Financial Daily from THE HINDU group of publications
Wednesday, June 26, 2002
Forex Rates June 25 (4.30 p.m. IST)
1 PoundRs 73.45
1 EuroRs 47.45
1 USDRs 48.86
100 YenRs 40.12
1 Sing $Rs 27.59

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Rupee slips; gilts weak
Mumbai: THE rupee slipped marginally to close on Tuesday at 48.9050/91 against the dollar, as compared to its previous close of 48.8850/8925. After having opened at 48.89/8950, the market was rather dull without much activity, according to ... More


Rabo India Finance in talks with Nabard
The partnership of two agri expert bodies would enable funding of large projects in the agricultural sector. However, the matter was yet to be presented to the board of directors of Nabard, an official said. More


Birla Sun Life AMC's gesture to `Elite Circle'
BIRLA Sun Life Asset Management Company Ltd (BSLAMC) has introduced a facility for its large investors called the `Elite Circle'. The membership of the `Elite Circle' entitles investors to a free life insurance policy of Rs 5 lakh for the first ... More


Bank of Rajasthan net rises 25 pc
THE Bank of Rajasthan has reported a 25 per cent rise in net profit at Rs 40.31 crore for the year ended March 31, 2002 as compared to Rs 32.22 crore in the previous year. "After six years, we have finally wiped out our entire accumulated ... More


Banks' lending pattern remains stable
BANKERS stuck to the tried and tested formula as far as lending tenors were concerned in the past fiscal. The residual maturity patterns of loans and advances of 19 public sector banks (aggregating Rs 3,00,624 crore as of March 31, 2002) show ... More

Union Bank files draft for IPO
UNION Bank of India has priced its initial public offer (IPO) of 18-crore shares at an issue price of Rs 15-18 per share to raise Rs 270-324 crore. The bank has filed its draft offer document with the Securities and Exchange Board of ... More


BoA Indian units profit rises
BANK of America's (BoA) (India branches) have recorded a net profit of Rs 86.6 crores for the financial year ended March 31, 2002, registering a 25 per cent growth over the previous year. Lower loan loss provisions and higher fee income have ... More


Financial institution status for HDFC
THE Central Government has specified Housing Development Finance Corporation Ltd (HDFC) as a `financial institution' for the purposes of Section 80E of the Income Tax Act, 1961. Tax experts pointed out that an individual availing loan from HDFC ... More


Pilot asset revamp company set up — IDBI, SBI stake limited to 49%
FOLLOWING the promulgation of the Ordinance on securitisation and reconstruction of financial assets, the Ministry of Finance today announced the setting up of a pilot asset reconstruction company (ARC) to set in motion the actual process of ... More


What ails co-operative banking?
CO-OPERATIVE banks are in the news again, but not for the right reasons. It may be recalled that during March 2001, some urban co-operative banks (UCBs) faced liquidity and insolvency problems. A major underlying factor was non-adherence by these ... More

Mavoor co-op bank bags NCDC award
MAVOOR Service Co-operative Bank Ltd in Kozhikode district has bagged the award of the National Co-operative Development Corporation (NCDC) for the best primary co-operative in Kerala. The bank is among 26 primary-level co-operatives from ... More


Dhanalakshmi Bank branch gets ISO certificate
THE Industrial Finance branch of Dhanalakshmi Bank at Kochi has been awarded the ISO 9001-2000 certification by Det Norske Veritas (DNV) of the Netherlands. ``This ISO 9001-2000 certification is nothing but a well-deserved recognition to the ... More
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