MONEY & BANKING
FOREX
Rupee gains 3 paise; gilts recoup losses
MUMBAI: The rupee on Tuesday appreciated three paise on thin volumes to close the day at 45.2725/2825 against the dollar. Most public sector banks were out of the market on account of the national strike. The domestic currency opened ...
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RBI & OTHER CENTRAL BANKS
RBI eases current a/c deals
THE Reserve Bank of India has further liberalised certain current account transactions, by allowing authorised dealers some categories of remittances in terms of the Foreign Exchange Management Act 2000, without having to obtain prior ...
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Rationalisation of small savings schemes planned
THE Reserve Bank of India's advisory committee on administered interest rates is considering the rationalisation of the number of small savings instruments offered by the Government and also the tax treatment on such schemes. In its first ...
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PRIVATE BANKS
No takeover threat, says Federal Bank chief
THOUGH the Federal Bank Chairman, Mr K.P. Padmakumar, maintained that the bank was looking at an organic growth and there was no threat of a takeover by any other bank, he did indicate that there were a lot of synergies between his bank and ...
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PUBLIC SECTOR BANKS
Vijaya Bank may seek US listing
The agreement for forming a new life insurance company would be signed in the first week of March.
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GOVT BONDS
Market Stabilisation Funds-induced jitters in bonds
THE Government and RBI officials met on Monday to discuss the issue of Market Stabilisation Bonds (will it stabilise or destabilise markets has to be seen) to impound excess liquidity, which, by the way, is the RBI's own creation, stemming from ...
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CREDIT MARKET
Banks fight shy of funding IPOs
IPO funding, a hot business for banks a couple of months back, today surprisingly creates no euphoria despite the spate of large public issues hitting the primary market. The main concern stems from the possibility that these issues may not be ...
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CREDIT CARDS & DEBIT CARDS
SBI, Visa unveil prepaid foreign travel card
SBI and Visa International have launched the `Vishwa Yatra Foreign Travel Card', a US dollar-denominated prepaid travel card that is accepted at over 13 million merchant locations with electronic terminals worldwide. The card provides customers ...
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TRADE & LABOUR UNIONS
Strike affects RBI clearing operations
THE Reserve Bank of India's clearing operations were disrupted as a result of the nationwide bank strike observed on Tuesday. Thirty-three banks out of the 113 members of RBI's clearing house refused to participate in clearing operations on ...
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Strike a success, say trade unions
TRADE unions have termed today's strike by bank and insurance sector workers as a "total success." Ten-lakh employees of banks and insurance companies struck work today in response to the call of the unions, "to oppose the Supreme Court verdict ...
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Strike paralyses banking, insurance industries in AP
MORE than 22,000 officers and 50,000 employees from financial sector including banking industry, insurance and Reserve Bank of India in Andhra Pradesh observed protest strike here on Tuesday. In a press release, the AP State unit of All India ...
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EVENTS
Meet on forex business
MANGALORE: The Deputy General Manager of Corporation Bank, Mr B.R. Bhat, has said that banks should take the responsibility of passing on the benefits of the liberalisation policy of the Government to customers. The changes in the ...
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CO-OPERATIVES
Kerala State Co-op bank plans to disburse Rs 1,780-cr loans this fiscal
KERALA State Co-operative Bank Ltd has drawn up a blueprint for disbursal of loans to the tune of Rs 1,780 crore in 2004-05. The bank is expecting total deposits of Rs 2,400 crore during the year. With income and expenditure projected at Rs ...
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TRENDS
Liquidity build-up rises
THE spate of equity issues by public sector undertakings has increased the pressure on the banking system, already awash with liquidity from foreign currency inflows. Among the major issues slated to hit the market are those of Power Trading ...
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Cross Currency Rates
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