MONEY & BANKING
AWARDS & HONOURS
Award for Flexcube
BANGALORE: i-flex Solutions said on Monday that its core banking solution Flexcube had won The Banker `Core Banking Solution of the Year" and "Application of the Year'' awards. The award was part of the `The banker technology awards' ...
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FOREX
Rupee stable
MUMBAI: The rupee closed at 45.4650/4750 per dollar on Monday, almost unchanged from Friday's close although it fell as much as 20 paise intra-day with FII seen mopping up dollars. Alongside, after a spell of over a month the long term ...
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FINANCIAL PERFORMANCE
Sundaram Finance PAT up at Rs 56 cr
SUNDARAM Finance has announced a profit after tax of Rs 55.62 crore for 2003-04, higher by 22 per cent in relation to the previous year's profit of Rs 45.66 crore. The company's board had earlier recommended a dividend of 70 per cent on its ...
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SOFTWARE
Autosoft tool for banks
PUNE: To cater to the small and medium-sized co-operative banks that want to embrace technology, the Pune-based Autosoft Systems Ltd has launched a low-cost high-end architecture structure providing centralised banking solution. ...
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PUBLIC SECTOR BANKS
SBI scheme for young achievers in Kerala
STATE Bank of India, Kerala Circle, plans to launch `SBI Talents Bonanza' in over 200 schools in the State as part of its `Community Services Banking Initiative'. Announcing this, Mr C. Narasimhan, Chief General Manager, said the bank proposed ...
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SBI keen on strategic ally for MF venture
SBI had not taken a decision as to final shape of the arrangement. The extent to which it will dilute its holding in the company, if any, is therefore not known.
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FINANCIAL INSTITUTIONS
APSFC records 4-fold rise in profits
THE Andhra Pradesh State Financial Corporation (APSFC) has registered a net profit of Rs 10.10 crore in 2003-04 as against Rs 2.36 crore in the previous fiscal. The corporation, which had recorded a four-fold increase in net profit, has also ...
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INTEREST RATES
Brazilian businesses bemoan high interest costs
Businessmen complain that the dear money is getting in the way of growth at a time when opportunities are ample.
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Banks have enough cushion against rate hike: Crisil
A CRISIL study indicates that even in the unpleasant scenario of rise in interest rates, banks will have little to worry about. The sizeable investment portfolio gains and the unrealised gains in their books that the scheduled commercial banks ...
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CREDIT MARKET
Rs 36,600-cr corporate debt rejig packages implemented
SINCE the introduction of the Corporate Debt Restructuring (CDR) mechanism, which is applicable to impaired corporate debt cases involving several banks with an aggregate principal exposure of Rs 20 crore or more, a total of 127 cases have been ...
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SECURITISATION
Upfront payment by defaulters — Banks to seek review of SC order
THE last word may not have been heard on the tussle between lenders and borrowers over the Securitisation Act. The banking sector is set to approach the Ministry of Finance asking it to seek a limited review of the recent Supreme Court order on ...
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CO-OPERATIVES
OSS reports must for UCBs
THE Reserve Bank of India has decided to extend the offsite surveillance (OSS), a supervisory reporting system first introduced for the scheduled primary (urban) cooperative banks, to all non-scheduled UCBs having a deposit size of Rs 100 crore ...
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Kerala Minister's call to co-operatives
THIRUVANANTHAPURAM: The Co-operation Minister, Mr M.V. Raghavan, has called for concerted action by employees, the Government and political parties to prevent the century-old cooperative movement from plunging into a crisis. ...
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PEOPLE
Damodaran appointed IDBI CMD for 3 yrs
MR M. Damodaran has been appointed Chairman and Managing Director of IDBI for a period of three years. "Mr Damodaran has been appointed CMD at IDBI with effect from June 1, 2004 till May 31, 2007 or until further orders, whichever is earlier,'' ...
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Cross Currency Rates
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