The Hindu Business Line : Thursday, August 14, 2003

Rupee unchanged on RBI intervention
MUMBAI: The rupee was almost unchanged on Wednesday, closing at 45.89/90 against the dollar compared to Tuesday's close of 45.88/89 in the local forex markets. There was abundant supply of the greenback by way of FIIs, which were all ... More

POLICY

Govt fine-tunes Banking Act — Banks to be allowed to issue pref shares
IN a major fine-tuning of the Banking Regulation Act, the Government on Wednesday introduced a Bill in the Lok Sabha that seeks to stipulate minimum capital requirements for all banking segments, besides laying down procedures for merger of ... More

HOUSING FINANCE

Kotak Mahindra unveils home finance products
The bank will now offer through its branches in Mumbai and Delhi, a basket of home finance options which include home loans, home equity loans, home loan transfer and home improvement loans. Mr Dipak Gupta, Executive Director, Kotak Mahindra ... More

GENERAL INSURANCE

Royal Sundaram's schemes for SMEs
ROYAL Sundaram, the Chennai-based private non-life insurer, has introduced `Enterprise' - a suite of products that provide "specialised and tailored covers designed to cater to the requirements of small and medium industries." The product ... More

Tata AIG launches health insurance with life cover
TATA AIG Life Insurance Company Ltd has launched a health insurance plan with life cover, called the Tata AIG `Health First'. The product is designed to provide a complete cover for prolonged hospitalisation, including a major surgery or a ... More

RBI & OTHER CENTRAL BANKS

RBI dividend payment
THE Reserve Bank of India has decided to transfer a dividend of Rs 8,834 crore to the Government of India out of its surplus profit for the year ended June 30, according to an RBI press release. In the previous year, the dividend payment was to ... More

PRIVATE BANKS

UTI Bank to share ATMs with Bank of Rajasthan
IN spite of crowding at its ATMs, UTI Bank is on an ATM-sharing spree. It has now tied up for ATM sharing with a fourth bank, Bank of Rajasthan. UTI Bank, with a network of 940 ATMs, had earlier entered into ATM-sharing arrangements with ... More

DCB plans Rs 200-cr capital hike
THE Development Credit Bank, an old private sector bank, is looking for a capital infusion of Rs 200 crore in the current fiscal. "We are in discussions with various investment banks exploring ways to raise capital. The plan is to raise Rs 125 ... More

South Indian Bank scheme
KOCHI: The Thrissur-based South Indian Bank has launched a family health care package called SIB Lifeline under which the bank will extend financial assistance on soft terms for various kinds of medical treatment at reputed ... More

PUBLIC SECTOR BANKS

OBC net up 25 pc under US GAAP
ORIENTAL Bank of Commerce (OBC) has detected a huge gap in its balance sheets under the Indian GAAP and the US GAAP. Computing its balance sheet under the US Generally Accepted Accounting Principles (US GAAP), the bank has found that its net ... More

Indian Bank offers customised plans
COIMBATORE: Indian Bank has offered to restructure its trade finance products to suit the requirements of the borrowers. Besides creating awareness for its basket of offerings, the bank sought to elicit the response from the market to ... More

SBI branch computerisation

CORPORATE BONDS

Crisil upgrades Bharti Cellular's NCD programme
THE Rs 175-crore non-convertible debenture programme of Bharti Cellular has been upgraded by Crisil, notwithstanding the intense competition in the sector as well as falling Average Revenue Per User (ARPU). The company's debenture programme has ... More

NON-PERFORMING ASSETS

IDBI to shift Rs 2000-cr assets to ARC
ASSETS worth about Rs 7,000 crore involving about 22 companies will be transferred to the newly-constituted Asset Reconstruction Company of India in the current fiscal, according to Mr P.P. Vora, Chairman of Industrial Development Bank of India ... More

CO-OPERATIVES

WB State Co-op Bank signs MoU with LIC
THE West Bengal State Co-operative Bank Ltd and Life Insurance Corporation of India has signed a memorandum of understanding (MoU) for bancassurance. Mr S.B. Mathur, Chairman of LIC, and Mr Ashok Bandyopadhayya, Chairman of the bank, were the ... More

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