The Hindu Business Line : Friday, April 11, 2003

Big names lining up for pension pie
The enormous size of the insurance market can be gauged by the estimate made by the Insurance Regulation And Development Authority (IRDA) which put the aggregate size of the pension market at Rs 4,06,000 crore at the end of year 2025 from the Rs 56,1 00 crore at the time of the presentation of its report on pension reforms in late 2001."We have been getting queries from several parties interested in the pension business here," a senior Finance Ministry official said. More

FOREX

Re recovers; gilts buoyant
Mumbai: THE rupee regained its sheen close at a 19-month high of 47.3950/4000 against the dollar in the forex markets on Thursday. The rupee had closed at 47.46/47 on Wednesday. The gain of the rupee was on the back of heavy dollar inflows, ... More

INFORMATION TECHNOLOGY

Escotel ties up with Federal Bank
KOCHI: Escotel Mobile Communications Ltd is to provide free mobile phone to all account holders, both savings bank and current account, of the Federal Bank in Kerala. According to a press release here, the joint marketing initiative ... More

LIFE INSURANCE

LIC leads; others way behind
THE public sector giant, Life Insurance Corporation of India (LIC), has retained its leadership position in the life insurance market during the first eleven-month period of 2002-03 ended February, far ahead of the combined performance of all the ... More

CREDIT RATING

Crisil reaffirms Infosys ratings
NOTWITHSTANDING Infosys Technologies lower-than-expected earnings and the slide on the stockmarkets, rating agency CRISIL has reaffirmed the ratings assigned to the company's long-term and commercial paper programmes, which stand rated at AAA and ... More

PRIVATE BANKS

ICICI Bank branches in Singapore, China soon
THE decks have been cleared for ICICI Bank to increase its international presence, with the Monetary Authority of Singapore approving the setting up of an offshore branch in that country. The Singapore branch, which will be ICICI Bank's first ... More

FINANCIAL INSTITUTIONS

IIBI to look for synergies with banks
INDUSTRIAL Investment Bank of India Ltd (IIBI) is likely to hold dialogue with commercial banks for synergising its expertise in developmental finance with other types of retail banking. With this approach, IIBI expects to tide over the present ... More

FIXED DEPOSITS

BoI raises FCNR deposit rates
BANK of India has marginally increased the rates of interest on foreign currency non-resident (FCNR) deposits in US dollar, British pound and Euro with maturity above two years. The new rates — with increase of 5-25 basis points— ... More

REGULATORY BODIES & RULINGS

Ministry to meet DRT officers on April 19
THE Ministry of Finance has proposed to convene a meeting of the presiding officers (POs) of the Debt Recovery Tribunals (DRTs) on April 19 at New Delhi to review their functioning. The proposed meeting, it appears, follows the Indian Banks' ... More

NEW PRODUCTS & SERVICES

Note-banding machine from Advanced Elec
ADVANCED Electronic Systems, a Hyderabad-based manufacturer of electronic control and automation equipment, has announced its entry into the area of currency equipment for banking sector by introducing what it claims are new-generation banding ... More

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