MONEY & BANKING
FOREX
Rupee up 5 paise; gilts range-bound
MUMBAI: The rupee appreciated for the third consecutive session on Wednesday to close 5 paise stronger at 45.8550/8650, against 45.90/91 on Tuesday. The rupee appreciated as much as 45.6975 per dollar at about 11.00 a.m when several ...
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LIFE INSURANCE
LIC bonus at Rs 80 for whole life plans
LIFE Insurance Corporation on Wednesday said it would distribute Rs 10,388 crore or 95 per cent of its surplus as bonus to holders of `with-profit' policies that were in force on March 31, 2004. It will pay 5 per cent of the surplus or Rs 547 ...
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RBI & OTHER CENTRAL BANKS
IMF-Bank annual meetings — India must push new initiatives
India must be more proactive at the forthcoming annual Fund-Bank meet, using its membership of inter-governmental groups to promote its interests as much as those of other emerging and developing economies. It should revisit the issue of quota formul as with colleagues in the Group of 20 and stand firm against proposals for SDR allocation or distribution, apart from taking up initiatives on surveillance, says A. Vasudevan.
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PRIVATE BANKS
Euromoney award for ICICI Bank
ICICI Bank won the Best Bank in India - 2004 award instituted under the "Euromoney Awards for Excellence" by Euromoney magazine. The award spans over 80 countries across all areas of commercial and investment banking for high quality ...
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J&K Bank gets RBI nod to hike FII limit to 33 pc
THE Jammu & Kashmir Bank today received the Reserve Bank of India's approval to increase FII investment limit to 33 per cent of the paid-up capital. Currently, FIIs hold 21.84 per cent of the bank's equity. In view of the interest evinced by ...
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New retail head for Centurion Bank
CENTURION Bank has appointed Mr Harpreet Singh as the Head of Branch Banking and Wealth Management Services, said a press release. Mr Singh joins Centurion Bank from Tata Teleservices, where he was the Head of Direct Business. He will be ...
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PUBLIC SECTOR BANKS
Long-term funding for infrastructure projects — SBI working on take-out deals
IDBI expressed concern over defaults by State government entities in meeting their payment obligations, failure to finalise escrow mechanisms for power sector and moves to rewrite power purchase agreements.
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Union Bank has cushion against bond hits
UNION Bank of India may not be transferring a portion of its SLR securities to the Held to Maturity Portfolio in the immediate future, according to Mr Ratnakar Hegde, Executive Director, Union Bank. Speaking to press persons on the sidelines of ...
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PNB gears up to offer retail loans
PUNJAB National Bank is geared to offer retail loans to the residents of Chandigarh in the forthcoming festival season, according to the Northern Zone General Manager, Mr B.P. Chopra. Mr Chopra disbursed loans worth Rs 21 crore on the spot at a ...
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Canara Bank's gesture to teachers
THIRUVANANTHAPURAM: Canara Bank is observing September as `Teachers Month', according to an official spokesman. In addition to honouring outstanding teachers, the bank will also provide loans at liberal terms to teachers during the ...
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FOREIGN BANKS
Citibank sells Polaris shares
CHENNAI: Citibank N.A has sold 3.21 per cent of Polaris Software Lab shares in the market between January 2004 and now. Following this, Citibank's shareholding in Polaris will reduce to 43.79 per cent from 47 per cent, said a Polaris ...
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FINANCIAL INSTITUTIONS
SREI changes name to reflect focus on infrastructure
SREI Infrastructure Finance Ltd is targeting disbursements of about Rs 2,000 crore for fiscal 2004-05 against Rs 1,253.31 crore in the past fiscal. Of these disbursals, about Rs 50 crore will be for equipment financing for solar energy ...
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IDBI sells stake in Rain Calcining
SHORT TERM INSTRUMENTS
58 bids rejected in 91-day T-bill sale
IN the 91-day Treasury bill auction 58 competitive bids were rejected as merely 12 bids worth Rs 705.00 crore were accepted from 70 bids worth Rs 3,588.25 crore received. The auction was for a notified amount of Rs 2,000 crore. Dealers said, ...
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MERGERS & ACQUISITIONS
Indian Bank keen to buy north-based peer — IPO to precede takeover
INDIAN Bank, after having effected a complete turnaround, is now on the prowl for an acquisition to give it better presence in the North. The Chairman and Managing Director, Mr M.B.N. Rao, said: "We are on the lookout for an acquisition and ...
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TRADE & LABOUR UNIONS
Wage revision sought
CO-OPERATIVES
RBI cancels licence of Samasta Nagar Co-op Bank
THE Reserve Bank of India has cancelled the banking licence of the Mumbai-based Samasta Nagar Co-operative Bank due to the bank's deteriorated financial health. A spokesperson for the central bank confirmed the development and said the ...
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Lord Balaji Coop Bank licence cancelled
THE Reserve Bank of India said it has cancelled the licence of Lord Balaji Cooperative Bank Ltdof Madhavnagar in Sangli district to carry on business on September 8. The bank will not be allowed to accept deposits and allow withdrawals by ...
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VENTURE CAPITAL
SIDBI venture fund for SMEs to take off this month
THE Small Industries Development Bank of India (SIDBI) is setting up a venture capital fund targeted specifically at small and medium enterprises (SMEs) in the country. Speaking at the FICCI conference on banking here on Wednesday, Mr V.K. ...
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Cross Currency Rates
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