MONEY & BANKING
FARM CREDIT
Banks fail to meet farm credit target
TWO thirds of the public sector banks in the country have not been able to meet the agriculture-lending target fixed by the Reserve Bank of India. Loans to farmers are considered a priority sector item. Banks are expected to extend 18 per ...
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INSIGHT
US dollar: Hard landing ahead?
Unless the US government changes its profligate policies, a big fall of the dollar is a real possibility. The US budget deficit this year is put at $430 billion and is expected to exceed $1 trillion by 2010. Asian governments, which are largely finan cing this deficit, face a dilemma: If they switch to other currencies a crash of the dollar can be triggered and erode the value of their reserves. But if they let the US go its extravagant way, eventually the dollar will collapse and they would be s eriously injured, says Alok Ray.
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FOREX
Rupee rise halted; securities steady
MUMBAI: A rise in the US currency slammed the brakes on the one-way upward movement of the domestic currency after six consecutive sessions. The rupee ended at 44.12/14 per dollar, marginally lower than previous close at 44.11/12 against ...
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HOUSING FINANCE
Hike in interest rates not to hit housing demand: Realtors
"A 0.5-1 percentage point hike would not have much effect."
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GENERAL INSURANCE
New India mediclaim plan for Corpn Bank cardholders
CORPORATION Bank and New India Assurance have jointly launched a mediclaim scheme with a cashless facility for the bank's ATM and debit cardholders, called "Corp Mediclaim". The scheme will be offered at special rates, resulting in substantial ...
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PRIVATE BANKS
Lord Krishna Bank subscribes to LIC group annuity scheme
THE Kerala-based Lord Krishna Bank has subscribed to the Group Annuity Scheme of the Life Insurance Corporation of India for annuity payments of pensioners and family pensioners. The bank on Friday invested Rs 9.04 crore as initial contribution ...
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PUBLIC SECTOR BANKS
Andhra Bank offers mobile pre-paid recharge in ATMs
ANDHRA Bank has announced that it has become the first bank in the country to introduce mobile pre-paid services on ATM for almost all mobile phone service providers in the country. Announcing the introduction of mobile top-up (mobile ...
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INTEREST RATES
Call rates soften
OVERNIGHT call rates in the inter-bank money market softened substantially to 3-3.50 per cent towards the end of the trading on Friday, as liquidity conditions have begun showing signs of improvement, said dealers. Call rates ruling in the ...
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Federal Bank hikes NRE deposit rates
FEDERAL Bank and Dhanalakshmi Bank have raised interest rates on Non-Resident External (NRE) and Foreign Currency Non-Resident (FCNR) deposits. Both the banks have raised the interest of NRE deposits for one year to less than two years to 3.50 ...
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GOVT BONDS
MF investments in G-secs fall sharply: PHDCCI study
INVESTMENTS by mutual funds in Governments securities (G-secs), which accounted for 24 per cent of their total assets in March 2003, have come down to a meagre three per cent in September 2004, according to a study conducted by the PHD Chamber of ...
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FIXED DEPOSITS
More banks hike deposit rates
Union Bank of India has hiked interest rates on domestic term deposits by 25-50 basis points for different maturities effective from December 1, The bank has also introduced a new maturity bucket for deposits of less than Rs 15 lakh for ...
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MERGERS & ACQUISITIONS
`SEBI probe reveals no insider trading in GTB shares before merger'
THE Finance Minister, Mr P. Chidambaram, has said that a probe by the Securities Exchange Board of India has found that there was no insider trading in the shares of erstwhile Global Trust Bank during the process of its merger with Oriental Bank ...
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Union Bank-BoI merger likely to be one-off case this fiscal
"We would watch the mood of Parliament before going ahead with any merger. In any case, we do not see more than one merger going through this financial year."
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REGULATORY BODIES & RULINGS
`Increase awareness on Banking Ombudsman Scheme'
MR S.K. Mukerji, Banking Ombudsman, Bangalore, has said that there is a need to improve awareness about the Banking Ombudsman Scheme among the customers. Speaking on `Banking Ombudsman Scheme' at the Kanara Chamber of Commerce and Industry ...
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TRADE & LABOUR UNIONS
SBI strike plan dropped
KOLKATA: The nationwide strike called jointly by the All-India State Bank of India Staff Federation and All-India State Bank Officers' Federation on December 6 and 7, has been withdrawn following an understanding between the bank ...
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PEOPLE
HDFC Company Secretary
MUMBAI: Housing Development Finance Corporation Ltd has appointed a new company secretary following the appointment of its existing company secretary as the Chief Executive Officer of Intelenet Global Services Ltd, HDFC's 50 per cent ...
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Cross Currency Rates
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