MONEY & BANKING
FOREX
Rupee ends flat; bonds steady
MUMBAI: The rupee ended fairly unchanged on Friday at 45.87/88 per dollar after it had reached a low of 45.9250 on the back of substantial demand for dollars, dealers said. The currency had finished at 45.86/88 on Thursday. Forwards ...
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SOFTWARE
Federal Bank move on core banking solution draws flak
THE decision by the Federal Bank board of directors to outsource core banking solutions has come in for sharp criticism from a section of the bank's employees. They pointed out that the in-house developed software package, FedSoft, which the ...
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HOUSING FINANCE
LIC Housing special offer
KOCHI: LIC Housing Finance Ltd has announced special rates of interest for policyholders, by offering 0.25 percentage-point rebate on interest to all the new applicants who have adequate LIC policy. The present rates are 7.5 per cent ...
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CONSUMER FINANCE
Kolkata: Magma in pact with Tata Motors
TATA Motors has recently joined hands with Magma Leasing Ltd to offer their select range of vehicles under the "Magma ChamatCar" car loan scheme during the forthcoming Durga Puja season in West Bengal. According to a joint statement released ...
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LIFE INSURANCE
NIC cover for Hero Honda vehicles
THE $2.2-billion Hero Group has firmed a tie-up with the National Insurance Company (NIC) to provide insurance cover to Hero Honda vehicle owners through its new venture `Nsure Plus' and said that the alliance targets over 7 lakh customers and Rs ...
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GENERAL INSURANCE
Insurance players told to improve service norms
THE competition between the public sector undertakings and the private sector players operating in the same space is "equal, with unequal partners competing to establish their might," observed the Union Minister of State for Finance, Mr S.S. ...
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CREDIT RATING
Crisil rating on 4 banks up
CRISIL has upgraded its ratings on four banks, including three housing finance institutions. According to a Crisil communication, the rating organisation has upgraded PNB Housing Finance Ltd's ratings following a reassessment of its parent ...
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PRIVATE BANKS
ICICI Bank thrust on post-harvest lending
IN a bid to make rural lending less risk prone, ICICI Bank has adopted innovative strategies focused on bringing together the supply-chain players and farmers to ensure better prices for agricultural produce. The bankhas evolved a pilot ...
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PUBLIC SECTOR BANKS
UCO Bank to revive plans for China presence
UCO Bank plans to revive its earlier plan to have presence in China, starting with a representative office that would be upgraded to a full-fledged branch later, according to Mr V.P. Shetty, CMD of the bank. On his return from Hong Kong and ...
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Canara Bank ties up with New Holland for tractor finance
NEW Holland Tractors (India), part of CNH Global N.V., has tied-up with Canara Bank to offer attractive finance schemes for its customers. Under the scheme, named Canara Bank-New Holland Tractor Finance Scheme, farmers can avail a flat rate of ...
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GOVT BONDS
For intervention in domestic forex market — $1-b US securities sold in July
`The drawdown of the balances with the US banks and the sale of securities were mostly to meet the demand for foreign exchange from oil companies.'
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SHORT TERM INSTRUMENTS
T-Bill auction on Wednesday
THE auction of 91-day Government of India Treasury bills for a notified amount of Rs 2,000 crore will be held on September 22, said a Reserve Bank of India (RBI) release. Of this amount, Rs 1,500 crore of will be under the market stabilisation ...
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MERGERS & ACQUISITIONS
Plea against bank merger
KOCHI: The eventuality of a take over of Federal Bank despite its sound financial position, the All-Kerala Bank Employees Federation has said that it will be the first to step in discarding the mass banking concept in the country. "The ...
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STANDARDS & BENCHMARKS
Canara Bank circles' ISO bid
MADURAI: THE circle offices of Canara Bank at Madurai and Thiruvananthapuram are to go in for ISO certification this year. In a statement, the Assistant General Manager of the Madurai Circle, Mr V. Krishnan, said that already 531 ...
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TRENDS
Any time money
Automatic teller machines (ATMs) are becoming increasingly popular in Kerala. With nearly 700 ATMs of various banks, the State accounts for five per cent of the total national figures. But in ATM density, Kerala is leading in the country. ...
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Cross Currency Rates
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