MONEY & BANKING
FARM CREDIT
NMCE ties up with HDFC Bank for warehouse receipts
QUIXOTIC Quotes, the Srinagar terminal of the National Multi Commodity Exchange of India (NMCE), will use HDFC Bank's new loan products for warehouse receipts. The bank will be extending finance up to Rs 50 lakh against rubber and pepper ...
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FINANCIAL SERVICES
ECGC opens branch at Vadodara
EXPORT Credit Guarantee Corporation opened its 36th branch at Vadodara, in keeping with its strategy to open satellite branches at upcoming export centres in the country. This Vadodara branch will cater to the needs of the exporters and ...
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FOREX
Curbs on FEMA transactions to go — RBI empowered to deal with offences
THE Government has decided to remove a number of restrictions on current account transactions under the Foreign Exchange Management Act (FEMA) to bring down the transaction cost for citizens and corporates. It has also decided to amend the ...
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Rupee steady; g-secs slump
MUMBAI: THE rupee closed almost unchanged at 45.2775/28 against the dollar on Friday in a supply driven forex market. After opening at 45.27, the domestic currency strengthened to 45.25, driven up by consistent dollar inflows and ...
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LIFE INSURANCE
SBI Life launches Sanjeevan Supreme
SBI Life Insurance has launched Sanjeevan Supreme, a product that combines the benefits of limited premium payment option with money back. Sanjeevan Supreme allows the policyholder to pay premium for a limited period of 6 or10 years and get ...
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LIC's unrealised gain stands at Rs 40,000 crore
YOU may call this a problem of plenty. The Life Insurance Corporation of India (LIC) is sitting on an unrealised gain of Rs 40,000 crore on its portfolio of Government securities. On investments in the equity-related instruments, the ...
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CREDIT RATING
Moody's rates most banks `stable'
"For most banks, the upgrade is based on their stand-alone financial strength; for the weaker PSBs government support is imputed."
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RBI & OTHER CENTRAL BANKS
RBI raises prescribed limits for imports
THE Reserve Bank of India has raised the prescribed limits on the remittances of certain import bills and documents, which have been directly received by importers from overseas suppliers to $ 100,000, or its equivalent, from the previous limits ...
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PUBLIC SECTOR BANKS
Business process re-engineering — Centralised processing to track SBI's assets, liabilities
STATE Bank of India proposes to set up separate central processing centres for the bank's assets and liabilities business. This is expected to help the bank save a few hundred crore in terms of transaction costs in the future, said a senior ...
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FOREIGN BANKS
StanChart has no plans for India subsidiary
STANDARD Chartered Bank has no plans to bring its India operations under a subsidiary company incorporated in India, the bank's CEO-India Region, Mr Christopher Low, told Business Line on Friday. The bank last month incorporated its Hong ...
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GOVT BONDS
Govt to borrow Rs 5,000 cr in Feb
AFTER having earlier announced that the Union Government will not borrow in February, the Government said on Friday that it would borrow Rs 5,000 crore between February 23 and 27. This unexpected announcement, which came from the RBI after ...
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NON-PERFORMING ASSETS
RBI extends NPA window
FOLLOWING repeated requests, the RBI on Friday extended the one-time NPA settlement window for the public sector banks. The apex bank has stated that State-run banks can accept applications for settlement of chronic NPAs up to July 31. The ...
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CREDIT MARKET
SBI codifies lending policy
IN a bid to refine standards of customer service and transparency, the country's biggest bank, State Bank of India, has codified the principles governing its lending policy. The code is underpinned by eight important declarations, whereby the ...
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TRADE & LABOUR UNIONS
Staff union concerned at apex bank's future
THE All-India Reserve Bank of Indian Employees' Association (AIRBEA), which is holding its 30th conference here, is worried about the future of the apex bank as an institution. According to Mr Thomas Joseph, Secretary, AIRBEA, the "decimation ...
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All-India bank strike
THIRUVANANTHAPURAM: The central committee of the All Kerala Bank Employees' Federation (AKBEF), which met at Ernakulam on Wednesday, called upon the bank employees to strike work on February 24 in deference to a call by the United Forum of ...
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TRENDS
Banks beefing up Tier-II capital
THIS is the season for banks to raise capital. Not equity, but through bonds - called Tier-II capital in banking parlance. About Rs 1,500 crore has been raised over the past month, while another Rs 2,000 crore of bond issues from various ...
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Cross Currency Rates
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