Financial Daily from THE HINDU group of publications
Wednesday, December 04, 2002
Forex Rates Dec. 03 (4.30 p.m. IST)
1 PoundRs 75.27
1 EuroRs 48.04
1 USDRs 48.21
100 YenRs 38.67
1 Sing $Rs 27.22

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Re strengthens; gilts up
Mumbai: THE rupee ended on Tuesday at 48.2550/2650 against the dollar as compared to Monday's close of 48.27/28 in the forex market. There was plenty of supply in the market, said a forex dealer. The supply is expected to continue, he ... More


Electronic funds transfer yet to click
LACK of awareness among customers and branch-level staff and banks' unwillingness to let go of a more lucrative demand draft (DD) business, appear to have ensured that the `Electronic Funds Transfer' (EFT) remains a product only on paper. What ... More


Another VRS for banks under study
IN a bid to further rationalise staff strength, the Government is considering a second round voluntary retirement schemes (VRS) for public sector banks. ``Some banks have asked for a second round of VRS. It is under examination,'' said Ms ... More

PSU insurers await Govt nod to implement VRS
THE boards of the four public sector insurance companies have cleared the voluntary retirement scheme (VRS) for development officers and some categories of clerical staff. However sources said here that despite this clearance, a final nod from ... More


Pvt banks find it hard to set up foreign branches
PRIVATE sector banks are finding it difficult to get regulatory clearances from international authorities to set up foreign branches. A few banks that have representative offices abroad and have expressed an interest to set up branches are ... More


IOB to open more ATMs in Hyderabad
INDIAN Overseas Bank (IOB) has announced a detailed plan to computerise all its branches in Andhra Pradesh and also expand its distribution channels in the form of automatic teller machines (ATMs). In a press release here, the bank said it ... More


Bank Muscat's loan scheme for two-wheelers
BANK Muscat has launched a loan scheme for the purchase of two- wheelers in Bangalore. The bank, which set up shop here three years ago, has focussed on the growing two-wheeler sector as its latest retail business. Bangalore has a large ... More


Are low interest rates anti-saving?
NOWADAYS, it is not uncommon to see articles, columns and letters in newspapers dwelling on the impact of low interest rates on those dependent on interest income from savings (bank deposits, etc). Some go further and argue that they encourage ... More

`Interest'ing development here to stay, possibly
A TOP executive in a private bank admitted to noting a reverse flow of funds from Swiss accounts held by corporates though "it is still just a trickle.'' Perhaps, the funds are coming back as NRI deposits or ECBs. A senior government official ... More


KNNL to raise Rs 225 cr more by March-end
The bonds are likely to be privately placed or through structured deals and/or availing term loans from commercial banks during the current fiscal. More

  • RBI to adjust capital bonds for inflation
  • RBI auction


    ICICI Bank slaps notice on JK co
    A GROUP of lenders led by ICICI Bank has issued a notice to take over the assets of JK Udaipur Udyog Ltd (JKUUL) of the Hari Shanker Singhania-promoted JK group to recover loans of about Rs 132 crore. The notice has been issued under the ... More


  • SBI Cash Plus


    UCO, Allahabad banks revise rates
    BOTH UCO Bank and Allahabad Bank have announced revision of rates of interest on domestic term deposits. For UCO, the revised rates will come into force from December 7 and for Allahabad Bank from December 4. UCO has decided to revise downwards ... More


    IRDA not in favour of sell-off clause
    THE Insurance Regulatory and Development Authority (IRDA) has told the Government that the provision in the IRDA Act, 1999, requiring Indian promoters to divest their stake to 26 per cent after 10 years of operations might come in the way of ... More


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