The Hindu Business Line : Saturday, December 07, 2002

Re stable; bond declines
Mumbai: THE Indian currency closed stronger at 48.2150/2250 per dollar in an otherwise lacklustre forex market on Friday, as compared to Thursday's close at 48.25/26. The market was flush with dollar liquidity with banks selling the greenbacks ... More

LIFE INSURANCE

AMP Sanmar bullish on India
AMP Sanmar a private player in life insurance business , is not unduly perturbed by the Kelkar Committee prescription for lifting tax exemptions on investments in life insurance instruments. AMP Sanmar is a joint venture of Australian financial ... More

LVB first to sign corporate agency pact for insurance
LAKSHMI Vilas Bank has earned the distinction of being the first corporate agent in the country for marketing of insurance products. Hitherto, none of the agents or banks that have been marketing life insurance policies had entered into a ... More

GENERAL INSURANCE

Iffco-Tokio hopes to make Rs 185-cr premium income
IFFCO-TOKIO General Insurance Co Ltd (ITGI) hopes to register a premium income of Rs 185 crore in the current financial year, and the profit margin is expected to be in the range of seven to eight per cent of this income. Mr Ajit Narain, CEO & ... More

PUBLIC SECTOR BANKS

Canara Bank extends credit line to Russia
CANARA Bank has extended a $10-million line of credit to Bank for Foreign Economic Affairs of Russian Federation (Vnesheconom Bank) A memorandum of understanding to this effect was signed between the Canara Bank Chairman, Mr R.V. Shastri, and ... More

CBI probe into cheque fraud at PSB branches
THE CBI is probing irregularities in cheque transactions totalling about Rs 93 crore involving the Mumbai Fort, Hall Bazar Amritsar and Surat branches of Punjab and Sind Bank (PSB). The agency began its investigations after PSB filed a complaint ... More

FOREIGN BANKS

Swiss in no mood to bare numbered a/cs
THE Chairman of a top Swiss bank is sweating. The Nigerian Finance Minister has just pulled out a pistol and is threatening to shoot him if he did not reveal the names of Nigerians holding accounts in his bank. But the chairman does not buckle ... More

GOVT BONDS

RBI hikes 91-day T.Bills auction to Rs 1,000 cr
THE Reserve Bank of India has enhanced the notified amount in the 91-day treasury bill auction to Rs 1,000 crore from the current amount of Rs 250 crore, effective December 11 to January 1. The apex bank has said that the position will be ... More

Sale of 10-year security

NON-PERFORMING ASSETS

SBI Hyderabad circle on aggressive recovery mode
TAKING advantage of the recently promulgated Securitisation Ordinance, the Hyderabad Circle of State Bank of India (SBI) has decided to go aggressive on its recovery efforts. Accordingly, the circle served notices on 47 defaulters in Andhra ... More

REGULATORY BODIES & RULINGS

United India chief tipped for IRDA chairman's post
A RACE for the chairmanship of the Insurance Regulatory Development Authority (IRDA) is building up and Mr V. Jagannathan, Chairman and Managing Director of United India Insurance Company Ltd (UIICL), has emerged as a strong contender. Sources ... More

TRADE & LABOUR UNIONS

Poster campaign by bank staff
THE Kerala branch of Bank Employees Federation of India (BEFI) is organising a State-wide poster campaign beginning from December 9 highlighting the dangers of privatisation and the threats posed by the "communal and fascist forces". Mr P. ... More

TRENDS

A teller for the poor
LENDING to the poorest is a bankable proposition and the SHG-Bank Linkage Programme promoted by Nabard seems to have made an impact. As of March 2002, cumulative lending by banks to 461,478 SHGs under the programme is put at Rs.1,026 crore with ... More

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