Wednesday
Feb 28 2001
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AKFED increases stake to 37% in DCB
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THE AGA Khan Fund for Economic Development has increased its equity participation in the Development Credit Bank from 13.5 per cent to 37 per cent by investing $5.5 million.
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LIC gears up to ward off pvt challenge
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 THE LIFE Insurance Corporation has pulled up its sleeves to give a tough fight to the new private life insurers. It is acting on a three pronged methodology -— innovation in the product line, best service delivery and improvement in the capabilities -— to march ahead of its competitors.
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Call rates end steady
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CALL money rates ended steady at 7.6-7.8 per cent on Tuesday, amid easy liquidity and hopes of cut in rates of small saving schemes in the Budget.
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Centre may bail out Indian Bank MF
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INDIAN Bank is likely to receive a funds infusion from the Government of India to bail out its embattled mutual fund subsidiary which is faced with a Sebi order asking it to pay Rs 70 crore to investors under its assured return schemes.
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RBI nod for BoM, ICICI Bank merger
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THE RESERVE Bank of India on Tuesday approved the merger of Bank of Madura with ICICI Bank. The merger will take effect from March 10, 2000.
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Housing finance firms plan mortgaged-back debt
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LIC Housing Finance and Can Fin Homes expect to launch mortgage-backed pass through certificates issues in the next 2-4 weeks, company officials said on Tuesday.
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Indian Overseas Bank's raises Rs 125-cr bonds
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STATE-OWNED Indian Overseas Bank has completed a private placement of its Rs 125 crore ($26.80 million) Tier-II non-convertible debentures, a senior bank official said on Tuesday.
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Average residual period to decide VRS expense deferment
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THE RESERVE Bank of India has clarified that deferment of expenditure on account of voluntary retirement scheme would have to be determined by each public sector bank taking into account average residual period available to the employees opting for the scheme.
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RBI panel wants life insurance policy funds taxed at lower rate
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A PANEL constituted by the RBI has said that life insurance policy holder funds should be taxed at a lower rate than the present level of 12 per cent, while the the surplus distributed to shareholders should be taxed at the corporate level.
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ICICI to divest 15% of bank by March
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ICICI is looking at divesting a 15 per cent stake in ICICI Bank before the end of March, a senior official at the bank said on Tuesday.
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