a net loss of Rs 95.11 crore during the same period in the previous year. The massive increase in losses has been on account of the heavy ... More

NBFCS
Cholamandalam NCD issue
CHENNAI: Cholamandalam Investment and Finance Co Ltd has informed the stock exchanges that it plans to issue short-term non-convertible debentures of up to Rs 200 crore on a private placement basis to mutual funds, institutions and banks. ... More

GENERAL INSURANCE
`Third party motor claims as high as 300 pc'
MR H.S. Wadhwa, Chairman of the National Insurance Corporation Ltd and Mr C.S. Rao, Chairman of Insurance Regulatory & Development Authority (IRDA), locked hornson the controversial issue of third party motor insurance. Mr Wadhwa, who is also ... More

PSU insurers may reject some VRS applications
"If the exit of some personnel is injurious to the organisation, we have the option of rejecting them." More

HUMAN RESOURCES
Syndicate Sabbatical from February 1
THE two-to-four year `sabbatical' being offered to the staff of Syndicate Bank would be implemented from February 1, according to Mr Michael Bastian, Chairman and Managing Director. Explaining the circumstances leading to structuring of the ... More

PRIVATE BANKS
UTI Bank upbeat on meeting targets
UTI Bank hoped to achieve all its business targets for the current fiscal and its net NPAs would be substantially lower than in last year, Mr S. Chatterjee, Executive Director, UTI Bank, has said. He was speaking on the sidelines of the ... More

PUBLIC SECTOR BANKS

CREDIT MARKET
Banks awarded for SHG lending in AP
COMMERCIAL banks in Andhra Pradesh are competing with one another in lending to self-help groups (SHGs) run by women, as the recovery rate is high at 95 per cent, according to Mr M. Najumuddin, Assistant General Manager of Indian Bank, ... More

CREDIT CARDS & DEBIT CARDS
T.S. Mahalingam to distribute Citibank cards
IN the 60-odd years that it has been in business, T.S. Mahalingam & Sons, the Chennai-based used car dealer, has built up a database of about 80,000 customers. And, it is this database that the family-owned firm plans to tap as it embarks on yet More

SECURITISATION
Dewan Housing plans Rs 62-crore securitisation issue
BUOYED by the growth in business volumes and profits in the housing finance sector, Dewan Housing Finance Corporation Ltd (DHFL) is planning to raise funds from the capital markets in the form of debt securities to meet the growing ... More

MERGERS & ACQUISITIONS
IFCI merger with PNB gets board approval
YET another development financial institution (DFI) is set to fade away from the financial horizon with the approval being granted for Punjab National Bank's (PNB) acquisition of the country's oldest term-lending institution, IFCI Ltd. The move ... More

ALLIANCES & JOINT VENTURES
UTI Bank, Geojit tie up for trading platform in Qatar
GEOJIT Securities has tied up with Doha Bank and would provide a safe and seamless trading platform for the 2.5 lakh NRIs in Qatar to trade in Indian capital markets from the end of February 2004. UTI Bank would be the Indian banking partner ... More

NEW PRODUCTS & SERVICES
SBT launches new personal loan scheme
STATE Bank of Travancore (SBT) has launched a new personal loan scheme for the employees of institutions and companies. Under the scheme, namely Akshaya, rated institutions and companies such as universities, Maruti Udyog Ltd, Kochi Refineries, ... More