MONEY & BANKING
REGIONAL RURAL BANKS
Grameen Bank readies draft legislation on micro credit
THE Grameen Bank (GB) of Dhaka will be submitting draft legislation on micro credit to the Bangladesh Government next month. The father of the micro finance institutions and the Managing Director of the GB, Prof Muhammad Yunus, told Business ...
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FOREX
Rupee eases against dollar; bonds rally
MUMBAI: Overnight call rates in the inter-bank market surged to a high of six per cent towards close on Friday, driven up by tightness in rupee liquidity following a drain on account of advance tax outflows. For most of the day however, ...
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NBFCS
MCC Finance to repay depositors ahead of schedule
WITH the promoters of MCC Finance Ltd, which is now under liquidation, bringing in the funds required to pay back its depositors as per a court-ordered formula, the Madras High Court has now approved paying back the balance amount to the ...
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LIFE INSURANCE
ING Vysya Life plans to hike capital
ING Vysya Life Insurance Company is set to increase its capital by Rs 35 crore in the coming months. According to Mr Frank Koster, Managing Director and Chief Executive Officer of ING Vysya Life, the company's capital will be expanded from Rs ...
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GENERAL INSURANCE
NIC inks pact with Birla Sun Life
NATIONAL Insurance Company Ltd (NICL) has tied up with Birla Sun Life Insurance Company Ltd to include personal life cover in its general insurance products. Speaking to newspersons, the NICL CMD, Mr H.S. Wadhwa, said: "We will now include ...
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Finolex pact over electricians
KOCHI: Finolex Cables Ltd has signed an agreement with Bajaj Alliance General Insurance Company for insuring electricians from all over the country. The group insurance scheme, which is the largest, such deal in the State covering over ...
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RBI & OTHER CENTRAL BANKS
RBI to issue new currency notes
THE Reserve Bank of India has proposed to introduce new currency notes with added security features in early 2005. Newly designed coins, too, will be brought out in the near future. The apex bank, which is gearing up to ensure that the public ...
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PUBLIC SECTOR BANKS
`Canbudget' campaign
THIRUVANANTHAPURAM: Canara Bank has launched a campaign for its `Canbudget' loan scheme that targets the fixed income group. Canbudget is a simple personal loan scheme exclusively for the benefit of employees of corporates, public ...
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Corpn Bank board to decide on merger of home finance arm
CORPORATION Bank has informed the BSE that its board will meet on December 27 to consider a proposal to merge Corp Bank Homes Ltd with itself. Corp Bank Homes is a wholly owned subsidiary of the bank. Analysts expect the merger between the ...
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New GM for SBI Hyderabad circle
HYDERABAD: State Bank of India (SBI) has announced that Mr P. Jagadish Babu has taken over as its General Manager-II for the Hyderabad Circle. In a press release here on Friday, the bank said Mr Babu would have administrative control ...
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FINANCIAL INSTITUTIONS
Share Microfin to expand activities
SHARE Microfin Ltd (SML), an Indian partner of the Bangladesh - based Grameen Trust, plans to open additional branches taking its network to 500 branches in the country by 2009. During this period, it also plans to provide services to 1.2 ...
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NON-PERFORMING ASSETS
IOB adalat settles 40 cases in Tiruchi dist
MADURAI: The Indian Overseas Bank branches in Musiri and Thottiam taluks in Tiruchi district, in an Adalat organised in association the District Legal Service Authority, settled 40 cases to the tune of Rs 5.86 lakh. A sum of Rs 1.24 ...
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FIXED DEPOSITS
Corporation Bank hikes deposit rates
CORPORATION Bank has increased interest rates on domestic term deposits of less than Rs 15 lakh, less than Rs 1 crore and above Rs 1 crore for various maturity bands with effect from December 14, according to a bank release ...
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IPOS
Syndicate Bank public issue soon
SYNDICATE Bank is aiming at a total business volume of Rs 75,000 crore this fiscal and Rs 1-lakh crore by March 2006, its Chairman and Managing Director, Mr K.M. Shet, said here on Friday. The bank is gearing up for a second public offering. ...
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Cross Currency Rates
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