MONEY & BANKING
FOREX
Rupee down 9 paise; gilts marginally up
MUMBAI: The rupee closed at 45.1550/1650 against the dollar on Friday, nine paise weaker than Thursday's close of 45.0650/0750. The dollar appreciated overseas against the euro and sterling, contrary to the market expectation. The ...
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HOUSING FINANCE
Corporation Bank's campaign to sell home loan product
CORPORATION Bank will launch a week-long campaign from June 13 for marketing "Corp Flexi" loan product among the salaried class. A bank release said here on Friday that Corp Flexi is a variant of the housing loan. In this, repayment is linked ...
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CONSUMER FINANCE
Toyota inks pact with ING Vysya on auto finance
TOYOTA Kirloskar Motor Private Ltd (TKML) and ING Vysya Bank have entered into a memorandum of understanding under which the bank would extend finance to buyers of Toyota vehicles at a competitive rate of interest. The retain auto-finance ...
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GENERAL INSURANCE
State councils `must join to act as risk cover in medical insurance'
THE Adviser to the Andhra Pradesh Government (Finance Department) and former IRDA (Insurance Regulatory and Development Authority) Chairman, Mr N. Rangachary, lamented about the lack of discipline and control in medical insurance ...
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RBI & OTHER CENTRAL BANKS
Banks can raise long-term bonds
THE Reserve Bank of India today allowed banks to raise long-term bonds with a minimum maturity of five years to finance infrastructure projects. As per the guidelines issued, banks will be allowed to raise funds to the extent of their exposure ...
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RBI mulls allowing investments in overseas index funds
THE Reserve Bank of India is considering allowing Indian investors, including mutual funds, to invest in overseas index funds. The proposal was discussed at a high-level committee of financial regulators on Friday. A regulatory source said ...
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PRIVATE BANKS
Federal Bank revises NRI deposit rates
Henceforth, FCNR pound sterling accounts with a three-year maturity will command an interest rate of 5.34 per cent per annum, a press release from the bank has said. US dollar accounts of the same maturity will carry an interest rate of 3.43 per ...
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PUBLIC SECTOR BANKS
Corpn Bank to finance SAME tractors
CORPORATION Bank has signed a memorandum of understanding with SAME Deutz-Fahr India (P) Ltd for financing its tractors to farmers. A bank release said here on Wednesday that this would make Corporation Bank the "favoured bank" of SAME ...
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FINANCIAL INSTITUTIONS
ARCIL seeking a gateway for FIIs in distressed assets
The Asset Reconstruction Company of India Ltd (ARCIL), India's first asset reconstruction company, has approached the Government for permitting FIIs to invest in a new instrument in India — distressed assets. ARCIL has made ...
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ECGC to offer special credit cover plan for software sector
EXPORT Credit Guarantee Corporation (ECGC) plans to shortly introduce a special credit insurance package for software exports that would be designed to meet the industry's unique challenges. ECGC's Chairman and Managing Director, Mr P.M.A. ...
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MERGERS & ACQUISITIONS
Finance Ministry forwards all legal options — IFCI-PNB merger back with Law Ministry
With no clear legal provision or a precedent on the merger of a non-banking financial services company registered under the Companies Act with a public sector bank set up under the Banking Companies Act, the roadmap that the Government finally take s would have a major impact on all such future mergers.
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TRENDS
Corporate debt rejig deals unfair to small lenders?
CONTRARY to expectations, not all lenders are happy with the conduct of the corporate debt-restructuring cell created to restructure and rehabilitate large ailing borrower accounts. The smaller banks are the particularly unhappy lot and they ...
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Cross Currency Rates
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