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PREFERENTIAL ALLOTMENTS
City Union Bank plans pref issue
City Union Bank plans to raise capital through the issue of up to 68 lakh equity shares on preferential basis (in exchange for cash), according to a Bombay Stock Exchange announcement. Upon obtaining approvals from the RBI and ... More

FINANCIAL SERVICES
Corporation Bank ties up with dabbawallas
They will act as business facilitators for the bank More

No charge for paper-based transactions, says RBI
The Reserve Bank of India has decided not to accept its own study group's recommendation to charge paper-based transactions. An Internal Study Group on Migration from Paper Based Funds Movement to Electronic Funds Transfer had recommended a ... More

FOREX
Forex reserves rise $254 m on FII inflows
Forex reserves have gone up $254 million to $204.135 billion for the week-ended April 27 on FII inflows and strengthening of the non-dollar currencies against the greenback. The forex kitty had crossed $789 million to reach $203.881 billion ... More

Rupee gains 25 paise
The rupee strengthened almost 25 paise on dollar selling by some corporates. The home currency opened at 41.04/05 and finally closed at 40.85/87 against the previous close of 41.10 on Thursday. "Strong FII inflows into the ... More

SOFTWARE
Indian software cos developing solutions for Islamic banking
$7-b investment needed by 2008 More

CTS, Ordina in deal with Rabobank
Cognizant Technology Solutions and the Netherlands-based company Ordina have jointly entered into a seven-year agreement with banking group Rabobank to provide application design, software development and testing services across ... More

HOUSING FINANCE
PNB ups home loans above Rs 20 lakh
Punjab National Bank has increased interest rates on home loans above Rs 20 lakh by 100 basis points. The total home loan portfolio of the bank was about Rs 7,000 crore as on March ... More

LIFE INSURANCE
Aviva Life plans six new products
Aviva Life Insurance plans to launch six new products this fiscal, subject to clearance from the Insurance Regulatory and Development Authority (IRDA). "We have filed few products and are waiting for clearance," said Mr Vivek Khanna, Director, ... More

DEBT MARKET
Bond prices shed 5 paise
Bond prices were range bound during the day and fell by around 5 paise at close in anticipation of inflation data and auction-announcements. Total traded volumes on the order-matching system were Rs 1,080 crore (Rs 1,554 crore). ... More

RBI & OTHER CENTRAL BANKS
Queue for coins
FOR A CHANGE: People queuing up outside the Reserve Bank of India office in the Capital on Friday to procure coins.

More

India, Pak for reciprocal banking services
The Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) have reached an understanding on granting permission for opening two branches of banks from India and Pakistan in each other's country on a reciprocal basis. The specific ... More

FOREIGN BANKS
American Express banks on Bangalore
American Express Bank has targeted Bangalore for growing its premium credit card businessAn Amex bank statement said that the Karnataka had about 44,000 affluent individuals, those with liquid assets in excess of $1,00,000. The bank estimated the ... More

CREDIT MARKET
Credit plan outlay projected at Rs 42,000 cr for current fiscal in AP
Considerable emphasis on small borrowers, self-help groups More

SHORT TERM INSTRUMENTS
Call rates end lower
Call closed lower at 7.25 - 7.50 per cent on Friday against the previous close of 8.25 - 8.50 per cent. The RBI lent to banks Rs 1,945 crore through the repo window while banks parked Rs 1,130 crore under the reverse repo with ... More

FIXED DEPOSITS
Karnataka Bank hikes NRE, FCNR deposit rates
Karnataka Bank has increased interest rates on its NRE and FCNR(B) deposit schemes with effect from May 1. A bank release said here on Friday that the interest rate on NRE deposits has been increased to 5.30 per cent (5.22 per cent) for tenure ... More

ALLIANCES & JOINT VENTURES
City Union, Doha Bank tie up
City Union Bank has entered into an `e-remittance' service agreement with Qatar-headquartered Doha Bank QSC. The agreement envisages electronic remittance of funds by NRI clients of CUB (in West Asian countries) to designated ... More

CUSTOMER RELATIONSHIP MANAGEMENT
Customer service - the hospitality factor
"One has to be nice to the client - no matter how small or insignificant his problem is. Complaints need to be taken seriously and brought to the attention of the top management." More

VENTURE CAPITAL
Infrastructure: Pass through status for VCF investments
The Union Finance Minister, Mr P. Chidamabram, on Friday said that pass through status would be available to venture capital funds (VCFs) investing in entities setting up specified infrastructure facilities, including roads, highway projects, ... More

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