MONEY & BANKING
REGIONAL RURAL BANKS
Regional rural banks will be strengthened: Chidambaram
The Government is committed to increasing credit flow to rural masses and all necessary steps would be taken to strengthen regional rural banks (RRBs). The Finance Minister, Mr P. Chidambaram, gave this assurance during his address to the ...
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INSIGHT
Harnessing the forex wealth
The latest Monetary Policy has taken the first steps to use the foreign exchange riches and these moves will further globalise the Indian economy and speed up its integration into the global market.
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FOREX
Exporters seek RBI intervention to arrest rupee rise
Comfort zone seen between Rs 43.5 and Rs 44
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Metal SMEs allowed to hedge risk in global exchanges
The RBI has also allowed actual users of aviation turbine fuel (ATF) to hedge their economic exposures in the international commodity exchanges based on their domestic purchase.
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FINANCIAL PERFORMANCE
Dena Bank Q4 net down 66%
Drop due to increased provisions; 8% dividend declared
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IDFC net at Rs 93 cr
Infrastructure Development Finance Co Ltd (IDFC) has posted a net profit of Rs 92.97 crore for the last quarter of 2006-07, as against Rs 82.39 crore in the corresponding quarter of the previous fiscal. The company's income was ...
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FINANCIAL POLICY
TN chamber opposes fee on cheques, drafts
The Tamil Nadu Chamber of Commerce and Industry has said that it is "shocked" by the decision of the Reserve Bank of India to consider the "illogical and ill-conceived" proposal mooted by its study group to charge fee on transfer of funds through ...
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FINANCIAL MARKETS
Rupee gains more, closes at 40.9
"We do not have a particular band for exchange rate for rupee. But we certainly would like to avoid excess volatility."
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The other side of rupee
There is a flip side to the appreciating rupee, which went below Rs 41 to a dollar on Wednesday. Indian oil companies, for example, would see 7 to 8 per cent lower rupee outgo on their purchases in the international market. However, possibilities ...
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DERIVATIVES MARKETS
Credit default swaps may push up borrowing costs
In the event of a loan default, the counter party or the CDS writer would have to purchase the asset, compensating the lender for the remaining interest on the credit as well as the principal.
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RBI & OTHER CENTRAL BANKS
`No dues' certificate: Farmers get relief
Credit guarantee scheme soon
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PRIVATE BANKS
Centurion Bank of Punjab setting up trusteeship, estate management services co
Roping in specialist legal, accounting outfits as partners
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PUBLIC SECTOR BANKS
Union Bank plans separate regional office in Salem
Will add 16 new branches in Tamil Nadu this year
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INTEREST RATES
TUs' move on rate issue
Peeved at the way the interest rate on Employees Provident Fund was reduced for fiscal 2005-06, the trade union representatives in the Central Board of Trustees of the Employees Provident Fund Organisation may not authorise the Labour Minister ...
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SHORT TERM INSTRUMENTS
Call rates lower
Call closed at 8 - 8.50 per cent on Wednesday against the previous close of 8-8.25 per cent. The RBI lent to banks Rs 3,490 crore through the repo window while banks parked Rs 1,755 crore under the reverse repo with the central ...
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CREDIT CARDS & DEBIT CARDS
Fuel surcharge waiver on SBI card
SBI Card has launched `Fuel Freedom', a feature that will allow its cardholders to enjoy zero per cent surcharge on purchase of fuel from any petrol pump in any city across the country. All petrol pumps charge 2.5 per cent ...
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FIXED DEPOSITS
SBH lowers NRE deposit rates
State Bank of Hyderabad (SBH) has revised the interest rates under Non-Resident (External) term deposits with effect from Wednesday. According to a release, interest on deposits for a period between one year and less than two ...
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OVERSEAS INVESTMENTS
ICICI Bank opens branch in Qatar
ICICI Bank has become the first Indian bank to set up a branch in Qatar with a licence from the Qatar Financial Centre Regulatory Authority (QFCRA). The location for the branch will be Qatar Financial Centre in Doha. Ms Meenal ...
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ALLIANCES & JOINT VENTURES
Nabard Consultancy ties up with Rabo India
Nabard Consultancy Services (NABCONs) has signed a memorandum of understanding with Rabo India Finance for advisory and co-financing of projects. The co-financing will be in agriculture, agro-processing, agri-infrastructure and renewable energy ...
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