Financial Daily from THE HINDU group of publications
Thursday, March 28, 2002
Forex Rates March 27 (4.30 p.m. IST)
1 PoundRs 69.31
1 EuroRs 42.58
1 USDRs 48.63
100 YenRs 36.70
1 Sing $Rs 26.38

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Re loses 4 paise; gilts up
Mumbai: THE rupee closed weaker on Wednesday at 48.80 to a dollar as compared to 48.76 previously. Dealers said that the slip in the rupee was on account of the carry-cost of nearly 12 paise that was incurred on Wednesday. "The rupee would have ... More


Peerless targets Rs 650 crore in deposits this year
THE Kolkata-based Peerless General Finance & Investment Company Ltd expects to mobilise Rs 650 crore of deposits this year, Rs 200 crore more than it did last year. The company has set itself a target of Rs 1,050 crore for next year, a company ... More


Norms eased for exporting goods to fairs abroad
THE Reserve Bank of India (RBI) has further liberalised facilities for exporters by permitting them to export goods for exhibitions or sales outside India without taking prior permission from the central bank. Previously, exporters ... More

RBI to get licence for digital signature in a month
THE Reserve Bank of India's (RBI) Institute of Development and Research in Banking Technology (IDRBT) is expected to obtain a Certifying Authority (CA) licence for issuing digital signatures within a month. According to Mr K.N. Gupta, ... More


Move to trim promoters' stake -- UTI Bank to make pref allotment
UTI Bank is to make a preferential allotment of about 1.35-crore equity shares of face value Rs 10 each at a premium of Rs 29.04 per share to LIC, GIC, National Insurance Company and New India Assurance Company. The issue is aimed at bringing ... More

Federal Bank loan for Raichur thermal unit
THE private sector Federal Bank has sanctioned a term loan of Rs 25 crore for financing unit VII of the 210 MW Raichur Thermal Power Station. A press release here today said, that the loan is priced at 11.5 per cent with a tenor of 13 years and ... More

GTB opens 100th branch
HYDERABAD: Global Trust Bank (GTB) has announced the opening its 100th branch in the country. In a press release here on Wednesday, the bank said the new branch was opened at Thane in Mumbai. The customers can now avail themselves of ... More


Banks seek increase in fluctuation reserve limit
A CLUTCH of public sector banks has approached the Reserve Bank of India (RBI) for hiking the limits on the Investment Fluctuation Reserve (IFR). Banks had been advised by the RBI to attain a minimum IFR of at least five per cent of their ... More

Oriental Bank to boost presence in Karnataka
ORIENTAL Bank of Commerce, which claims to have a network of over 960 branches and extension counters spread over the country, plans to strengthen its presence in Karnataka. Addressing a press conference here on Wednesday, representatives of ... More


SBI cuts PLR 50 basis points -- Deposit rates reduced by 25 points
NEARLY a month after the Finance Minister reduced the small savings rate by 50 basis points in the Union Budget, State Bank of India (SBI) on Wednesday slashed its lending and deposit rates. The prime lending rate (PLR) of SBI has been cut by ... More

RBI stance on interest rates — contrarian views
In any case, the bank rate has lost much of its efficacy due to the limited level of refinance available at this rate as well as the liberalisation in lending rules, which allowed banks to lend at rates lower than their PLR. More


RBI to mop up Rs 68,000 cr from G-Secs sale in H1
THE Reserve Bank of India on Wednesday said Rs 68,000 crore would be mopped up through the issue of dated Government securities (G-Sec) in the first half of 2002-03 as against the gross target of around Rs 1,15,000 crore for the entire year. In ... More

Orissa plans civic bond route to raise Rs 250 cr
THE Orissa Government is taking up major sewerage improvement and institutional strengthening projects at Bhubaneswar, Puri, Cuttack, Paradip and Sambalpur. In this regard, it is planning to raise Rs 250 crore from the market for the funding of ... More

Tax-free bonds to settle TNEB dues
THE Tamil Nadu Government will float tax-free bonds with an interest rate of 8.5 per cent to fund a one-time settlement of dues of the Tamil Nadu Electricity Board to the Central power utilities, the Finance Minister, Mr C. Ponnaiyan, told the ... More


New RBI norms for settling farmers' loans
The scheme is expected to cover suit-filed and decreed debts but will not cover cases of frauds, malfeasance and wilful debts. More


Andhra Bank staff claim success -- Management refutes
WHILE the Employees Union of Andhra Bank claimed complete success of the strike on Wednesday at all the branches across the country, the management refuted this claim. In a press release, the General Secretary of All India Andhra Bank Award ... More


  • Bankers' panel meets today


    All eyes on PNB issue
    WHAT is common between Canara Bank, Union Bank, IDBI Bank and the UTI Bank (other than the fact that they are all banks, of course)? Well, they all want to come out with a public issue next year. Presumably, there are many other banks, which ... More
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