MONEY & BANKING
PREFERENTIAL ALLOTMENTS
City Union Bank allots 68 lakh shares on pref basis
Coimbatore, Oct. 8 Having got the Reserve Bank’s approval and the shareholders’ nod for raising capital through issue of 68 lakh equity shares of Rs 10 each at a premium on preferential basis, the Kumbakonam-headquartered City ...
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INSIGHT
Mumbai aims to be global financial centre
From the financial capital of India to a Shanghai in the making, Mumbai has earned itself several sobriquets along its brisk journey to the top of the nation’s economic growth chart. And now, Mumbai is being touted as a potential ...
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FOREX
Strong Re, overpricing likely to hurt inbound tourism
Travel cos may shift to rupee tariff
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‘India vulnerable to oil shocks, foodgrains deficit’
RBI rules out creation of funds to use excess forex reserves
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Rupee flat as RBI intervenes
The rupee was almost flat against the dollar on Monday as the Reserve Bank of India intervened to rein in the appreciating home currency. The rupee opened at 39.41/43, touched an intra- day high of 39.38. It then slumped to end at 39.45/46, ...
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INFORMATION TECHNOLOGY
Bank automation: Towards paperless transactions
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HOUSING FINANCE
HDFC increases shareholding in Asset Management Co
Mumbai, Oct. 8 HDFC has increased its shareholding in HDFC Asset Management Company by acquiring 9.90 per cent stake from Standard Life Investments Ltd (SLI) for Rs 181.81 croreThis acquisition will take the Corporation’s ...
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LIFE INSURANCE
LIC Ernakulam divn retains top position
Kochi, Oct. 8 LIC’s Ernakulam Division has retained the No. 1 spot in new business among the 105 divisions in the country as on September 30. The division has garnered Rs 408.91 crore in single premium collections with a growth rate of ...
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FINANCIAL MARKETS
Spectre of sovereign wealth funds
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PUBLIC SECTOR BANKS
‘Entry of foreign banks not a threat’
Madurai, Oct. 8 Public sector banks (PSBs) are not afraid of the entry of foreign banks into the country. “They are not a threat and could pose no problem,” according to Mr T.S. Narayanasami, Chairman and Managing Director, ...
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FOREIGN BANKS
Barclays Bank to open four more branches
Mumbai, Oct. 8 Barclays Bank will open four more branches this fiscal, in addition to the six it already has. The bank, which started retail operations in May this year, also plans to offer co-branded credit targets targeted at specific ...
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INTEREST RATES
Interest cut on NRE deposits
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GOVT BONDS
Bond prices drop on auction news
Bond prices fell after the announcement of the government securities sale as most traders felt the supply of bonds would be in excess. The negative sentiment was also reflected in the high yields of the Rs 5,000-crore state development loan ...
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CREDIT MARKET
‘Credit expansion via banks vital’
Madurai, Oct. 8 The Union Finance Minister, Mr P. Chidambaram, inaugurated the 603rd branch of the State Bank of India in the the Chennai Circle at Eriyur in Sivagangai district, near here. “Credit expansion through banks is necessary ...
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SHORT TERM INSTRUMENTS
Call rates steady
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CREDIT CARDS & DEBIT CARDS
Get mini-statements, change PIN at ATMs
Cardholders of 6 banks to gain from value-added service
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INTERVIEW
Oriental Bank eyeing foray into Africa, West Asia
New Delhi, Oct. 8 Oriental Bank of Commerce (OBC) is eyeing a toehold in West Asia, Africa and the Asia-Pacific region. For a bank that has been focused on the domestic market for business growth, an effort to explore entry into these markets ...
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EVENTS
PRMIA seminar
Hyderabad, Oct. 8 The Hyderabad Chapter of the Professional Risk Managers’ International Association (PRMIA) will organise its second professional seminar at the State Bank Staff College tomorrow.Dr David Millar, Chief Operating ...
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PUBLIC OFFER
UCO Bank plans follow-on public issue
New Delhi, Oct. 8 UCO Bank plans to come up with a follow-on public offering (FPO) of shares during the last quarter of the current fiscal or first quarter of 2008-09, its Chairman and Managing Director, Mr S.K.Goel, has said.“We ...
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PEOPLE
S. K. Bhattacharya, MD of SBI
Mr Sanjay Kumar Bhattacharya was appointed as the Managing Director of State Bank of India today and has been designated as MD and Chief Credit and Risk Officer. He is replacing Mr Yogesh Agarwal, who is now Chairman and Managing Director of IDBI ...
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