The Hindu Business Line : Friday, July 18, 2003

Govt in no mood for banking reforms
Some time ago a senior office bearer of IBA had talked of a cut in PLR by 0.50 percentage point, but then that is being taken as a one-off statement. More

FOREX

Current account transactions eased further — Forex limit for education, medical treatment hiked
THE Reserve Bank of India on Thursday announced a substantial hike in the present limits of foreign exchange available for various purposes including education abroad, medical treatment for overseas employment. The limit for foreign exchange ... More

Forward premia drop
MUMBAI: Forward premia slipped by 20 basis points on Thursday, following the RBI announcement of capping interest rates on NRE deposits. The six-month premium ended at 2.31 per cent (2.65 per cent) while the one-year forward closed at ... More

STOCKS

LIC Housing Fin up on merger talks
SHARES of LIC Housing Finance on Thursday hit an all-time high of Rs 168.80 on the BSE on sustained buying support. The stock which has gained about 28 per cent in the last two trading sessions i.e. from Rs 132 to the all-time high, slipped to ... More

HOUSING FINANCE

Syndicate Bank home loan rates
BANGALORE: Syndicate Bank has issued a corrigendum and said that the floating rate loans for housing were all below the prime lending rate. Syndicate Bank's PLR is 11 per cent. Consequently, the rates are 3.25 per cent below the PLR for ... More

SBI offer to Cusat staff

LIFE INSURANCE

NIC aims to be top non-life insurance co
NATIONAL Insurance Company Ltd (NIC) is expected to cover 20 lakh families in the current year under the recently released Universal Health Policy, a policy designed by the non-life insurance public sector undertakings, according to the company ... More

TN: LIC division settles 95 pc claims

GENERAL INSURANCE

Insurance staff peeved at sops to pvt sector
THE Kerala unit of the All-India General Insurance Workers Association is drawing a battle line against the changes introduced in the insurance sector by the Insurance Regulatory and Development Authority (IRDA). The decisions of the ... More

CREDIT RATING

Crisil P1+ for TV Today NetworkCPs

PRIVATE BANKS

ICICI Bank to set up office in Dubai
THE decks have been cleared for ICICI Bank to set up a representative office in Dubai, with the board of Central Bank of UAE approving the proposal. The representative office will enable the bank to increase its participation in India's trade ... More

UTI launches 5 ATMs

PUBLIC SECTOR BANKS

SBI eyes $2-m profit from Mumbai OBU
STATE Bank of India expects to make a profit of $ 2 million from business from its first offshore banking unit set up in SEEPZ, Mumbai. Speaking at the launch of the OBU here on Thursday, Mr A.K. Purwar said, "The OBU was set up with a capital ... More

SBI keen to expand overseas presence
STATE Bank of India (SBI) is looking for opportunities to expand its overseas presence, particularly in West Asia and Africa Mr A.K. Purwar, Chairman, SBI, told presspersons, at the sidelines of the launch of the bank's offshore banking unit ... More

FINANCIAL INSTITUTIONS

Ministry keen on pursuing IPO of Power Fin Corpn
BUOYED by the success of the initial public offer (IPO) of Maruti Udyog Ltd (MUL), Power Ministry is now pursuing Power Finance Corporation's IPO with renewed vigour. The Ministry has recently finalised a Cabinet note for a 10 per cent equity ... More

GOVT BONDS

Buyback of high-cost debts tomorrow
THE Government has finalised the scheme to buy back high-cost debts from banks and financial institutions (FIs). The buyback will be done through a multi-security auction on July 19. A scheme has been formulated wherein which banks and FIs will ... More

Gilts decline
BOND prices fell by around 5-20 paise across maturities in a dull Government securities market today. The 7.40 per cent 1012 paper opened at Rs 111.57/59 and slipped to Rs 111.53/55. The 9.85 per cent 2015 paper opened at Rs 134.58/60 and ... More

SECURITISATION

Priority loan status for securitisation deals — More credit for SSIs under study
Public sector banks are generally better placed to originate SSI loans, while foreign and private banks lack such opportunities due to their limited reach. More

FIXED DEPOSITS

Move to stem arbitrage-driven inflows — RBI caps interest rate on NRE deposits
"The capping of the interest rates also ensures a level playing field amongst players and prevents unhealthy competition.'' More

EVENTS

Minting money for hundred years
PERHAPS, Macaulay was right when he said, "Nothing except the mint could make money without advertising." But by making money for one hundred years, the Government of India Mint at Saifabad made news, attracting not only the numismatist but also ... More

PEOPLE

Karnataka Bank Chairman gets another term
THE tenure of the Karnataka Bank Chairman, Mr Ananthakrishna, has been extended for a further period of three years, according to a press release from the bank. During his first tenure, the bank registered a turnover of Rs 12,000 crore, and ... More

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