Autonomy for nine more banksMUMBAI: The government has allowed nine banks autonomy to create, upgrade and abolish posts, make recruitments and frame reimbursement rules directly through their boards without seeking clearance from the finance ministry. The list of banks includes Canara Bank, Indian Overseas Bank, Union Bank of India, Syndicate Bank, Andhra Bank, State Bank of Patiala, State Bank of Bikaner and Jaipur and Bank of Maharashtra.Kelkar to meet insurance chiefsMUMBAI: Union finance secretary Vijay Kelkar has convened a meeting with the chiefs of the state-owned Life and General insurance corporations next week, ahead of the winter session of parliament next month. While a GIC team headed by chairman D Sengupta will meet Kelkar on Tuesday, LIC's group, headed by chairman G Krishnamurthy, is expected to meet him on Thursday.Though the agenda for the meetings is open, it is learnt that the insurance chiefs will brief Kelkar `on their preparation to meet the challenges ofliberalisation'. ``We are ready for open talks with Kelkar on the likely scenario in the industry once the insurance bill is enacted by parliament,'' one of the chiefs said.Among other things, the insurance chiefs will take up the matter of a level playing field with the private-sector players. The BJP-led coalition has, in principle, decided to introduce the insurance regulatory bill in the winter session of parliament along with a host of other legislative changes.Daewoo Motor puts off Matiz launch dateNEW DELHI: Daewoo Motor India has decided to postpone the launch of its small car Matiz owing to the company's inability to fix a price. "We are still working out the cost of the car, and will announce the launch soon," chairman BM Park said. He refused to give a time frame for the launch. "It may be in the next few weeks," he said. Bookings for Matiz were to have begun today. The company's management has returned from Korea after hectic negotiations on the price with its parentcompany.IOC against allianceMUMBAI: The Indian Oil Corporation (IOC) is believed to have vehemently objected to the proposal of an alliance between IBP, Madras Refineries, Cochin Refineries and Bongaigaon Refinery & Petrochemicals. The ministry of petroleum and natural, however, feels the plan needs a careful look. The issue came up for discussion in a meeting convened by the ministry on Wednesday with the oil companies. IBP has been pressing for such a tie-up, as in the opinion of its top brass, this would be the best bet in a deregulated scenario.But IOC's contention is that it has been marketing the products of the three companies for years now, and hence, sees no reason why this should discontinue. Madras Refineries has also not been too enthusiastic about teaming up with IBP and is known to have made clear its preference for IOC.In Cochin Refineries' case, sources reiterate that the refining company is open to the idea of working with Bharat Petroleum (BPCL) and this has prompted theministry to think of an alternative arrangement. This will involve a four-way arrangement linking IBP, BPCL, Cochin Refineries and the to-be-commissioned three-million tonne Numaligarh Refinery.
