MONEY & BANKING
FINANCIAL SERVICES
SBI Caps to set up London office
IN its quest to harness international business opportunities, SBI Caps, the investment-banking subsidiary of State Bank of India, plans to commence foreign operations shortly. The company's board had approved the setting up of an office in ...
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INSIGHT
Strong rupee could be a boon
With restructured operations helping it take on competition better, India Inc is not too worried by the rupee's rise against the dollar. The stronger rupee will also make imports cheaper, attract more FDI and soften the impact of the crude price sp urt. Now is the time for the Government to use the bulging forex kitty to trigger an investment boom in the economy, suggests S. D. Naik.
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FOREX
Forwards dive; gilts firmer
MUMBAI: Forward premia, which were trading at a discount over the past couple of weeks, slipped into deeper discount on Thursday even as the spot rupee closed around seven paise weaker. Dealers ascribed ``excessive buy sell swaps'' along ...
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LIFE INSURANCE
LIC sells 2.7 crore individual policies
THE Life Insurance Corporation of India has sold 2.70 crore policies in individual business during 2003-04, against 2.45 crore policies the previous year. The insurer has also sold an additional 3.3 lakh policies under the Varishta Pension Bima ...
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PRIVATE BANKS
Retail investors pick up less in ICICI Bank issue
THE retail investors did not pick up their full quota of shares in the recently concluded Rs 3,500 crore public issue of ICICI Bank. While 25 per cent of the issue had been set apart for retail investors, the demand from small investors was only ...
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PUBLIC SECTOR BANKS
Vijaya Bank posts 110 pc rise in net; to pay Rs 2.5
VIJAYA Bank's net profit for 2003-04 has more than doubled to Rs 411.31 crore from Rs 196.56 crore a year back, fuelled by strong growth in credit and deposits and tight operational costs despite falling treasury income. The bank reported total ...
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Andhra Bank results on April 29
CREDIT MARKET
RBI extends credit concessions in J&K
MUMBAI: The Reserve Bank of India has informed the chiefs of all commercial banks that the concessions and credit relaxations to borrowers in Jammu and Kashmir has been extended up to March 31, 2005. With a view to ensuring larger flow ...
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CREDIT CARDS & DEBIT CARDS
Prepaids soon from BoBCard
BOBCARDS Ltd, a wholly-owned subsidiary of Bank of Baroda, intends to introduce two pre-paid cards, a dollar card for international use and the other a rupee card for local use. The bank also wants to add about 5,000 more merchant ...
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FIXED DEPOSITS
NRI funds flowing in despite rate cuts
There is a reluctance on the part of the NRIs not only to convert ones remittances into bank deposits, but even to renew the existing deposits at lower rates.
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Cross Currency Rates
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