The Hindu Business Line : Thursday, October 31, 2002

Rupee stable; gilts bullish
THE rupee closed almost unchanged at 48.3850/39 against the dollar on Wednesday, as compared to Tuesday's close of 48.38/3850 in the forex market. There was buying of dollars in the early half of the day by State-run banks. Dealers attribute ... More

CREDIT POLICY

Industry pins hope on lower PLR
THE Credit Policy announced by the Reserve Bank of India (RBI) Governor, Dr Bimal Jalan, has evoked mixed reactions from the Indian industry, with a section expressing disappointment over the marginal reduction in bank rate. The industry has ... More

ICRA hails rate cuts
WELCOMING the rate cuts in the credit policy , ICRA has said that though the announcements in the monetary policy are largely positive, they would have to be backed up by credible fiscal policy reforms in the long run. "The cut in the bank ... More

Garment exporters hail Credit Policy
THE Confederation of Indian Apparel Exporters (CIAE) has said the Reserve Bank of India proposal to cut the bank rate by 0.25 per cent and the interest rate liberalisation for export packing credit in rupee will provide thrust to the export ... More

Credit policy: What they say

`Cut in rates not enough'

HOUSING FINANCE

Banks on loan mela spree

GENERAL INSURANCE

Bajaj Allianz premium income expected to cross Rs 300 cr
BAJAJ Allianz General Insurance Company (BAGIC), a joint venture between Bajaj Auto Ltd and Allianz AG of Germany, is expecting to cross a premium target of Rs 300 crore for the year 2002-03. The company achieved a gross premium income of Rs 128 ... More

Vehicle age no bar for liability-only cover
WHEN you walk up to the insurer the next time to buy a liability-only cover for an ageing vehicle, you need not worry about the proposal being rejected. The Insurance Regulatory and Development Authority (IRDA) has now proscribed the practice ... More

CREDIT RATING

Tata Teleservices NCD gets `P1+(SO)'
CRISIL has assigned a `P1+(SO)'rating to the Rs 130-crore zero coupon non-convertible debenture (NCD) issuance of Tata Teleservices Ltd. The rating indicates a high degree of safety regarding the timely payment of financial obligations on the ... More

RBI & OTHER CENTRAL BANKS

Jalan hints at changes in rural branch licensing
THE Reserve Bank of India will soon revisit its policy on bank branches in rural areas, with the eventual aim of completely liberalising branch licensing norms. Already a lot of liberalisation has happened in this area. What is now left is the ... More

PUBLIC SECTOR BANKS

Interest boosts SBI net
INCREASE in interest and non-interest income helped State Bank of India (SBI) report a 34 per cent rise in net profit to Rs 835.20 crore for the quarter ended September 30,2002, as compared to Rs 622.26 in the corresponding period in the previous ... More

Andhra Bank plans e-Seva services
ANDHRA Bank is planning to introduce e-Seva services in collaboration with the Government of Andhra Pradesh for collection of utility service payments. This initiative will be a more comprehensive facility to customers compared to the present ... More

FOREIGN BANKS

StanChart to handle Kolkata port EDI transactions
THE Kolkata Port Trust (KPT) has selected Standard Chartered Bank as its collecting banker for electronic data interchange (EDI) transactions. The EDI initiative is being implemented at all major ports; it involves electronic transfer of funds ... More

FINANCIAL INSTITUTIONS

IDBI net up; beats forecast
A CONCERTED effort by the Industrial Development Bank of India (IDBI) to reduce its operating expenditure has yielded stunning results. Belying financial analysts' expectations, the development financial institution has posted a 355 per cent rise ... More

INTEREST RATES

BoI cuts PLR, deposit rates
BANK of India today cut its prime-lending rate (PLR) along with its deposit rates by 50 basis points. The PLR on advances has been cut by 0.50 per cent to 11.50 per cent from 12 per cent per annum. The prime term lending rate has been reduced ... More

GOVT BONDS

High networth individuals boost 7 pc GoI bonds sale
THE response to the seven per cent Government of India bonds released on October 1, 2002, appears to be quite encouraging, going by the figures available. Stock Holding Corporation of India Ltd (SHCIL) has received investments worth Rs 110 ... More

SHORT TERM INSTRUMENTS

Rollover of repos under study
COLLATERALISED borrowing and lending obligation (CBLO), a screen-based trading platform developed by Clearing Corporation of India Ltd (CCIL) is to be considered as a money market instrument with original maturity between one day and up to one ... More

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Oct. 20-Oct. 26
No major change likely in interest rates for now

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Banks likely to be freed of statutory requirements — Collateralised borrowing and lending obligation

IRDA strong-arm tactics pay off — Insurers accepting third-party liability cover