MONEY & BANKING
FINANCIAL SERVICES
Volumes swell in CBLO market
CBLO is an alternative to call money, allowing participants to borrow and lend funds against securities. Volumes were above Rs 6,000 crore on several days compared with Rs 400 crore at the beginning of the year.
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FOREX
Rupee slides; bonds rally
AS the domestic currency tumbled nearly 60 paise in a single session on Friday, the bond market staged a smart upward movement of around 70 paise in certain gilts. The rupee weakened to finish at 44.79/80 against the dollar as the US currency ...
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Rupee sheds 58 paise; securities buoyant
MUMBAI: The rupee depreciated sharply on Friday to close at 44.79/80 per dollar, 58 paise weaker than its previous close. The domestic currency had finished at 44.21/22 on Thursday. "It was one-way downward movement for the rupee today, ...
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SOFTWARE
Zylog to market Singapore firm's banking software
THE Chennai-based Zylog Systems Ltd will market in India RTGS PayWare (Real Time Gross Settlement), a Web-based banking product of the Singapore-based BCS Information Systems Pte Ltd. Zylog will also implement and integrate the product for ...
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LIFE INSURANCE
Scheme for Development Officers — Govt not to interfere in LIC's decision
THE Union Finance Minister, Mr P. Chidambaram, has ruled out interfering in Life Insurance Corporation's management decision pertaining to the Growth-Oriented Incentive Bonus Scheme for Development Officers. "I am completely satisfied. The ...
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Tata AIG eyes 20 pc market share by `07
TATA AIG Life Insurance Company has said that it aimed to be the number-two private player in the life insurance industry with a market share of 20 per cent by 2007. Mr Ian Watts, Managing Director, Tata AIG, estimated that by 2007, private ...
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GENERAL INSURANCE
General insurance employees to strike work on Dec 21
OFFICERS and staff of four public sector general insurance companies across the country would strike work on December 21 to protest against the indifferent attitude of the managements towards wage revision, promotions and other pending issues. ...
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PRIVATE BANKS
TMB hikes deposit rates
TAMILNAD Mercantile Bank has hiked interest rates on domestic term deposits, effective December 1. The bank offers an interest rate of 4.50 per cent for deposits of Rs 1 lakh and above. For deposits of Rs 25 lakh or above, an additional ...
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PUBLIC SECTOR BANKS
Oriental Bank chief sees drop in profits on GTB merger
ORIENTAL Bank of Commerce (OBC) is likely to see a drop in profits for 2004-05 on account of its recent acquisition of Global Trust Bank, the bank's Chairman and Managing Director, Mr B.D. Narang, said today. Speaking on the sidelines of an ...
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`Corporation Bank, a laboratory for innovative banking'
CORPORATION Bank is a laboratory for innovative banking to which the industry looks with great expectations, according to its former Chairman and Managing Director, Mr Cherian Varghese. Responding to the felicitations at a farewell function ...
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NON-PERFORMING ASSETS
HC says no simultaneous action under Securitisation Act, DRT
THE Madras High Court has ordered interim stay of a notice dated October 16, 2004, issued by the Central Bank of India, Chennai, under the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, again
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MERGERS & ACQUISITIONS
`Merger among PSBs on voluntary basis'
THE process of mergers and acquisitions among the country's public sector banks would be on a voluntary basis and not be Government driven. The Government is designing a policy which would empower the board of directors of the banking system ...
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TRADE & LABOUR UNIONS
New office-bearers for Canana Bank Union
PEOPLE
Chopra takes charge as Corpn Bank CMD
MR V.K. Chopra took charge as Chairman and Managing Director of Corporation Bank on December 9. Prior to this appointment, he was the Chairman and Managing Director of Small Industries Development Bank of India. Mr Chopra (58 years) is a ...
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Cross Currency Rates
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