The Hindu Business Line : Tuesday, January 28, 2003

KGB, fully computerised rural bank
KAKATHIYA Grameena Bank (KGB), one of the 196 regional rural banks (RRBs) in the country based at Warangal in Andhra Pradesh, has achieved the unique distinction of becoming the first public sector bank and first RRB to have computerised 100 per ... More

FOREX

Govt to prepay World Bank, ADB loan — Bulging forex reserves facilitate clearing of $2.8 billion
IN a bid to use up the Reserve Bank of India's (RBI) bulging forex reserves and also mop up excess liquidity in the market, the Centre has decided to prematurely repay its loans from the World Bank and the Asian Development Bank (ADB) aggregating ... More

Rupee, gilts decline
Mumbai: THE rupee dipped over two paise to close at 47.9050/9150 against the dollar on Monday as compared to the previous close of 47.8825/8900 in the forex market. Dollar inflows were less than expected and there was genuine demand for the ... More

FINANCIAL PERFORMANCE

PNB nine-month net profit up 46.6 pc
PUNJAB National Bank has recorded a net profit of Rs 601.66 crore for nine months ended December 31, 2002, a 46.6-per cent rise compared to Rs 410.28 crore in the corresponding period last year. The third quarter net profit increased by 133 per ... More

HOUSING FINANCE

Corpn Bank cuts rates on home loans
CORPORATION Bank has decided to reduce its interest rates on home loans with effect from January 28. For loans having a repayment period of up to five years, the interest rate has been reduced by 50 basis points and for a repayment period of ... More

Corpn Bank to organise home loan fair
STATE-owned Corporation Bank plans to organise a two-day Home Loan Fair at Bangalore with an aim to unite architects, builders, contractors and several related professionals on a common platform. The Bank, which crossed Rs 1,200 crore ... More

LIFE INSURANCE

M&M Fin offers `loan suraksha'
MAHINDRA & Mahindra Financial Services Ltd (MMFSL), a subsidiary of Mahindra & Mahindra Ltd (M&M), has announced a group life insurance plan called `Mahindra Loan Suraksha,' in league with OM Kotak Mahindra Life Insurance Company Ltd ... More

GENERAL INSURANCE

Bajaj Allianz to grow bancassurance channel
KARUR Vysya Bank, which has entered into a bancassurance agreement with Bajaj Allianz General Insurance Company, expects to sell enough policies to earn the insurer a premium of Rs 25 crore in the first full year of operations. At the ... More

RBI & OTHER CENTRAL BANKS

Will RBI run out of G-secs to offload?
WILL the Reserve Bank of India (RBI) run out of adequate stock of Government securities (G-Secs) to conduct open market operations (OMO) and `sterilise' the monetary impact of large-scale forex inflows? Well, at the present rate of forex reserves ... More

PUBLIC SECTOR BANKS

Union Bank in pact with DSP Merrill Mutual Fund
UNION Bank of India has tied up with DSP Merrill Lynch Mutual Fund for the distribution of the latter's mutual fund products through the bank's branches. Addressing a press gathering here, Mr V. Leeladhar, Chairman and Managing Director, Union ... More

Dena Bank plans Rs 100-cr bond issue this year
DENA Bank plans to raise up to Rs 100 crore of tier II capital through bonds in the current fiscal, according to the bank's Chairman and Managing Director, Mr A.G. Joshi. The issue is likely to be in the range of Rs 65 crore to Rs 70 crore, with ... More

Loan prepayment: SBI may review penalties
STATE Bank of India (SBI) is open to the idea of removing or reducing the pre-payment penalties applicable on term loans extended to the corporate entities in the industrial sector, according to Mr Chandan Bhattacharya, Deputy Managing Director. ... More

FINANCIAL INSTITUTIONS

Exim Bank extends $200-m line of credit to Iran
EXPORT-IMPORT Bank of India (Exim Bank) has extended a $200-million line of credit to Iran to finance India's exports to that country. Under the agreement signed recently, Iranian importers will make an advance/down payment of 15 per cent of ... More

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