The Hindu Business Line : Saturday, November 22, 2003

Karvy opens more branches in AP
HYDERABAD: Karvy, an integrated financial services major, has announced the opening of three more branches in the twin cities of Hyderabad and Secunderabad at BHEL, Tarnaka and Mehdipatnam. In a release here on Friday, the company said ... More

INSIGHT

Report on Trend and Progress of Banking in India (2002-03) — The system is on a roll
Despite all the scams in the financial sector, the latest Report on Trend and Progress of Banking in India brings the tidings that the system is in good shape. There are, of course, bad patches, as in the case of urban cooperative banks and ot her financial institutions. But commercial banks are at the heart of the financial system, accounting for nearly 90 per cent of the total assets, says A. Seshan. More

FOREX

Payments in foreign exchange — Tax exemption on travel-related services restored
THE Centre has restored service tax exemption on certain services for which payments are received in India in convertible foreign exchange. Services such as those provided by a tour operator to anyone in relation to a tour, or to a customer by ... More

Rupee volatile
MUMBAI: Driven down by an aggressive bout of dollar buying by the central bank, the rupee scraped an intra-day low of 45.94 amid volatile trade in the forex market on Friday. The domestic currency, however, gained some lost ground ... More

CONSUMER FINANCE

KTDFC vehicle loan scheme
THIRUVANANTHAPURAM: The Transport Minister, Mr R. Balakrishna Pillai, inaugurated the low-interest loan scheme from the Kerala Transport Development and Finance Corporation (KTDFC) designed for Government officers for purchase of new cars. ... More

FOREIGN DIRECT INVESTMENT

Govt committed to 74 pc FDI in pvt sector banks — PSU banks advised to pay interim dividend
REITERATING its commitment to allow minimum 74 per cent foreign direct investment (FDI) in private banks, the Ministry of Finance on Friday said that it would soon come out with a notification that would remove the clouds over the overall ... More

FINANCIAL INSTITUTIONS

ADB okays $400-m loan for rural road project
THE Asian Development Bank (ADB) on Friday approved a $400-million loan for building 11,000 km of all-weather roads in Madhya Pradesh and Chhattisgarh as part of the Pradhan Mantri Grameen Sadak Vikas Yojana. The $400-million loan for the ... More

INTEREST RATES

PSUs keen on debt recast plans now
WITH any further softening of interest rates becoming increasingly remote, State utilities and public sector companies have started rushing to financial institutions (FIs) and banks to enter into debt restructuring and swapping of high-cost ... More

New models to forecast interest rate movements
THE Development Research Group of the Reserve Bank of India is endeavouring to develop models to forecast short-term and long-term rates. The study "Interest Rate Modelling and Forecasting in India", twenty-fourth in the DRG Study series, ... More

GOVT BONDS

Nabard set to become primary dealer
`Our main motive in setting up a PD is to help co-operative banks with their investments in Government securities.' More

NON-PERFORMING ASSETS

Vasavi misleading investors: IDBI
THE Industrial Development Bank of India (IDBI) accused the management of the city-based Sri Vasavi Industries Ltd (SVIL) of misleading investors with incorrect financial results. SVIL has recently published unaudited and provisional results ... More

REGULATORY BODIES & RULINGS

Move to widen tax payer base; format being readied — Banks have to give info on high value deals
THE Finance Ministry would finalise the structure of the Annual Information Return (AIR) that banks and other specified agencies will have to compulsorily furnish in relation to `high value' transactions in immovable and movable property, ... More

EVENTS

Venture Forum meet on Dec 7
THE country has emerged the second most active market in Asia for venture capital (VC) funding during 2002. India's share of the capital pool has grown from $2.44 billion in 2001 to $2.86 billion in the first half of 2003. In 2000, the total ... More

PEOPLE

Ranjana takes over as Nabard chief
MS RANJANA KUMAR, Chairperson and Managing Director of Indian Bank, has been appointed as Chairperson of National Bank for Agriculture and Rural Development. Ms Kumar, started her career as a probationary officer in Bank of India in 1996, and ... More

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