The Hindu Business Line : Thursday, December 04, 2003

The missing linkages for borrowers
IN a surplus rupee scenario, the Reserve Bank of India would prefer the bank rate/reverse repo (funds given by the central bank against securities), to cap the interest rate corridor. The proportion of entitlement under back stop facility in ... More

FOREX

Rupee firms up vs dollar
MUMBAI: The rupee ended the day seven paise stronger on Wednesday to close at 45.6250 against the previous close of 45.69/70 against the dollar. There were good dollar inflows in the market by way of FIIs and exporter receivables. The ... More

STOCKS

Consolidation boosts bank stocks
THE stock market once again begun betting on the private bank stocks triggered by a series of news related to consolidation in the sector. In the recent weeks, first the possibility of merger of Ashok Leyland Finance with IndusInd Bank became a ... More

LIFE INSURANCE

Birla Sun Life targets Rs 450-cr premium income
BIRLA Sun Life Insurance is targeting an annualised premium income of around Rs 450 crore by the end of the current fiscal year, March 2004, with an issuance of 1,80,000 policies. Of the total targeted premium for this fiscal, the company's ... More

GENERAL INSURANCE

Tata AIG cover for product contamination
TATA AIG General Insurance Company Ltd has launched a `Contaminated Products Insurance cover' for marketers of products that are consumed by either ingestion or application. This product offers cover against two primary components - accidental ... More

Kerala chamber signs insurance pact
THE Kerala Chamber of Commerce and the United India Insurance Co Ltd (UII) have signed a memorandum of understanding here on Wednesday to ensure a pro-customer professional insurance service to the chamber members. Under the agreement, which ... More

PUBLIC SECTOR BANKS

SBI personal banking fest from tomorrow
FOR the first time in Kerala, State Bank of India (SBI) will be hosting a personal banking festival from December 5 to 7 by bringing together builders, automakers and education institutions under one umbrella. During the three-day festival at ... More

FINANCIAL INSTITUTIONS

Labour Minister to negotiate EPFO dues with IFCI
THE Central Board of Trustees of the Employees Provident Fund Organisation (EPFO), which met here today, authorised its Chairman, the Union Labour Minister, Mr Sahib Singh Verma, to negotiate its dues with the IFCI Ltd. The EPFO had invested a ... More

GOVT BONDS

Govt converts special securities given to RBI into dated paper
THE Finance Ministry has converted the entire stock of non-transferable `special securities' issued to the Reserve Bank of India in lieu of outstanding ad hoc Treasury Bills into regular marketable, dated Government of India (GoI) ... More

Banks, FIs sounded on phase II securities buyback plan
THE Centre has sounded out banks and financial institutions for phase II of the securities buyback programme overruling all reservations. The second round was intended to take advantage of the prevailing soft interest rates. Accordingly, ... More

NON-PERFORMING ASSETS

Public sector banks may wipe out NPAs in 5 years
MOST domestic public sector banks in the country are expected to completely wipe out their outstanding non-performing assets (NPAs) between 2006 and 2008. Speaking at a seminar on `Risk management in Indian banks' here on Wednesday, Dr Dalbir ... More

Allahabad Bank taunts defaulters
THE Allahabad Bank officials have taken the fight with recalcitrant defaulters literally to the streets, by gathering in front of their offices and shouting slogans such as "Repay bank dues", "Do not cheat banks'', and "Live honourably''. Led ... More

MERGERS & ACQUISITIONS

No change in pricing for UTI Bank share — HSBC open offer from today
HSBC has said that its open offer to UTI Bank shareholders would commence from Thursday. Despite the upward swing in UTI Bank's share price during the day on the news of the stake sale, HSBC said that it had no plans to alter the offer price of ... More

UTI Bank staff taken by surprise
EMPLOYEES of UTI Bank were caught unawares when TV channels flashed the deal of HSBC buying 20 per cent in the private bank. "We had no inklingof such a thing. We had at best expected the exit of UTI at a later point in time," said a ... More

Focus shifts to UTI move on bank
HSBC has placed itself in a position to wrap up 20 per cent stake in UTI Bank at a price of Rs 90 per share involving a total outlay of about Rs 415 crore. However, the progress from owning a minority stake of 20 per cent to a controlling stake ... More

PEOPLE

Top-level recast in Bajaj-Allianz cos
A CHANGE of guard is on the cards for the management of Bajaj Allianz General Insurance and Allianz Bajaj Life Insurance companies. Mr Sam Ghosh, who currently is the CEO of Bajaj Allianz General Insurance, will take over as CEO of Allianz ... More

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