MONEY & BANKING
FOREX
Rupee gains 18 paise
MUMBAI: An easing in global crude prices coupled with handsome dollar inflows led the Indian rupee to scale a four-and-a-half month high, where it closed at 45.37/38 against the greenback on Friday, stronger by 18 paise from its previous ...
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INFORMATION TECHNOLOGY
UBI core banking solution
HYDERABAD: Union Bank of India (UBI) has announced that it would be launching core banking solution and multi city cheque facility in Hyderabad on Saturday. In a press release here, the bank said its General Manager, South, Mr R. ...
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FINANCIAL PERFORMANCE
BoI Q2 profit down 78 pc
HIGHER provisioning led to a 78 per cent dip in Bank of India's net profit for the second quarter ended September 30, 2004, at Rs 49.54 crore as against Rs 226.76 crore in the corresponding period the previous year. During the second quarter, ...
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IDBI Bank Q2 net at Rs 38 cr
IDBI Bank recorded a net profit of Rs 37.7 crore for the quarter ended September 30, 2004, as compared to Rs 36.2 crore in the corresponding quarter previous fiscal. The bank made a provision of Rs 25.3 crore consequent to transfer of ...
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PNB net up at Rs 735 cr in H1
NEW DELHI: PUNJAB National Bank (PNB) has registered a net profit of Rs 735.22 crore for the six-month period ended September 30, 2004, a 33.3 per cent growth over the corresponding period last year. The total business of the bank stood ...
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Karnataka Bank Q2 profit slips
MANGALORE: Karnataka Bank Ltd has registered a net profit of Rs 31.28 crore in the second quarter of the current financial year compared to Rs 34.43 crore during the same period last year. The Chairman and Chief Executive Officer of the ...
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Oriental Bank net rises 29%
NEW DELHI: Oriental Bank of Commerce has registered a 29 per cent increase in net profit to Rs 395.41 crore for the first six months ended September 30, 2004, against Rs 305.17 crore in the same period last year. The total income stood ...
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LIFE INSURANCE
SBI Life H1 premium income up 5-fold
SBI Life Insurance Company Ltd has said that its premium income rose more than five times to Rs 202 crore in the first half of fiscal, as compared to about Rs 40 crore in the corresponding period of the previous year. "In the first half of the ...
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Bajaj Allianz Life to infuse more capital
Bajaj Allianz was preparing to penetrate the rural markets, Mr Gupta said. In these markets, the bias was more in favour of savings linked policies.
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Life Insurance Council Secretary General
PUBLIC SECTOR BANKS
Indian Bank to fund TAFE tractors
CHENNAI: Indian Bank has entered into an agreement with Tractors and Farm Equipment Ltd under which the bank will lend to those who want to buy TAFE's tractors. Purchasers will get a concessional interest rate and the benefit of lower ...
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SBT lowers loan rates
THIRUVANANTHAPURAM: State Bank of Travancore will disburse home, car and two-wheeler loans at reduced interest rates during the festival season. Accordingly, the interest rate for home loans of tenures of five to 20 years will be 7.25 ...
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SBI students' loan package
HYDERABAD: State Bank of India has announced a special education loan package to the students of Indian School of Business here with a maximum loan amount of Rs 14.5 lakh without any collateral security at a concessional fixed interest ...
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UBI funding for herbal plants
HYDERABAD: Union Bank of India has signed an MoU for financing medicinal and herbal plants with Keva Biotech Pvt. Ltd. As per the MoU, UBI will finance farmers/agriculturists, who will be purchasing planting material and other inputs ...
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GOVT BONDS
Dealers expect lukewarm response to State loans
THE market response to the on-tap sale of Rs 6,200-crore State development loan beginning November 2, may be lukewarm, according to money market dealers. According to them, in the current situation, banks and primary dealers may not be too ...
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MERGERS & ACQUISITIONS
Foreign banks may be allowed controlling stake in pvt banks — Chidambaram moots 10 pc acquisition a year
THE Government is open to allowing acquisition of shares — up to 10 per cent a year — by foreign banks in domestic private banks and taking controlling stake in three-four years, the Union Finance Minister, Mr P. Chidambaram, said ...
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TRADE & LABOUR UNIONS
Mobility issue: Unions reject IBA proposals
WAGE talks between the Indian Banks' Association and labour unions remain deadlocked. The IBA Negotiating Committee chairman, Mr V.P. Shetty, has proposed the following terms for mobility/ transfer of clerical staff: In Phase I, the ...
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EVENTS
IOB Customers' Fortnight
THIRUVANANTHAPURAM: The regional office of Indian Overseas Bank has advised all branches to observe the annual "Customers' Fortnight" from November 1 to 15. Announcing this, Mr Joginder Paul, Chief Regional Manager, said here that this ...
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PEOPLE
United India CMD retires; GMs to jointly officiate
UNITED India Insurance's governing board has asked the most senior general managers, Mr B. Chakrabarti and Mr T.K. Roy, to jointly hold charge after the Chairman-cum-Managing Director, Mr V. Jagannathan, retires on Friday. The Union Government ...
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Cross Currency Rates
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