The Hindu Business Line : Tuesday, March 04, 2003

Promoter's stake to fall to 33.56 pc — UTI Bank board okays pref issue for Rs 164 cr
THE board of UTI Bank today approved preferential issue of 3.83 crore equity shares to four institutions at a price of Rs 42.75 per share, aggregating Rs 164 crore. The institutional investors are Life Insurance Corporation of India, Citicorp ... More

OVERSEAS BORROWINGS

IDBI to raise $75 m to pre-pay costly debt
IDBI has hit the global financial markets to raise $75 million in a bid to shed some of its high-cost foreign currency and domestic liabilities. Bankers said here that the five-year loan was being syndicated by Barclays Bank and the Hong Kong ... More Budget provides stimulus for growth
IN his Budget announcement, the Finance Minister has focussed on health, education, housing, and employment. Revival of domestic demand — with its attendant boost to domestic economic activities — is expected to receive a further ... More

FOREX

Rupee rises; gilts lose
Mumbai: THE rupee closed stronger on Monday at 47.6550/6650 against the dollar as compared to its previous close of 47.68/69. Forex dealers said that although the market saw some amount of inflows on account of tensions over a possible war ... More

STOCKS

Interest perks up in banks
ON a day when most stocks lost value, bank stocks made handsome gains with Punjab National Bank in the lead with a near 9 per cent jump following the Budget sops for the banking sector. There was also buying interest in the old private sector ... More

SOFTWARE

HMAStar switching solution for DCB
THE Chennai-based retail banking software solutions company - HMA STARware Ltd (HMAS) has bagged an order (for building a robust switching infrastructure) from Development Credit Bank Ltd. HMAS, according to its Chairman and Managing Director, ... More

LIFE INSURANCE

Plaza Cables offers cover to electricians
THE Delhi-based Plaza Cable Industries Ltd has come up with a plan to provide insurance cover to general electricians across the country. The company is running an exclusive Plaza Cable Electricians Club that offers life insurance policy to ... More

RBI & OTHER CENTRAL BANKS

Standard assets defined for income recognition — Projects under implementation
THE Reserve Bank of India has told banks that they can now recognise income on accrual basis in respect of the three categories of projects under implementation, which are classified as `standard'. Last year, RBI had informed banks that ... More

PUBLIC SECTOR BANKS

SBI posts rapid growth in DK
MANGALORE: State Bank of India has registered a rapid growth in business in the Dakshina Kannada district over the past two years. According to the Assistant General Manager of the bank in Mangalore, Mr K.S. Somayaji, with 14 per cent ... More

SBM plans new appraisal for farm credit
STATE Bank of Mysore (SBM) is considering a new method of appraisal for lending to the agricultural sector, more on the lines of industrial credit given to trade and commerce, said SBM Managing Director, Mr M. Sitarama Murty. As agriculture ... More

BoB launches Super Savings Account
FOLLOWING the encouraging response to the product test-marketed at Bangalore, Vadodara and Jaipur during the last couple of months, Bank of Baroda has announced the national launch of its Super Savings Account, a savings bank account with ... More

SECURITY

Godrej & Boyce unveils `Q Band'
MUMBAI: Godrej & Boyce's Securities Equipment Division (SED), engaged in the manufacture of security equipment, has launched a bank note banding machine, Q Band. According to the company, the microcomputer-controlled product is designed ... More

PEOPLE

New RBI Executive Directors

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