The Hindu Business Line : Friday, August 19, 2005

More banks may get to collect customs duty
THE Central Board of Excise and Customs (CBEC) is in talks with the Principal Chief Controller of Accounts to allow more banks to collect customs duty on imports, a top Finance Ministry official has said. "We are trying to address the problems ... More

`Competition in financial sector has raised job opportunities'
INCREASING competition in the financial sector has fuelled a growth in job opportunities, with organisations in need of professionals with specialised skills, said the IFMR Director, Mr R. Kannan, delivering a BL Club lecture at the Meenakshi ... More

FOREX

Rupee tad weaker; bond prices fall
MUMBAI: The rupee slightly weakened against the greenback on Thursday on account of demand for dollars by oil importers. The rupee opened at 43.5450 and was range-bound during the day. It inched down to close at 43.57/5750, lower than ... More

HOUSING FINANCE

ICICI `Home Utsav'
HYDERABAD: ICICI Bank Home Loans launched a `Home Utsav' property exhibition here on Thursday. The four-day event, at the Institution of Engineers, has attracted participation from 40 builders of Hyderabadand more than 1,500 prime ... More

GENERAL INSURANCE

IFFCO-Tokio puts Mumbai flood losses at Rs 137 cr
IFFCO-Tokio (ITGI), a joint venture between Indian Farmers Fertilisers Cooperative Ltd and The Tokio Marine and Fire Insurance, has suffered losses worth Rs 137 crore in the recent Mumbai floods. Mr Ajit Narain, Managing Director and Chief ... More

Chola MS student travel insurance
CHOLAMANDALAM MS General Insurance (Chola MS), on Thursday, announced the launch of its Overseas Student Travel Insurance policy. The policy provides insurance coverage as required by foreign university norms, with options of special add-on ... More

Good response to `IOB Healthcare'
THE new scheme from Indian Overseas Bank (IOB) offering health cover to account holders and borrowers through a tie-up with National Insurance Company has been rolled out to enthusiastic response in Kerala. More than 2,300 persons have been ... More

RBI & OTHER CENTRAL BANKS

`World Bank does not impose conditions'
THE World Bank has denied the criticism that it imposes conditions on countries while extending loans. Mr Paul D. Wolfowitz, President of the World Bank, said the Bank wouldn't tell countries how to run their business. The World Bank would ... More

`World Bank will help India achieve development goals'
THE World Bank President, Mr Paul D. Wolfowitz, has said, "India is rapidly emerging as a country of global importance and we are seeing its footprint across the world now in new and exciting ways." "I am here to learn from your model of ... More

PRIVATE BANKS

Mauritius firm told to cut stake in Centurion to 10 pc — RBI sets 90-day deadline to recast holding
THE Reserve Bank of India has asked the Foreign Investment Promotion Board (FIPB) to direct Mauritius-based investment firm Kephinance Investment (Mauritius) Pte Ltd to bring down its stake in Centurion Bank Ltd to the prescribed limit of 10 per ... More

PUBLIC SECTOR BANKS

PSBs woo Govt staff for salary accounts
WHILE most new-generation private sector banks tie up with corporates for salary accounts, nationalised banks are trying to draw the attention of State Government employees and officials. Until now, State Government employees were paid salary ... More

PSBs wary of dealing with Chinese banks
The bankers said that they preferred dealing only with those Chinese banks listed in the International Bankers' Almanac. More

FINANCIAL INSTITUTIONS

IDBI mulls expansion at home and abroad
IDBI hopes to increase its branch strength to 200 by end of March 2006 and to 500 by 2008. The bank also hopes to increase its ATMs to 500 before the end of the current fiscal, said Mr V.P. Shetty, Chairman. Currently, branch strength stands at ... More

PFC drops plans to foray into banking, insurance
POWER Finance Corporation (PFC) has dropped its plans to enter the banking and insurance sectors because of the high entry-costs involved. The Corporations Chairman and Managing Director, Mr V.K. Garg, told newspersons here on Thursday that ... More

GOVT BONDS

Govt Stock sale oversubscribed
THE auctions of the 7.37-Government Stock 2014 and the 7.50-Government Stock 2034 were oversubscribed on Thursday. The bond market saw some selling as a result of the auction. Dealers said that while the cut-off price of Rs 102.11 of the 7.37 ... More

SECURITISATION

Sundaram Fin sells loan assets to StanChart to raise Rs 213 cr
SUNDARAM Finance Ltd has sold off some of its loans assets to Standard Chartered Bank to raise Rs 213 crore. The company last week issued CRISIL-rated `pass through certificates' (bonds backed by the revenues from the loan assets) to the bank. ... More

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