Financial Daily from THE HINDU group of publications
Friday, February 15, 2002
Forex Rates Feb. 14 (4.30 p.m. IST)
1 PoundRs 69.43
1 EuroRs 42.37
1 USDRs 48.63
100 YenRs 36.70
1 Sing $Rs 26.59

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Rupee steady; gilts rise
MUMBAI: THE rupee ended relatively unchanged on Thursday from the previous level of 48.6850/6950 per dollar in a fairly lacklustre forex market. Dealers said, that although the currency opened weaker at 48.70/72, on account of the cash to spot ... More


Dabur CGU set for April launch
DABUR CGU Life Insurance Company, promoted by the Indian FMCG major, Dabur, and the UK's largest insurance group CGNU plc, expects to launch its insurance products in the country in April. The company is awaiting final approvals from the ... More

`Insurance Bills may be passed in Budget session'
THE pending Amendment Bills related to the insurance industry are likely to be passed in the forthcoming Budget session of Parliament. Addressing the fourth global Conference of Actuaries organised by the FICCI here on Thursday, the Chairman, ... More


NBFCs diversify from niches
Apart from Ashok Leyland Finance and Cholamandalam Investment and Finance, Bajaj Auto Finance has also benefited from the success of the two-wheeler industry. So, is two-wheeler financing the ladder to the top? Not quite, say others in the sector . " Wait until the bad debts start kicking in," sniggers the competition. More

Expert group formed to review nidhi norms
THE Government has constituted a six-member expert group to examine the representations made by the nidhis or mutual benefit societies (MBS) on the prescribed norms notified by the Department of Company Affairs (DCA). DCA had issued two ... More


CanFin Homes plans Rs 50-cr pvt placement
CANFIN Homes, the housing finance subsidiary of Canara Bank is tapping the private placement markets with a Rs 50 crore debenture issue. A bank release said here that the issue would be priced at 9.30 per cent, payable half-yearly and would ... More


LIC plans foray into Sri Lanka
THE Life Insurance Corporation of India (LIC) is scouting for a partner in Sri Lanka to enter the insurance market there. It plans to foray into the Emerald Island in about six months time. The public sector insurance major is looking for a ... More

A chapter closes
IT had to be the inevitable. Life Insurance Corporation (LIC) has lost its last client in Sri Lanka to the risk (the biggest and most certain of them all) it covers — death. Shantilal Chandulal Banker died about a month ago severing ... More


RBI relaxes tier-II borrowing norms for foreign banks
THE Reserve Bank of India (RBI) on Thursday eased the norms for foreign banks operating in the country for raising tier-II capital. As per guidelines issued, the RBI said that the amount eligible for inclusion in Tier II capital as subordinate ... More


GTB expands branch network
VIJAYAWADA: Global Trust Bank plans to increase the number of its branches to 100 and ATMs to 200 by the end of the financial year, the Executive Director, Mr Sridhar Subasri, has said. Currently, it has 94 branches and 153 ATMs, of ... More


J&K Bank to offer 5 pc equity to foreign partner
JAMMU and Kashmir Bank (J&K Bank) has opened negotiations to rope in a foreign strategic partner that would be offered a 5 per cent equity holding in the bank. The Chairman, J&K Bank, Mr M. Y. Khan, told Business Line that the process of ... More


SBI set to cut personal banking product rates
STATE Bank of India (SBI) has decided to slash interest rates on its personal banking products by 1 percentage point to 1.5 percentage point shortly. While this is line with the current interest rate scenario, bank officials also expect this to ... More


Online trading in gilts from today
FROM Friday, banks and primary dealers in Government securities can carry out their trading in money market instruments online. This is possible as the RBI's Negotiated Dealing System (NDS) and the Clearing Corporation of India Ltd (CCIL) would ... More

  • Bond auction


    Panic drawals from Rupee Bank
    ANXIETY, panic and anger ruled at most branches of the Rupee Co-operative Bank in the city for the third day on Thursday even as the branch heads tried to pacify angry depositors. At most of the branches, mobs rushed in and created chaos and ... More


    BoB MF unveils 3 debt schemes
    BoB Mutual Fund, which has around Rs 30 crore of total assets under management, has also received approval for the BoB Growth Fund and the BoB Balanced Fund, which are likely to be launched in a few months. More
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