MONEY & BANKING
INSIGHT
Putting Basel II pillars in place
Basel II norms, to be implemented from 2007, has been evolved to reinforce the structural soundness of banks, particularly the international outfits. It has been framed mainly to suit the industrialised G-10 countries where the demand for primary cre dit has long saturated. However, there is a feeling that the Basel II norms may go against the interests of developing countries, small enterprises and infrastructure projects, which deserve a liberal approach to bank credit.
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FOREX
Rupee loss widens; securities plunge
MUMBAI: The rupee ended at 46.1050/1100 against the dollar on Thursday, weaker by 10 paise from Wednesday's close of 46.00/01. Heavy demand by oil companies and a few corporate heavyweights pushed the rupee to day's low of 46.19 in the ...
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INSURANCE
No need for a separate pension entity: FICCI
INDIA Inc is not in favour of creating a new regulatory authority for pension system. The Federation of Indian Chambers of Commerce and Industry (FICCI) committee on insurance and pensions in its paper on pension reforms has suggested that the ...
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NBFCS
91 cases against Nagarjuna Finance
A TOTAL of 91 cases have been registered against Nagarjuna Finance Ltd (NFL) on the complaints lodged by individual depositors before the police and the courts in Hyderabad, the State Home Minister, Mr K. Jana Reddy, informed the Andhra Pradesh ...
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CONSUMER FINANCE
Shrachi Securities in pact with HDFC Bank
SHRACHI Securities Ltd (SSL) has tied up with HDFC Bank for financing multi-utility vehicles. Announcing this on Friday, Mr Ravi Todi, MD, said the company's business with HDFC Bank stood at Rs 40 crore for the three-month ending June 2004. SSL ...
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GENERAL INSURANCE
Insurance scheme for deficient rainfall launched
The scheme, launched on a pilot basis, will offer coverage for 20 per cent or more fall in rainfall against the normal level. The payment is on Rs/mm basis and premium is Rs 1,296 a hectare. Even if the rainfall is 20 per cent less, the farmer will b e able to recover the premium.
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DEBT MARKET
Bonds plunge on all-round pressure — 10-year benchmark yield inches up to six per cent
FEARS of higher inflation figures and concerns about transaction tax dragged bond prices sharply on Thursday. The 10-year benchmark yield inched up to six per cent on Thursday, led by a crash of around 80 paise in bond prices across ...
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Snap banker-broker ties in debt market
Seasoned players privately admit to the debt market being a phone market with brokers providing privileged insider news to a few for a price.
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PRIVATE BANKS
Federal Bank to offer rail tickets online
FEDERAL Bank on Thursday said its online banking customers can now buy railway tickets through the Internet as it has integrated its FedNet payment gateway with the Indian Railway Catering and Tourism Corporation Ltd (IRCTC) Web site. The ...
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Reliance Info services for ICICI Bank clients
RELIANCE Infocomm and ICICI Bank have introduced an interactive mobile banking service through which the bank's customers can get a range of banking services free of charge. The services are available through R-World, Reliance's information and ...
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PUBLIC SECTOR BANKS
SBI in redesigning mode
APART from introducing a gamut of financial services, the State Bank of India is organising various training programmes to familiarise its staff about the new products. Mr V. Sreenivas, General Manager (Development and Personal Banking), ...
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Kisan cards: Vijaya Bank earmarks Rs 180 crore for Mangalore region
THE General Manager of Vijaya Bank, Mr S. Laxmikanth Hegde, has said that the bank has earmarked Rs 180 crore to Mangalore region for disbursement under kisan credit card scheme. Inaugurating the branch managers' conference of the bank here on ...
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NMCE members to get PNB guarantees
PUNJAB National Bank (PNB) has issued guidelines to its offices and branches to issue bank guarantees in lieu of security deposit to the members of National Multi-Commodity Exchange of India (NMCE), according to an exchange release. This ...
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Corpn Bank hands over dividend cheque
CREDIT CARDS & DEBIT CARDS
BoI unveils gold card for exporters
IN a bid to make credit easily available to exporters, Bank of India has launched `Exporters Gold Card'. `The exporters gold card' can be availed of by exporters with a good track record, satisfactory financials and cash management, said Mr M. ...
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FIXED DEPOSITS
New tax regime lures NRIs to capital markets
"There has been a paradigm shift in the attitude of NRIs from bank deposits to capital market investments after the Budget."
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TRADE & LABOUR UNIONS
Wage settlement: Bank unions plan strike on Aug 24
THE impasse between the bank unions and the IBA (Indian Banks' Association) continues. Annoyed over the prolonged delay in settlement of wages, the United Forum of Bank Unions (UFBU) has given a call to its members to strike work on August ...
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PEOPLE
Karnataka Bank promotions
MANGALORE: Karnataka Bank Ltd has promoted six chief managers to the rank of Assistant General Manager, according to a bank release here. They are: Ms Meera Laetitia B. Aranha, Mr Gajanana T. Hegde, Mr Jagdish Moleyar, Mr Anandarama ...
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New Zonal Manager for Central Bank of India (Hyd Zone)
Cross Currency Rates
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