The Hindu Business Line : Tuesday, May 06, 2003

Revised investment pattern fails to lure pension funds
IT looks like a classic case of being thrown from the frying pan into the fire for the trustees in provident fund investing. Credit risk and interest rate volatility were the biggest hurdles for most trustees in provident fund investing that ... More

FOREX

Banks seek dollar refinance facility
Though dollars are available for buying in the forex markets, banks only desire to borrow it, since otherwise they would expose themselves to an exchange rate risk. Banks have been raising dollars in plenty from the inter-bank swap route off late, "b ut that is also becoming unviable with the interest rates zooming. More

Rupee firmer; gilts rally
THE rupee closed at a several months' high of 47.2950/3050 against the dollar on Monday, gaining over five paise from the previous close. On Friday, the Indian currency ended the day at 47.3500/3550 in the local currency markets. The rupee has ... More

FINANCIAL PERFORMANCE

Union Bank net up 79 pc on treasury gains
UNION Bank of India has recorded a 79-per cent growth in net profit for the quarter ended March 31, 2003, at Rs 201.84 crore, primarily led by a 157-per cent jump in other income and treasury profits. In the corresponding period of the ... More

J&K Bank net up 30 pc; to pay 60%
JAMMU and Kashmir Bank (J&K Bank) has recorded a net profit of Rs 337.75 crore for the fiscal 2002-03, a 30-per cent growth over Rs 259.80 crore for the previous year. The board of directors of the bank which met in Srinagar to adopt the ... More

NBFCS

Sundaram Finance raises Rs 50 crore via maiden securitisation deal
SUNDARAM Finance Ltd has announced that it has raised Rs 50-crore through a securitisation issuance of receivables, the company's maiden securitisation deal. "We did this deal more to gain experience in securitisation, rather than for raising ... More

M&M may dilute equity in financial services arm
MAHINDRA & Mahindra Financial Services Ltd (M&MFSL) may become a future candidate for part dilution of its equity currently held 96-97 per cent by Mahindra & Mahindra Ltd (M&M). Last fiscal, M&MFSL, which has a capital base of Rs 200 crore, ... More

TCI puts off merger share allotments
THE Board of Directors of TCI Finance Ltd, which recently obtained approvals from the High Court to merge five of its group companies with itself, has decided to adjourn the meeting without taking a decision on allotment of shares to these ... More

HOUSING FINANCE

NHB can specify debt-equity ratio for HFCs post-buyback
NATIONAL Housing Bank (NHB), the regulator for housing finance companies (HFCs), has been empowered to specify the post-buyback debt-equity ratio for such companies. This means that private and unlisted housing finance companies resorting to ... More

LIFE INSURANCE

ICICI Prudential in Kottayam

GENERAL INSURANCE

GIC to invest in Chennai township via Singapore arm
GENERAL Insurance Corporation of India (GIC) has finalised plans for investing in township development in the country by routing investment through one of its foreign subsidiaries. GIC's Singapore-based wholly-owned subsidiary - India ... More

CREDIT RATING

Samsung's CP ratings reaffirmed
THE Investment Information and Credit Rating Agency (ICRA) has announced that it has noted the proposal of merger between Samsung India Electronics Ltd (SIEL) and Samsung Electronics India Information and Telecommunication Ltd (SEIIT). It has ... More

RBI & OTHER CENTRAL BANKS

RBI asks banks, FIs to adopt `fair practices code' by Aug
THE Reserve Bank of India has asked banks and financial institutions to put in place by August 1, 2003, a `fair practices code' to be followed in respect of all future advances. The code should be based on the guidelines issued by the RBI today. ... More

PUBLIC SECTOR BANKS

Canara Bank board meet

Andhra Bank board meet on May 8

Corpn Bank board meet on May 14

INTEREST RATES

Canara Bank revises floating rates on deposits
CANARA Bank has revised the rates on its floating rate deposit scheme. The rates on this scheme are linked to the 91-day Treasury Bill yield. The new rates are 5.15 per cent for six months to less than one year, 5.20 per cent for one year and ... More

BoB reduces lending rates
BANK of Baroda (BoB) has cut its prime lending rates by 25 basis points and realigned its deposit rates. The new PLR of the bank will be 10.75 per cent per annum. The short-term PLR applicable for advances up to 180 days maturity will be 10 per ... More

GOVT BONDS

RBI seeks SEBI probe into G-sec dealing by JM Mutual, 2 firms
THE Reserve Bank of India has asked the Securities and Exchange Board of India to probe certain transactions by JM Mutual Fund and two private investment companies in thinly-traded Government bonds sourced from urban co-operative banks (UCBs). ... More

Govt to repay SDS balance thru G-secs
THE Government has said that it may make repayments of the outstanding balance under the Special Deposit Scheme (SDS) through the issue of dated Government securities to the subscribers of the scheme. The repayment amount and maturity would be ... More

CO-OPERATIVES

TN co-operative bank staff to stage dharna
COOPERATIVE bank employees in the State have proposed to stage a dharna before Valluvar Kottam in Chennai on Tuesday to press their demands, which include provision of a pension scheme and job security. About 1,500 representatives are expected to ... More

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