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Sunday, December 15, 2002

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ACCOUNTING STANDARDS


Bank audits could vanish into thin air
THE world never seems to be kind to accountants, more so in India, if one were to consider a few grim predictions. Such as that bank audits could evaporate, as also the audit assignments that are currently coordinated by the C&AG. Five more ... More

FINANCIAL SERVICES


Canbank Factors — Factor of safety
GIVEN the current decline in the interest rate levels, the fixed deposit programme of Canbank Factors, a subsidiary of Canara Bank, is a good option for investors. The interest rates are higher by almost one per cent than that offered by ... More

FOREX


Forex reserves top $67 b as banks mop up dollars
THE country's forex reserves rose by $828 million to touch $67.753 billion for the week ended December 6, 2002, compared to $66.925 billion in the previous week, according to the latest figures released by Reserve Bank of India. "There has been ... More

INSURANCE


IRDA favours long-term players in broking
THE Insurance Regulatory and Development Authority (IRDA) has favoured the entry of long-term players into the insurance broking sector, keeping in view the sustainable growth of the insurance industry in the country. It was with this objective ... More

STOCKS


HDFC: Avoid fresh exposures
HOUSING Development Finance Corporation (HDFC) finds itself caught in speculation about another large merger in the financial sector, with its associate company, HDFC Bank. The respective managements have denied the possibility, but the rumours ... More

NBFCS


SREI Intl Fin promotes subsidiary
MUMBAI: SREI International Finance Ltd has informed the Bombay Stock Exchange that it has promoted a wholly-owned subsidiary company `SREI Money Mall Ltd' with a paid-up capital of Rs 5 lakhs to, inter alia, act as distributors or ... More

HOUSING FINANCE


Vijaya Bank slashes home loan rates
Vijaya Bank has slashed the interest rates on short and long tenure housing loans by 100-200 basis points. The revised rates are effective from December 10. For a 60-month tenure, the fixed rate is now 8.75 per cent and the floating rate 8.5 per ... More

CONSUMER FINANCE


Personal loans — Service is the key
GIVEN the high levels of competition among the players of loan products, the only difference among them is the quality of service. Thus, most of them highlight the speed at which they process loans. Generally, a loan is approved within 72 ... More

No loans against 7% savings bonds
BANKS are not allowed to sanction loans against the 7 per cent savings bonds 2002 scheme, which was introduced in October this year, according to a statement from the Reserve Bank of India. In a press release, the RBI has said that this ... More

LIFE INSURANCE


SBI's Sanjeevan
THIS week, we will look at SBI Life's single premium product "Sanjeevan". The product provides guaranteed survival benefit payouts as well as risk cover. Policy features The policy is available for people in the ... More

PRIVATE BANKS


Gold coins from ICICI Bank
ICICI Bank is to retail 24-carat gold coins across the counter through its branches. The coins, imported from Switzerland carry a 99.99 per cent Assay certification, signifying the highest level of purity as per international industry standards. ... More

PUBLIC SECTOR BANKS


SBI examining sector-wise lending rates
THE Reserve Bank of India has asked the country's largest public sector bank, State Bank of India (SBI) to study the issue of `sector-wise segmentation of prime lending rates' (PLR) and come back with its suggestions on the subject. Recently, ... More

Andhra Bank to set up two rural development bodies
ANDHRA Bank is planning to set up two more rural development institutions, one each in Andhra Pradesh and Kerala, aimed at capacity building and training of self-help groups (SHGs) and to help strengthen the micro-finance movement in the country. ... More

INTEREST RATES


Higher rates for senior citizens
For all those 65-plus buffeted by the falling interest rates, there might be some good news in the next Budget. The Finance Ministry is thinking of introducing a savings instrument for senior citizens which will offer interest rates higher than ... More

Lower interest rates on NRE deposits
The Reserve Bank of India has informally asked the public sector banks to cut interest rates on non-resident external rupee deposits, to make it unattractive for NRIs. The State Bank of India and Bank of India have already reduced their ... More

NON-PERFORMING ASSETS


LVB seizes assets of four defaulters
THE Karur-based Lakshmi Vilas Bank (LVB) carried out seizure operations by taking possession of two residential properties in Hyderabad and two properties - one commercial and the other residential - in Tamil Nadu, involving Rs 50 lakh in ... More

NPA recovery: Co-op banks to come under Securitisation Bill
CO-OPERATIVE banks are to be shortly brought under the ambit of the Securitisation and Reconstruction of Financial and Enforcement of Security Interest Bill 2002, enabling them to recover the non-performing assets from individuals and ... More


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