MONEY & BANKING
FINANCIAL SERVICES
Cholamandalam arm to process PAN forms
CHOLAMANDALAM Distribution Services, a part of the Murugappa group, announced that it has tied up with UTI Investor Services to process Income-Tax PAN applications. A company release said that customers could walk into any of its counselling ...
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FOREX
Rupee rise halted; bond prices up
MUMBAI: The domestic currency weakened by 10 paise on Friday to end at 46.31 per dollar, putting a brake on its strengthening spree for the past three sessions. The rupee had ended at 46.20/21 against the dollar on Thursday. The Indian ...
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INFORMATION TECHNOLOGY
SBI attending to ATM snags
STATE Bank of India is taking steps to tackle the problem of `system overhang' in its ATMs. Bank sources, while conceding that their ATMs have been encountering frequent disruptions in the last few days because of undue pressure on the load, ...
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GENERAL INSURANCE
United India, Indian Bank tie up
CHENNAI: United India Insurance Company is launching `Arogya Raksha', a scheme to provide mediclaim coverage in association with Indian Bank. The scheme provides coverage for all Indian Bank account holders. It gives them compensation ...
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Bajaj Allianz aims at Rs 125-cr premium income in South
BAJAJ Allianz General Insurance (BAGI) hopes to notch up a premium income of Rs 125 crore by the end of the current fiscal in the southern zone consisting of Tamil Nadu, Kerala and Karnataka. This would be a growth of 50 per cent on its ...
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PRIVATE BANKS
ICICI facility for emigrants to Canada
INDIANS going to Canada need not worry about opening bank accounts there. ICICI Bank, through its Canadian arm, has launched `Hello Canada New Comers Account' targeting people who plan on settling or have already been approved to reside, work or ...
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IndusInd Bank capital market arm by Nov
RETAIL thrust and setting up of capital market subsidiary is what the IndusInd Bank has chalked out for itself for the current fiscal. Talking to presspersons after the annual general meeting of the bank, Mr Bhaskar Ghose, Managing Director, ...
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PUBLIC SECTOR BANKS
SBI priority loans for contract farming
STATE Bank of India is planning to extend financial support for contract farming. This is on the bank's priority list, as it is estimated to garner about Rs 500 crore from this venture during the current fiscal. The Chairman, Mr A.K. ...
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Allahabad Bank details farm credit facilities
ALLAHABAD Bank has set a fresh target for disbursing agricultural credit for the current year. It plans to disburse Rs 3,016 crore this fiscal to record a 76-per cent increase in agricultural lending by March 2005. The bank's move follows the ...
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SBI launches `School Plus'
CHENNAI: In the wake of the tragic fire accident at Kumbakonam, State Bank of India has come out with a new scheme `School Plus' to extend financial assistance to schools to repair, renovate and construct buildings, buy furniture, ...
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GOVT BONDS
Rising interest rates may not hit debt-swap scheme
During 2004-05, States are scheduled to prepay around Rs 40,000 crore worth of past high-cost Central loans, over and above the Rs 59,977-crore loans that were swapped in the preceding two fiscals.
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Not only States, Centre will also benefit from rising interest rates
STATES would not be the sole winners from the Finance Ministry's debt-swap scheme. The scheme's ingenious financial engineering ensures huge interest-cost savings for the Centre as well. The Centre's gains are linked to what it has been doing ...
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SHORT TERM INSTRUMENTS
Overnight fixed rate repo from Aug 16
THE Reserve Bank of India on Friday announced introduction of overnight fixed rate repo at 4.50 per cent under Liquidity Adjustment Facility with effect from August 16, 2004. The call rates had hardened during the past three days, up to ...
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Cross Currency Rates
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