MONEY & BANKING
PENSION PLANS
`Only public sector entities can sponsor pension fund managers'
Sponsors must have at least five years experience of fund management
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FOREX
Rupee gains around 3 paise
The rupee gained on Monday by around three paise on strengthening of non-dollar currencies against the dollar. The home currency opened at 40.75/77, touched an intra-day high of 40.53, a fresh nine-year high and finally closed at ...
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`Rising rupee hasn't hurt us'
If the last two months of slide in dollar rate against rupee were agonising for most garment exporters in Tirupur, KPR Mill managed to insulate itself from the value loss arising from the strengthening rupee. "Though we export 95 per cent of ...
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INFORMATION TECHNOLOGY
Andhra Bank unveils mobile biometric ATMs
Andhra Bank on Monday launched two mobile biometric ATMs here and will soon expand them to other places. "Andhra Bank is the first bank in the country to launch mobile biomertic ATMs. We will soon expand this to other places," Mr K. ...
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FINANCIAL PERFORMANCE
StanChart posts 51% growth in net profit
Advances jump 25% to Rs 30,104 crore
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City Union Bank's net rises
City Union Bank has reported a net profit of Rs 71.81 crore for 2006-07, earning Rs 29.92 a share. Net profit was also 27.38 per cent higher than the Rs 56.37 crore achieved in the previous year. The board of directors has ...
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SOFTWARE
Mantas tool for Korean bank
Mantas Inc, a subsidiary of the Mumbai-based i-flex Solutions, said that Korea Exchange Bank has purchased the Mantas anti-money laundering solution. The solution mitigates risk with enterprise-wide surveillance of customer, ...
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NBFCS
RBI issues note on NBFC net owned funds
Non-banking finance companies (NBFCs) with less than Rs 2 crore in net owned funds by May 20, 2009 are to get three years thereafter to return any public deposits that they may have taken. This follows a draft circular from the Reserve Bank of ...
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FINANCIAL MARKETS
Forum proposes steps to address systemic risks in hedge funds biz
Effective market discipline important, says report
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PUBLIC SECTOR BANKS
State Bank of Bikaner sees more biz growth
Higher net addition to business targeted for current fiscal
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Syndicate Bank plans follow-on public issue
Syndicate Bank has proposed a follow-on public issue of 8 crore equity shares in the current financial year for meeting its capitalisation requirements. The decision was taken at its board meeting here today. The bank said in a stock exchange ...
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Union Bank of India focuses on new current accounts
As part of its strategy to reach the trading community, Union Bank of India is targeting to open over 800 Union Classic Current Accounts (UCCA) in the Hyderabad region over next two months. The recently launched UCCA offers a wide range of ...
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GOVT BONDS
Bond prices surge 50 paise
Bond prices surged by around 40-50 paise as the RBI did not schedule a Market Stabilisation Scheme auction this week to drain out cash from the system. Total traded volumes on the order-matching system were higher at Rs 5,160 ...
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SHORT TERM INSTRUMENTS
Call rates close at 7.9-8.1%
Call rates ended at 7.9 per cent to 8.1 per cent on Monday against Friday's close of 8-8.25 per cent. In the first one-day repo auction under LAF, the RBI received and accepted eight bids for Rs 2, 530 crore. There was no ...
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FIXED DEPOSITS
Karnataka Bank new deposit scheme
Karnataka Bank Ltd has introduced a new term deposit scheme — KBL-400 — with a higher interest rate offer, with effect from May 21. A bank release said here that the new deposit scheme for 400 days carries 10 per ...
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EVENTS
RBI for accelerating financial inclusion programme
In talks with States for replicating Himachal model
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NEW PRODUCTS & SERVICES
New `Union Classic Current' from June 1
The repackaged `Union Classic Current Account' from the Union Bank of India stable would be offered in five of its branches in this region, Mr S. Padmanabhan, Assistant General Manager, Regional Office, Coimbatore said. The bank has 41 branches ...
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