MONEY & BANKING
REGIONAL RURAL BANKS
RRBs can act as agent for insurers
THE Reserve Bank of India has said that Regional Rural Banks (RRBs) may henceforth undertake insurance business as corporate agents, without risk participation. RRBs desirous of doing so must have a positive net worth and must have with the ...
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FOREX
Rupee up 9 paise; securities rise
THE rupee firmed up by 9 paise on Thursday. It closed at 45.54/55 per dollar against Wednesday's level of 45.63/64. After opening at 45.60 the rupee appreciated on abundant dollar supplies. "Some dollar demand from PSUs was expected which ...
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INFORMATION TECHNOLOGY
CUB's `Any Branch Banking'
CHENNAI: City Union Bank has announced the launch of `Any Branch Banking' in all its 12 branches here. It intends to extend this facility to another 20 metropolitan and urban branches spread over different geographical locations by ...
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FINANCIAL PERFORMANCE
Canara Bank net up 22 pc
CANARA Bank has reported a 22 per cent increase in net profits in the second quarter of this fiscal despite fall in treasury incomes. Speaking to reporters here today, Mr R.V. Shastri, Chairman and Managing Director of Canara Bank, said ...
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Kotak Mahindra profit rises to Rs 20.65 crore
KOTAK Mahindra Bank Ltd recorded a marginal increase in net profit at Rs 20.65 crore for the quarter ended September 30, 2004, as against Rs 19.84 crore in the same period last fiscal. Total income went up by over 33 per cent to Rs 123.16 crore ...
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IndusInd Bank Q2 profit at Rs 59 cr
INDUSIND Bank Ltd registered a decline of 22.7 per cent in net profit to Rs 58.91 crore for the quarter ended September 30, 2004 as against Rs 76.23 crore in the second quarter of the previous fiscal. The current results of the bank include the ...
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Andhra Bank profit falls 20% on higher provisioning
HIGHER provisioning led Andhra Bank Ltd to record a 20 per cent dip in net profit at Rs 109.33 crore for the second quarter ended September 30, as against Rs 136.98 crore in the same period last year.Provisions and contingencies during Q2 ...
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ING Vysya posts Rs 29.2-crore loss — Plans Rs 300-cr rights issue
ING VYSYA Bank has proposed increasing its capital by Rs 300 crore through a rights issue for expanding lending and to partly offset the erosion in capital during the current year. Briefing reporters here today on the bank's performance for ...
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HOUSING FINANCE
IDBI Bank may hike home loan rates
IDBI Bank expects to raise home loan rates by 50 basis points in the next 6-8 weeks, in line with recent trends. Growth will continue however, said Mr Prashant Joshi, Head, Retail Asset, IDBI Bank, who added that the bank's total home loan ...
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LIFE INSURANCE
HelpAge India to distribute LIC products
HELPAGE India, an age-care organisation has been appointed corporate agent by the Life Insurance Corporation of India (LIC). Under a memorandum of understanding between HelpAge and LIC, the organisation, will distribute LIC's products, ...
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PUBLIC SECTOR BANKS
Union Bank support to NGO
HYDERABAD: Union Bank of India (UBI) has extended a support of Rs 4 lakh to Sweekar-Upkar, a 27-year-old non-Governmental organisation (NGO), into the service of the physically and mentally challenged children in Secunderabad. The bank ...
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FOREIGN BANKS
Australian bank in talks with Infosys for outsourcing
THE Commonwealth Bank of Australia is in talks with Indian software vendor Infosys Technologies to outsource its IT services. A high-level delegation from Commonwealth Bank including its Chief Information Officer recently visited Infosys and ...
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Deutsche Bank (I) hikes capital by Rs 419 crore
DEUTSCHE Bank (India) announced the infusion of Rs 419 crore ($91 million) to its existing capital base of Rs 832 crore. Asked if the money would be used to expand its presence in the retail segment, a bank spokesperson said: "There are no ...
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FINANCIAL INSTITUTIONS
Kerala Financial Corp chalks out 100-day plan for better service
THE Kerala Financial Corporation (KFC) has embarked on a 100-day action plan on the lines of a similar plan initiated by the State Government last month. The action plan of KFC, which commenced on October 11 and is slated to last till January ...
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MERGERS & ACQUISITIONS
Sundaram Fin, LGF swap ratio at 1:1.52
THE boards of Sundaram Finance and Lakshmi General Finance on Wednesday decided that the swap ratio for merger of the two companies will be one share of Sundaram Finance for every 1.52 shares of LGF. The swap ratio was arrived at on the advice ...
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EVENTS
Vijaya Bank workshop on NRI deposits
MANGALORE: The Mangalore Regional Office of Vijaya Bank conducted a workshop on "NRI deposits and investments" for the managers of 35 branches here on Wednesday. A bank release said here on Thursday that the workshop was organised to ...
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Discussion on bank mergers
MANGALORE: Corporation Bank Officers' Organisation (CBOO) will hold a panel discussion on `Should the banks be merged?' in Udupi on October 30. A CBOO press release said here on Thursday that Mr K.R. Shenoy, former Chairman and Chief Executive ...
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Cross Currency Rates
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