MONEY & BANKING
FOREX
BUDGET EXPECTATIONS
Go to the root of currency instability
It is foolish to defend currencies without addressing the sources of instability in the real economy, which make asset markets unstable. And hiking interest rates to strengthen currency values is as pointless as rolling back rates to rein in a soarin g currency, argues G. RAMACHANDRAN.
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Forex reserves rise $995 m
Forex reserves have risen for the fourth consecutive week to $180.047 billion, for the week ended February 2, on a growth in foreign currency assets. The forex kitty showed an increase of $995 million. Last week, forex reserves increased by ...
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Rupee ends flat
The rupee closed flat for the second day on Friday at around 44.12/13. Continuous intervention by the Reserve Bank of India in the market this week aided the rupee to trade in the range of 44.10-44.12. "The rupee even reached ...
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SOFTWARE
i-flex now eyes Europe, China for acquisitions
Will use its Rs 600-crore reserve to fund proposed buy-outs
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CONSUMER FINANCE
BoB signs MoU with Hero Honda
Bank of Baroda has tied-up with Hero Honda Motors Ltd to provide finance, for purchase of motorcycles, by farmers holding "Baroda Kisan Credit Cards". The bank has already tied up with 12 major tractor-manufacturing companies. ...
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PUBLIC SECTOR BANKS
Indian Bank IPO subscribed by 32 times
The initial public offering of Indian Bank was oversubscribed 32.09 times on the BSE and NSE at 7.00 pm. Bids were received across the price band of Rs 77-Rs 91 per equity share. A total of 276 crore bids were received against the issue size of ...
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Corp Bank's facility in Mangalore
Corporation Bank has announced that some of its branches in Mangalore will accept cheques up to 4 p.m., from Monday to Friday (working days), for presenting them for the overnight cheque clearing. A bank release said here on ...
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Kerala to become `total banking State' by June
`240 farm loans totalling Rs 88 lakh written off'
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FINANCIAL INSTITUTIONS
IFCI staff seek merger with IDBI Bank
The All India Industrial Finance Corporation Employees' Association (AIIFCEA), a representative body of IFCI employees, has sought merger of the ailing IFCI with IDBI or any other Government organisation. In a memorandum to Mr Vinod Rai, ...
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GOVT BONDS
Gilts oversubscribed at Rs 9,000-cr auction
The Rs 9,000-crore auction of the 7.37 per cent 2014-government security and the 8.33 per cent 2036-government security was over subscribed. For the 7.37 per cent 2014 paper, the notified amount was Rs 6,000 crore. The Reserve Bank of India ...
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SHORT TERM INSTRUMENTS
Call rates ease
For the second day running, banks did not borrow from the RBI under the repo facility. The call rate eased to 6.30 per cent-6.50 per cent (6.7-6.9). The central bank's intervention in the forex market, increase in Government ...
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FIXED DEPOSITS
With higher interest rates, banks ask FD investors to look at SIPs
Move to help boost their fee-based income
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ALLIANCES & JOINT VENTURES
ICICI, Austria-based bank in pact
ICICI Bank has signed a co-operation agreement with Austria-based Raiffeisenlandesbank Oberösterreich (RLB) for covering several business areas and increasing co-operation in funding commercial and syndicated credit business, and ...
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