The Hindu Business Line : Thursday, October 16, 2003

`Rupee discharge of pound debt no FERA offence'
THE Madras High Court has rejected the plea of a debtor that issuance of cheques in rupees to clear the debt in pound sterling would amount to violation of the Foreign Exchange Regulations Act. Upholding the orders of lower courts awarding jail ... More

FOREX

Rupee volatile; 10-year paper breaches 5 pc
MUMBAI: IT was a second day of high volatility in the local financial markets; the rupee ended on Wednesday at 45.69/70 similar to Tuesday's closing levels, but intra-day movements were as high as 22 paise. With rupee no longer a one-way ... More

FINANCIAL PERFORMANCE

Allahabad Bank H1 net up 123 pc
ALLAHABAD Bank has announced a 123-per cent increase in net profit during the first half of the current fiscal ended September 2003; profit for the period stood at Rs 143.88 crore as against Rs 64.51 crore in the corresponding period of the ... More

NBFCS

Tata group cos exempted from open offer for TFL
THE Securities and Exchange Board of India (SEBI) exempted the two Tata group companies from making an open offer for Tata Finance Ltd (TFL) shares as it accepted the latter's plea of special circumstances surrounding the acquisition. In ... More

PRIVATE BANKS

ICICI Bank gets nod for Eurobonds
ICICI Bank has informed the Bombay Stock Exchange that the Ministry of Finance and the Reserve Bank of India have granted it approval for issuing Eurobonds in the international markets to the extent of $ 300 million. ICICI Bank proposes to issue ... More

INTEREST RATES

No trickledown yet of falling rates
THERE is some talk on the merits of the central bank switching to a floating or daily repo rate as the extant 4.5 fixed repo rate is providing some players with assured returns. Some bankers think that the Reserve Bank of India (RBI) could ... More

`Allow us to prepay loans or reset interest rates' — We'll look elsewhere, States tell LIC, GIC
FACED with Life Insurance Corporation of India's refusal to reset interest rates and permit prepayments, a clutch of States have threatened to stop taking loans from it. Sources said here that almost all the States in the country had sought ... More

Andhra Bank cuts PLR by 0.75 pc
HYDERABAD: Andhra Bank has slashed its prime lending rates across the board by 75 basis points. The reduction comes into effect from Wednesday. In a press release here, the Andhra Bank General Manager, Mr A.L. Nageswara Rao, said as ... More

GOVT BONDS

Seminar on investment in Kochi

EVENTS

Govt may cap FDI in pension funds at 26 pc
THE Government is considering capping the foreign investment limit in pension funds at 26 per cent in line with the FDI limit for the insurance sector, according to the Finance Secretary, Mr D.C. Gupta. He was speaking to newspersons on the ... More

ABOA meet in Thiruvananthapuram

CO-OPERATIVES

Co-op bank staff demand refinance at 3 pc
THE co-operative bank employees unions are demanding that the Reserve Bank should give refinance to co-operative banks at 3 per cent instead of the present 6 per cent which is the benchmark bank rate. According to the All India Co-operative ... More

UCBs oppose more powers to apex bank
THE National Federation for Co-operative Urban Banks and Credit Societies (NAFCUB) and the Andhra Pradesh State Co-operative Urban Banks Federation (APSCUBF) have warned of disastrous consequences to UCBs if the Banking Regulation (Amendment) and ... More

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