The Hindu Business Line : Friday, September 12, 2003

Insider or outsider, continuity matters
THE news of the appointment of Mr M. Venugopalan as the new Chairman and Managing Director of Bank of India was welcomed with jubilation by the staff of Bank of India as this is perhaps the first time that a person who ... More

COURTS/LEGAL ISSUES

Dismissal of bank employee quashed for non-serving of show-cause notice
THE Madras High Court has quashed the order of dismissal of an employee of the Indian Overseas Bank for the failure on the part of the bank to serve the second show-cause notice on him. Mr Justice P.K. Misra, while allowing a writ petition by ... More

FOREX

Rupee moves up; gilts volatile
MUMBAI: The rupee closed just over two paise higher on Thursday at 45.7050/7150 against the dollar up from Wednesday's close of 45.7325. On Wednesday, the domestic currency had risen by seven paise closing at a three-year high. ... More

SOFTWARE

Finacle `most scaleable tool'
INFOSYS Technologies' core banking solution Finacle has emerged as the world's most scaleable open systems-based core-banking solution in an HP benchmarking exercise. Finacle broke all hitherto published benchmarking results for core banking ... More

CONSUMER FINANCE

Canara Bank loan to buy M&M tractors
STATE-OWNED Canara Bank has signed a pact with Mahindra and Mahindra Ltd to finance farmers willing to buy Mahindra's tractors and other farm implements, a bank press statement said. As per the pact, Canara Bank would be the preferred ... More

GENERAL INSURANCE

Insurers ride easy on home loan surge
THE home and retail loan surge has proved to be a major driver for premium accretion of the private sector insurance companies operating in the country. Home loans have shown an average annual growth rate of about 24 per cent among the banks ... More

PUBLIC SECTOR BANKS

Indian Bank to raise Rs 300 cr to beef up Tier-II capital
INDIAN Bank proposes to raise Rs 300 crore of long term subordinated debt, which will go towards strengthening its (Tier-II) capital. The approval for this was got from the Ministry of Finance last week. Negotiations with `arrangers' are on, the ... More

NON-PERFORMING ASSETS

Balance sheet clean-up exercise — FIs sell NPAs to overseas financiers
IN a trend-setting deal, financial institutions have parcelled and sold a slew of non-performing assets (NPAs) from their portfolios as part of the ongoing balance sheet clean-up exercise. The deal has been put through by Allegro Capital ... More

CREDIT CARDS & DEBIT CARDS

Visa retail sales grow 40.6 pc
VISA has recorded a 40.6 per cent growth in retail sales volumes in India at $ 390 million, for the three months ended June 30,2003. "This is one of the highest retail volume growth rates for any Asia Pacific market in this quarter,'' said a ... More

PEOPLE

New SBI Kerala circle CGM
THIRUVANANTHAPURAM: The State Bank of India (SBI) has announced the appointment of Mr C. Narasimhan as the Chief General Manager of the bank's Kerala Circle. In his 31 years with the bank, Mr Narasimhan has held several important posts ... More

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