MONEY & BANKING
FOREX
Rupee weakens; securities in range
MUMBAI: The rupee closed at 45.40/41 per dollar on Wednesday, weaker by about four paise as compared with Tuesday's close of 45.36/3650. Forex dealers said that although the market was dull, with the rupee losing against the greenback, ...
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LIFE INSURANCE
Max New York Life mulls new biz models to expand coverage — Plans separate unit for rural insurance
HAVING succeeded in its efforts on building a strong proprietary agency distribution system, Max New York Life Insurance Company Ltd (MNYL), the Indo-American insurance joint venture, is now planning to aggressively pursue alternative and wider ...
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GENERAL INSURANCE
Central Bank to sell New India products
THE New India Assurance Co Ltd and Central Bank of India have entered into a bancassurance tie-up whereby the latter will distribute the insurer's non-life products through its extensive branch network. As per a Memorandum of Understanding ...
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DEBT MARKET
Pvt firms top in PSU debt placements
THE pecking order of merchant bankers specialising in arranging debt placements by Government companies is changing quickly. SBI Capital Markets, which had not so long ago been near the very top, has occupied a relatively lower rank this time, ...
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RBI & OTHER CENTRAL BANKS
Targets for priority sector lending need review: RBI panel
The RBI appointed advisory committee on flow of credit to agriculture feels that the fixation of targets for lending to the priority sector including agriculture needs a comprehensive review. Until a review is attempted, the existing target of ...
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PRIVATE BANKS
HDFC Bank relies less on treasury income
HDFC Bank has in an attempt to insulate itself from interest rate fluctuations consciously reduced its dependence on treasury income. Treasury income (i.e., profit on sale of investments which is subject to interest rate fluctuations) ...
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Pvt banks gaining more Govt business
Once private banks get the mandate to handle Government money, they hope to unveil their full product range and do some cross-selling.
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PUBLIC SECTOR BANKS
SBI Chennai Circle to focus on retail lending
THE Chennai Circle of the State Bank of India will focus on retail lending, Mr Abhijit Datta, Chief General Manager, said today. The Circle proposes to lend Rs 1,000 crore this fiscal to the retail sector alone. Around 50 per cent of this ...
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Central Bank public offer by September
CENTRAL Bank of India is gearing up to launch its IPO by the end of the first half of the current fiscal. Responding to queries at the sidelines of a conference here on Wednesday, Dr Dalbir Singh, Chairman and Managing Director, confirmed the ...
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Allahabad Bank declares 20 pc
ALLAHABAD Bank has declared a dividend of 20 per cent (Rs 2 per share) for the year 2003-04. According to an official release by the bank, necessary approval for this has been obtained from the RBI. During 2002-03, the bank had declared a ...
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CREDIT MARKET
Instead of parking funds in G-Secs — Banks may be asked to lend more for agriculture, SMEs
ARE the days of lazy banking just about to be over? Some of the bank funds lying invested in Government securities will certainly have to be pulled out in order to lend to agriculture and SME sectors under pressure from the new Government, say ...
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Cross Currency Rates
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