MONEY & BANKING
OVERSEAS BORROWINGS
SBI raises $250 m
Citigroup, BNP Paribas and Calyon were the mandated lead arrangers. A total of 12 banks from 8 countries form the syndicate of lenders, said a press release from Citigroup. While pricing details were not given in the release, market sources ...
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FINANCIAL SERVICES
ATMs can let you down!
IF technology is not user friendly, how can one expect the user to appreciate it in the first instance? Take the case of Automated Teller Machine (ATM). It is a common sight these days, with banks competing with one another in setting up an ...
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INSIGHT
Change the mindset on rural poor
THE Report of the Advisory Committee on Flow of Credit to Agriculture has taken a dim view of the operations of the rural credit system and is about the worst indictment to date. Commercial banks, regional rural banks, co-operative banks - ...
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FOREX
Rupee slips
MUMBAI: The rupee closed at 45.43 per dollar on Thursday, weaker by about three paise, as compared with Wednesday's close of 45.40/41. There was heavy demand from importers and corporates as market players were squaring up their ...
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LIFE INSURANCE
SBI Life sponsors hit movie to be aired on TV channel
IF insurance companies adopting contemporary advertising on TV are passé, then SBI Life's latest campaign to reach its target audience by sponsoring B.R. Chopra's hit movie `Baghban' to be aired on Sony channel comes across as a novel way ...
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ICICI Prudential Life office in Tiruchi
MADURAI: The ICICI Prudential Life Insurance has opened its office at Tiruchi. According to Mr Danish Bhagat, zonal head, Karnataka and rest of Tamil Nadu, who declared open the office, the branch is the fifth in the State. For the year ...
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RBI & OTHER CENTRAL BANKS
FIIs, NRIs can buy Centurion, OBC shares
THE Reserve Bank of India has notified that foreign institutional investors (FIIs) and non-resident Indians (NRIs) can purchase the shares of the Oriental Bank of Commerce (OBC) and Centurion Bank in the secondary market under the portfolio ...
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RBI announces gold card scheme for exporters
THE Reserve Bank of India in consultation with banks and exporters has announced the gold card scheme for exporters to get cheaper and faster credit. As per the scheme initially proposed in the Exim Policy 2003-04, all credit worthy ...
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FOREIGN BANKS
ABN-Amro transacts with RTGS facility
MUMBAI: ABN-Amro Bank has announced that it has seamlessly connected and transacted over the RBI's Real Time Gross Settlement (RTGS) network for both inter-bank and customer payments. This enables ABN-Amro's customers to obtain ...
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INTEREST RATES
`Reduce interest rate on foreign banks' deposits with SIDBI'
The working group headed by Dr A.S. Ganguly has also made a case to increase the term of the deposits from one year to three years.
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NON-PERFORMING ASSETS
Ordinance needed to recover co-op bank dues: CPI(M)
THE Community Party of India (Marxist) has urged the State Government to promulgate an Ordinance to help the State-based urban co-operative banks to recover their non-performing assets (NPAs) from the defaulters. The CPI(M) State committee has ...
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GE arm on the lookout for distressed assets
Promises of high returns have attracted local and some foreign investors into this sector.
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FIXED DEPOSITS
Govt urged not to implement RBI proposal to tax NRI deposits
A NRI welfare organisation has appealed to the Prime Minister, Dr Manmohan Singh, not to tax interest income on NRI deposits, while some bankers and exchange house officials here say that the recent RBI proposal on taxing NRI deposits could wait ...
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MERGERS & ACQUISITIONS
HSBC gets nod to buy 14.7% stake in UTI Bank
HSBC has said that it has got the RBI's permission to buy 14.7 per cent stake in UTI Bank. HSBC has received RBI permission to carry out only the first tranche of the Rs 418-crore deal although it had applied for permission to purchase the ...
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EXPORTS & IMPORTS
Club Mahindra, Citibank tie up
CLUB Mahindra Holidays, the holiday company, and Citibank have launched CAFÉ Plus, a retail finance product that will help customers to avail themselves of financing options when purchasing a lifetime holiday membership from Club Mahindra ...
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Cross Currency Rates
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