MONEY & BANKING
INSIGHT
Settling their dues out of court
Since the introduction of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi) Act, out-of-court settlements have become an effective way of recovering sticky bank debts, helping PSBs to reduce non-performing assets to manageable levels. For bankers, such settlements save time, cost and manpower, besides speeding up the recycling of bank funds.
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FOREX
`Spending forex reserves not a good idea'
IT is not a good idea to spend out of a country's foreign exchange reserves, feels Lord Meghnad Desai, economist and Director, Centre for the Study of Global Governance, London School of Economics. Lord Desai said this in response to a question ...
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Rupee gains; gilt prices up
MUMBAI: A staedy spate of foreign investment inflows and a sliding US currency led the rupee to strengthen for the second consecutive session on Tuesday to end at 43.80/81 against the dollar. The Indian currency finished 14 paise stronger ...
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CONSUMER FINANCE
BoI loan scheme to buy units with Intel architecture
BANK of India and Intel Technology India Pvt Ltd have tied up to provide financing for individuals who want to buy personal computers and lap top range of products based on `Intel architecture'. They have signed a memorandum of understanding ...
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DEBT MARKET
Bond yields will be range-bound
"WORST is over for Indian bonds" was the title and theme of this column which appeared on December 1, exactly three weeks back. The 10-year gilts had closed at 7.15 per cent the previous day. The piece saw value in them, given the sharp run up ...
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PRIVATE BANKS
NCR inks pact to manage HDFC Bank ATMs
NCR Corporation, an ATM provider to banks, has tied up with HDFC Bank to manage its ATMs. HDFC Bank has over 1,000 ATMs across the country, each of which average around 310 transactions a day, said a release. "By appointing NCR to manage our ...
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IndusInd plan for young savers
MUMBAI: IndusInd Bank launched `IndusInd Young Saver' a savings scheme for children on December 19. Children can open a savings account with the bank with a minimum opening balance of Rs 11 under this savings scheme, said a press ...
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GOVT BONDS
Govt Securities Bill tabled in Lok Sabha
THE Finance Minister, Mr P. Chidambaram, on Tuesday introduced the Government Securities Bill, 2004 in the Lok Sabha. The Bill aims to make trading in Government securities more customer-friendly by doing away with the various `rigidities and ...
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NON-PERFORMING ASSETS
Transfer of NPAs to Stressed Assets Fund helps IDBI skip big provisioning
IDBI will avoid Rs 750 crore of provisioning consequent to the transfer of Rs 9,000-odd crore of non-performing assets (NPAs) to the Stressed Assets Stabilisation Fund, the IDBI Chairman and Managing Director, Mr M. Damodaran, told Business ...
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FIXED DEPOSITS
South Indian Bank hikes deposit rates
KOCHI: The Thrissur-based South Indian Bank has hiked interest rate for term deposits.Rates for 15 days to 45 days and 46 days to 90 days remain unchanged at 4.25 per cent and 4.75 per cent, respetively. ...
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TRADE & LABOUR UNIONS
Kerala: `Insurance strike total'
PUBLIC OFFER
PNB awaiting nod for second public offer — Sees no need for ADR/GDR issues
HAVING completed all formalities for its second public offer, Punjab National Bank is awaiting the Government's nod to hit the capital market. "We are waiting for the Government's nod. If it tells us to go for the issue tomorrow, we can even do ...
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Oriental Bank may tap capital market soon
ORIENTAL Bank of Commerce (OBC) has said that it is considering raising fresh capital through a second public offer. OBC was the first nationalised bank to go in for an initial public offering in October 1994. In a notice to the Bombay Stock ...
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PEOPLE
C.J. George quits Federal Bank board
MR C.J. George, Managing Director of Geojit Financial Services Ltd, today announced his resignation from the board of Federal Bank. In a statement issued here, Mr George said: "The litigation that started after the last AGM of the bank has ...
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Cross Currency Rates
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