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Friday, January 21, 2005
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MONEY & BANKING

FINANCIAL SERVICES


AP to launch work on second phase of Financial District
WITH the first phase of the Financial District here nearing completion, hosting the representative offices of various banks, financial institutions and the insurance regulator, the State Government is now planning to take up the second phase to ... More

REGIONAL RURAL BANKS


Malaprabha Grameena Bank, HMT Tractors in tie-up for soft loans
MALAPRABHA Grameena Bank, Dharwad, has signed a memorandum of understanding (MoU) with HMT Tractors Ltd to provide financial assistance to farmers for the purchase of tractors through a concessional loan scheme. A bank release said here on ... More

PENSION PLANS


`Draft paper on new regulations for pension funds soon' — Govt has open mind on role for life insurers
ALLAYING the fears of life insurance players on their prospects in the pension funds arena with the formation of new pension fund regulator, a senior official of the Union Finance Ministry said options were still open on their entering the ... More

INSIGHT


Why reserves are not resources
Large economies having a vigorous interface with the global economy may require large foreign currency reserves to act as stored energy that smoothen the transmission of resource power to drive the growth engine. But the `resource power' will have to be derived from exports and capital inflows, which generate the ideas and energy that India needs to power the economy with, says G. Ramachandran. More

FINANCIAL PERFORMANCE


IDBI Bank Q3 net up 54%
DRIVEN by a significant growth in net interest income, IDBI Bank recorded a 53.7 per cent jump in net profit for the third quarter ended December 31, 2004, at Rs 55.8 crore as against Rs 36.3 crore in the year ago period. Total income of the ... More

NBFCS


Margadarsi Chits to sell insurance products
MARGADARSI Chits Pvt Ltd will soon start marketing insurance products, according to its Managing Director, Ms Sailaja Kiron. After inaugurating Margadarsi's 86th branch here on Thursday, Ms Kiron said that the chit fund company would get into ... More

GENERAL INSURANCE


United India Insurance settles its largest ever marine claim
UNITED India Insurance Company settled its largest ever marine insurance (hull) claim recently, a company press release said. The claim for Rs 29.60 crore was in respect of the ship - M.V.Lok Pragati, which belonged to the Shipping Corporation ... More

FOREIGN DIRECT INVESTMENT


Banking reforms roadmap not yet ready
THE proposed roadmap for banking sector reforms including a hike in foreign direct investment (FDI) limit for private sector banks may have to wait for some more time before it is unveiled. "I have already said that we are dotting the i's and ... More

FINANCIAL INSTITUTIONS


Enough resources with banks, no need for foreign equity' — Be intermediaries, Govt tells micro-finance institutions
THE Finance Minister, Mr P. Chidambaram, on Thursday advised micro-finance institutions (MFIs) to take up intermediation between banks and self-help groups (SHGs) rather than looking to avail themselves of tax concessions or access foreign ... More

CORPORATE BONDS


UCO Bank bonds
UCO Bank proposes to privately place bonds aggregating Rs 250 crore, including a greenshoe option of Rs 50 crore. The issue, rated CARE AA and AA (Ind) by CARE and Fitch Ratings respectively, will close on January 29. The bonds will have a ... More

MERGERS & ACQUISITIONS


IDBI, Bank share swap ratio fixed at 100:142
THE shareholders of IDBI Bank will get 100 shares of IDBI for every 142 shares held by them. The boards of IDBI and IDBI Bank approved the share swap ratio for the merger on Thursday. IDBI will transfer 2.5 per cent of its shareholding in IDBI ... More

VENTURE CAPITAL


Syndicate Bank venture fund for rural projects
THE public sector Syndicate Bank has set up a venture capital fund along with Shell Foundation International. The venture fund would have a corpus of Rs 12.5 crore. Shell has contributed about half million dollars for the venture fund. The fund ... More

PEOPLE


Kanta Kumar, CMD, Syndicate Bank
MR N. Kanta Kumar has assumed charge as the Chairman and Managing Director Syndicate Bank. Mr Kanta Kumar was earlier executive director of Canara Bank. He is a member on the Committee of Economists constituted by the Indian Banks ... More


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