The Hindu Business Line : Tuesday, December 03, 2002

Re firms up; gilts weak
Mumbai: THE rupee ended on Monday at 48.27/28, tad stronger than its earlier close of 48.2850/2950 against the dollar in the forex market. State-run banks were seen mopping up the good supply of the greenback. They were buying at 48.2750 levels ... More

HOUSING FINANCE

HDFC bonus issue, buyback get shareholders' approval
THE shareholders of Housing Development Finance Corporation have approved the proposed 1:1 bonus issue of shares of as well as an in-principle enabling resolution permitting buyback of shares by HDFC at an EGM here on Monday. Other resolutions ... More

`Continue tax sops on housing'
"TAX sops on housing loans should continue. It is not advisable to remove them at this juncture, as recommended by Kelkar Committee," the Executive Director of HDFC, Mr R.V.S. Rao, said here. Mr Rao was in the city to inaugurate HDFC's property ... More

GENERAL INSURANCE

Problem with Mercury on mediclaims `resolved'
THE public sector general insurance companies have finally resolved the problem they have been having with Mercury International Assistance & Claims Ltd, an international Third Party Administrator (TPA), based in the US. This means that ... More

RBI & OTHER CENTRAL BANKS

RBI moots identification No. for bank customer
THE Reserve Bank of India has mooted the idea of giving each bank customer a unique identification number. When a person becomes a bank customer for the first time, he will be given this number. That number will identify him even if he becomes a ... More

PRIVATE BANKS

ICICI Bank plans to save Rs 880 cr via new plan
ICICI Bank is looking at a modest 8-10 per cent growth in business and hopes to save about Rs 880 through its asset asset-liability restructuring. It is planning to retire high-cost debt worth Rs 22,000 crore with low-cost deposits. The ICICI ... More

PUBLIC SECTOR BANKS

Banking on commercial banks
Policy-makers must realise that the growth of the PSBs is as important as the development of the capital market. The policy discrimination against the PSBs and in favour of the capital market must end. The thrust of the RBI policy should be to evolv e a network of PSBs, micro-credit institutions, cooperatives, NGOs, and self-help groups to strengthen the credit support to the decentralised sector, says N. A. Mujumdar. More

FINANCIAL INSTITUTIONS

Lenders agree to help recast IFCI liabilities
INSTITUTIONAL lenders including a clutch of public sector banks and financial institutions today agreed on a broad plan to restructure the liabilities of IFCI Ltd which includes reduction of interest rates and extending the maturity of a portion ... More

NON-PERFORMING ASSETS

ICICI Bank, others take over assets of Patheja group
IT appears empowerment is all that lenders needed to set out against rogue borrowers. Close on the heels of taking over assets of the Ahmedabad-based Mardia Chemicals for non-repayment of loans, banks led by ICICI Bank have taken over the ... More

Canara Bank to set own team after defaulters
AT a time when most banks and FIs groping in the dark and are considering hiring outside agencies to seize and manage units taken over under the new non-performing assets (NPA) recovery law, Canara Bank is likely to set pace of developing ... More

Securitisation Bill brings defaulters across table — Banks to reduce NPAs to 5 pc
WITH the Parliament passing the Securitisation Bill, the banking industry is looking at bringing down the non-performing assets (NPAs) from the existing 7-8 per cent to 5 per cent. Speaking at the sidelines of the `International Banking ... More

FIXED DEPOSITS

Bank of India modifies deposit maturity, rates
BANK of India has modified the maturity buckets for interest rates on domestic as well as non-resident external rupee (NRE) term deposits. The new maturity buckets introduced for the domestic term deposits are 3 years to less than 5 years for ... More

MERGERS & ACQUISITIONS

IFCI to hold 49 pc in Asset Care
DROPPING its earlier plan to go it alone, IFCI has now decided to hold 49 per cent stake in its Asset Care Enterprise Ltd (ACE), while the remaining equity would be split among banks, institutions and multilateral agencies. ACE is expected to ... More

TRADE & LABOUR UNIONS

Protest by Federal Bank staff

TRENDS

Banks maintain `spreads' despite PLR cut
COMMERCIAL banks have managed to protect their net interest income or `spreads' despite reducing their prime lending rates after the mid-term review of the Credit Policy by the RBI, where the regulator reiterated that banks should bring down ... More

NEW PRODUCTS & SERVICES

Syndicate Bank plans new `Pygmy Plus'
SYNDICATE Bank is planning to launch a new scheme called `Pygmy Plus'. This new `pygmy' scheme would enable depositors to avail of loans at any time, according to the General Manager of Syndicate Bank (Udupi Zone), Mr M.S. Bhandarkar. Speaking ... More

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Pick a Winner Stock Market Contest

Sugar import norms tightened

Two-wheeler cos biggest spenders on press ads — Computer education ads slip to 15th from third spot

AMFI registration mandatory for intermediaries

Mahajan for fresh look at super regulator's role — Convergence Bill not on LS agenda right now

RBI moots identification No. for bank customer

Report of National Commission on Labour — Inconsistencies weaken the safety net

In Depth
Gender Justice

Simple Economics

Small Investor

Looking back
Nov. 24-Nov. 30
G-20 for caution on capital account convertibility

Banks await directive on loans to IFCI

Challenges of taking life insurance to small towns

Will early alert system cure the NPA malady?

NRE deposits from UAE surge 20-25%

Pvt life players may grab 4% share by fiscal-end: IRDA

`Insurance cos not fully armed to gauge corporate liabilities'

Forex reserves: From penury to plenty