The Hindu Business Line : Wednesday, December 17, 2003

RBI trying to square a circle
In recent months, the forward premium on the dollar against the rupee has dwindled to almost nothing. In fact, for near maturities, the US currency is at a discount. Thus, one can buy one or three-month dollar cheaper in the forward market ... More

FOREX

S&P raises India's foreign currency rating to stable
STANDARD & Poor's Ratings Services (S&P) today revised the outlook on India's long-term foreign currency rating to `stable' from `negative', taking into account the country's rising foreign exchange reserves. However, the outlook on the ... More

Rupee tad higher; securities rise
MUMBAI: The rupee on Tuesday closed at 45.5350/5450 against the dollar in a dull trade. posting a small gain compared to Monday's close of 45.55/56. The rupee opened at 45.54/55, which was the intra-day low. The market was muted with ... More

NRI remittances on the rise again
THE NRI deposits in Indian banks are on the rise again despite the growing strength of the rupee in the money markets and plunging interest rates. "It is proving to be a joyful Christmas and a happy New Year for the banking industry with the ... More

INFORMATION TECHNOLOGY

New ATM-sharing network from Jan 1 — Swadhan is out, BANCS in
WITH Swadhan, India's first shared payment network service that allowed member banks to share automated teller machines (ATMs), to be shut down on December 31, an alternative consortium has been formed. Called BANCS (banks automated teller ... More

INSURANCE

CII, FICCI press for more insurance reforms
ACKNOWLEDGING the impressive developments in the insurance sector since its opening up, two leading trade bodies — the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI) — ... More

HOUSING FINANCE

LICHF meet on Dec 23 to consider GDR issue
THE board of LIC Housing Finance Ltd will meet on December 23 to consider a possible GDR issue to enlarge the company's capital base. A senior official with the company said the decision to raise funds through a fresh issuance of equity had ... More

GENERAL INSURANCE

Partial detariffing for motor insurance under study
FACED with repeated pleas from major public sector general insurers, moves to de-tariff motor insurance have commenced in right earnest. Sources said that Insurance Regulatory and Development Authority (IRDA) had set up a committee headed by ... More

CREDIT RATING

S&P raises outlook on 3 banks
STANDARD & Poor's, the international credit rating agency, has revised its outlook on the foreign currency debt ratings on ICICI Bank, Industrial Development Bank of India and Bank of Baroda, to `stable' from negative, i.e., `BB/B'. This ... More

FOREIGN DIRECT INVESTMENT

`Govt to raise FDI cap in pvt banks'
THE Finance Minister, Mr Jaswant Singh, has said that the Government has in principle decided to enhance the limit of foreign direct investment (FDI) in banking companies. In a reply to Parliament, Mr Singh said the hike in FDI would not have ... More

MERGERS & ACQUISITIONS

HSBC may have to `pay more' for 14.7 pc in UTI Bank
THE HSBC group may have to pay a higher price than the Rs 306-crore to CDC Financial Services (Mauritius) Ltd (CDC-FSL) and the South Asia Regional Fund (SARF) for buying out their combined 14.7 per cent stake in the UTI Bank in case they revise ... More

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