MONEY & BANKING
FOREX
Rupee in range; bonds recover
MUMBAI: The rupee moved in a narrow end to close at 44.15/17 against the dollar on Wednesday. It opened lower, but gained later in the day. On Tuesday, the currency had touched its lowest closing level in April at 44.2250 against the ...
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INFORMATION TECHNOLOGY
Euronet chosen for national switch project
THE Institute for Development and Research in Banking Technology (IDRBT) has chosen Euronet Services India Pvt Ltd as the turnkey solution provider for implementing a national switch that will enable ATM connectivity among various banks. ``The ...
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SOFTWARE
Allahabad bank to deploy core banking solution
ALLAHABAD Bank is putting in place a core banking solution that will involve one hundred branches by March next year. Other branches will be covered subsequently. The bank, according to Mr O.N. Singh, CMD, is working out a technology plan that ...
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CONSUMER FINANCE
Topline shop for auto loans in Hyderabad
HYDERABAD: Topline Loan Designers Pvt. Ltd, a direct marketing associate (DMA), has started a one-stop-shop for all vehicle-related financing in Hyderabad. Started in August 2002, the DMA deals in auto loans sourced from the HDFC Bank ...
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PUBLIC SECTOR BANKS
Syndicate Bank's interest subsidy on education loans
SYNDICATE Bank has decided to make available 2 per cent interest subsidy on education loans — the scheme formulated by the Union Government for bright and needy students pursuing higher studies. A bank release said here on Wednesday that ...
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Mobile recharge from Corpn Bank ATMs
CORPORATION Bank has launched a new product, `Corp Mobile Recharge,' enabling the customers of the bank to recharge their pre-paid mobile connections at any of the ATMs of the bank. A few simple steps have to be followed for recharging the ...
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Banks keen to take out 'good' FI term loans
IN a bid to increase asset portfolios, public sector banks have begun preparing to take out some of the term loans of the financial institutions (FI). Banking sources here said, however, that any such takeout would involve "cherry picking." ...
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FINANCIAL INSTITUTIONS
Exim Bank to fund films with export potential
INDIAN film-makers have a new avenue for funds — Export-Import Bank of India (Exim). But there is a catch - the films must have an export potential in excess of 35-40 per cent. Exim Bank is currently in talks with a leading film ...
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GOVT BONDS
RBI cuts down on US T-bonds
India's holdings in US government securities declined to $12 billion in February 2004 as against $14.4 billion in January and $15.5 billion in December 2003. This was despite the large accretions to foreign exchange reserves during the period.
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SECURITISATION
'Securitisation viable tool for SMEs'
SECURITISATION is a viable funding method for small finance companies because their advances generally match banks' requirements towards priority sector lending, said Mr N. Sampath Kumar, Executive Director (Finance), Ashok Leyland Finance, here ...
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FIXED DEPOSITS
Union Bank targets 14% rise in deposits
UNION Bank of India has set a target of achieving a business mix of Rs 1,00,000 crore for the fiscal year 2004-05. The bank expects to register around a 14 per cent increase in deposits and 27 per cent increase in advances, during this period, ...
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EVENTS
`Bancassurance deals in for big changes'
INSURANCE industry insiders foresee a lot of change in bancassurance relationships in the years to come. The CEO and Managing Director of Max New York Life (MNYL), Mr Anuroop Tony Singh, addressing a media summit at Goa recently, said that ...
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Cross Currency Rates
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