The Hindu Business Line : Thursday, September 19, 2002

Clearing Corpn money product mock test soon
THE Clearing Corporation of India's (CCIL) new money market product Collateralised Borrowing and Lending Obligation (CBLO) is to be made operational shortly. In the `mock testing' phase, CBLO will be tested in a few select primary dealers, ... More

Geojit mulls financial literacy programme
CONTINUING its efforts to evolve into a wealth management company, the Kochi-based Geojit Securities Ltd is all set to kick off a training programme that will help people effectively structure their investments by matching personal needs and risk ... More

FOREX

Re strengthens; gilts gain
Mumbai: THE rupee closed marginally stronger on Wednesday at 48.4050 against the dollar as compared to Tuesday's close of 48.41/42, in a lacklustre forex market. Dealers contend that the currency remained stable as fears of oil prices rising ... More

MANPOWER

South Indian Bank to offer VRS

LIFE INSURANCE

LIC not keen on infrastructure contribution
LIFE Insurance Corporation of India (LIC) is "not keen" on contributing to the Infrastructure Equity Fund, which has been set up by the Central Government, for providing equity assistance to infrastructure projects. The fund, which is ... More

GENERAL INSURANCE

Insurance cos learn from banks' VRS mistakes
THE costs of the voluntary retirement scheme (VRS) proposed by the four public sector companies are to be treated as deferred revenue expenditure. Such an accounting treatment would allow the four insurance companies to meet their outflows on ... More

Minister's note on options for insurance officers
THE All-India General Insurance Field Workers Association has clarified that the Union Finance Minister has offered only three options for rationalisation of the 13,000-strong development officers in the four public sector non-life insurance ... More

RBI & OTHER CENTRAL BANKS

RBI's Annual Report 2001-2002: Economy stuck in a low-growth trajectory
With the declining rates of capital accumulation, infrastructural constraints, gaps in social and economic opportunities, and unemployment and poverty, the economy seems to be stuck in a low-growth trajectory, says S. D. Naik. More

PRIVATE BANKS

UWB board to stay till next AGM
THE Company Law Board (CLB) has said that the existing board of United Western Bank Ltd (UWB) will continue till the date of the annual general meeting (AGM) due for the year 2001-02. The CLB, vide its recent order, also said that the ... More

No RBI word on merger: Nedungadi
THE Nedungadi Bank has not received any communication either from the Reserve Bank of India or the Government of India regarding the take over or merger with any other bank. A statement issued by the bank Chairman, Mr J.R. Prabhu, said that ... More

NON-PERFORMING ASSETS

IndusInd to write off part of bad debts
INDUSIND Bank plans to increase its deposits and advances by 15-20 per cent in the current financial year, according to the Managing Director, Mr Bhaskar Ghosh. However, growth in net earnings is likely to be slower as the bank plans to write ... More

CREDIT CARDS & DEBIT CARDS

Diners Club, Citibank, Taj team up to launch hospitality card
DINERS Club, Citibank's premium travel and entertainment card and the Taj Hotels, Resorts and Palaces have launched the Taj Epicure Diners Club international card. The card, which is the first co-branded hospitality card enabled with smart-chip ... More

IPOS

UCO Bank to go for IPO next fiscal
UCO Bank will go public in 2003-04 fiscal, says Mr V. P. Shetty, the Chairman and Managing Director of the bank. This should be possible because, as Mr Shetty explained to Business Line, the Union Government has allowed the bank to set off ... More

CO-OPERATIVES

21 urban co-op banks under liquidation
TWENTY-one co-operative urban banks out of 170 based in Andhra Pradesh are under liquidation and the State Government is working out ways to streamline their functioning. Lack of leadership, low capital base, bogus membership, centralised ... More

NEW PRODUCTS & SERVICES

ICICI Bank launches new product for corporates
ICICI Bank on Wednesday launched a new current account product - the Roaming Current Account. Targeted mainly at what it calls emerging corporates (with a net worth in the range of Rs 50 lakh to Rs 50 crore), the product offers `anywhere ... More

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