The Hindu Business Line : Saturday, August 23, 2003

IIB to change name
THE 75-year-old Indian Institute of Bankers (IIB) has resolved to change its name as `The Indian Institute of Banking and Finance'. IIB has amended its charter and got the approval for effecting the name change from the Union Government. The ... More

INSIGHT

Bad debts: PSBs in recovery mode
The Sarfaesi Act, brought into force in 2002, brings in an element of non-conventional warfare to the battle against NPAs, as it empowers banks to dispose of defaulters' securities to recover its dues. Public sector banks have been criticised for fai ling to make effective use of the law but these charges do not reveal the true picture of their recovery performance, says Dharmalingam Venugopal. More

FOREX

Rupee ends higher
MUMBAI: The rupee closed marginally stronger on Friday at 45.83/8350 against the dollar, as against Thursday's close at 45.8450/8550. The domestic currency opened at 45.84 and slipped to an intra-day low of 45.88, on continued buying of ... More

Don't bank on arbitrage advantage, NRIs told
Viewed from the adverse implications resulting from the continued influx of hot money into the country, the RBI prescriptions were only to be expected. More

HOUSING FINANCE

HDFC to open office in Erode

LIFE INSURANCE

SBI insurance schemes

GENERAL INSURANCE

Bajaj Allianz to offer motor cover for WIAA members
BAJAJ Allianz General Insurance Company will soon join hands with the Western India Automobile Association (WIAA) to offer a motor insurance policy for the latter's members. A memorandum of understanding to this effect is expected to be signed ... More

DEBT MARKET

Effect of rising forward premia — FIIs losing interest in debt market
In May, FII investment in the debt markets had peaked to as high as $311.6 million, when the premia had hit the lowest levels. More

FINANCIAL INSTITUTIONS

Banks, FIs agree to IFCI's revamp package
IFCI has informed its shareholders that most of the PSU banks and FIs have given their consent to the restructuring package. More

Roadmaps being drawn for IDBI, IDBI Bank
Mr Vora said, "On becoming a bank we will have access to low cost funds. We will be aggressive in getting current accounts and savings accounts. We will also give out working capital loans in addition to term finance and enter the fee-based businesse s". More

GOVT BONDS

Tap issue of AP devpt loan
HYDERABAD: The Andhra Pradesh Government has announced the Tap issue of its 6.20 per cent AP State Development Loan, 2015 of 12 years. The proceeds of the loan could be used for financing, particularly of capital and development nature ... More

CORPORATE BONDS

Syndicate Bank's Rs 100-cr bonds fully subscribed
THE public sector Syndicate Bank has `successfully' placed its Rs 100-crore bond issue. A bank release said that the issue was closed on August 19, after the targeted amount was raised in just one day. The bond issued for slightly under 7 ... More

NON-PERFORMING ASSETS

Relax NPA norms for SSI units: Panel
BANKS should relax the norms for declaring small scale industry (SSI) units as non-performing assets taking into account factors that hinder growth of the sector, according to the Parliamentary Standing Committee on Industry. "The committee is ... More

CREDIT MARKET

SBH's personal loan utsav
Hyderabad: State Bank of Hyderabad (SBH) is organising a personal loan utsav at Visweswaraiah Bhavan on August 24. Bulk loans would be sanctioned as per eligibility. Housing loans, car loans and education loans would also be sanctioned at ... More

EVENTS

Vizag financial expo
VISAKHAPATNAM: Vizag financial exhibition, 2003, is being held here in Hotel Meghalaya on Saturday and Sunday. The organisers said at a press meet here that Corporation Bank, Centurion Bank, ICICI Bank, ING Vysya Life Insurance, Union ... More

PEOPLE

I.J. Jain to head GIC's African arm
THE General Insurance Corporation of India (GIC) has appointed a new chief executive officer for its subsidiary company operating in the African region — KenIndia Assurance Company Ltd. Sources said that GIC had appointed Mr I.J. Jain, ... More

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