MONEY & BANKING
FOREX
`Strong pound is no cause of worry for UK economy'
THE appreciating pound sterling is not a cause for worry to the British economy, according to Mr Paul Fisher, Head (Reserves Management), Bank of England. Speaking to the media on the sidelines of a function organised by the Forex Association ...
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Rupee firmer; bonds decline
MUMBAI: The rupee closed marginally stronger at 46.2975 per dollar on Friday as against previous close of 46.32. After opening the day at 46.32/33, the domestic currency touched an intra-day low of 46.34, on the back of some dollar ...
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INFORMATION TECHNOLOGY
ATM tie-ups: Too many, too soon
WHILE every bank has gone to town announcing ATM tie-ups in the last six months, the average customer seems to be unclear on the benefits of the multitude of marriages. In some cases, the networks are yet to go `live' while in some others the ...
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State Bank of Bikaner & Jaipur clarifies
CONSUMER FINANCE
SBI, VST Tillers launch scheme for farmers
STATE Bank of India (SBI) and VST Tiller Tractors Ltd have launched a new loan scheme called SBI-VST Shakti for farmers as a part of the farm mechanisation programme. The scheme offers the cost of the power tiller minus 5 per cent as margin ...
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LIFE INSURANCE
Sahara goes solo as life insurer
HAVING made successful forays into agriculture, consumer products, information technology and healthcare recently, Sahara India, the Rs 32,000-crore diversified conglomerate, is now entering the life insurance business. It is set to be the first ...
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GENERAL INSURANCE
Time not ripe for global reinsurers' foray: IRDA
THOUGH the global reinsurance companies have been showing keen interest to enter the Indian reinsurance business, the Insurance Regulatory and Development Authority (IRDA) seems not interested in their foray at present. While the General ...
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CREDIT RATING
Fitch upgrades L&T Holdings' NCD programme
FITCH ratings India has upgraded the rating of the Rs 50 crore NCD programme of L&T Holdings Ltd to AAA+ from AA+, according to a press release from the company. The instrument was earlier on the `Rating watch with evolving implications' in ...
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FOREIGN DIRECT INVESTMENT
FDI cap hike to 74 pc in pvt banks notified
THE foreign direct investment (FDI) cap in private banks has been raised to 74 per cent under the automatic route from the existing 49 per cent. The guidelines notified today by the Department of Industrial Policy and Promotion (DIPP) has, ...
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PRIVATE BANKS
Court seeks TMB board report on share purchase
THE Madras High Court has asked the board of directors of Tamilnad Mercantile Bank to go into the status of the recent agreement under which members of the Nadar community bought the bank's shares from Mr C. Sivasankaran of the Sterling ...
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PUBLIC SECTOR BANKS
Vijaya Bank staff meet in Mangalore
MANGALORE: The Vijaya Bank Employees' Association (VBEA), affiliated to National Organisation of Bank Workers (NOBW) and Bharatiya Mazdoor Sangha, will hold its 17th general body meeting and all-India conference, in Mangalore on March 6 ...
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Indian Bank, Barkatpura branch moves into new premises
FOREIGN BANKS
Foreign banks allowed 100 pc subsidiaries
THE Government has stipulated that foreign banks can set up 100 per cent subsidiaries in India. It has also allowed takeovers by foreign banks by permitting acquisition of up to 74 per cent stake in existing private bank to set up a ...
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CREDIT CARDS & DEBIT CARDS
SBI launches Vishwa Yatra travel card in Kerala
STATE Bank of India launched its Vishwa Yatra foreign travel card in Kerala today. The card will be available to the customers from select SBI branches. . Launching the card at a function organised in Kochi, Mr G.M. Krishnan, General Manager of ...
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Cross Currency Rates
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