The Hindu Business Line : Saturday, November 15, 2003

PNB Gilts seeks RBI nod for portfolio management
PNB Gilts Ltd, the primary dealer subsidiary of Punjab National Bank, has approached the Reserve Bank of India for permission to offer portfolio management services (PMS) to clients. The company is also in the process of acquiring the ... More

REGIONAL RURAL BANKS

Moratorium on Gujarat bank
ON the recommendation of the Reserve Bank of India, the Government of India has passed the order of moratorium on the South Gujarat Local Area Bank Ltd, Navsari, Gujarat. The moratorium will remain in force from the close of business on ... More

INSIGHT

Leave self-help groups to themselves
SELF-HELP Groups run by women are a classy innovation in the rural credit delivery system for which probably no organised banking institution, including RBI and Nabard, can take any credit. With entirely indigenous roots, the idea has helped ... More

FOREX

Rupee down 4 paise; gilts subdued
MUMBAI: The rupee closed four paise weaker at Rs 45.42 against the dollar on Friday against Thursday's close at Rs 45.38 in a volatile forex market. Dealers said that after opening at Rs 45.37, the domestic currency slipped on consistent ... More

STOCKS

IFCI offloads LIC Housing shares
NEW DELHI: In a bulk deal, IFCI Ltd on Friday netted Rs 68.75 crore by selling 36,66,813 equity shares of LIC Housing Finance Ltd at Rs 187.50 per share. The deal was done through IFCI Financial Services Ltd on the NSE. The shares sold ... More

NBFCS

NBFCs form self-regulatory body
Once the registration process is through, preparation of memorandum and articles of association, code of conduct, membership structure etc would be completed within the next two or three months. The regulator would start functioning by February 2004 More

HOUSING FINANCE

Home in on special discount loans
IT'S a season of deep discounts in the competitive home loan market. ABN Amro Bank was the first mover, HDFC recently concluded its festive offer, ICICI Bank commenced one earlier this week and so has LIC Housing Finance and Standard Chartered ... More

PNB Housing cuts rate to 7.75 pc on all home loans
PNB Housing Finance, as part of a festival offer, has reduced interest to a flat rate of 7.75 per cent for all loans of up to 20 years. The loans would be extended on a monthly reducing balance. The company said that the interest rate offered ... More

J&K Bank cuts housing loan rates
NEW DELHI: Jammu & Kashmir Bank Ltd has lowered the housing loan interest rates. The new rates will be effective from November 12. The bank has also increased the quantum of finance for renovation or repairs of house by individual in ... More

LIFE INSURANCE

Insurance plan for undergraduate NRIs in Dec
THE Government has finalised a scheme to provide mandatory insurance cover to undergraduate Indian workers going abroad on term contracts. According to available estimates, there are close to 12 lakh undergraduate Indian workers employed ... More

GENERAL INSURANCE

JRG Securities to launch vanilla insurance policy
JRG Securities Ltd, which recently got the insurance broking license from the Insurance Regulatory and Development Authority, is planning to launch a new policy in a month's time to cover vanilla cultivation in the State. Discussions in this ... More

INTEREST RATES

Rajnath for rate cut on coop farm loans
THE Union Agriculture Minister, Mr Rajnath Singh, has asked co-operatives to discuss ways of reducing the rate of interest on farm loans. Inaugurating the 50th All India Co-operative Week celebrations, organised by the National Cooperative ... More

Nabard reduces refinance rates
NATIONAL Bank for Agriculture and Rural Development (Nabard) has reduced the rate of interest on refinance by 100 to 125 basis points and also reduced loan slabs for refinance from four to three. The revised rates are applicable from November 12, ... More

Separate PLR for small units mooted
THE Confederation of Southern Small Industries Association (Conssia) has called for introduction of a separate prime lending rate (PLR) for the small and tiny sectors. Mr A. Selvaraj, President, Conssia, in a statement here welcomed the ... More

CORPORATE BONDS

DEA nod for five municipal bonds
THE Union Ministry of Urban Development has released funds to the tune of Rs 91 crore for various on-going projects in Hyderabad. The Ministry has released Rs 23.5 crore for the Megacity project, Rs 23.64 crore for the Valmiki Ambedkar Awas ... More

NON-PERFORMING ASSETS

IOB stumps borrower with Securitisation Act
THE SARFAESI Act — the legislation brought in to help banks seize the hypothecated assets from defaulting borrowers — has enabled Indian Overseas Bank to square up with a defaulter who got tough with the bank's recovery agents. The ... More

CREDIT MARKET

Banks see positive impact from new ECB norms
CREDIT offtake in banks, in terms of rupee borrowings, will receive a substantial boost as a result of the government's tightening the screws on External Commercial Borrowings (ECBs), according to bankers. The stricter ECB norms come as a ... More

PEOPLE

Dhanalakshmi Bank MD puts in papers

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