MONEY & BANKING
INSIGHT
At last, some cheer for farm sector
If below 6 per cent per annum is good for corporates, it is also good for quality farmers. Nay, any discrimination is unconstitutional.
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Interim Budget — Feel-good factor is undercurrent
THE Interim Budget aimed at increasing "Gross National Contentment" provides enough fuel to keep the feel-good factor going. Enough emphasis was laid on the need to spend on and improve health (hospitals), education (colleges), poverty ...
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FOREX
Resident Indians can remit up to $25,000 annually
FOLLOWING the announcements made last month by the Finance Minister, Mr Jaswant Singh, the Reserve Bank of India (RBI) has formulated a scheme whereby resident Indians can, with immediate effect, remit an amount of up to $25,000 per calendar year ...
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Rupee steady; gilts move up
MUMBAI: The rupee closed at 45.2875/2975 in its value against the dollar comparable to Tuesday's close of 45.29/30 in its value against the dollar. The rupee opened at Tuesday's closing leve,l touched an intra-day high of 45.28 and an ...
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INSURANCE
Syndicate Bank plans bancassurance arm
SYNDICATE Bank, which had earlier announced its plan to enter into general insurance products distribution, is mulling over setting up a subsidiary for the purpose. No details have been worked out as the bank is still in the process of evaluating ...
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STOCKS
J&K Bank hits all-time high on stake sale talk
RUMOURS of J&K Bank being close to finalising a stake sale with a strategic partner saw the stock of the Srinagar-based private sector bank, hit an all-time high of Rs 487 on the BSE on Wednesday. The stock has appreciated by 341 per cent from a
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HOUSING FINANCE
Union Bank cuts home loan rates
THIRUVANANTHAPURAM: Union Bank of India has announced new, reduced rates for housing loans to be effective from February 1. Announcing this, Mr K.R. Pillai, Assistant General Manager, said the bank has retained the free insurance cover ...
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LIFE INSURANCE
ICICI Prudential cover for SIB customers
SOUTH Indian Bank, in association with ICICI Prudential Life Insurance Company, has unveiled a life insurance policy for its customers called SIB Suraksha. ICICI Prudential has offered a one-year renewable group term insurance scheme ...
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Allianz Bajaj unveils operations in Mangalore
MANGALORE: The Mangalore Mayor, Mr K. Diwakar, inaugurated the launch of the operations of Allianz Bajaj Life Insurance Company Ltd in Mangalore recently. Quoting the Chief Executive Officer of Allianz Bajaj, Mr Sam Ghosh, a press ...
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GENERAL INSURANCE
Oriental insurance products through post offices — Pilot project kicked off in 7 States
INDIA Post has tied up with the public sector Oriental Insurance Company Ltd (OICL) for vending non-life insurance products. The venture was kicked off on Wednesday in seven States - Tamil Nadu, Karnataka, Kerala, Gujarat, West Bengal, ...
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PRIVATE BANKS
IDBI Bank opens first dedicated loan centre in Hyderabad
IDBI Bank opened its first dedicated loan centre at Basheerbagh Square on Wednesday. In a release, the bank said that its retail lending, led by home loans, stands at close to Rs 3,000 crore. On the home loan account alone, the bank disburses ...
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PUBLIC SECTOR BANKS
UCO Bank reduces export credit rates
UCO Bank has reduced interest rates on export credit, covering both pre-shipment and post-shipment finance, from eight per cent to 6.5 per cent per annum for a period up to 90 days and to 7.25 per cent per annum for a period varying from 90 to ...
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GOVT BONDS
Multilateral lenders can buy gilts
MULTILATERAL development banks such as International Finance Corporation and Asian Development Bank which are specifically permitted by the Government of India to float rupee bonds in India, are also allowed to purchase Government ...
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TRADE & LABOUR UNIONS
Bank strike on Feb 24
HYDERABAD: BANK employees and officers under the banner of the United Forum of Bank Union (UFBU) will observe a one-day strike on February 24, against the Supreme Court verdict on right to strike and for realisation of earlier wage ...
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EVENTS
Seminar on microfinance
THE Indian Banks Association and World Women's Banking (WWB) are coming together to hold a seminar on `Microfinance-New Banking Opportunities' on February 12. The objective of the seminar is to among other things, review developments in banking ...
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CO-OPERATIVES
Kerala Co-op Bank reduces loan rates
THIRUVANANTHAPURAM: The Kerala State Cooperative Agricultural and Rural Development Bank has announced reduced rates for agricultural, non-agricultural and home loans. Loans up to Rs 50,000 for organic farming, commercial cultivation of ...
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Cross Currency Rates
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