MONEY & BANKING
INSIGHT
US interest rates: 2004 is not 1994
History is 1994, when the US Federal Reserve doubled interest rates from 3 per cent in a short span of time in response to faster growth and the (consequent) threat of higher inflation. The Fed Chairman at the time is the very same Mr Alan ...
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FOREX
Rupee volatile; securities dull
MUMBAI: The rupee closed at 43.95/96 against dollar after a day of volatile trading. Some traders said they had no clue on what was happening in the market, as the activity was berserk. On Monday, the domestic currency ended at ...
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FICCI call to rein in exchange rate fluctuations
RECENT volatility in the rupee exchange rate is a major concern and such uncertainties should be avoided, according to Mr Y.K. Modi, President, the Federation of Indian Chambers of Commerce and Industry (FICCI). The rupee appreciated by as much ...
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STOCKS
Corporation Bank gains in strength
THE last few trading sessions have seen the stock of Corporation Bank gather strength on the bourses. Market sources maintained that the counter generally follows any rally with a lag. "As such, given that the stock is relatively less liquid ...
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SOFTWARE
i-flex in global pact with FRS
MUMBAI: i-flex Solutions has entered into a global agreement with FRS, a unit of S1 Corporation, for promoting FRS' regulatory reporting and financial analytic solutions to banks worldwide. FRS has been described as a global leader in ...
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LIFE INSURANCE
MAX New York Life premium income rises to Rs 214 crore
MAX New York Life (MNYL) has recorded a premium income of Rs 214 crore for fiscal 2003-04, as against previous year's figure of Rs 97 crore. The sum assured has doubled to Rs 11,000 crore in 2003-04 from Rs 5,400 crore in 2002-03. The company ...
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PRIVATE BANKS
HDFC Bank margins up on higher retail lending
HDFC Bank has managed to increase its net interest margin to 3.8 per cent in FY04, up from 3.3 per cent in FY 03. It has also been able to increase its low cost deposits as a proportion of total deposits to 26 per cent. It had been lower at 21 ...
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PUBLIC SECTOR BANKS
UCO Bank raises FCNR(B) deposit rates
UCO Bank has revised upwards the interest rates on FCNR(B) depositsfrom Tuesday. For deposits held in dollar, the rates have been increased to 1.3 per cent, 2.1 per cent and 2.7 per cent for the periods from one year to less than two years, ...
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SBI loans for purchase of M&M vehicles
STATE Bank of India (SBI) and Mahindra & Mahindra (M&M) have come together to launch a finance product called Turbo Sapne. Under this scheme, SBI will extend finance for the purchase of commercial vehicles like soft tops, pick-ups, light ...
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Bank of India ties up with tractor cos
MUMBAI: Bank of India has entered into a tractor-financing tie-up with Punjab Tractors Ltd and Escorts Ltd. With this, the bank has enabled its farmer borrowers to avail themselves of a concession of Rs 4,000 on invoice value of the ...
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Traditional banking has helped IOB: Gupta
SUSTAINED focus during the last three to four years on traditional banking has helped Indian Overseas Bank achieve the ideal deposit mix, leading to reduction in costs on the one hand and improved asset quality on the other. Speaking to ...
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FINANCIAL INSTITUTIONS
IDFC net up by 44%; to pay 10% dividend
INFRASTRUCTURE Development Finance Co Ltd (IDFC) has registered a 44 per cent increase in net profit during 2003-04 to touch the Rs 259.15-crore mark, against Rs 179.95 crore in the previous fiscal. IDFC's Board of Directors, which met here on ...
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FIXED DEPOSITS
Rate cap on NRI deposits with NBFCs
THE Reserve Bank of India has said that interest rate on fresh repatriable non-resident Indian (NRI) deposits accepted by non-banking financial companies (NBFCs) should not exceed LIBOR or SWAP rate for the US dollar, effective from close of ...
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REGULATORY BODIES & RULINGS
SEBI amends guidelines — Banks, FIs to get `shelf prospectus' facility
AIMED at enabling the public sector banks, scheduled commercial banks and public financial institutions to issue securities at their convenience, the Securities and Exchange Board of India (SEBI) has decided to introduce the facility of `shelf ...
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PEOPLE
IDFC sets up search panel for new MD
THE board of Infrastructure Development Finance Company Ltd (IDFC), which met here on Tuesday, has decided to set up a `search' committee of its members to look for a new managing director. The top post at IDFC has been lying vacant after Mr ...
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Cross Currency Rates
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