Banking and Finance
Govt dumps Vaidya's proposal for SBI
THE Finance Minister, Mr Yashwant Sinha, has said the SBI Act would not be amended to let the stake of RBI, the majority holder at 56 per cent, to fall and help the country's premier bank to raise funds through a domestic or foreign issue.
HSBC to open 4 more branches
HONGKONG and Shanghai Banking Corporation (HSBC), which launched its 27th full-fledged branch here, is on course to launch four new branches during the next fiscal starting January 2001. While the Chandigarh branch is scheduled to get going by March next
, the other three include Coimbatore, Pune and Bhubaneshwar, thus taking up the tally to 31.
Fresh norms likely to promote factoring soon
THE Union Cabinet is expected to clear shortly fresh guidelines governing factoring services. The Ministry of Small-Scale Industries has formulated a draft legislation seeking to remove hurdles to the development of factoring business.
Deutsche Bank to revamp operations
DEUTSCHE Bank has announced its plans to reorganise its business into two groups -- corporate and institutional clients group and asset management & private clients group. This is the second time in three years that the bank is restructuring its operatio
ns.
BoB seeks nod for 74 pc stake in insurance JV
BANK of Baroda (BoB) would like to hold, at least initially, 74 per cent equity stake in the life insurance joint venture it proposes to launch with a foreign partner. BoB has sought the Union Government's permission in this regard.
HDFC mops up Rs 357.50 cr thru NCD issue
HOUSING Development Finance Corporation Ltd (HDFC) has completed a private placement of Rs 150 crore non-convertible debenture (NCD) through the book-building route.
Canbank Computer seeks capital infusion
CANBANK Computer Services Ltd (CCSL), a banking software development company promoted by a consortium of six banks led by Canara Bank, is seeking additional capital infusion of Rs 4.76 crore from the promoters to expand its operations. The company plans
to go global and tap the market in the West Asian, African and Asian countries.
TMB ties up with Infosys
TAMILNAD Mercantile Bank (TMB) has entered into a strategic technology partnership with Infosys Technologies Ltd to revamp the bank's information technology infrastructure.
Dilemma: Industry vs company
IT is the coffee versus toffee kind of debate! The dilemma which every bank officer or rating analyst goes through while rating a company or evaluating a credit proposal! Which should be given more weightage -- a company's intrinsic strengths or the pro
spects of the industry to which it belongs? Hard to answer. Some would say industry and some would say company! And both claim that their viewpoint has been vindicated.
Insurance
Pvt insurers may go for soft-launch in Jab/Feb
THE handful of private sector companies, which have received licences from the Insurance Regulatory & Development Authority (IRDA), are likely to begin their activity with soft launches of select products, both in the life and general categories, either
in late January or February 2001, according to the assessment of insurance industry circles.
