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Tuesday, March 26, 2002

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NBFCS


Setback to SEBs' plans to retire high-cost funds -- PFC, REC say no to prepayment of loans
THE State Governments' attempts to reduce the debt burden of their respective power utilities have run into trouble, with the Power Finance Corporation (PFC), the Rural Electrification Corporation (REC) and the financial institutions (FI) ... More

Cholamandalam board recast
CHOLAMANDALAM Investment & Finance Company Ltd has informed the Bombay Stock Exchange that the board of directors has approved the following changes in the constitution of the board. Mr A. Vellayan has been appointed as the Additional ... More

LIFE INSURANCE


AMP Sanmar Assurance lines up new life products
AMP Sanmar Assurance Company, the life insurance joint venture between AMP of Australia and Sanmar group of Chennai, which kicked off its operations recently with the launch of five life products, has lined up a couple of new life products for ... More

FINANCIAL POLICY


Proposal to merge banking, insurance ombudsman schemes
IN an interesting move in the financial sector, the Finance Ministry is considering a proposal to consolidate the Ombudsman schemes of the banking and insurance sectors into an umbrella scheme. Couple of rounds of high-level discussions for the ... More

PUBLIC SECTOR BANKS


Canara Bank falls short of retail lending target
CANARA Bank had set itself a target of Rs 2,700 crore for the current year, for retail lending. However, it is likely to end the year with not more than Rs 1,250 crore, according to sources. However, undeterred by this slip-up, the bank has ... More

INTEREST RATES


Union Bank cuts lending rate
BANKS have started cutting lending rates at last. Close on the heels of Central Bank of India taking the lead in announcing a cut in lending and deposit rates last week, Union Bank of India on Monday lowered its prime lending rate (PLR) and ... More

TRADE & LABOUR UNIONS


Indian Bank staff sign pact with management
THE Employees Unions and the Officers Associations of Indian Bank signed an agreement with the management on March 9, extending `total support' and commitment for implementing monitorable reform measures. The agreement is pursuant to the ... More

Kerala Bank staff to strike work
THIRUVANANTHAPURAM: The All-Kerala Bank Employees Federation has alleged that the Andhra Bank management has been resorting to indiscriminate retrenchment of staff in the name of cost-cutting. This allegation comes in the backdrop of the ... More

EVENTS


Selling insurance -- IRDA in talks with IIB to train bank staff
THE Insurance Regulatory and Development Authority (IRDA) is in talks with the Indian Institute of Bankers, to see if it is possible to get the Institute to train bank employees in insurance selling. Mentioning this at a seminar on ... More
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