MONEY & BANKING
OVERSEAS BORROWINGS
RBI to monitor banks' overseas borrowings
THE Reserve Bank of India has decided to rationalise the existing facilities for commercial banks to borrow overseas. It will also introduce a monitoring and reporting system for the same, starting this fiscal. The central bank now prescribes ...
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FINANCIAL SERVICES
IRDA restores 5 pc special discount, tags riders
THE Insurance Regulatory and Development Authority (IRDA) has reinstated the five per cent special discount which it had discontinued in July last year. However, the regulator has introduced the discount with rigorous restrictions. The discount ...
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FOREX
Rising rupee: Tougher times for exporters?
IT has not been the best of times for exporters; but is the worst of times around the corner? Exporters, who thought they could switch to invoicing in euro or pound sterling in the wake of a weak dollar, will now feel the pinch, regardless. ...
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Demand-supply position driving rupee up
DR Y.V. Reddy said today that the rupee's sharp rise this week was driven by demand and supply conditions in the market. He stated that this was not due to any attempt by the central bank move to contain inflation. During the last four ...
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Rupee steady; gilts firm up
MUMBAI: The rupee rally ran out of steam on Thursday, when the domestic currency ended steady at 44.73/74 against the dollar, only marginally firmer than Wednesday's close at 44.75. Dealers said that the market saw a good amount of ...
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FIEO concern over firming rupee
THE Federation of Indian Export Organisations (FIEO) has expressed concern over the continuing appreciation of the rupee against the US dollar. In a statement, the FIEO President, Mr M. Rafeeque Ahmed, described the recent appreciation as ...
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INFORMATION TECHNOLOGY
SBI to launch 100th ATM in Kerala today
CLOSE on the heels of commissioning the world's first "ATM-on-ferry" at Kochi last month, State Bank of India (SBI), Kerala Circle, is set to unveil its 100th ATM in the State on March 26. The bank will commission 12 ATMs simultaneously on the ...
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STOCKS
SEBI extends ban on promoters from trading in GTB stock
THE Securities and Exchange Board of India has extended the ban on the promoters of Global Trust Bank from dealing in the GTB scrip till June 30. This ruling takes the total duration of the ban to 18 months. This is expected to affect the ...
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NBFCS
StanChart NBFC to focus on corporates
STANDARD Chartered Investments and Loans (India) Ltd, the newly set up non-banking finance subsidiary of Standard Chartered Bank, will focus on lending to corporates. The bank believes that growing through a separate NBFC-subsidiary has ...
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LIFE INSURANCE
LIC Triple Cover plan
KOCHI: Life Insurance Corporation's (LIC) today said its Bima Nivesh Triple Cover plan, which offers 6.42 per cent to 6.62 per cent guaranteed annual returns for 10 years, would close on March 31. "This plan is available for ages 18 to ...
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FINANCIAL INSTITUTIONS
Long-term funds must to help revive DFIs, says FICCI
DFIs should also be given tax concessions with respect to their bond issues and be exempted from tax on their profits.
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Nothing to fear, Govt tells IDFC's foreign shareholders
THE IDFC boat is steering itself into calmer waters with the Ministry of Finance assuring foreign institutional shareholders that there was no proposal for a merger of the company or any alteration in its character as a private sector ...
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GOVT BONDS
Market stabilisation scheme — RBI to issue bonds, T-bills for Rs 35,500 cr
THE Reserve Bank of India will issue bonds and treasury bills for Rs 35,500 crore under the market stabilisation scheme in the first quarter of the next fiscal year starting in April. This is in addition to the Rs 59,000 crore that the Central ...
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RBI to scrap one-day repo
THE Reserve Bank of India has revised the liquidity adjustment facility (LAF) to do away with the one-day repo and substitute it with 7-day ones. Currently, through the LAF window, the RBI conducts repo deals to suck out liquidity and reverses ...
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Securities repayment
FIXED DEPOSITS
`Micro-finance entities will not be allowed to accept public deposits'
MICRO-finance institutions will not be allowed to accept public deposits as it puts public money at risk... the Reserve Bank of India cannot allow such entities to accept public deposits, the RBI Governor, Dr Y.V. Reddy, has said. This is ...
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MERGERS & ACQUISITIONS
IFCI staff seek mega four-way DFI merger
RENEWING their demand for a re-look on the proposal for merger with Punjab National Bank (PNB), IFCI employees have written to the Ministry of Finance to consider a four-way merger between IFCI, IDBI, IIBI and IDFC. In a letter to the Banking ...
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CUSTOMER RELATIONSHIP MANAGEMENT
`Banks don't walk the talk on toll-free services'
TOLL-FREE telephone lines may be much advertised and encouraged by banks in the recent retail boom, but these facilities are not being well used by banks in India, according to a recent study conducted by an independent research company, Lumiere ...
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Cross Currency Rates
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