MONEY & BANKING
FOREX
Rupee steady; gilts move up
MUMBAI: The rupee on Wednesday closed almost unchanged from Tuesday's levels at a four-month low of 44.38/40 in its value against the dollar. The rupee opened at 44.37/40 and moved between the intra-day high of 44.29 and the intra-day ...
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FINANCIAL PERFORMANCE
Canara Bank net up 31 pc; to pay 50 pc
CANARA Bank has reported a 31.31 per cent rise in net profit for the financial year 2003-04 at Rs 1,338.01 crore, from Rs 1,018.89 crore last year. Total business (deposits and advances) as on March-end grew 19.03 per cent to Rs 1,33,984 crore ...
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South Indian Bank net rises to Rs 84 crore — NPA provisions at Rs 106 cr
THE net profit of the Thrissur-based South Indian Bank has grown by 16.6 per cent to touch Rs 84.33 crore (Rs 72.33 crore). Announcing the results for 2003-04, the Chairman and CEO of the bank, Mr A. Sethumadhavan, said that the gross profit ...
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GENERAL INSURANCE
Tata AIG posts Rs 15.3-cr profit
TATA AIG General Insurance Company Ltd has reported a maiden profit of Rs 15.3 crore and a premium income of Rs 353 crore for the financial year ended March 31, 2004, the third year of operation of the company. For the fiscal 2003-04, Tata AIG ...
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Bajaj Allianz exclusives for Karnataka Bank customers
KARNATAKA Bank Ltd (KBL) and Bajaj Allianz General Insurance Company Ltd have decided to launch two co-branded over-the-counter insurance products covering health and home insurance sectors. A bank release said here on Wednesday that the ...
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Equity investments bring big gains for PSU insurers
PUBLIC sector insurers have bolstered their net worth and strengthened their solvency ratios by selling some of their equity investments and booking large profits. The four public sector insurers - New India Assurance Company Limited ...
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PRIVATE BANKS
Expert group likely on bank voting cap issue
THE Ministry of Finance is set to shoulder arms to the Reserve Bank of India's late swinging delivery proposing to retain the 10-per cent voting right cap on for foreign shareholding in Indian private sector banks. Fearing that the proposal ...
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Diebold bags UTI Bank deal
DIEBOLD Systems Private Ltd, a wholly owned subsidiary of Diebold Incorporated, has secured a major contract for the supply of ATMs and services to UTI Bank. The order entails supplying a minimum of 600 ATMs and providing turnkey auxiliary ...
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FINANCIAL INSTITUTIONS
SIDBI seeks RBI nod to become a partial bank
THE Small Industries Development Bank of India (SIDBI) has applied to the Reserve Bank of India to convert itself into a bank in a limited manner. The Finance Ministry, SIDBI said, has already given its approval. "In addition to term loans, we ...
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INTEREST RATES
RBI unlikely to change rates
THE RBI Governor, Dr Y.V. Reddy, may leave key interest rates unchanged in his Annual Statement of Policy for 2004-05 to be announced on May 18. This is the consensus emerging among bankers and financial market players even as the statement may ...
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NON-PERFORMING ASSETS
United Bank aims to trim NPAs to 2 pc
UNITED Bank of India has recorded a total business of Rs 31,179 crore for the year ended March 31, 2004, up from Rs 28,923 crore in the previous year. It closed the last fiscal with a deposit base of Rs 22,758 crore (Rs 21,031 crore). Gross ...
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CREDIT MARKET
'Lack of bank finance affecting PC sales'
THE reluctance of banks and finance companies to provide credit for buying computers is a major hurdle affecting PC sales in the country, according to Mr Ajai Chowdhry, Chairman and CEO of HCL Infosystems Ltd. "Most of the banks are financing ...
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PEOPLE
Centurion Bank COO
Cross Currency Rates
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