The Hindu Business Line : Monday, November 21, 2005

`Cheque truncation to speed up banking'
THE Reserve Bank of India will introduce a pilot project on cheque truncation process from the next financial year. Addressing a gathering at the celebrations of the 100 years of Canara Bank, organised by the Mangalore Circle here on Saturday, ... More

NBFCS

`Allow NBFCs free access to ECBs'
THE non-banking financial companies (NBFCs) should be allowed to access external commercial borrowings (ECBs) freely, says the Associated Chamber of Commerce and Industry of India. The NBFCs are now allowed to access only through the `approval ... More

LIFE INSURANCE

SBI Life launches flexible ULIP
SBI Life Insurance Company has launched "Unit Plus"- a flexible unit linked insurance plan, with both regular and single premium payment options. Unit Plus can be utilised as an investment or an endowment plan, a money-back or child's plan and ... More

GENERAL INSURANCE

Two cos offer insurance cover for wheat crop
WHEAT cultivators in Punjab and Haryana now have the option of buying insurance for their crops, with two companies - ICICI Lombard and Agriculture Insurance Company - launching specialised cover. ICICI Lombard's insurance cover protects ... More

Bajaj Allianz General policy for e-consultations abroad
BAJAJ Allianz General Insurance Company Ltd has introduced a new medical insurance product branded as E-Opinion Rider. Speaking to reporters here, Mr S. Sreenivasan, Chief Financial Officer, Bajaj Allianz, said the product would cover the ... More

DEBT MARKET

Insurers lend support to bond markets
BONDS firmed last week supported by large purchases by insurance companies and in anticipation of buoyant foreign currency inflows. Falling crude prices also helped the markets. Oil prices are currently about $55 a barrel, translating into a ... More

PRIVATE BANKS

CUB facilities for recurring deposit customers
CITY Union Bank has entered into an agreement with AMP Sanmar Life Insurance Ltd to provide a term life insurance for its recurring deposit customers. The bank's Director, Mr P. Vaidyanathan, on Friday told a press conference that recurring ... More

New acting CEO for ING Vysya Bank
BANGALORE: Mr Ned Swarup, Chief Credit Officer and member of the executive committee of ING Vysya Bank, has been made its acting CEO. He succeeds Mr Bart Hellemans who has completed his term. Mr Swarup, who started with SBI also served ... More

PUBLIC SECTOR BANKS

UBI to open 100 village knowledge centres
THE Union Bank of India is opening 100 village knowledge centres (VKC) across the country to impart knowledge to farmers and rural masses about agriculture and other activities using latest technology such as Internet, said Mr Cheriyan ... More

`Core Made Easy' released by SBI Staff Assn(Kerala)
THIRUVANANTHAPURAM: The State Bank of India Officers' Association, Kerala Circle (SBIOA-KC), has brought out a book, titled, `Core Made Easy.' Mr Shantha Raju, General Secretary, All India State Bank Officers' Federation (AISBOF), released ... More

MICR cheque processing centre at Vijayawada
HYDERABAD: Mr R. Gandhi, Regional Director of Reserve Bank of India, has opened the MICR cheque processing centre in Vijayawada. Established by the State Bank of Hyderabad, the centre has the capacity to process 600 cheques a minute. The ... More

`Banks must ensure rotation of funds'
BANKS should ensure the rotation of funds and extend timely monetary assistance to customers, said the Union Minister of State for Finance, Mr S. S. Palani Manickam. He was opening the 596th branch of State Bank of India (with a core banking ... More

FIXED DEPOSITS

Canara Bank, Corporation Bank raise NRE deposit rates
CANARA Bank and Corporation Bank have hiked NRE (non-resident external rupee) term deposit rates with effect from November 18. A Canara Bank release said that one-year term rates are now 5.5 per cent, up from 5.20 per cent and three year ... More

SOCIETY & DEVELOPMENT

Corpn Bank to set up libraries in seven AP villages
CORPORATION Bank is planning to set up libraries in seven villages of the State as a part of its centenary celebrations this year, according to Mr B.R Bhat, General Manager. At a customers' meet here recently, he said the bank would set up 100 ... More

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