The Hindu Business Line : Tuesday, December 10, 2002

Rupee gains; gilts weak
Mumbai: THE rupee closed stronger at 48.1950 against the dollar on Monday, as compared to its previous close of 48.2150/2250 in the forex market. There was good supply of the dollars in the market, which is expected to continue in the near ... More

NBFCS

Sundaram Fin to buy partner's stake in Fisaf
SUNDARAM Finance Ltd today announced its intention to acquire the 51 per cent holding of Fidis S.p.A, in the joint venture company, Fiat Sundaram Auto Finance Ltd (Fisaf). A senior official of Sundaram Finance told Business Line today ... More

HOUSING FINANCE

ICICI Bank Home Shoppe in Pune
`ICICI Bank Home Shoppe', the first `shop' for spot home loan sanctions, has begun its operations in Pune. This is the first permanent aggregation and display of housing projects in the country. Mr V. Vaidyanathan, Head, Retail Asset Products, ... More

GENERAL INSURANCE

Terror risk pool corpus may expand by Rs 100 cr
THE Indian Terrorism Pool which offers insurance cover against terrorism for a maximum of Rs 200 crore per cover is likely to be increased either by Rs 50 crore or Rs 100 crore in the next financial year, 2003-04. This was disclosed by Mr Ajit ... More

Treaty renewal talks with reinsurers hit
TREATY negotiations between domestic general insurers and international largest reinsurance companies have been affected after large losses suffered by the latter. These treaties are renegotiated and renewed each year. According to guidelines ... More

RBI & OTHER CENTRAL BANKS

How powerful are central banks?
The demand for central bank "independence" tends to miss the point about how much power central banks still have. In this edition of Macroscan, C. P. Chandrasekhar and Jayati Ghosh discuss the extent to which central banks can st ill fulfil their basic functions in the wake of financial liberalisation, and why such demands are still so common. More

PRIVATE BANKS

ICICI Bank to sell gold coins
ICICI Bank is to retail 24 carat gold coins across the counter through its branches. "ICICI Bank Pure Gold" coins, to be imported from Switzerland is to carry a 99.99 per cent Assay certification, signifying highest level of purity as per ... More

INTEREST RATES

Bank of Rajasthan cuts deposit rates
BANK of Rajasthan has cut deposit rates for the second time post the bank rate cut in credit policy. The deposit rate for 2-3 years is now at 6.25 per cent as against the earlier 6.75 per cent. The new rate is effective from December ... More

NON-PERFORMING ASSETS

I am ready to quit, says Mardia Chem chief
EXPRESSING keenness for reviving the fortunes of Mardia Chemicals Ltd (MCL), its Chairman, Mr Rasiklal Mardia, today said that he is even willing to quit his post for the welfare of the company and its shareholders. "Mardia Chemicals is like a ... More

Respond to creditors' query, BIFR tells Mardia Chem
THE Board for Industrial and Financial Reconstruction (BIFR) has directed Mardia Chemicals Ltd (MCL) to submit its response on the request made by certain secured creditors that advertisements be issued for change in management if MCL were to be ... More

CREDIT CARDS & DEBIT CARDS

UBI launches co-branded card
UNITED Bank of India (UBI) has launched a credit card here co-branded with SBI Card - - State Bank of India's credit card. This is for the first time SBI Cards & Payments Services Pvt Ltd, which is SBI's credit card subsidiary, enters into ... More

MERGERS & ACQUISITIONS

PNB Gilts to offload 26 pc stake to strategic partner
EVEN as PNB Gilts Ltd is planning to offer 26 per cent to strategic partners as part of its plans to remain competitive in the changing debt market, the company has already had preliminary talks with foreign banks and multi-lateral agencies such ... More

TRADE & LABOUR UNIONS

Trade unions not against reforms, says AIBOA official
TRADE unions are not against economic reforms per se, but against changes not tuned to the Indian context, according to the General-Secretary of the All India Bank Officers' Association (AIBOA), Mr R.J. Sridharan. Speaking here on Sunday at ... More

PEOPLE

New Managing Director for APSFC
HYDERABAD: Mr Ratan P. Watal, Principal Secretary (Institutional Finance) on Monday took over as Managing Director of Andhra Pradesh State Financial Corporation (APSFC) from Dr J.C. Mohanty who has been posted as Secretary, Coordination ... More

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