The Hindu Business Line : Thursday, August 28, 2003

Risk aversion, stable returns guide forex kitty investments
A SUFFICIENTLY high level of foreign exchange reserves is necessary, states the Reserve Bank of India in its Annual Report 2002-03, to ensure that even in case of prolonged uncertainty, reserves can cover the `liquidity at risk' on all accounts ... More

Rupee gains; gilts recoup
MUMBAI: The rupee gained two paise on Wednesday to end the day at 45.84/85 against the dollar in the local currency markets. Despite good dollar inflows by way of export receivables and some FII interest, there was good demand for ... More

INFORMATION TECHNOLOGY

5 banks to share ATMs
PUNJAB National Bank, Oriental Bank of Commerce, Indian Bank, UTI Bank and Global Trust Bank have tied up for sharing their ATMs spread across the country. A MoU for the tie-up has been signed by the five banks. The network of the five ... More

INSURANCE

Insurance staff token strike

NBFCS

Apeejay Fin targets Rs 200-cr disbursements
APEEJAY Finance Group Ltd, which is exclusively engaged in car financing business, has set itself a disbursement target of Rs 200 crore in the current fiscal. In 2002-03, the company disbursed Rs 123 crore on a pan-India basis. The company ... More

HOUSING FINANCE

Caution on home loan rates
THE Reserve Bank of India has suggested that banks should have a benchmark rate for home loans to ensure that their cost of funds is protected. In its annual report, RBI has cautioned banks against an unbridled growth of housing finance and ... More

LIFE INSURANCE

LIC marketing strategy
VISAKHAPATNAM: The Visakhapatnam division of the LIC has signed MoUs with two private broking firms for marketing its products, as provided for in the Insurance Regulatory and Development Authority (IRDA) Act. Setting a new trend, the ... More

GENERAL INSURANCE

Crisil rings alarm bells — Non-life insurers under pressure
THE domestic non-life insurance industry is expected to remain under pressure until the companies drastically change their underwriting and investment strategies, Crisil has said based on a study. According to Crisil, the non-life insurance ... More

PRIVATE BANKS

Federal Bank spikes reports of stake transfer
THE Federal Bank Chairman, Mr K.P. Padmakumar, has scotched rumours of promoters' stake changing hands in an "enabling" atmosphere where FDI norms have been eased and the 10 per cent cap on voting rights lifted. Mr Padmakumar was responding to ... More

PUBLIC SECTOR BANKS

P&SB roadmap eyes numero uno slot
PSB, which is talking of a Rs 100-crore IPO, has embarked on drafting clear-cut policies and strategies to concentrate more on core and retail banking operations to take it to the top slot by 2008. More

Technology for growth
PNB's focus to make the bank a technology-driven one is not just to match the competition but to stay one step ahead. More

Union Bank plans Rs 250-cr bond issue
MUMBAI: Union Bank of India is gearing up to raise Rs 250 crore through a subordinated bond issue on August 29. The tenor of the bonds is 116 months and has a coupon rate of 5.95 per cent. "This is the lowest ever coupon rate and the ... More

INTEREST RATES

`Case for lower lending rates'
With the CRR on a declining trajectory, the key pre-requisites for a durable reduction in bank lending rates are better management of NPAs and reduction in any unreasonable wedge between costs and returns, the apex bank has said. More

CREDIT MARKET

Time rural credit got better attention
"A KEY challenge will be the financing of rural infrastructure," admits the RBI annual report and argues for "new approaches." The current scenario is decidedly poor. Only about 40 per cent of the net cultivated area is irrigated; technology ... More

`Credit concentration down'
A REVIEW of the country's macro prudential indicators (MPIs) for the half-year ended March 2003 reveals that the degree of credit concentration for the banking system as a whole (in terms of credit extended to top 20 corporates as a percentage of ... More

SHORT TERM INSTRUMENTS

IL&FS raises Rs 25 crore

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