MONEY & BANKING
PENSION PLANS
`New pension system to ensure reasonable retirement income'
PF managers will have to diversify their portfolios
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DIVIDEND ANNOUNCEMENT
IDBI hands over dividend cheque
Mr V.P. Shetty, Chairman and Managing Director, Industrial Development Bank of India Ltd, presented a cheque for Rs 57.25 crore to the Finance Minister, Mr P. Chidambaram, on July 21. The amount represents dividend payable at Rs 1.50 per share ...
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AWARDS & HONOURS
SKS bags award
For the second year in a row, SKS Microfinance of Hyderabad has bagged the CGAP (Consultative Group to Assist the Poor) Financial Transparency Award for its demonstrated commitment to financial transparency. At a joint press conference of SKS ...
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FOREX
Forex reserves dip by $601 m
Foreign exchange reserves have fallen by $601 million due to a dip in foreign currency assets. According to figures from the Reserve Bank of India, for the week ended July 14, forex reserves decreased by $601 million to touch $162.659 billion ...
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Rupee recovers marginally vs $
The rupee recovered marginally against the dollar due to the absence of strong demand from domestic oil companies. The home currency opened at 46.78/79 and touched an intra-day low of 46.83/84. It finally closed at 46.76/77. ...
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FINANCIAL PERFORMANCE
P&SB net profit surges in Q1
Punjab & Sind Bank (P&SB) has reported a net profit of Rs 46.87 crore for the quarter ended June 30, 2006 compared to Rs 5.95 crore recorded in the same period last year. Total income of the bank, for the period under review,
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CONSUMER FINANCE
Madras School of Economics ties up with GE Money
To set up financial research lab in Chennai
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DEBT MARKET
Bond prices up
Bond prices rose on Friday following statements by the Finance Minister, Mr P. Chidambaram, that moderate inflation may lead to moderate prices. Market participants interpreted this as an indication that the Reserve Bank of India ...
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RBI & OTHER CENTRAL BANKS
Banks allowed to raise long-term capital in foreign currency
FIIs allowed to invest in Tier-I, Tier-II instruments in rupees
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FINANCIAL INSTITUTIONS
Exim Bank to raise more funds
Sees opportunities in pharma and textiles sectors
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GOVT BONDS
Govt notifies auction size for 4-year bond at Rs 4,000 cr
The Government of India has announced the sale (re-issue) of the "7.55-per cent Government stock 2010" for a notified amount of Rs 4,000 crore through price based auction using multiple price auction method. The auction will be held on July ...
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CREDIT MARKET
MPs urge banks to be considerate to the poor
Banks have been told to be more transparent and pro-poor in taking lending decisions. Procedures have to be made simpler so that credit is available hassle-free to all sections of society, said Mr Varkala Radhakrishnan and Mr Panniyan ...
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Non-food credit up by Rs 22,265 cr
Gross bank credit increased by Rs 18,822 crore and stood at Rs 15.4 lakh crore for the fortnight ended July 7, according to Reserve Bank of India's weekly statistical supplement. The gross bank credit was inclusive of food ...
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SHORT TERM INSTRUMENTS
Call rates unchanged
Call rates remained unchanged between 5.75 and 5.85 per cent. In the first three-day reverse repo auction under LAF, Reserve Bank of India received and accepted 24 bids amounting to Rs 22,055 crore and in the second three-day ...
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CREDIT CARDS & DEBIT CARDS
Catholic Syrian Bank's debit card
Catholic Syrian Bank has launched an international debit-cum-shopping card `Global Support,' in association with VISA International. At a function in Thrissur on Thursday, Mr V. Krishnamoorthy, Banking Ombudsman for Kerala, ...
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MERGERS & ACQUISITIONS
Get rid of mental block against consolidation: FM
`Initiative must come from banks' management, employees'
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EVENTS
`Inflation rate of 4.68 pc tolerable'
Overall inflationary situation is `under control'
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`Bill of Lading law needs updating'
Mr D.T. Joseph, Advisor to the Ministry of Shipping, has called for certain changes in the legislation concerning bill of lading, which should be done through greater co-ordination between the shipping industry and the ...
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