MONEY & BANKING
PREFERENTIAL ALLOTMENTS
City Union Bank board okays pref allotment
The Board of City Union Bank Ltd met on Thursday morning, to consider L&T's stake in the bank. In a release issued here on Thursday, the City Union Bank Chairman, Mr Balasubramanian, said this would be an important milestone in the bank's ...
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INSIGHT
Financial inclusion and inclusive development
Financial inclusion is the delivery of financial/banking facilities to all people in a fair, transparent and equitable manner at an affordable cost.
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FOREX
Rupee weakens by 4 paise
The rupee weakened against the dollar on Thursday on month-end demand from importers. "Oil companies were also seen buying dollars," said a dealer at a private bank. The Reserve Bank of India seems to have intervened through ...
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INFORMATION TECHNOLOGY
Syndicate Bank has 1,000 branches under core banking network
Flexcube adopted on IBM servers; anytime, anywhere banking available
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SOFTWARE
i-flex stays upbeat on Oracle effect
Contrary to expectations, Oracle's acquisition of 55 per cent stake in i-flex Solutions Ltd has not yet translated into significant business growth for the latter. However, i-flex Solutions remains optimistic. The CEO of i-flex's Indian ...
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NBFCS
NBFCs plan to petition RBI
Within the NBFCs, those that lend money for purchase of trucks, off-highway vehicles, telecom equipment and other `infrastructure-related' equipment, have been demanding that they be classified as a separate category — asset finance companies.
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`New RBI norms fall below expectations'
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LIFE INSURANCE
Kabhi haan, kabhi nah
"Men exhaust all foolish options before stumbling on the right one." This was how the Finance Minister, P. Chidambaram, described the `flip-flop' in Parliament on the Insurance Bill. Referring to the ...
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GENERAL INSURANCE
For a cancer cover
An insurance policy to help meet the financial costs of this disease.
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DERIVATIVES MARKETS
Draft guidelines on derivatives
The Reserve Bank of India will release comprehensive draft guidelines on derivatives for banks by December 11. The RBI constituted internal group has submitted its report on derivatives to the RBI. "These guidelines are intended ...
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RBI & OTHER CENTRAL BANKS
Banks can invest more in NBFCs
Revised draft norms change base to banks' capital funds from net worth
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FOREIGN BANKS
HSBC to open branch at Lucknow soon
HSBC is opening a branch soon, by the end of the month or in the first week of January, at Lucknow in Uttar Pradesh, which will be the 47th in the country, according to the Head, Personal Financial Services, India area management office, Mr ...
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GOVT BONDS
Bond prices decline
Bond prices fell for the second day on profit booking. Total traded volumes on the order matching system were Rs 4,795 crore (Rs 5,600 crore). Dealers said that a correction was due as bond prices have only moved north this ...
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SHORT TERM INSTRUMENTS
Call rates rule lower
Call rates ruled lower between 6.1 per cent and 6.2 per cent against Wednesday's 6.15-6.25 per cent. In the first one-day reverse-repo auction under LAF, the RBI received and accepted six bids for Rs 1,590 crore. There were no ...
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MERGERS & ACQUISITIONS
L&T picks up 9.99 pc in City Union Bank
The bank on Thursday announced that its board of directors had approved a preferential allotment of 26.65 lakh shares to L&T at a price of Rs 169 a share. "L&T expressed its interest to invest in CUB as a part of its investments portfolio ...
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NEW PRODUCTS & SERVICES
Catholic Syrian offers mediclaim policy
Catholic Syrian Bank has launched a mediclaim policy, CSB Health Care Support, in association with the New India Assurance Company. The launch of the scheme is just right since most customers would be looking out for better tax breaks towards ...
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Union Classic Current Account'
The Union Bank of India has introduced `Union Classic Current Account (UCCA),' an improved version, offering more facilities over the `Multi Gain Current Account (MGCA),' introduced in 2004 by the bank. The scheme, effective from ...
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