The Hindu Business Line : Thursday, June 05, 2003

Prudential sets up offshore service centre in Mumbai
PRUDENTIAL Plc, UK, announced on Wednesday that it has set up its fully owned subsidiary - Prudential Process Management Services (PPMS) in India with an investment of $10 million. The new offshore service centre in Mumbai is set up to improve ... More

FOREX

Individual money transfers capped at $2,500
THE Reserve Bank of India has capped the amount for individual transactions under the money transfer services (MTS) scheme at $2,500. The apex bank has also said that under this scheme, amounts up to Rs 50,000 may be paid in cash and any amount ... More

Rupee firmer; securities rise
Mumbai: THE rupee gained nearly 5 paise against the dollar on Wednesday to end at 46.8950/9050 in the local currency markets. The domestic currency surged by 18 paise on Tuesday to close at 46.94/95. There was the usual amount of supply ... More

SOFTWARE

Accenture, IBM, H-P vie for BoB deal
THREE systems integrators — Accenture, IBM and Hewlett Packard — have been shortlisted by Bank of Baroda for implementing core-banking solutions for the bank. The `request for proposal' has been sent to them for their response, ... More

Credence tool to help IOB in forex operations
THE Mumbai-based Credence Analytics (I) Pvt Ltd has bagged a contract from Indian Overseas Bank, for its `Credence Mercury-fx' inter-branch messaging software. IOB intends to use the software to streamline workflow in its forex ... More

NBFCS

Tatas hike stake in Tata Finance
THE Tata group has increased its stake in Tata Finance Ltd to 71 per cent, from 63 per cent. The group's stake has increased following conversion by Tata group companies of cumulative convertible preference shares (CCPS) issued by Tata Finance in ... More

HOUSING FINANCE

NHB lowers refinance rate
NATIONAL Housing Bank on Wednesday announced a 0.25-per cent reduction in its refinance rate for rural housing loans of up to Rs 5 lakh. As against refinance of Rs 1,024 crore from July 2001 to June 2002, NHB hopes to disburse close to Rs ... More

BOB Housing Fin aims to disburse Rs 350 cr
BOB Housing Finance Ltd is all set to get back into shape and is targeting disbursements of around Rs 350 crore for the current fiscal, according to Mr Anil K. Khandelwal, Executive Director, Bank of Baroda. Speaking to Business Line ... More

GENERAL INSURANCE

Oriental Insurance targets Rs 250-cr premium income
THE public sector Oriental Insurance Company Ltd has targeted a premium income of Rs 250 crore for the current financial year. Mr S. Gopalkrishnan, Assistant General Manager, who heads the Karnataka zone of the company, said during last year, ... More

RBI & OTHER CENTRAL BANKS

State Govt loans under debt swap
IN connection with the first tranche of the debt swap scheme this fiscal, all State Governments will offer Rs 7,000 crore of state development loans on June 12. The maturity of the loans is pegged at 10 years with a coupon rate of 6.35 per ... More

PRIVATE BANKS

`YES', it is a bank
MOVE over astrologers, numerologists and pundits, advertising agencies are here to do the naming. Publicis Ambience, which has the account of the new private bank being set up by Mr Rana Kapoor and Mr Ashok Kapur in partnership with Rabobank of ... More

PUBLIC SECTOR BANKS

PSBs comfortable with medium-term lending
IT was status quo as far as loan tenors were concerned. Medium-term loans in the one to three-year category were where banks lent a bulk of their money. Around 36 per cent of the total loans of around (Rs 3,16,434 crore for 15 banks) were in the ... More

Andhra Bank opens farm business centre
THE Hyderabad-based public sector Andhra Bank has announced that it will open five agri-business centres in Hyderabad and Secunderabad - at R.P Road, Masab Tank, Nacharam, Kothapet and Pet Bashirabad. According to a release on Wednesday, the ... More

Oriental Bill Pay launched

FINANCIAL INSTITUTIONS

CIDC, SIDBI sign agreement for loans to small contractors
THE Construction Industry Development Council (CIDC) and the Small Industry Development Bank of India (SIDBI) today announced a new bills discounting scheme for contractors engaged in construction activity. "We will discount bills raised by a ... More

GOVT BONDS

Repo rate cut unlikely before buyback
If the securities prices jump by even Re 1, the additional expenditure to meet the premium liability is expected to be about Rs 1,500 crore. Already prices on high coupon securities identified for buyback are being driven upwards due to competitive buying by LIC. More

FIXED DEPOSITS

Few takers for `floating' deposits
FLOATING interest rates may be the name of the game as far as home loans go, but when it comes to bank deposits the Indian investor is not prepared to keep his returns afloat. A RBI-commissioned working group recently examined the issue and ... More

ALLIANCES & JOINT VENTURES

HDFC Bank to sell Amex TCs

CO-OPERATIVES

Ernakulam co-op bank to hike loan disbursal
THE Ernakulam District Co-operative Bank has decided to make a major foray into housing finance, personal loans as well as vehicle loans in this financial year. The co-operative bank will also begin offering direct loans to farmers for farm ... More

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