The Hindu Business Line : Thursday, October 02, 2003

Re touches 38-month high despite RIB redemption
BELYING earlier apprehensions about a possible dollar shortage on account of the $5.5-billion redemption of the Resurgent India Bonds (RIBs), the rupee vaulted over 26 paise on Wednesday to end the day at a 38-month high of 45.5650/5700 against ... More

RIB refunds have no impact on liquidity
The Reserve Bank of India sold the entire sum in dollars to State Bank of India for an amount of Rs 22,151.83 crore. The domestic forex and debt markets were relieved, as the redemptions of the Resurgent India Bonds on Wednesday did not impact ... More

SOFTWARE

Onward Tech to buy Kale's banking products business
We found that the banking space has become overcrowded, says Mr Sumeet Nadkar, CFO, Kale Consultants. More

NBFCS

`AAA (SO)' for Tata Fin PTC

HOUSING FINANCE

Banks queue up to cut housing loan rates
CLOSE on the heels of State Bank of India slashing rates on housing loans, other public sector banks are following suit. State Bank of India cut rates on housing and auto loans by 25-150 basis points. Bank of Baroda and Union Bank of India are ... More

PRIVATE BANKS

ICICI Bank allowed to raise $300 m via ECB
ICICI Bank has received the Finance Ministry's approval for an external commercial borrowing of $300 million. Ms Kalpana Morparia, Executive Director, ICICI Bank, said, "Once the documentation is ready we will go in for a bond issue with a ... More

ICICI Bank opens office in Dubai
ICICI Bank, which opened its representative office in Dubai on Wednesday, has embarked on a major overseas expansion targeting four regions across the globe with the UK, West Asia, South East Asia and China as the major targets, the bank's ... More

Catholic Syrian opens 3 more branches
CATHOLIC Syrian Bank opens three new branches with ATM facility in Chandigarh, Ludhiana and Greater Kailash in New Delhi. The Chandigarh branch was inaugurated by Mr S S Channy, Managing Director of Punjab State Cooperative Supply and ... More

PUBLIC SECTOR BANKS

SBI opens boutique branch in Thiruvananthapuram
THIRUVANANTHAPURAM: The Chief Commissioner, Income Tax, Thiruvananthapuram, Mr L. Kuriakose, inaugurated a boutique banking (specialised personal banking) branch of State Bank of India here on Wednesday. An SBI official said here that ... More

FINANCIAL INSTITUTIONS

Sick cos in IDBI, IFCI portfolio up
THE year 2002-03 tested the survival instincts of even some of the best companies. GDP growth at 4.3 per cent, subdued by insufficient rains, was the second slowest in a decade. The country's trade deficit widened and weak domestic demand ... More

IFCI exercises call option on Gift, Millionaire bonds
TAKING another major step towards prepayment of high cost liabilities, IFCI Ltd has decided to exercise the call option and redeem the Millionaire and Gift bonds of the IFCI Family Bonds issued in 1996. The bonds will be redeemed on December ... More

Govt rejects IIBI recap request
The Ministry has stood firm on its earlier decision that the Kolkata-based IIBI would be merged with the Industrial Development Bank of India after the latter's restructuring package is finalised by the Government. More

INTEREST RATES

Why not a single PLR sans RBI push?
A LARGE number of players on the Mint Street are betting on a cut in Bank Rate from 6 per cent to 5.75 per cent coupled to similar drops in CRR and repo in the October credit policy. Willy nilly, Dr Y.V. Reddy, Governor, RBI, will have to ... More

Karnataka Bank cuts rates on term deposits
KARNATAKA Bank Ltd will reduce the interest rates for domestic term deposits from October 1, according to a press release by the bank. Under the deposit scheme for senior citizens, an additional 0.75 per cent over and above the normal rates ... More

Corpn Bank cuts rates on FCNR(B) deposits
MANGALORE: Corporation Bank has reduced the interest rates offered on FCNR(B) deposits with effect from September 30.

NON-PERFORMING ASSETS

Ministry not for separate law on lenders' liability
THE Ministry of Finance has said it did not favour the enactment of a separate legislation on lenders' liability as a counterbalance to powers given to banks and institution to take over and dispose assets of defaulters under the Securitisation ... More

CO-OPERATIVES

Co-ops want say in Act changes
THE National Federation of State Cooperative Banks Ltd (NFSCB) has urged the Centre to refrain from amending the Banking Regulating Act, 1949, in a manner that would lead to the "collapse" of the 100-year-old rural co-operative credit structure ... More

ECONOMIC OFFENCES

HC rejects bail plea of Keshav Bangur
A DIVISION Bench of the Calcutta High Court comprising Mr Justice N.A. Choudhury and Mr Justice A. Barua has rejected the bail petition of Mr Keshab Bangur, erstwhile Director of Bank of Rajasthan, and Mr Vinod Baid, an associate. Earlier, such ... More

PEOPLE

Damodaran takes over as IDBI chief
THE UTI Chairman, Mr M. Damodaran, today took over from Mr P.P. Vora as Chairman and Managing Director of Industrial Development Bank of India. Mr P.P. Vora retired after nearly two years in office, an IDBI release said here. Mr Damodaran ... More

TRENDS

Small coins into oblivion!
WHAT is the use of circulars/notification if scant attention is paid to them? This is exactly what is happening at present, particularly with regard to acceptance of small coins. Though the issue department of the apex bank had, vide a circular ... More

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