Financial Daily from THE HINDU group of publications
Wednesday, January 16, 2002
Forex Rates Jan. 14 (4.30 p.m. IST)
1 PoundRs 69.79
1 EuroRs 43.03
1 USDRs 48.25
1 YenRs 36.78
1 Sing $Rs 26.43

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Re gains 5 paise; gilts lose
MUMBAI: THE rupee ended around 5 paise stronger on Tuesday at 48.29/30 per dollar as against the previous close of 48.34 in a buoyant forex market. Dealers said, State run banks have been active participants in the market playing it both ways, ... More

2002: Year of the euro?
THE euro had a hard launch three years ago in the New Year of 1999. The journey to the introduction of the single currency began much earlier in 1992 and was codified in the Maastricht Treaty, which spelt out the criteria for a country to join ... More


A different policy
IF you were to think up an insurance agent, what would you come up with? A bespectacled, harassed-looking vendor of policies people are suspicious of, with a cloth bag slung over his shoulder stuffed with manuals and chasing customers ... More


Don't miss the message
A new messaging software solution is on offer for banks. Check it out. More


SBI mulls revival plan for home finance arm
STATE Bank of India is considering to prepare a revival package for its ailing subsidiary, SBI Home Finance Ltd, but a final decision on this matter will be taken in the beginning of the next financial year, 2002-03. This was stated by Mr Janki ... More


RBI wants to counter slowdown by boosting aggregate demand
THE Reserve Bank of India has prescribed a combination of policy measurers to counter the current economic slowdown. These measures, aimed at boosting aggregate demand, include restructuring the composition of Government expenditure, attracting ... More


Bank of Bengal in the offing
EFFORTS are on to set up a Bank of Bengal, subject to the Centre's approval, Mr Somnath Chatterjee, Chairman of the West Bengal Industrial Development Corporation (WBIDC), said. The bank would pool the capital contributed by NRI venture ... More

HDFC Bank Q3 net up 43 pc
HDFC Bank has registered a 42.9-per cent growth in its net profit at Rs 75.45 crore for the third-quarter ended December 31, 2001 as compared to Rs 52.80 crore in the corresponding period in the last quarter. Total income was at Rs 525.07 crore ... More


`BoB may take over Benares State Bank'
THE Government has decided to reverse its earlier decision to wind up Benares State Bank in view of the interest evinced by Bank of Baroda (BoB) to take over the Varanasi-headquartered bank. ``The Union Cabinet had decided to wind up the bank ... More


Moody's upgrades ICICI's foreign currency ratings
MOODY'S Investors Service has upgraded the long-term foreign currency ratings (both senior and subordinated) of ICICI Ltd from `Ba2', which is the country ceiling for foreign currency bonds issued by Indian institutions, to `Ba1', thereby ... More


Rs 5,000-cr Govt stock oversubscribed
MUMBAI: The Rs 5,000-crore auction of the 15-year Government paper held on Monday was oversubscribed by over three times receiving a total of 435 competitive bids amounting Rs 16,056.504 crore. Of these, 82 bids worth Rs 4,851.724 crore ... More


`Banks must outsource non-core work'
INDIAN banks will have to outsource non-strategic work in order to stay in tune with competition. Employees must concurrently be made free to concentrate on core banking activities, according to Mr Janki Ballabh, Chairman, State Bank of India. Mr ... More

Help Govt with data for WTO talks, PSBs urged
PUBLIC sector banks must help the Centre in preparing its own set of demands for talks with the WTO nations instead of just debating on the demands of the bigger players. This was stated by Mr B.D. Narang, Chairman and Managing Director of ... More

Adviser doubts rationale of bank privatisation
DR K.B.L. Mathur, Economic Adviser, Ministry of Finance, has raised questions over arguments that support the concept of privatisation of public sector banks in India. Speaking at the opening session of Becon 2001 here on Tuesday, Dr Mathur ... More

Universal banking is no panacea, says BoB chief
THE move towards universal banking will not be a panacea for the endemic problems faced by the banking system, especially the development financial institutions (DFIs), according to Mr P.S. Shenoy, Chairman and Managing Director, Bank of ... More

VRS modalities have to change, says Shetty
AFTER a successful industry-wide voluntary retirement scheme (VRS) in the public sector banks, the need now is for sector-specific schemes and it has to be decided by the individual banks. This was stated by Mr V.P. Shetty, Chairman and ... More

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Canara Bank IPO to follow results

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