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Tuesday, July 27, 2004

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MONEY & BANKING

FARM CREDIT
Write off farm loans up to Rs 10,000: Experts
LOANS taken by farmers from banks up to Rs 10,000 should be waived, as done in 1990 by the V.P. Singh Government, to pull farmers out of debt trap and end the splurge of suicides in Andhra Pradesh, opined Mr Dinesh Chandra, former Union ... More

FOREX
Dilemma over hedging receipts — Forex swings fox IT cos
TREASURY departments of software companies are in a flap about the way the rupee seems to be headed the current year. With the dollar having depreciated against the rupee over a large part of the financial year 2003-2004, software companies ... More

PSBs prop up rupee; gilts inching up
MUMBAI: The domestic currency strengthened on Monday due to heavy infusion of dollars by State-run banks, perhaps at the behest of the central bank, said dealers. The rupee closed about five paise stronger at 46.27/28 on the first day of ... More

FINANCIAL PERFORMANCE
Federal Bank Q1 net up 20 pc
THE Aluva-based Federal Bank has reported a 20 per cent increase in its net profit for the first quarter of the current fiscal to Rs 45.03 crore, as against Rs 37.43 crore reported for the corresponding period of the previous year. The results ... More

LIFE INSURANCE
Allianz Bajaj revamps unit-linked policies
ALLIANZ Bajaj Life Insurance has revamped its unit-linked insurance policy and introduced variants, Unit Gain Plus and Unit Gain Plus SP (single premium). A company press release said that Unit Gain Plus policies have introduced an equity fund ... More

Small group term life plan from Allianz Bajaj
ALLIANZ Bajaj Life Insurance has launched a small group term life insurance scheme in Kolkata. The scheme is aimed at protecting smaller employer-employee groups, ranging from 10 to 50. The plan is a variant of the company's group term life plan, ... More

PRIVATE BANKS
Treading the beaten path
Look at the speech "Reviving confidence in the Indian economy" given by him at the first Dr S. Radhakrishnan Memorial Lecture sponsored by University Grants Commission and organised by the University of Hyderabad, at Hyderabad on September 5, ... More

Ramesh Gelli hopes shareholders too could gain
THOUGH on the face of it, the RBI-prescribed merger of Global Trust Bank (GTB) with Oriental Bank of Commerce (OBC) appears to benefit both the depositors and the employees of GTB and not its 1.6-lakh odd shareholders for 12 years, the GTB ... More

Goldman Sachs exited GTB in April-June quarter
DID Goldman Sachs get wind of the sordid deal that was awaiting the shareholders of Global Trust Bank? This foreign institutional investor sold a substantial part of the 4.9 per cent holding or 54 lakh shares in the Bank in the period between ... More

Only a decade and all decayed?
AS it usually happens, our small world is divided into two - those with money in GTB and those without. The problem with the `with' category is that they suddenly feel `without,' ever since the RBI pulled the rug under the feet of Gande. While ... More

From promoter to zero stakeholder
MR Ramesh Gelli, the aggressive banker-turned-promoter who created ripples in the private banking space in 1994 by floating Global Trust Bank (GTB), has been rendered "zero-value" stakeholder of GTB. According to observers, the proposed merger ... More

GTB deposits reasonably safe: Chidambaram
THE Finance Minister, Mr P. Chidambaram, on Monday said that the decision to impose a moratorium on GTB with a view to merging it with another bank was taken keeping the interests of the depositors in mind. Speaking on the developments just ... More

AP Govt funds not to be deposited in private banks
THE Andhra Pradesh Government would issue an order banning Government departments from depositing their funds in private sector banks, according to the State Finance Minister, Mr K. Rosaiah. The Minister said that a decision to this effect was ... More

Trust intact
Senior officials of Global Trust Bank in a relaxed mood at the bank's headquarters in Hyderabad after the announcement of its amalgamation with Oriental Bank of Commerce on ... More

GTB advised to appoint auditor for DP operations
NATIONAL Securities Depository Ltd has advised Global Trust Bank (GTB) to appoint a concurrent auditor to oversee depository participant (DP) operations of the bank for a period of six months. This is following RBI's moratorium on GTB and its ... More

No impact of exposure not covered by collaterals in GTB
THE Securities and Exchange Board of India (SEBI) said that exposure not covered by collaterals placed in the Global Trust Bank (GTB), post RBI's moratorium, will not create any adverse impact and there will not be any need to deactivate trading ... More

INTEREST RATES
Nabard cuts interest rate
THIRUVANANTHAPURAM: The National Bank for Agriculture and Rural Development (Nabard) has reduced interest rates on outstanding refinance, and has accepted pre-payment of high-cost refinance from banks, according to an official press ... More

NON-PERFORMING ASSETS
Proportion of bad loans to advances is the key
THE scheme of arrangement for the merger between Oriental Bank of Commerce and Global Trust Bank will hold value to the shareholders of the former if the degeneration in the quality of advances of Global Trust Bank were not substantial. By ... More

CREDIT CARDS & DEBIT CARDS
BoI launches Kisan Samadhan card
BANK of India has today launched the `Kisan Samadhan' Card scheme to enhance the flow of credit to farmers. Though the bank has conventionally extended financial assistance to farmers, the Samadhan scheme aims to take care of farmers with ... More

Hutch Citibank co-branded card launched
Mr. Sarvesh Sarup, Country Business Manager, Global Consumer Group, Citigroup (right), with Mr Rajiv Sawhney, Executive Director, Hutch, at the launch of Hutch Citibank co-branded card in the Capital on Monday. ... More

FIXED DEPOSITS
SBT revises FCNR rates
THIRUVANANTHAPURAM: State Bank of Travancore has announced a revision in its interest rates on FCNR term deposits in dollars, pounds and euros with effect from Monday, according to a bank press release. The revised rate on dollar ... More

MERGERS & ACQUISITIONS
GTB to be merged with Oriental bank — No share swap arrangement; all employees to be retained
THE troubled Global Trust Bank (GTB) is to be merged with the Government-controlled Oriental Bank of Commerce (OBC). This was announced by the Reserve Bank of India on Monday. The Hyderabad based private sector bank, however, will continue to ... More

Panic is over for depositors, says OBC chief
THE Reserve Bank of India's swift move to announce the merger of Global Trust Bank (GTB) with Oriental Bank of Commerce (OBC) has come as a wonder-balm for the worried and agitated depositors of GTB, the OBC Chairman and Managing Director, Mr ... More

Scheme of amalgamation — GTB accounts to be transferred to OBC
ALL types of deposit accounts of Global Trust Bank (GTB) will be transferred to Oriental Bank of Commerce (OBC) as per the proposed amalgamation scheme announced by the RBI on Monday. GTB depositors will receive the same rate of interest on ... More

GTB merger: Oriental Bank to gain
WHILE equity investors of Global Trust Bank (GTB) have been left holding shares whose value is not worth the paper it is printed on, Oriental Bank of Commerce (OBC) shareholders have enough reasons to bring out the good china, say analysts. The ... More

CO-OPERATIVES
Madhavpura revival crucial for co-ops
THE Madhavpura Mercantile Co-operative Bank (MMCB) spectre has risen once again to haunt the hapless co-operative banks whose aggregate deposits with it stand at Rs 635 crore. The State co-operative banking sector is set to witness turbulent ... More


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Top Stories
NCDEX launches raw jute, guar gum contracts


I-T Dept told to focus on non-salaried evaders

Additional duty on finished imports — PC prices may remain at pre-Budget levels

Direct tax mop-up records 52% jump

MPEDA to focus on US, Japan markets

Jindal Stainless bets big on steel furniture

Looking back
Jul. 18-Jul. 24
Forex reserves surge $700 m on FII inflows

Bond yields may harden further

SBI hopes to disburse Rs 6,000-cr agri loans

HDFC net up 22 pc in Q1

Unit-linked policies drive LIC(S) growth

New VRS for insurance staff likely

What's good for stock players is good for farmers too


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