Financial Daily from THE HINDU group of publications
Tuesday, September 03, 2002
Forex Rates Sept. 2 (4.30 p.m. IST)
1 PoundRs 75.00
1 EuroRs 47.56
1 USDRs 48.43
100 YenRs 40.94
1 Sing $Rs 27.67

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MONEY & BANKING

FOREX


Re strengthens; gilts rise
MUMBAI: THE rupee closed on Monday at 48.4750/48 against the dollar as compared to its previous close of 48.4950/5000 in the forex market. Accumulated dollar supplies came into the market. To add to the good supply, there was all round selling on ... More

SOFTWARE


IBM Global, i-flex bag banking project
IBM Global Services, the services arm of IBM India Ltd, will implement the centralised banking solution in Bharat Overseas Bank (BOB) Ltd. IBM Global will partner with i-flex Solutions Ltd to implement their core banking solutions, Flexcube, ... More

HOUSING FINANCE


SBI to focus on Kerala home loan segment
STATE Bank of India (SBI) is concentrating on the home loan market of Kerala, having slashed its interest rates to one of the lowest in the country. In addition, the bank is also offering a festive bonanza, including special concessions to all ... More

LIFE INSURANCE


LIC scheme for Corp Bank a/c holders
LIFE Insurance Corporation of India (LIC) has finalised a scheme, `Corp Jeevan Raksha', to provide group insurance coverage to all deposit holders of the Corporation Bank. This scheme will be applicable to all personal account holders of the ... More

LIC unit pact with 3 pvt cos
THE Ernakulam Division of Life Insurance Corporation of India (LIC) has entered into a tie-up with three private firms for corporate agency and distribution of various insurance products in the State. The three firms are Peninsular Capital ... More

GENERAL INSURANCE


Motor insurance tariff deregulation on cards
A MOVE is on to deregulate motor insurance tariff. The Insurance Regulatory and Development Authority (IRDA) has asked the Tariff Advisory Committee (TAC) to bring out a white paper on `de-tariffing' the motor insurance sector. At present all ... More

Public insurers shy away from State transport cover
FACED with mounting claims ratios, public sector insurance companies have refused to provide insurance cover to the State road transport undertakings (SRTUs) in the country. Insurance industry sources said that while the SRTUs provided bulk ... More

PRIVATE BANKS


Retail thrust has paid dividends: UTI Bank chief
THREE years ago, the UTI Bank was predominantly a corporate bank, when, like most other commercial banks, it decided that it needed a course correction. Thus began an era of retail thrust. Now, looking back, the retail focus has put the bank in a ... More

PUBLIC SECTOR BANKS


Canara Bank plans coin counters
BANGALORE: Canara Bank has launched a nationwide awareness drive on coins starting with Bangalore, Chennai, Hyderabad and Kozhikode. A mobile counter stationed at bank branches in prominent places will dispense coins of Re 1, Rs 2 and ... More

FINANCIAL INSTITUTIONS


IFCI assets may go to lenders
THE bail-out package for IFCI Ltd is likely to involve a large-scale takeover by other banks and financial institutions of its critical liabilities. The takeover of liabilities would be balanced out by the transfer of equivalent amounts of IFCI's ... More

Return Rs 600 cr to Govt ahead of public offer, PFC advised
J M Morgan Stanley, Power Finance Corporation's consultants, has advised the corporation to return around Rs 600 crore of equity to its owner, the Government, in order to make its initial public offering (IPO) plan of 10 per cent of the reduced ... More

GOVT BONDS


Orissa to issue bonds to raise Rs 350 crore
THE Housing and Urban Development Department of the Government of Orissa has launched a major project for sewerage improvement in Cuttack, Puri, Bhubaneswar, Rourkela, Sambalpur, Berhampur and Anhul, by raising funds from the market through ... More

CORPORATE BONDS


L&T raises Rs 65 cr thru 10-year paper
LARSEN & Toubro has raised Rs 65 crore through issue of 10-year secured bonds at a coupon of 8.25 per cent payable annually. The company said it has set up a new corporate price benchmark in the bond markets through this issue; it said the ... More

MERGERS & ACQUISITIONS


StanChart, Grindlays merger completed
The first phase of integration between the two entities involved people integration, followed by systems integration, and thirdly, the liability/deposit transfers. More

ALLIANCES & JOINT VENTURES


Srei in securitisation pact with ICICI Bank
The company is hopeful of a 25 per cent growth in business during the first half of the current financial year (which will end on September 30, 2002). More

PEOPLE


Citibank appoints new CEO for subcontinent
CITIBANK on Monday announced that Mr Sanjay Nayar would take over as CEO and Business Head of Citibank's integrated operations in India, Sri Lanka, Bangladesh and Nepal. Mr Nayar will take over on October 1 from Mr Nanoo G. Pamnani, the current ... More

Elected to IBA panel
HYDERABAD: Mr V.K. Taori, Managing Director and CEO of the Andhra Pradesh Mahesh Co-operative Urban Bank Ltd, has been elected member of the Managing Committee of the Indian Banks' Association, representing co-operative member banks of ... More


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