MONEY & BANKING
INSIGHT
Exchange rate and debt burden
An additional benefit of a strong rupee is the fall in the real value of external debt, which is the volume of goods and services to be exported to service the debt.
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FOREX
Rupee down 11 paise
MUMBAI: The Federal Reserve Chairman, Mr Alan Greenspan's statements hinting at a `rise of interest rates in the horizon'' has sent the dollar up against all global currencies including the Indian rupee. The domestic currency crossed ...
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INFORMATION TECHNOLOGY
Outsourcing ATMs catching up
OUTSOURCING is becoming the name of the game in the domestic banking industry. Today, banks find it economical and convenient to outsource ATM networks: the machines, their maintenance, safety and security to other specialised agencies. And, ...
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NBFCS
Magma Leasing sees Rs 1,352-cr business
MAGMA Leasing Ltd, with core competence in the business of asset-backed finance in three key areas of commercial vehicles, cars and construction equipment, has projected a business plan of Rs 1,352 crore for 2004-05. This will result in an ...
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PRIVATE BANKS
Dhanalakshmi Bank to focus on NRI deposits
THE Thrissur-based Dhanalakshmi Bank will be focusing on mopping up more NRI deposits during the course of the current year. NRI deposits now offer one of the cheapest sources of funds and the bank would be exploring new avenues to increase its ...
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IDBI Bank Q4 net more than doubles
DESPITE reduction in trading income, increased retail loans and lower cost of funds have helped IDBI Bank post a 129 per cent jump in net profit for the quarter ended March 2004 to Rs 37.6 crore up from Rs 16.4 crore in the corresponding period ...
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Pratap Reddy quits IDBI Bank board
DR Pratap C. Reddy, the Founder-Chairman of the Apollo Hospitals group, has resigned from the board of IDBI Bank. According to the Bombay Stock Exchange, the board of the bank which met here onWednesday to pass the accounts for the year ended ...
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FOREIGN BANKS
HSBC to set up analytics team
HSBC has plans to set up an analytics team in Mumbai. This is in addition to expanding its investment banking and equity broking team. The new analytics team, which is to start operations in 2004, will support the group's global investment ...
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Bank of Bahrain ties up with NIC
BANK of Bahrain and Kuwait BSC, a scheduled commercial bank operating in India, has entered into an alliance with National Insurance Company for offering insurance-linked savings account facility to its NRI customers. In a press release here on ...
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NON-PERFORMING ASSETS
Coimbatore debt tribunal calls special sitting on April 24
TO expedite the pending recovery cases filed by several banks, the Debt Recovery Tribunal (DRT), Coimbatore, has convened a special sitting on April 24. About 77 cases pertaining to four banks, namely State Bank of India, Indian Bank, Indian ...
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PEOPLE
Narayanasami is new Andhra Bank CMD
MR T.S. Narayanasami has assumed charge as the Chairman and Managing Director of Andhra Bank. A science graduate, Mr Narayanasami, joined the Union Bank of India as an officer in 1969 and worked for more than three decades in various ...
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Cross Currency Rates
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