MONEY & BANKING
OVERSEAS BORROWINGS
Exim Bank to retire high cost debts
EXPORT-Import Bank of India on Tuesday announced plans to raise Rs 7,000 crore, including foreign exchange up to Rs 3,800 crore, to augment its forex reserves and help it to redeem some of the high-cost borrowings. The bank plans to redeem Rs ...
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FOREX
Rupee drops, G-secs down
TUESDAY'S exit poll tremor was not limited to the equities market. The rupee lost 13 paise against the dollar in the local forex market while bond prices fell by over Re 1 in the long-dated papers. Dollar inflows were limited amid heavy demand ...
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FIEO to take up rupee upswing with RBI soon
A HIGH-LEVEL Federation of Indian Export Organisations (FIEO) team, headed by its President, Mr Rafeeque Ahmed, is meeting the Governor of the Reserve Bank of India, Dr Y.V. Reddy, in Mumbai later this week to seek urgent corrective steps to ...
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INFORMATION TECHNOLOGY
PNB computerisation
NEW DELHI: Punjab National Bank has achieved 100 per cent branch computerisation. It has computerised all its 4,026 branches including 536 in metros, 769 in urban, 788 semi-urban and 1933 in rural ...
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STOCKS
Bank stocks crash as RBI announces dividend policy
THE RBI guidelines on banks' dividend policy took a heavy toll on the banking sector stocks today. Selling was more active in public sector banks, especially those providing good dividend yield. Among the stocks to fall sharply were SBI, Bank ...
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SOFTWARE
Finacle for bank in Philippines
BANGALORE: Infosys Technologies announced on Tuesday that it had signed up China Banking Corporation (China Bank) in the Philippines, to deploy its Internet banking solution Finacle. The solution would power the bank's e-initiatives in ...
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LIFE INSURANCE
Govt allows LIC to go ahead with incentive for staff
IN what may come as an unexpected bonanza for nearly 1,17,000 employees of Life Insurance Corporation (LIC), the Ministry of Finance today issued a notification allowing the corporation to go ahead with payment of performance linked lump-sum ...
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Birla Sun Life sees sharp rise in premium income
BIRLA Sun Life Insurance has recorded a 373 per cent jump in premium income at Rs 537.5 crore for the financial year ended March 31, 2004. This is inclusive of renewal premium income and an annualised new business income of Rs 478 crore. Total ...
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GENERAL INSURANCE
Anomaly in vehicle life tax flayed
`When the owner has already paid the life tax on the motor vehicle in one State, how can you expect him to pay it again in another State? It is absurd.'
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PRIVATE BANKS
Bharat Overseas PAT up 23 pc; dividend at 18 pc
BHARAT Overseas Bank on Tuesday announced a profit after tax of Rs 35.08 crore for the financial year 2003-04, an increase of 23 per cent over the previous year. The bank announced a dividend of 18 per cent (shares with face value Rs 100) for the ...
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CSB net profit up 25 pc
The net profit of the Thrissur-based Catholic Syrian Bank has grown by 25 per cent to touch Rs 56.50 crore (Rs 45.16 crore) for the year 2003-04. Addressing a press conference, Mr N.R. Achan, Chairman, said the bank had turned the corner and ...
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UTI Bank's new branches in West Godavari dt
GOVT BONDS
US yields set to rise
THE question now engaging the best and the brightest in financial markets the world over is how interest rates will play out for the rest of this year. As in most things, all eyes are focused on the US. When will Mr Alan Greenspan, the ...
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CREDIT MARKET
Credit rating for SMEs soon
"The idea is to ensure timely and affordable credit to the SMEs."
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MERGERS & ACQUISITIONS
SBIDFHI arrives
PRIMARY dealers (PDs) in debt securities across the country may have to sit up and take notice. India's largest PD has finally been born. The country's largest dealer in debt securities formed by the merger of SBI Gilts and Discount and Finance ...
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IPOS
Bank of Maharashtra `de-materialisation' process progressing
BANK of Maharashtra has identified investor problems faced after its recent issue and made a full audit of issue-related transactions by the registrar. Mr S.C. Basu, Chairman and Managing Director, told newspersons that some one lakh investors ...
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Cross Currency Rates
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