The Hindu Business Line : Friday, February 18, 2005

Call for regulatory framework to boost financial planning sector
THE Association of Financial Planners (AFP) has in a pre-Budget memorandum urged the Government to help change India from being `a nation of savers' to `a nation of investors'. The Government should take steps to create a regulatory framework ... More

FOREX

Rupee tad weaker; g-secs lacklustre
MUMBAI: The rupee closed a shade weaker on Thursday on sustained dollar buying by the public sector banks. The Indian unit finished the day at 43.80/81 levels, about five paise weaker than Wednesday's closing levels of 43.75. The rupee ... More

DEBT MARKET

Indian holdings of US gilts down to $12.9 b
INDIAN institutions and the Reserve Bank of India have reduced their holdings of US Treasury bonds by $600 million in December 2004 in anticipation of hikes in Federal interest rates. According to data released by the US Treasury Department, ... More

PRIVATE BANKS

Karnataka Bank lecture
MANGALORE: The Lokayukta of Karnataka, Mr Justice N. Venkatachala, will deliver the Founder's Day lecture at the head office of Karnataka Bank Ltd in Mangalore on February 18. A bank release said here on Wednesday that the Chairman and ... More

PUBLIC SECTOR BANKS

BoB on the prowl for global partners
`BoB would not merge with other banks. We will instead wait for others to join hands with us'. More

SBI to raise Rs 4,000 cr subordinate debt
STATE Bank of India on Thursday said it would raise Rs 3,000-4,000 crore subordinate debt in the next financial year and is also looking at acquisitions in Africa, Asia besides at home. "We are examining the use of Rs 3,000-4,000 crore extra ... More

SBI to open 40 branches in AP
STATE Bank of India plans to open 40 more branches in Andhra Pradesh, three of them in the current financial year, according to Mr S.K. Bhattacharya, Deputy Managing Director of the bank. Currently, the bank has 823 branches and 333 ATMs in ... More

BoI board clears notes programme
BANK of India has obtained board approval to raise $1 billion through a medium-term notes programme and is expected to borrow its first tranche by April this year. The funds will be used to further the bank's global expansion plans, officials ... More

FIXED DEPOSITS

Karnataka Bank raises domestic term deposit rates
KARNATAKA Bank Ltd has announced an upward revision of domestic term deposit rates with effect from February 21, on fresh deposits and renewals of maturing ones. A bank release said here on Thursday that senior citizens would get one per cent ... More

Andhra Bank hikes NRE deposit rates
ANDHRA Bank has announced an upward revision in interest rates on non-resident external (NRE) term deposits. The revised rates are applicable to all fresh deposits as well as renewals of existing deposits. ... More

MERGERS & ACQUISITIONS

Financial Tech to buy majority stake in IBS Forex
FINANCIAL Technologies (India) Ltd today told the BSE it is considering acquiring a controlling stake in IBS Forex Pvt Ltd, which runs FX DIRECT, a currency trading platform for interbank foreign exchange trading. The company's board is to meet ... More

ALLIANCES & JOINT VENTURES

United India in bancassurance pact with Canara Bank
PUBLIC sector non-life insurer United India Insurance Co Ltd (UIICL) has tied up with Canara Bank as part of its bancassurance arrangement. The memorandum of understanding was signed by the UIICL Chairman and Managing Director, Mr M.K. Garg, ... More

OUTLOOK

`Banks may tap FDI for Basel II needs'
BANKS in India may explore Foreign Direct Investment route to raise funds for meeting the Basel-II norms, said Ms Naina Lal Kidwai, Deputy Chief Executive Officer, HSBC Ltd. Speaking at the annual public lecture organised by the A.D. Shroff ... More

PEOPLE

New CFO for Tata AIG
MUMBAI: Tata AIG Life Insurance Company Ltd has announced the appointment of Mr Rajan Puri as its Chief Financial Officer. Before joining Tata AIG Life, Mr Puri completed a five-year stint with Star TV (Indian operations of the ... More

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