The Hindu Business Line : Saturday, December 06, 2003

Rupee range-bound; securities recover
MUMBAI: The rupee closed steady on Friday at 45.6050 against the dollar in the domestic forex market. It finished marginally stronger as compared to Thursday's closing of 45.6250. Forex traders said the rupee was range-bound, after ... More

TECHNOLOGY

ATMs designed for Indian clients
NCR Corporation on Friday launched an `India-specific' ATM, which can function without air conditioning, handle dust and will cost a tad less than the regular ATM at below Rs 5 lakh per unit. Currently, ATMs in the market have a price range ... More

INTERNET

Info portal on banking
THE Indian Institute of Banking and Finance has today unveiled an information portal on banking and finance aimed at the general public. At the inaugural function Ms K.J. Udeshi, Deputy Governor, Reserve Bank of India, said, "Making the public ... More

NBFCS

Innovate and thrive, NBFCs told
WITH Non Banking Finance Companies (NBFC) today standing at the crossroads of new and evolving market needs, speakers at a seminar have called for growth through innovation. Inaugurating the seminar, organised by the NBFC Welfare Association, ... More

LIFE INSURANCE

SBI Life hopes to double premium income
SBI Life plans to cover the lives of construction workers, transport operators and their employees. More

Tata AIG expands equity base
MUMBAI: Tata AIG Life Insurance Company Ltd has infused an additional equity capital of Rs 46 crore into the company taking the total capital base to Rs 231 crore, from Rs 185 crore previously. Tata Sons Ltd, which holds 74 per cent of ... More

RBI & OTHER CENTRAL BANKS

RBI relaxes write-off norms for exporters
THE Reserve Bank of India has announced full flexibility to all exporters and reduction in the paper work associated with seeking extension of time or reduction in invoice value or write-off. It has been decided to allow all exporters to ... More

Banks asked to do performance audits
THE Reserve Bank of India (RBI) today notified that all commercial banks must form an ad hoc committee to conduct performance audits and tha panel must complete the work in six months from the date of its constitution. The report prepared ... More

Build up IFR fast, RBI tells banks
THE Reserve Bank of India has on Friday urged all scheduled commercial banks to quickly build up their Investment Fluctuation Reserve (IFR), the cushion in case of interest rate fluctuations in the debt markets. Severe movement in interest ... More

RBI awareness programme on settlement system
MR Debasis Nandi, Assistant General Manager, Reserve Bank of India, has said that the real time gross settlement (RTGS) is a mechanism to minimise/eliminate time lag and to effect transfer of funds with safety and speed. He was addressing the ... More

PRIVATE BANKS

`HSBC on board is a positive development' — UTI Bank prefers to be standalone
UTI Bank sees HSBC coming on board as shareholders as a positive development to the bank. The UTI Bank's Chairman and Managing Director, Dr P.J. Nayak, said on Friday that the bank and HSBC had different, complementary business models. Hong ... More

PUBLIC SECTOR BANKS

SBI plans to buy loan portfolios
STATE Bank of India's management intends to seek its board's permission to buy securitised paper — loan assets from other financiers, the bank's Managing Director Mr P.N. Venkatachalam, has said. AT an informal meeting with presspersons ... More

Central Bank aim is total customer satisfaction
IN an age where most public sector banks are busy jostling for space in an extremely competitive environment, trying to outdo each other in terms of product offerings to keep pace with their private sector and foreign bank counterparts, Central ... More

GOVT BONDS

RBI fixes floating bond rate at 4.49 pc
THE Reserve Bank of India has fixed the rate of interest on the Floating Rate Bonds, 2009 (FRB, 2009) applicable for the half-year December 6, 2003 to June 5, 2004 at 4.49 per cent per annum. The rate of interest on the FRB, 2009 was set at a ... More

FIXED DEPOSITS

Corpn Bank hikes FCNR (B) rates
MANGALORE: Corporation Bank has raised interest rates on FCNR (B) deposits.

The new rates are effective from December 4.

MERGERS & ACQUISITIONS

ICRA sees HSBC playing more active role
ICRA has said that it expects HSBC to be "more than just a financial investor" in UTI Bank after its recent acquisition of 14.7 per cent stake in the latter. HSBC has retained the option of acquiring another 5.37 per cent from CDC Capital ... More

PEOPLE

M.B.N. Rao takes charge at Indian Bank
MR M.B.N. Rao has taken charge as the Indian Bank Chairman and Managing Director. Prior to this, Mr Rao was the bank's Executive Director. Mr Rao, a graduate in agriculture joined the Indian Bank in 1970 as a probationary officer. He has ... More

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