MONEY & BANKING
FARM CREDIT
Banks to extend loans to 2.8 lakh farmers in Kerala
BANKS in Kerala will extend loans to 2.80 lakh new farmers in the State under investment credit to the agriculture sector. This was decided at a two-day review meeting of the State Level Bankers Committee (SLBC), which concluded on ...
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FOREX
Invisible receipts for April-June at $8.17 b
A 66 per cent increase in invisible receipts helped the country's current account end the April-June 2004 quarter with a surplus of $ 1.9 billion as compared to a deficit of $ 636 million in the year-ago period. Invisible receipts in the ...
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Forex reserves down at $6.5 b in April-June
SHORT-term credit accounts for over 24 per cent of accretion to the foreign exchange reserves of the country in the April to June quarter of 2004. This source of reserve accretion, for the period stood at $1.6 billion, the RBI said today in a ...
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INSURANCE
Cheaper distribution channels needed: IRDA chief
THE Insurance Regulatory and Development Authority (IRDA) has stressed the need to achieve a fine balance between conservatism and extreme liberalism of the regulatory framework for the Indian insurance industry. The regulator was also of the ...
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`Training for bank staff to sell insurance products inadequate'
EVEN while banks, who act as corporate agents of insurance companies, proclaim that select officers who have undergone training in insurance would be able to tackle customers' enquiries, industry observers are sceptical about the training per ...
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GENERAL INSURANCE
IA insurance premium down 18% for 2004-05
INDIAN Airlines has recorded a decline of Rs 23 crore, or about 18 per cent, in the premium that the state-owned airline will have to pay for insuring its fleet of more than 60 aircraft for the year 2004-05 compared with what it paid last ...
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RBI & OTHER CENTRAL BANKS
RBI summer placement offer to students
THE Reserve Bank of India (RBI) has invited applications from students of approved MCA and MBA programmes for the next summer placements. A list of nine institutions offering the MCA and 72 offering MBA programmes is available on the RBI Web ...
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PRIVATE BANKS
Fabian files writ against CLB stay
MR K.P. Fabian, one of the newly elected Directors of Federal Bank Ltd today filed a writ petition before the Kerala High Court against the order of the Additional Principal Bench of the Company Law Board, Chennai, staying the implementation ...
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BoR to raise Rs 100 cr through Tier II issue
BANK of Rajasthan is planning to expand its capital base by raising Tier II capital for Rs 100 crore in the next two weeks, said Mr Deepak Sarupuria, Executive Director of the bank. The Tier II issue will comprise subordinated bonds, which ...
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SIB launches 2 products
HAVING successfully mobilised Rs 47.68 crore from the rights issue, the Thrissur-based South Indian Bank plans to enter the capital markets in the next couple of years to further shore up its capital base. Launching two new products, the ...
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Karnataka Bank opens 371st branch at Koparkhairane
MANGALORE: Karnataka Bank Ltd opened its 371st branch at Koparkhairane in Navi Mumbai recently. A bank release said here that the bank is planning to take the total number of branches to 390 by the end of the current financial year. The ...
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PUBLIC SECTOR BANKS
Bank of India to merge MF arm with itself
BANK of India has decided to merge its mutual fund arm with the banking operations. "The bank has now decided to wind up BOI Mutual Fund by amalgamating it with itself and by taking over the remaining four schemes under the management of the ...
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United Bank eyes Rs 50,000-cr biz
HAVING recorded a turnaround in operations and growth both in business volumes and profitability, United Bank of India (UBI), has now set ambitious targets of reaching a balance sheet size of Rs 50,000 crore and wiping out the entire accumulated ...
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New Vijaya Bank Director
MANGALORE: Mr A Padmanabha Shetty has been nominated as officer-employee director on the board of Vijaya Bank. A press release by the Mangalore Regional unit of the All-India Vijaya Bank Officers' Association said here that Mr Shetty's ...
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NON-PERFORMING ASSETS
Banks keen to offload NPAs to global funds
The possibility of lower discounts is making the takeouts attractive. Also, most banks believe that once the assets are taken out, some of the provisions could actually be written back.
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NPA provisioning: RBI extends time for urban co-op banks
THE Reserve Bank of India has told urban co-operative banks (UCBs) that additional provisioning on sub-standard assets may be phased over a five year period, commencing from year ending March 31, 2005. Further, UCBs may make a minimum of 10 ...
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SHORT TERM INSTRUMENTS
Repo, reverse repo as per global usage
THE Reserve Bank of India today said that all banks and primary dealers should make the necessary system changes in their organisations to facilitate switchover to the international usage of the terms "repo" and "reverse repo". This change will ...
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TRADE & LABOUR UNIONS
No consensus yet on staff mobility, says IBA
FIVE workmen unions and four officers' associations involved in the wage revision talks have called for an industry-wide strike on October 5 and 6, 2004. Mobility of staff and computerisation and technological upgradation are two of the core ...
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Cross Currency Rates
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