MONEY & BANKING
OUTSOURCING
Sundaram Business bags Rs 10-cr Australian outsourcing deal
SUNDARAM Business Services has bagged a Rs 10-crore outsourcing deal from an Australian company to handle its administration and accounting services for superannuation funds (pension funds). It plans to hire about 200 professionals during the ...
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BUDGET
Budget: `Supply side' economics in back seat
A NARROW tax base and poor tax compliance have long been the bane of successive Indian Finance Ministers. The 90s saw a qualitative shift from the earlier ideology of progressive and rising rates of taxation, based on the creed of President ...
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FOREX
Rupee sheds 18 paise
MUMBAI: The rupee ended at 45.86/88 on Tuesday, weaker by about 18 paise, on the back of sustained demand for greenback throughout the day. On Monday, the domestic currency closed three paise higher at 45.68/70. The rupee touched a ...
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FINANCIAL PERFORMANCE
ABN-Amro net up 33 pc to Rs 195 cr
DUTCH bank, ABN-Amro N.V (India) has posted an over 33 per cent jump in net profit to Rs 194.8 crore for the year-ended March 2004, up from Rs 146.06 crore in the previous year. While net interest income increased 22.7 per cent to Rs 449 crore ...
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LIFE INSURANCE
US partner keen to hike stake in MetLife India
METROPOLITAN Life Insurance Company, the US-based partner of MetLife India Insurance Company, may buy out part of the Indian promoters' stake in the company. This would be possible in view of the Budget proposal to allow FDI up to 49 per cent ...
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DEBT MARKET
Bond prices jump 30-40 paise; volumes shoot up
BOND prices moved up by 30 to 40 paise on Tuesday on the back of improved sentiment with expectations that the transaction tax would be scrapped. On Monday, the FIMMDA had made a representation to the Finance Minister on the issue. The traded ...
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RBI & OTHER CENTRAL BANKS
RBI stake in SBI, Nabard, NHB to be transferred to Govt
THE Reserve Bank of India's holding in State Bank of India (SBI), National Bank for Agriculture and Rural Development (Nabard) and the National Housing Bank (NHB) is to be transferred to the Government soon. In separate replies in the Rajya ...
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PUBLIC SECTOR BANKS
Indian Bank, Corpn Bank to share ATM network
Indian Bank and Corporation Bank have entered into an agreement to share their ATM infrastructure. Customers of the banks will have access to about 800 additional networked ATMs of both banks across the country, said Mr M.B.N. Rao, Chairman ...
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BoI selects 3 niche branches in TN for micro-credit delivery
BANK of India has identified three niche branches for micro-credit delivery in Krishnagiri district. The bank proposes to transform these branches at Krishnagiri, Thogarapalli and Alapatti into `model' branches for SHG (self-help group) ...
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FINANCIAL INSTITUTIONS
Govt willing to look at other options for IFCI
IN a slight softening of stand on the proposed merger of IFCI Ltd with Punjab National Bank (PNB), the Ministry of Finance has said that a final view on the matter would be taken only after the consultants submit the due diligence report on IFCI. ...
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APSFC annual meet today
HYDERBAD: The 48th Annual General Meeting of the shareholders of the Andhra Pradesh State Financial Corporation will be held on Wednesday at its head office to consider and adopt the Annual Accounts as of March 31, 2004, according to a ...
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CORPORATE BONDS
Corporates opt for floaters to raise funds
In the last couple of months, about Rs 3,000-5,000 crore have been raised by way of floaters.
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FIXED DEPOSITS
PNB reduces FCNR rates
PUNJAB National Bank has lowered interest rates on Foreign Currency Non-Residents (Banks) scheme for dollar, pound and euro deposits with effect from Tuesday. The rate of interest on dollar deposits has been revised from 2.13 per cent to 2 per ...
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Cross Currency Rates
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