Banking and Finance
Good response to IMD scheme in UAE
NON-RESIDENT Indians (NRIs) in the UAE, particularly high networth investors, are still ``shopping around'' for the best bargains as banks, exchange houses and private brokers are carrying out large-scale advertising campaigns and offering varied commis
sions to woo prospective investors to the India Millennium Deposit (IMD) scheme of State Bank of India.
SBI targets 40 pc rise in personal advances
STATE Bank of India (SBI) is targeting a 40 per cent growth in `personal advances' in the retail segment by the end of this fiscal. The bank is looking to increase its personal banking advances to Rs 14,000 crore by March 31, 2001, from Rs 10,000 crore i
n the previous year.
Federal Bank plans to launch broking arm
TO pave the way for increased bank investments into the capital markets, the Aluva-based Federal Bank is planning to launch a subsidiary broking firm during the coming six months.
Gilts market remains dull
THE Reserve Bank of India on Friday maintained repo rates at eight per cent in the three-day and five-day repo auctions.
Self-regulation for NBFCs: Back to square one
SARCASTIC laughter from the head honcho of a non-banking financial company (NBFC) greets you when you ask him about having a self-regulatory organisation (SRO) for NBFCs. Where are the members for having such an organisation, he jibes at you. Most of the
m are dead. Try telling him that even as per the RBI statements there are at least 671 registered NBFCs, and you are given a dismissive wave. There are only a few top ones left. They know the business and don't need an SRO, he fires back! That's just a g
limpse of how the industry feels on this subject.
Financial Performance
Dhanalakshmi Bank net up 28 pc
KOCHI: The net profit of the Thrissur-based Dhanalakshmi Bank grew by 28 per cent to touch Rs 6.43 crore during the first six months of the current year, as against Rs 5.03 crore recorded during the corresponding period of last year.
LIC Housing net at Rs 27 cr
MUMBAI: LIC Housing Finance Ltd (LICHFL) has registered a net profit of Rs 27.85 crore (Rs 26.25 crore) for the second quarter ended September 30, 2000.
