The Hindu Business Line : Saturday, August 02, 2003

Varishtha Pension plan — Jaswant wants better response from rural areas
THE Varishtha Pension Bima Yojana (insurance scheme for senior citizens) recently launched by the Government has a head-start with one-third of one-lakh subscribers already being roped in, the Lok Sabha was informed today. Responding to the ... More

FOREX

RBI uneasy over unhedged dollar exposures
BANKERS are worried over corporates refusing to hedge their dollar exposures, as under the present regime, the total exposure of any single corporate is hard to quantify, with each enterprise having many banks on their books. Reports seeping ... More

Rupee unchanged; bonds gain
MUMBAI: The rupee closed unchanged at 46.1550/16 against the dollar on Friday, unchanged from Thursday's closing levels, in a choppy forex market. After opening the day at 46.16, the rupee touched an intra-day low, six paise weaker at ... More

FINANCIAL PERFORMANCE

PFC net zooms to Rs 870 crore
POWER Finance Corporation (PFC) has recorded a net profit of Rs 870 crore on an income of Rs 1,408 crore for the first quarter of the current fiscal ended June 30, 2003. During the corresponding period last year, the company has registered a ... More

AGRICULTURAL INSTITUTIONS

Nabard loan for projects
HYDERABAD: The National Bank for Agriculture and Rural Development (Nabard) has sanctioned an amount of Rs 325.41 crore as loan assistance to the Andhra Pradesh Government for implementation of AP Micro Irrigation Project, 14 minor ... More

HOUSING FINANCE

SBM cuts floating home loan rates
STATE Bank of Mysore has reduced the interest rates on floating rate home loans to 8 per cent for maturities up to five years. A bank release said for maturities up to 10 years, the rates would be 8.75 per cent on a floating rate basis and ... More

HDFC home loan fest to woo NRIs
TO tap the growing demand for housing loans from NRI customers, HDFC is conducting a two-day loan festival with special offerings throughout the State between Saturday and Sunday. The festival known by the name HDFC Monsoon Bonanza will be ... More

PUBLIC SECTOR BANKS

State Bank of Hyderabad to focus more on retail financing
ENTHUSED by a significant growth of 52 per cent in retail financing during the first quarter of current fiscal year at Rs 2,216 crore, State Bank of Hyderabad (SBH), the largest associate bank of State Bank of India, proposes to further ... More

GOVT BONDS

Govt to issue floating rate bonds for Rs 6,000 crore
THE Government of India has announced sale by auction of floating rate bonds 2011 for an amount of Rs 6,000 crore. The bonds will be of an eight-year tenure and issued at par, according to an RBI press release. The floating rate bonds are being ... More

25-year paper auction on Aug 7
THE Government of India has announced a yield-based auction of a new 25-year paper for Rs 3,000 crore, on August 7, 2003. The tenure of the new stock will notionally commence from March 25, 2003 and the interest on the stock will be paid every ... More

CREDIT MARKET

Banks upbeat on micro-finance
MICRO-FINANCE appears to have caught the fancy of commercial banks with private sector giant, ICICI Bank perceiving it as a "business proposition" and banks like State Bank of India, the largest bank in the country, offering loans to this ... More

CREDIT CARDS & DEBIT CARDS

HSBC ties up with WIAA for co-branded cards
HSBC has tied up with Western India Automobile Association (WIAA) to market a co-branded credit card to the latter's members. WIAA members will now have the option of choosing from HSBC's range of classic or gold credit cards, for which the ... More

MERGERS & ACQUISITIONS

1:11 swap mooted for SBI Gilts, DFHI merger
A SWAP ratio of 1:11 has been suggested for the merger of SBI Gilts into Discount and Finance House of India Ltd to form the largest bond trading house in the country. This means 11 SBI gilt shares will get one DFHI share. The merger will have ... More

PEOPLE

New IRDA member

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