MONEY & BANKING
FINANCIAL SERVICES
Kerala attains 97% financial inclusion
Thiruvananthapuram, July 6 Kerala is just a few notches away from achieving total financial inclusion with the latest count at 97.5 per cent.This emerged at the meeting of the State Level Bankers Committee (SLBC) held here on Friday. ...
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REGIONAL RURAL BANKS
FCNR-B deposit accounts: RBI proposes tie-up arrangement
Will help regional rural banks in getting support from sponsor banks
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INSIGHT
Have interest rates peaked in India?
That is the key question engaging the minds of all economic agents. Reports about commercial banks starting to lower their deposit rates — particularly on wholesale bulk deposits — are the first, though tentative, signs of a softening ...
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FOREX
Forex reserves rise $937 m
Our Bureau Mumbai, July 6 Forex reserves have increased by $937 million to $213.486 billion for the week-ended June 29 on strengthening of non-dollar currencies against the greenback.The reserves had increased by $1.534 billion to ...
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Rupee weakens on dollar buying
Mumbai, July 6 The rupee weakened by almost two paise on RBI’s intervention in the forex market. The home currency opened at 40.46, touched an intra-day low of 40.49 and finally closed at 40.45, against the previous day’s close of ...
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FINANCIAL PERFORMANCE
Oriental Insurance posts 75% jump in net profit
Detariffing of prices, cut in motor insurance loss contributing factors
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IFCI net profit at Rs 246.8 cr
IFCI Ltd has reported a net profit of Rs 246.86 crore for the quarter ended June 30, 2007 on net sales of Rs 349.95 crore. This standalone result for the quarter was stated in a communication sent by the company to the National Stock Exchange. ...
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CREDIT RATING
Crisil gets board nod for new entity
Mumbai, July 6 Crisil has got a nod from its board of directors to incorporate a company to undertake credit information business subject to due diligence and regulatory approvals.In a BSE announcement, it said that its board meeting ...
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PRIVATE BANKS
South Indian Bank in pact with Oman exchange
Kochi July 6 The Chairman of South Indian Bank, Dr V.A. Joseph, and the Vice-Chairman of Oman International Exchange, Mr Habib Abdul Nabi Macki, have signed an agreement for enabling online fund transfer facility for non-resident Indians ...
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PUBLIC SECTOR BANKS
Syndicate Bank to sell gold coins
Syndicate Bank today announced the launch of sale of gold coins under the brand name “Syndsona” through its 104 select branches spread across eight States. The coins in denominations of 4 gm, 8 gm and 10 gm in tamper proof card with ...
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Banks pay dividend to Government
The Finance Minister, Mr P. Chidambaram, has received a final dividend cheque of Rs 56 crore from Union Bank of India (UBI). The dividend cheque was handed over to him by the UBI’s Chairman and Managing Director, Mr M.V. Nair, here. The ...
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Syndicate Bank launches gold coins
Syndicate Bank has launched SyndSona gold coins in assorted sizes and assured quality here at a function. Mr R.Venkateswaran, DGM of the bank, handed over the first set of SyndSona gold coins to Capt Raju, Cine Actor, at a function here at the ...
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FINANCIAL INSTITUTIONS
SIDBI unveils services in Alappuzha coir cluster
Small Industries Development Bank of India (SIDBI) has launched business development services (BDS) programme in the Alappuzha Coir Floor covering cluster to the team of Cluster Pulse, an NGO working in 66 clusters in nine countries including ...
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GOVT BONDS
Bond prices stay firm
Bond yields were almost unchanged on Friday on concerns the central bank may take steps to drain away the excess cash from the system. The yield on the 10-year paper ended at 8.007 per cent against the previous close of 8.01 per cent. The total ...
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CREDIT MARKET
Gross bank credit up by Rs 2,186 cr
Mumbai, July 6 Gross bank credit increased by Rs 2,186 crore and stood at Rs 18,95,801 crore for the fortnight ended June 22, according to the Reserve Bank of India’s Weekly Statistical Supplement.The gross bank credit was ...
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SHORT TERM INSTRUMENTS
Call rates remain low
Mumbai, July 6 The inter-bank call rates closed at 0.2-0.4 per cent on Friday, similar to the previous close. In the first one-day reverse repo auction, RBI received 39 bids for Rs 55,325 crore while it accepted Rs 1,998 crore. There was no ...
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