The Hindu Business Line : Friday, February 22, 2002

Western Union to double agent network
WESTERN Union Financial Services, the $2-billion money transfer major, has chalked out a programme to double its network of agent locations in India with the help of an arrangement entered into with India Post. Thexpects to increase its share ... More

FOREX

No specific level for rupee, says Jalan
THE Reserve Bank of India Governor, Dr Bimal Jalan, has said that the apex bank had set no specific target level for the rupee. Speaking at a meeting with the members of the Gujarat Chamber of Commerce and Industry (GCCI) here on Thursday, Dr ... More

Rupee weaker; gilts flat
MUMBAI: THE rupee closed the day weaker by around 5 paise at 48.6650/6750 per dollar, as against yesterday's close at 48.62 in a lacklustre forex market on Thursday. The rupee opened at 48.6350/6450 and strengthened to a high 48.62. "Dollar ... More

LIFE INSURANCE

Birla Sun Life to expand presence
BIRLA Sun Life Insurance Company, the insurance joint venture between the Aditya Birla group and the Canada-based Sun Life Financial, has chalked out a growth programme for the near future. The company plans to expand to 24 centres from 12 ... More

ING Vysya for gradual capital expansion
ING Vysya Life Insurance Company on Thursday said that it would need to bring in Rs 90 crore of additional capital in the next 12 months. This would be done gradually rather than in one shot, the Chief Executive Officer and Managing Director, ... More

RBI & OTHER CENTRAL BANKS

State guarantees not final word: RBI
The RBI advice assumes significance especially in light of the controversy surrounding the Enron-promoted power project, which has both State and Central Government guarantees. More

PRIVATE BANKS

Attachment of SHCIL assets -- IndusInd Bank to appeal against vacation order
INDUSIND Bank Ltd has decided to appeal against the verdict of the Debt Recovery Tribunal (DRT) in a case relating to payment receivable from Stock Holding Corporation of India Ltd (SHCIL). In a recent order passed by it, DRT has upheld ... More

Centurion Bank to tap infotech resources for fee income
CENTURION Bank intends to fully exploit its IT infrastructure to earn more fee-based income, mainly by offering services to co-operative banks. Under a tie up with the Chennai-based Repco Bank and Ernakulam District Co-operative Bank (as also ... More

FINANCIAL INSTITUTIONS

IFCI offloads DFHI, STCI stakes
THE troubled financial institution, IFCI Ltd, has divested its holding in Discount & Finance House of India (DFHI) and Securities Trading Corporation of India (STCI) to the Industrial Development Bank of India through a negotiated deal for Rs ... More

NON-PERFORMING ASSETS

Attachment of assets: Rusting value
STATISTICS show that assets of over Rs 4 lakh crore, offered as securities against bank loans have been attached by courts, and are getting destroyed and to nobody's advantage. The number of loans in default is rising. The value of these attached ... More

INTERVIEW

`Core competence, key for HDFC group'
While the economy has been going through a downturn, housing has become affordable. The cost of buying a house today, as a multiple of an individual's income, has declined from 20 times his annual salary to just three. More

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