The Hindu Business Line : Saturday, June 07, 2003

Pay intermediaries well for better growth: IRDA chief
THE Chairman of Insurance Regulatory and Development Authority (IRDA), Mr N. Rangachary, has advised the insurers to adequately compensate the intermediaries to ensure the overall development of the industry. Reacting to the submissions made by ... More

Geojit to take part in MUL bidding
KOCHI: Geojit Securities Ltd will actively participate in the Maruti Udyog Ltd's share bidding through its 12 centres in Kerala and 17 centres outside the State. The application for the share bidding will be available in all 55 ... More

FOREX

Rupee firms up; gilts weaken
Mumbai: THE rupee closed marginally stronger on Friday at 46.87/88 per dollar, as compared to Thursday's close of 46.90/91. The domestic currency opened higher at 46.8350/8450, but touched an intra-day low of 46.91 following State-run banks ... More

FINANCIAL PERFORMANCE

City Union Bank net up 17 pc
CITY Union Bank Ltd has posted a net profit of Rs 33.37 crore for the twelve months ended March 31, 2003, against Rs 28.44 crore, registering a significant growth of 17.33 per cent over the corresponding period last year. The board has ... More

LIFE INSURANCE

Birla Sun Life eyes Rs 500 cr from premium
BIRLA Sun Life Insurance has set itself a target of Rs 500 crore for new premium collections thus year, up from Rs 170 crore last year, according to the CFO and appointed actuary, Mr Peter J. Akers. The insurer sold 75,000 policies last year. ... More

PRIVATE BANKS

HDFC Bank, parent in home loan pact
HDFC Bank is all set to grab its share of the booming housing loan market. The bank will start selling the parent — HDFC's home loan product, by July-August this year. The loans sold will be through the joint effort of the two entities ... More

PUBLIC SECTOR BANKS

PSU banks stay beyond SEBI purview
"YOU must understand that these public sector banks are functioning under the Banking Regulation Act and not under the Companies Act," says the SEBI Chief, Mr G.N. Bajpai, in a bid to explain regulatory inaction over the sharp rise and fall in ... More

UCO Bank to open 136 more ATMs

FINANCIAL INSTITUTIONS

Innovative financing sought for small sector
THE Credit Guarantee Fund Trust for Small Industries (CGTSI), set up by the Government of India and the Small Industries Development Bank of India (SIDBI), on Friday called for innovative financing tools to pep up inflows of finance into the ... More

GOVT BONDS

No repo rate cut now, says RBI
THE Reserve Bank of India has said that no repo rate cut is expected immediately in the wake of the rate cut by the European Central Bank (ECB). "We do not expect to make a repo rate cut now for quite sometime, until the monsoon and inflation ... More

AP Govt loan by tap issue from June 12

MERGERS & ACQUISITIONS

Dutch entity FMO may pick up stake in 2 Shriram group cos
THE Dutch development finance institution, FMO, is likely to pick up equity stake in two companies of the Chennai-based Shriram group. It is expected that the investing agency will pick up between 5 and 10 per cent each in Shriram Investments Ltd ... More

ABN-Amro says six banks shortlisted
ABN Amro is looking at various options including acquiring a private bank or setting up a subsidiary to expand its operations in India. "We are looking at all possible options of acquiring majority stake in an Indian bank or setting up a ... More

ING on the prowl again for acquisitions
THE ING group is looking for bank acquisitions after having consolidated its holding in Vysya Bank Ltd. Speaking to Business Line, the Managing Director and CEO of ING Vysya Bank Ltd, Mr Bart Hellemans, said: "We will look forward to ... More

PEOPLE

I may go back to my accountancy: Rangachary
ANY guesses where the Chairman of Insurance Regulatory and Development Authority (IRDA), Mr N. Rangachary, would go on Monday evening, after he formally steps down from his current position? The markets were agog with rumours at one point of ... More

Kalamankar at SBH helm
STATE Bank of Hyderabad, one of the associate banks of State Bank of India, has announced that Mr A.G. Kalmankar has assumed charge as its new Managing Director on Friday. In a press release here, the bank said Mr Kalmankar joined SBI as ... More

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