MONEY & BANKING
FINANCIAL SERVICES
RBI waives charges on electronic transfers
IN order to give further fillip to electronic mode of payments, the Reserve Bank of India (RBI) has announced a waiver on transaction charges on banks for Electronic Clearing System (ECS) and Electronic Fund Transfer (EFT) systems. The end ...
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PENSION PLANS
Nod likely for six pension fund managers
THE Pension Fund Regulatory and Development Authority (PFRDA) plans to initially allow six entities to perform the role of pension fund managers (PFMs) under the new pension structure. "We will initially allow six PFMs including one PSU," Ms ...
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INSIGHT
Theoretical lattice of Monetary Policy
While the monetary policy statement continues with the existing `stance ` of policy, it does little to highlight and establish the criticality of bank credit in meeting the demand for funds for capital formation. The need of the hour, therefore, is t o focus on rate variables rather than the credit availability issue.
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FOREX
Rupee firms up; bonds weaken
MUMBAI: The rupee closed at 45.28 per dollar on Friday, stronger by 5 paise, as compared to Thursday's close of 45.33/35 per dollar. The movement of the domestic currency was steady, as it moved within the band of 45.28 to 45.33 against ...
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FINANCIAL PERFORMANCE
BoI fourth quarter profit rises 24 pc; to pay 20 pc
BANK of India (BoI) has recorded a 23.56 per cent growth in net profit for the fourth quarter ended March 31, 2004, at Rs 349.10 crore, as against a net profit of Rs 282.53 crore in the same period last year. After obtaining special ...
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Federal Bank net up 30 pc; to pay 70 pc
THE net profit of the Aluva-based Federal Bank has grown by 30 per cent to Rs 136 crore (Rs 105 crore) for the year 2003-04. The financial results, which were adopted by the Board of Directors on Friday at Kochi, noted that the gross profit ...
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South Malabar Gramin Bank net at Rs 22 cr
THE Kerala-based South Malabar Gramin Bank has notched a net profit of Rs 22.13 crore for 2003-04, after making all statutory provisions, a voluntary provision of Rs 5.6 crore towards standard assets and payment of salary arrears to staff ...
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Thomas Cook posts Rs 4.52-cr PAT
THOMAS Cook (India) Ltd, the travel and related services provider, has recorded a profit after tax of Rs 4.52 crore in the second quarter ended April 30. This was nearly double the Rs 2.32 crore recorded in the corresponding previous ...
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KVB posts 10 pc rise in Q4 net ; income down
KARUR Vysya Bank reported a 10 per cent growth in profits for the fourth quarter ended March 2004 at Rs.40.65 crore. A sharp drop in other income at Rs.16.06 crore (Rs 39.25 crore) saw total income for the quarter down marginally at Rs 169.79 ...
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GENERAL INSURANCE
GIC set to enter $1-billion club
Currently the company has a paid up equity of Rs 215 crore and free reserves in excess of Rs 3,500 crore. In US dollar terms, the capitalisation is in excess of $800 million at current exchange rates.
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Bengal considering mediclaim scheme for landless farmers, labourers
THE West Bengal Government is planning to join hands with National Insurance Company Ltd for introduction of a medical insurance scheme, popularly known as mediclaim, for the landless farmers and unorganised labourers. This was announced by Dr ...
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National Insurance targets 30 pc growth in premium income
NATIONAL Insurance Company Ltd has targeted a premium income growth of 30 per cent for the current financial year. According to Mr H.S. Wadhwa, Chairman and Managing Director of National Insurance, the company's premium income for 2003-04 was ...
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DEBT MARKET
Role of primary dealers
MANGALORE: THE General Manager of Corporation Bank, Mr R.K. Nair, has said that primary dealers provide depth and liquidity in developed securities market. Delivering a lecture on "Role of primary dealers in money and debt market" ...
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FINANCIAL INSTITUTIONS
SIDBI focusing on direct finance
THE creation of an exclusive fund for the Small and Medium Enterprises (SMEs) and the outsourcing opportunities available to small-scale units are expected to provide an impetus to the industries in these sectors, according to a senior executive ...
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Cross Currency Rates
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