MONEY & BANKING
REGIONAL RURAL BANKS
Pandyan Grama Bank to set up separate micro-credit cell
THE Pandyan Grama Bank operating in six districts in south Tamil Nadu, has proposed to set up separate micro-credit cell, in each district. The purpose, according to the Chairman of the bank, Mr S. Manickam, is to enhance credit flow to the ...
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INSIGHT
Cooperative banks
THIS is with reference to the editorial "No credit for coop directors" (May 4, 2004): When it is admitted that the right of any person to take loan against his own money is "unexceptionable", where is the logic in ...
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FOREX
Rupee breaches 45-mark vs dollar
MUMBAI: The strengthening of the dollar in the global markets coupled with domestic demand for greenbacks, the value of the rupee against the dollar fell by 38 paise on Monday. It closed at 45.0450/0650. These levels were last tested ...
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INFORMATION TECHNOLOGY
More banks get on to RTGS system
ABOUT 19 more banks have joined RBI's online clearing and settlement system, Real Time Gross Settlement (RTGS) over the last few days. There are now a total of 23 banks conducting transactions on the new system. This list Bank of Baroda, Punjab ...
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FINANCIAL PERFORMANCE
Bank of Rajasthan net at Rs 69 cr; to pay 20 pc
ON account of high provisioning, Bank of Rajasthan has registered a net loss of Rs 22.13 crore for the fourth quarter ended March 2004 as against a net profit of Rs 21.78 crore in the same period last year. For the full year, the bank has ...
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SOFTWARE
German bank to use Flexcube
Infosys bags Saudi bank deal
CONSUMER FINANCE
7-year auto loan: Analysts wary of its long life
THE 7-year auto loan scheme has found instant success with first time car and two-wheeler customers. But auto analysts are sounding a note of caution. "It is early days yet and both the customers as well as the finance companies should ...
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LIFE INSURANCE
OM Kotak capital up by Rs 30.25 cr
OM Kotak Mahindra Life Insurance has increased its share capital by Rs 30.25 crore to Rs 233.66 crore. Post the allotment of the additional rights shares, the percentage of shareholding pattern of the company remains the same, said a press ...
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GENERAL INSURANCE
Weather cover soon from ICICI Lombard
ICICI Lombard General Insurance, a joint venture between ICICI Bank and Lombard Canada Ltd, is negotiating with some of the reinsurance companies for risk cover for the launch of weather insurance. Once the details are worked out with the ...
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HUMAN RESOURCES
LIC to offer `conversion' option to staff
A MASSIVE staff reorganisation exercise awaits the Life Insurance Corporation under the financial advisers scheme, whereby an overwhelming majority of employees would be offered a three-year lien to assume the role of financial advisers, a ...
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PUBLIC SECTOR BANKS
Treasury gains lift PSBs' profits
PUBLIC sector banks can be expected to rake in at least Rs 18,000 crore in profits for the fiscal ended March 2004. That is, if the 14 banks (including a number of big banks) that are yet to announce their results stick to the trend laid by the ...
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Vijaya Bank signs pact with Nabard
VIJAYA Bank has signed a pact with Nabard to co-finance agriculture, agro processing, hi-tech agriculture and rural development projects, a news release said. According to the pact, both the bank and Nabard would work together for greater ...
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Andhra Bank plans niche branches
ANDHRA Bank plans to open some niche branches this financial year targeting specific segments of customers. The bank, which merged its housing finance subsidiary with itself a couple of years ago, would have at least two exclusive housing ...
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FINANCIAL INSTITUTIONS
IDBI cuts interest rates on loans for SCML
INDUSTRIAL Development Bank of India (IDBI), the lead term lender to Suryalakshmi Cotton Mills Ltd (SCML), has reduced the interest rate from 13 per cent to nine per cent a year on the long-term loans and debentures sanctioned to the ...
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NON-PERFORMING ASSETS
KSFC recovers Rs 560 crore in 2003-04
THE state-owned Karnataka State Finance Corp (KSFC) recovered Rs 560.34 crore and disbursed loans to the tune of Rs 248.96 crore on the net basis in financial 2003-04, a company news release said. The corporation is expected to report ...
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Cross Currency Rates
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