The Hindu Business Line : Friday, June 06, 2003

IRDA okays Web-based training
THE Insurance Regulatory and Development Authority (IRDA) has accorded approval to Web-based training for insurance agents developed by the Hyderabad-based C&K Management Ltd (CKML). Disclosing this in a press release here , CKML said so far ... More

HSBC arm may exit debt broking
HSBC Securities & Capital Markets (India) Pvt Ltd, a wholly-owned subsidiary of Hongkong and Shanghai Banking Corporation Ltd, is likely to discontinue its debt brokerage business. Company officials said that thin margins and low volumes were ... More

INSIGHT

Alan Greenspan: A man for all Presidents
MR ALAN Greenspan has been variously described as a maestro, master of the universe, man behind the money, and so on. He is said to have mastery over numbers, and reportedly pores over data in his bathtub every morning. The shareholders view him ... More

FOREX

RBI clarifies on unstapling of notes
THE Reserve Bank of India (RBI) has clarified that the cash transactions across all its branches will take place only in unstapled notes. Further, there is no truth in the reports that the RBI office in Kolkata itself does not follow the ... More

Rupee weak; gilts up
Mumbai: THE rupee closed marginally weaker at 46.90/91 against the dollar on Thursday as compared to Wednesday's close at 46.8950/9050. Forex dealers said there was good amount of dollar buying across the board, which took the domestic currency ... More

Govt depts plead for stapled notes
SEVERAL government departments urge the banks to continue to supply stapled notes even as the Reserve Bank of India insists on staple-free notes in its bid to step up the availability of clean notes. The United Forum of Bank Unions (UFBU), the ... More

SOFTWARE

i-flex solution for Brunei bank
BANGALORE: i-flex Solutions, provider of technology solutions to the financial services industry, said on Thursday that its flagship product, Flexcube, had been selected by Brunei's Baiduri Bank as its new core banking system. ... More

LIFE INSURANCE

Insurance cover for rickshaw pullers in AP
LIFE Insurance Corporation of India (LIC) has announced that the Andhra Pradesh Government has remitted a premium of Rs 2 crore to the insurance company for providing insurance coverage for two lakh rickshaw pullers across the State. The Chief ... More

Agents force turns premium asset for insurers
LIFE insurance business, it is said, is done best by personal contact with the customers. Typically, it has been the agents who delivered. What we are seeing in the industry today, seems to underline this. Private sector insurers appear to be ... More

SBI Life posts 4-fold rise in premium income
SBI Life Insurance Company has recorded a jump of 391.6 per cent in premium income at Rs 72.75 crore for the financial year ended March 31, as compared to Rs 14.8 crore in the corresponding period of the previous year. Mr R. Krishnamurthy, ... More

GENERAL INSURANCE

Insurance brokers happy discount is gone
GENERAL insurance companies that have been selling policies `directly' to corporates, without the help of financial intermediaries, are disappointed with the recent directive of the regulator. The Insurance Regulatory and Development Authority ... More

PRIVATE BANKS

Dhanalakshmi Bank net up 49 pc
THE net profit of the Thrissur-based Dhanalakshmi Bank has grown by 49 per cent to touch Rs 15.02 crore for 2002-2003, up from the Rs 10.07 crore recorded last year. The Board of Directors has recommended a dividend of 15 per cent. Total ... More

PUBLIC SECTOR BANKS

Syndicate Bank loans for Dakshina Kannada SHGs
MANGALORE: Syndicate Bank, which has chalked out its targets for priority sector lending in the current fiscal, has decided to disburse a sum of Rs 5 crore to around 900 women's self-help groups in the Dakshina Kannada district by the ... More

More Corpn Bank service outlets

FINANCIAL INSTITUTIONS

SIDBI to co-fund projects with banks — Forays into direct selling to improve disbursals
While SIDBI with its expertise will test project viability and perform credit appraisals, the banks will monitor accounts. "There are 4-5 greenfield projects on hand with which we will kick off the co-funding venture, ''says an official. More

INTEREST RATES

BoI cuts rates on deposits

MERGERS & ACQUISITIONS

Tata cos to merge auto finance biz
TWO Tata group companies, Tata Engineering and Locomotive Company Ltd and Tata Finance Ltd, are working on an `organisational merger' of their auto finance divisions in a bid to increase their market share in this business. As per the proposed ... More

TRENDS

Tepid response to bank swapping
THE recently announced scheme of branch swapping does not seem to have won much favour amongst bankers. Most bankers label it as `unviable' and `fanciful'. The Reserve Bank of India permitted branch swapping or `transfer of branches in rural ... More

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