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UBI, Tata AIG launch scheme for education loan borrowers United Bank of India and Tata AIG Life Insurance Co Ltd have announced the launch of 'United Shiksha Suraksha Scheme", a group insurance plan for the education-loan borrowers of the bank. The scheme, to be available at all branches of UBI, will offer insurance cover at a low cost to students above 18. The premium can be a part of the education loan. It will be available to the existing education loan accounts (nearly 12,000) totalling Rs176 crore as also to new education loans. In case of death of the co-borrower during the study period, the entire sum insured will be paid to the student.

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JBIC signs pact with SBI (BL 22.09.06) Japan Bank for International Cooperation (JBIC) have signed an agreement with State Bank of India for setting up a credit line of up to Rs 325 crore. As per the agreement, the credit line to SBI would be used to finance Indian corporates to import machinery and equipment from Japanese exporters.

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Syndicate Bank online facility (BL 21.09.06) Syndicate Bank has introduced the facility of electronic payment of central excise and service taxes for its customers to facilitate faster and more secure mode of payment. The facility would be available to its customers who have registered with the Commissionerates in Bangalore, Belgaum, Chennai, Delhi, Mangalore and Mysore. Assesses could use any of the CBS branches of Syndicate Bank. The facility would be available on 24X7 basis. There was no ceiling on the amount of payment and no charge would be levied on the services rendered by the bank.

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Dena Bank to sell Rs 600 crore NPAs (BS, FE 21.09.06) Mid-sized public sector bank Dena Bank is taking steps to clean its balance sheet of non-performing assets (NPAs). It is in the process of selling a large chunk of its NPAs. The Mumbai-based bank, having a larger presence in the western region, plans to sell Rs 600 crore of NPAs in two phases - in the third and fourth quarters of 2006-07. Dena Bank recently appointed consulting firm PricewaterhouseCoopers to advise it on the proposed sale of Rs 600 crore NPAs. It expects to bring down its gross NPAs to below 4 per cent from 6.4 per cent at the end of June 2006 and net NPAs to 1.5 per cent from 3.24 per cent.