Financial Daily from THE HINDU group of publications
Thursday, August 29, 2002
Forex Rates Aug. 28 (4.30 p.m. IST)
1 PoundRs 74.23
1 EuroRs 47.46
1 USDRs 48.44
100 YenRs 40.89
1 Sing $Rs 27.69

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Rupee up, breaches 48.50
THE rupee closed higher on Wednesday, touching a seven-month high at 48.4825/4875, against the dollar as compared to Tuesday's close of 48.50/5025 in the forex market. Contrary to the expectations of several market experts, the psychological ... More


Four insurance laws to become single legislation
FOUR major insurance laws are to be merged into a comprehensive legislation that would govern the sector in future. The Law Commission of India is laying the groundwork for the new legislation by preparing a concept paper for the overhaul. The ... More


LIC Housing reduces rates
LIC Housing Finance Ltd has reduced the floating rate of interest under individual loan schemes to 9.50 per cent from 11.00 per cent previously. The floating rate of interest was 11.00 per cent for all slabs of term loans up to twenty years, ... More


ICICI Prudential to ride on parent clout
ICICI Prudential is betting on its parent's strength to sell its new Group Insurance Policy to corporates. Though a late entrant in the group life cover segment — almost 20 months after it started the business — ICICI Prudential ... More


Transporters resent move to detariff motor insurance
THE Insurance Regulatory and Development Authority (IRDA) has a fight on hand on its proposal to de-tariff motor insurance business. The transport industry has expressed reservations on the proposed move by IRDA to allow insurance companies to ... More


Escorts NCDs downgraded
THE rating agency Crisil has downgraded Escorts Ltd's Rs 150-crore non-convertible debenture (NCD) issue to `A-' from `A'. Similarly, the company's Rs 20.46-crore non-convertible debenture issue has also been marked down to `A-' from `A'. The ... More


RBI may permit banks to issue standby LCs
THE Reserve Bank of India may allow banks to issue `standby letters of credit' in favour of foreign banks without its prior permission. Standby letters of credit (SLC) are equivalent to bank guarantees and are widely used in international ... More


Corporation Bank ATM centre in Vellayambalam
CORPORATION Bank has no less than 70 ATMs already in operation and Thiruvananthapuram city will have a network of 10 outlets by the end of the next month, according to Mr M. Vishwanathan Nair, General Manager. Mr Nair stated this while speaking ... More

Venkatachalam, Batra made MDs of SBI
THE Government has appointed Mr A.K. Batra and Mr P.N. Venkatachalam as Managing Directors of State Bank of India. While Mr Venkatachalam was Deputy MD and Group Executive (National Banking Group), Mr Batra was Deputy MD and Group Executive ... More

Allahabad Bank to seek foreign managerial skills
ALLAHABAD Bank proposes to strengthen its relationships with its foreign correspondents, according to Dr B. Samal, CMD of the bank. On his return from a trip to New York and London, Dr Samal told Business Line here that discussions in ... More


Bond prices rise marginally
Mumbai: BOND prices went up marginally by 4-5 paise in the debt market on Wednesday. Post the auction and the outflow, the liquidity in the system is still seen to be ample. The liquidity in the system is said to be propping up the market when ... More


Union Bank IPO oversubscribed three times
THE Rs 288-crore initial public offer of Union Bank of India is understood to have been oversubscribed nearly three times, an indication perhaps that investors are confident of investing in fundamentally strong issues. Merchant banking sources ... More


Ashish Guha is Lazard CEO
Mr Guha, one of the five partners of Lazard India, will coordinate Lazard India'a activities and will report to the Chairman, Mr Udayan Bose. Mr Guha (45) was named to the post at a board meeting held on Tuesday. An economics graduate and ... More


Scandals make bankers wary
THE Federal Reserve Board of the US has recently reported that few banks have encountered significant problems with the accuracy or completeness of financial statements submitted to them, but many are tightening up lending practices after ... More
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