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MONEY & BANKING
INVESTMENT BANKING
Mitsubishi UFJ arm opens office
To focus on market research
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FOREX
Using forex reserves now for acquisitions
The price tag for the mega acquisitions by the Tatas and Birlas in the past ten days was $18 billion. Total cross border acquisitions throughout 2006 were only $7 billion. About 80 per cent of the $12.1 billion Tata-Corus deal may be funded by ...
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Rupee gains by 8 paise
The rupee gained by almost eight paise on Wednesday on good dollar supply in the market. "Banks have been seen selling dollars as they feel the CRR hike will drain out liquidity," said a dealer at a private bank. The home ...
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GENERAL INSURANCE
`Tariff advisory panel will be repository of data'
The Insurance Regulatory and Development Authority has reiterated that the Tariff Advisory Committee (TAC) will continue to collect (branch-wise business) data from all insurers even in the tariff-free regime. The Authority has clarified that ...
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PRIVATE BANKS
ICICI Bank begins work on skyscraper
ICICI Bank has begun work on a 44-storey building in the Financial District on the outskirts of Hyderabad at Rs 1,000 crore. The project, which is being taken on an eight-acre site, once completed would employ 25,000 people, according to Mr ...
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PUBLIC SECTOR BANKS
PNB drops plan for bond issue before March
CRR hike, hardening yields force change of tack
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FINANCIAL INSTITUTIONS
KSFE to expand business
The State-run Kerala State Financial Enterprises (KSFE) is charting a roadmap to position itself as a key player in the Government's resources mobilisation efforts. As a first step, the company is expanding its chits business to achieve a total ...
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INTEREST RATES
3 public sector banks hike lending rates
Increase by 50 basis points; ICICI Bank, SBI may follow suit
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GOVT BONDS
Bond prices take a beating
Bond prices received another round of hammering on Wednesday following the CRR hike. Total traded volumes on the order matching system were Rs 2,215 crore (Rs 1,650 crore). The 10-year benchmark paper plunged 85 paise and has ...
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CRR & BANK RATES
RBI move could dampen equity markets: JP Morgan
The Reserve Bank of India has marked up the cash reserve ratio (CRR) by 50 basis points to six per cent and impound for free about Rs 14,000 crore of bank funds. The hike in CRR, effective in two phases, will kick in on February 17. The second ...
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Round one to RBI on liquidity squeeze
There was also little unanimity among economists, industrialists and bankers in the Capital on whether the RBI move would actually dampen inflation.
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CRR hike impact: Bank stocks bear the brunt
Bank stocks on Wednesday quite predictably bore the brunt of the Reserve Bank of India's move to increase CRR by 50 basis points. The Bank Nifty, constituted by a dozen stocks, declined 4.61 per cent to close at 5,672.45 points. Leading the ...
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SHORT TERM INSTRUMENTS
Call rates up at 7-7.10%
Call rates closed higher at 7-7.10 per cent today against the previous close of 6.50-6.60 per cent. In the first one-day reverse repo auction under LAF, the RBI received and accepted two bids for Rs 40 crore, while it received no ...
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CREDIT CARDS & DEBIT CARDS
Co-branded card for small road transport operators
`Government would be "sympathetic" to their concerns'
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ALLIANCES & JOINT VENTURES
Bank of Baroda in pact with Pioneer Global
Asset management joint venture planned
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EVENTS
`Rural banking needs local flavour'
A uniform financial product for rural customers across the nation will not work. "Local culture has to be taken into account," said Ms Usha Thorat, Deputy Governor, RBI. She added banking in rural areas should deal with cash flows rather than ...
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CO-OPERATIVES
Co-op bank staff plan dharna
About 2,500 cooperative bank employees from across the country are expected to stage a dharna at Jantar Mantar in New Delhi on February 19 to press their demand for repealing Section 80 P of the Income-Tax Act, more refinance ...
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PEOPLE
New CMDs for IOB, OBC, Indian Bank
With a number of public sector banks' chairmen set to superannuate in the next four to five few months, the Finance Ministry has cleared the decks for a host of top-level appointments including lateral placements to fill such vacancies. Sources ...
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