The Hindu Business Line : Tuesday, February 26, 2002

Re hits new low in volatile trade
THE rupee closed weak at a new all-time low ending at 48.79/8050 per dollar, around 3 paise lower as compared to Friday's close at 48.7750 in a volatile forex market today. After opening the day with a wide quote at 48.78/80, the currency ... More

`European integration a beginning'
THE economic and monetary union of Europe is by no means a process at its end as "it is a continuous and evolving process which by its own dynamics aims at more and more integration," according to Mr Pierre Achard, economist and financial expert ... More

HOUSING FINANCE

Hudco to start floating interest rate loans
HOUSING & Urban Development Corp Ltd (Hudco) will soon start offering a floating interest rate for housing loans in the retail sector, its Chairman and Managing Director, Mr V. Suresh, said. Until now, Hudco was offering only fixed interest ... More

HDFC hopeful of doubling business in Gulf
THE Housing Development Finance Corporation (HDFC) is looking at doubling its business in the Gulf this year in view of the growth potential offered by its expanding NRI customer base in the Gulf states, said Mr Deepak Parekh, Chairman, ... More

Syndicate cuts home loan rates
BANGALORE: Syndicate Bank has dropped the interest rate on its housing loans to 11.25 per cent for loans below Rs 10 lakh. A bank release said that for loans above Rs 10 lakh, the interest would be 11.75 per cent. In addition, the bank ... More

LIFE INSURANCE

ICICI Pru Life to expand equity
ICICI Prudential Life Insurance Company Ltd, the 74:26 joint venture between ICICI and the UK-based Prudential Plc, proposes to expand its equity base from the current level of Rs 150 crore. Launching a new life product, ICICI Pru Smart Kid, here ... More

Farmer group set to take SBI Life cover
NEARLY 200 sugarcane farmers near Pune will have their life insured for a minimum sum of Rs 50,000 by next week, thanks to a group insurance cover being offered by SBI Life Insurance Company. The group cover — the first to be launched by ... More

GENERAL INSURANCE

M&M Fin keen to enter insurance marketing
MAHINDRA and Mahindra Financial Services Ltd (MMFSL), the finance subsidiary of utility vehicles and tractors major Mahindra and Mahindra Ltd, plans to get into insurance distribution shortly. "We have initiated a dialogue with leading private ... More

PRIVATE BANKS

15 banks sign up for co debt system
FIFTEEN private sector banks on Monday joined the Corporate Debt Restructuring (CDR) system put in place by public sector banks and financial institutions as per the RBI's advice. However, none of the foreign banks that participated in a ... More

ICICI Bank unveils MF `sweep' facility
ICICI Bank has launched `Mutual Fund Sweep Account' for its current account holders. According to a bank release, customers can park surplus funds in their current accounts in high-liquidity mutual funds through an automatic sweep facility. ... More

Corpn Bank sees strategic tie-ups driving growth
CORPORATION Bank hopes to become a `financial super shop' and offer a range of financial services and products as a result of its "strategic alliances" with Life Insurance Corporation, New India Assurance and LIC Mutual Fund. The bank expects ... More

Charminar Bank Chairman `attempts suicide'
THE Chairman of the Hyderabad-based Charminar Bank, Mr Syed Alamdar Hussain Sajjad Aga, allegedly shot himself with a revolver in the early hours of Monday, ringing panic bells for lakhs of depositors of urban co-operative banks. Mr Aga, who ... More

ASSET MANAGEMENT COMPANIES

Taib Bank to set up AMC
BANGALORE: Global investment major Taib Bank plans to set up an asset management company in India by June-end, the Vice-Chairman and Chief Executive Officer, Mr Iqbal G. Mamdani, said. The bank may either bring in fresh capital to set ... More

GOVT BONDS

Securities decline
MUMBAI: SECURITIES prices fell by around 60-70 paise over opening levels as markets reacted to the negative sentiment generated by the outcome in the UP elections. Prices, later rallied by 30-40 paise but closed lower than opening levels. Said ... More

NON-PERFORMING ASSETS

Kolkata DRT sets `unique' record
EARLY this month, the Debt Recovery Tribunal Number Two (DRT II) in the city settled 24 cases, all suit-filed accounts of United Bank of India (UBI), in one day. The total suit claim amount of these cases was about Rs 5 crore. The bank's total ... More

CO-OPERATIVES

AP co-op bank drafts settlement scheme
EVEN as the cooperative banking sector reels under a crisis of confidence with over half-a-dozen big names collapsing in the last few months, the Andhra Pradesh State Cooperative Bank (APCOB) has formulated a one-time settlement scheme (OTS) for ... More

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