An
increasing dependence on external borrowings has been witnessed
in the case of non-government financial and investment companies,
says the Reserve Bank of India (RBI) in its August bulletin.
The
downward revision of rating on India’s long-term local currency
by international rating agencies notwithstanding, the rupee,
which has been stable over the last month, continues to remain
firm against the dollar.
The
state-run Union Bank of India (UBI) has chalked out an ambitious
plan to increase the operating profit by 50 per cent to Rs 900
crore and net profit by 200 per cent to Rs 470 crore during
2001-02 by riding on retail and agricultural advances.
The
Infrastructure Leasing and Financial Services (IL&FS) is contemplating
an entry into the insurance sector, and is in talks with the
UK-based Aegon for the same.
