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Thursday, March 11, 2004

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MONEY & BANKING

OVERSEAS BORROWINGS
IDBI mulls $500-m ECB for textile units' package
INDUSTRIAL Development Bank of India is considering another $500 million external commercial borrowing for funding the textile-restructuring package. The development financial institution had raised $300 million just last month for the ... More

FOREX
Rupee ends higher
MUMBAI: The rupee on Wednesday closed a tad higher at 45.2250, from Tuesday's close of 45.2375 in its value against the dollar. The Resserve Bank of India, through public sector banks, was seen buying up dollar supplies throughout the ... More

NBFCS
StanChart NBFC to have corporate focus
THE newly set up, Standard Chartered Investments and Loans (India) Ltd (SCILL), will make the group's maiden venture into the domestic debt market shortly. Standard Chartered Bank today announced the establishment of SCILL, a 100 per cent ... More

CONSUMER FINANCE
Used truck financing: Untapped potential
BANKS and finance companies are flush with funds; traditional lending opportunities are still not big. But look around, you will find absorbing markets. Here is one: the market for used vehicles. There is an opportunity to lend Rs 20,000 crore ... More

LIFE INSURANCE
ING Vysya aims at Rs 150-crore premium income
ING Vysya Life Insurance is targeting a premium income of Rs 150 crore by December 2004. The company has, since the start of business in India in September 2001, achieved a premium income of Rs 43 crore (up to December 2003). Mr Gautam ... More

DEBT MARKET
Repo deals exceed Rs 50,000 cr for the second day — Redemption of March papers to infuse Rs 15,000 cr
THE Government is poised to redeem securities maturing during the next few months though this is likely to worsen the liquidity in the markets. Two securities, the 11.57 per cent 2004 and the 12.50 per cent 2004, have already been notified for ... More

PRIVATE BANKS
Decks cleared for TMB board meet
THE legal and technical issues appear to have been sorted out for the conduct of the Tamilnad Mercantile Bank's annual general meeting. The Nadar Mahajana Bank Share Investors' Forum chairman's counsel, Mr P.H. Arvindh Pandian, reported to the ... More

PUBLIC SECTOR BANKS
IOB to focus on building quality asset base
ABSENCE of lucrative avenues for deploying low-cost funds has forced Indian Overseas Bank (IOB) to evolve a strategy of building up quality assets (advances) and not wasting capabilities on increasing its deposits (liabilities). At present, the ... More

CORPORATE BONDS
Nabard Capital Gains Bonds
THIRUVANANTHAURAM: Nabard (National Bank for Agriculture and Rural Development) has decided to close subscriptions to the Nabard Capital Gains Bonds issue at the existing rate of 5.00 per cent per annum from the close of business on March ... More

NON-PERFORMING ASSETS
AIBEA's plea to EC
The AIBEA has written to the Election Commission, asking the Commission to publicise the bank defaults of all the candidates contesting in the current Lok Sabha elections. As per a Supreme Court judgement of 2003, the candidates are required to ... More

TRADE & LABOUR UNIONS
IBA offers to bear addl Rs 818 cr in wage bill
BOTH the Indian Banks Association, which represents all the public sector banks, and the unions expect some headway in wage negotiations that will resume on March 19. On the `pay' side, IBA has offered to take an additional burden of Rs 818 ... More

EVENTS
Corporation Bank Foundation Day celebrations
MANGALORE: Corporation Bank will celebrate its 98th Foundation Day on March 12. As part of the celebration, the Director of National Judicial Academy, Bhopal, Dr N.R. Madhava Menon, will deliver a lecture on "Law and economic ... More

STANDARDS & BENCHMARKS
4 more SBT branches get ISO
THIRUVANANTHAPURAM: Four more branches of State Bank of Travancore have received the ISO 9001:2000 recognition, a spokesman of the Public Relations Department said here on Wednesday. The four new recipients of the certification were SSI ... More

PEOPLE
New CEO for I Caps
BOND and equity broking house, IDBI Caps, is slated to have Mr Sushil Muhnot, a General Manager from parent IDBI as its next Managing Director and CEO. The post had been lying vacant for over two months now with the former chief, Mr Nageshwar ... More

  • New IOB Chief Regional Manager

    TRENDS
    Customary service
    Priests perform religious rites at the inauguration of an Indian Overseas Bank branch in Hyderabad on Wednesday. According to the priests, they charge Rs 2,000 for the service. ... More


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