The Hindu Business Line : Wednesday, September 24, 2003

G-7 pressures Japan, China on exchange rates
The US is unlikely to sit back and watch imports carving out an ever greater share of its domestic market. Its policymakers are starting to think it is unfair to use the exchange rate to drive exports. More

Re sheds gains; gilts recoup losses
MUMBAI: The rupee lost three paise to close at 45.7850/7950 against the dollar compared to Monday's close of 45.75/76. There was the usual supply but there was some corporate demand from the oil and manufacturing sectors which, combined ... More

INFORMATION TECHNOLOGY

PCS bags SBI order
PCS Industries, a part of the PCS Group, has bagged Rs 26-crore order from State Bank of India for computerising around 800 branches. The computerisation of the branches will involve servers, desktop computers and passbook printer ... More

LIFE INSURANCE

MetLife India partners ready to pump in more capital
METLIFE India's joint venture partners have agreed to support the increasing capital requirements for meeting the solvency and infrastructure requirements. MetLife India is promoted by Metropolitan Life Insurance of the US, Jammu & Kashmir ... More

Allianz Bajaj opens office in Madurai
ALLIANZ Bajaj Life Insurance, a joint venture between Allianz AG of Germany and Bajaj Auto, launched their operations in the city recently. According to a press release, Allianz Bajaj has already achieved the distinction of being the fastest ... More

RBI & OTHER CENTRAL BANKS

No funding schemes in Iraq as of now, say World Bank, IMF
THE World Bank and the IMF will not be involved in any lending programmes in Iraq at present, officials said after a key Development Committee meeting here. Mr Trevor Manuel, Chairman of the Development Committee (Joint Ministerial Committee of ... More

World Bank to expand aid for India
THE World Bank has responded positively to India's request for expanded assistance and a game plan has been agreed upon to speed up implementation of a number of projects on a priority basis over the next three to four years. This follows ... More

Plan for international financing facility mooted
A PROPOSAL to set up an international financing facility to mobilise substantial additional resources required over the medium term has received favourable response from key officials attending the ongoing World Bank-IMF annual meetings here. A ... More

PRIVATE BANKS

GTB forms special panel for capital raising
THE board of directors of Global Trust Bank (GTB), has decided to constitute a special committee comprising three directors to finalise the details of the capital raising programme. The bank had during 2001 sought the services of its equity ... More

FOREIGN BANKS

StanChart eyes corporate advisory niche
FORESEEING consolidation in telecom and healthcare sectors, Standard Chartered Bank has launched corporate advisory services. The new business unit to be a part of the bank would provide clients advice on mergers and acquisitions, acquisition ... More

NON-PERFORMING ASSETS

Ownership of hired machinery vests with financier till full payment is made: HC
THE Madras High Court has ruled that unless otherwise provided in an agreement between parties, ownership of machinery procured by a mill would remain with the financing institution till all the payments under the hire-purchase agreement is ... More

FICCI seeks further extension of one-time settlement scheme
THERE is a strong case that the one-time settlement schemes run by the Reserve Bank of India be further extended and be made to cover amounts of higher denominations. According to a survey conducted by Federation of Indian Chambers of Commerce ... More

BoI seizes tea unit in Coonoor
BANK of India has taken possession of a tea factory in Coonoor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The move has come at the most unexpected time. The bank's ... More

CREDIT CARDS & DEBIT CARDS

ATM-cum-debit card from SIB
WITH the support of Mastercard International, South Indian Bank has launched Maestro, the global ATM-cum-Debit card at a function held here. Mr Justice Cyriac Joseph of the Kerala High Court launched the card by giving a replica of the card to ... More

IPOS

Vijaya Bank IPO opens on Oct 9
THE second equity issue of Vijaya Bank, offering 10 crore equity shares of Rs 10 each for cash at a premium of Rs 14 per share aggregating to Rs 240 crore, will be open for subscription to the public from October 9 to October 17. Addressing ... More

CO-OPERATIVES

Cosmos Co-op to pay 15 pc

Bhatkal Urban Co-op deposits

PEOPLE

Vepa Kamesam gets extension
THE Union Government has granted an extension in service to Mr Vepa Kamesam, Deputy Governor of the Reserve Bank of India. The extension has been granted for a period of three months from September 24, beyond the age of superannuation of 62 ... More

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