MONEY & BANKING
INSIGHT
Will the US see inflation creep?
ALL the rate suspense has gone in the last few meetings of the US Federal Reserve's Federal Open Markets Committee (FOMC), which sets the Fed Funds and discount rates. The message has been clear and unmistakeable - the FOMC will keep ...
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FOREX
Rupee stronger; gilts decline
MUMBAI: A struggling dollar against other major currencies, foreign investment inflows and exporters selling greenbacks aided the domestic currency's recovery for the second straight session. The rupee closed stronger on Tuesday by ...
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MANPOWER
IDBI accepts 415 VRS applications
INDUSTRIAL Development Bank of India Ltd on Tuesday said it has accepted applications of 415 employees for voluntary retirement. The bank had received 426 applications under its VRS scheme of 2004-2005. IDBI, which assumed the status of a ...
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FOREIGN DIRECT INVESTMENT
Roadmap for 74 pc FDI — Ministry favours segregating strong from weak pvt banks
IN an effort to chart out a roadmap for foreign direct investment in Indian private sector banks, the Ministry of Finance has proposed the splitting up of the banks into two categories with different criterion being made applicable to each for ...
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PRIVATE BANKS
YES Bank, Wipro Infotech sign 7-year outsourcing deal
YES Bank has signed a seven-year total IT outsourcing deal with Wipro Infotech, the domestic IT service arm of Wipro Ltd. The YES Bank Managing Director and CEO, Mr Rana Kapoor, and the Wipro Chairman, Mr Azim Premji, signed the deal in ...
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FOREIGN BANKS
Deutsche Bank to arrange funds for RIL
MUMBAI: Deutsche Bank AG on Tuesday said that it is arranging a 116.2 million euro (around Rs 681 crore) buyers credit facility for Reliance Industries Ltd. The company will use the funds to refinance the import of equipment for the ...
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FINANCIAL INSTITUTIONS
IDBI funding for power projects
MUMBAI: IDBI Ltd has sanctioned Rs 1,500 crore for funding power projects this year. The financial institution has sanctioned Rs 9,000 crore towards various infrastructure projects so far this year, compared with Rs 7,500 crore ...
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INTEREST RATES
SBT offers higher rates for senior citizens
STATE Bank of Travancore (SBT) will offer higher rates of interest on long-term deposits of five years and above with effect from December 15. The rate of interest for a deposit of five years and above will be 6.50 per cent (annualised rate of ...
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CREDIT CARDS & DEBIT CARDS
Polaris BPO unveils credit card biz solution
OPTIMUS, the wholly owned business process outsourcing (BPO) subsidiary of Polaris Software Lab Ltd, on Tuesday launched OPTIMUM T, a comprehensive business infrastructure solution, to support the credit card market. The solution offers banks ...
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BoBCards opens one more centre
The credit card subsidiary of Bank of Baroda, recently also opened a new centre at Ernakulam, said a press release. Some of the inaugural offers at the opening of these new area offices are, no annual fees on all cards applied up to March 31, ...
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TRADE & LABOUR UNIONS
Bank officers threaten stir against mergers
THE All India Bank Officers' Confederation (AIBOC) has threatened a `lightning strike' if the Government goes ahead with its plan of merging banks or opening up the banking sector for further foreign direct investment. The General Secretary of ...
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EVENTS
Federal Bank to host seminar on G-Secs trading
FEDERAL Bank will host a seminar on `Investment and Trading in Government Securities' in Mumbai on Wednesday. Mr M.R. Ramesh, Managing Director of Clearing Corporation of India Ltd, will inaugurate the seminar at Hotel Athithi, a press ...
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CO-OPERATIVES
TDP walkout over Prudential issue
THE members of the Telugu Desam Legislature Party (TDLP) staged a walkout in the State Assembly on Tuesday protesting that the State Government was bent upon going ahead with the liquidation of the Prudential Co-operative Urban Bank to shield the ...
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Cross Currency Rates
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