The Hindu Business Line : Tuesday, November 18, 2003

Do poor have space in bankers' schemes?
IN 1972, the Government and the RBI worked out a differential rate of interest (DRI) scheme to proffer funds to the poor at low interest rates of 4 per cent. The RBI Report on Trends and Progress of Banking in India, 2002-03, is eloquent ... More

FOREX

Rupee down by 12 paise; gilts slide
MUMBAI: With demand overpowering supplies of the greenback for a change, the rupee dipped by 12 paise to end Monday at 45.54/56 against the dollar. On Friday, the domestic currency had ended the day at 45.42. This level was last seen ... More

FINANCIAL PERFORMANCE

Indian Bank net up at Rs 116 cr in first half
BUOYED by a growth in recoveries, Indian Bank has posted a higher net profit of Rs 116.91 crore for the first half of the current year compared to Rs 72.65 crore in the same period last year. Recoveries were up at Rs 132 crore against Rs 100 ... More

HOUSING FINANCE

Special offer from Can Fin Homes
CAN Fin Homes Ltd, the housing finance subsidiary of the public sector Canara Bank, has worked out a special offer package for housing loans. According to a Can Fin release, the offer, which lasts till this year end, would offer an interest ... More

GENERAL INSURANCE

`Bogus claims' before Motor Accidents Claims Tribunal — TN Govt directed to probe incidences
THE Madras High Court has directed the Tamil Nadu Government to form a central agency, headed by the Deputy Inspector General of Police, CBCID, Chennai, to probe the "ongoing racket'' in preferring "bogus claims'' before the Motor Accidents ... More

CREDIT RATING

S&P affirms `BB' rating for Tata Power
STANDARD & Poor's Ratings Services today affirmed its `BB' long-term foreign currency ratings on Tata Power Co Ltd, as the company's credit quality has remained within the current rating parameters. The outlook is negative. "One of the main ... More

RBI & OTHER CENTRAL BANKS

Guard against rate risk, RBI tells banks
THE RBI has cautioned banks against the looming threat of an "interest rate risk", as they hold sovereign paper well above the 25 per cent statutory requirement. In its Report on the Trends and Progress of Banking in India, 2002-03, the central ... More

RBI projects 7% growth
LED by recovery in agricultural production, the economy is poised to record strong growth during 2003-04, according to the RBI report. The RBI has observed that GDP growth during the first quarter (April-June 2003) accelerated to 5.7 per ... More

RBI keeps options open on cash reserve ratio
THE Reserve Bank of India has hinted that it is keeping its options open regarding the level of Cash Reserve Ratio maintained by banks and might even raise the level if necessary. "While the CRR reduction over the last few years has been ... More

World Bank to build own office space in Chennai
THE World Bank hopes to complete construction of its own office premises in Chennai by September 2004. After this, the bank's back office, now functioning from a rented space in the city, will shift to the new office, says a press release ... More

PUBLIC SECTOR BANKS

Govt seeks higher payout from public sector banks
THE Government has set its sights on the large treasury profits generated by the public sector banks and asked them to make interim dividend payments. Highly-placed banking sources said that the PSU banks were told to alternatively to increase ... More

INTEREST RATES

RBI cautions banks on interest rate risks
The central bank has told public sector banks, that in future, their profitability would depend on their ability to generate greater non-interest income and control operating expenses. More

NON-PERFORMING ASSETS

Banks recover Rs 499 cr via Act
PUBLIC sector banks have recovered Rs 499.20 crore from 9,946 cases, under the Securtisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. Banks had issued 33,736 notices for an outstanding amount of Rs ... More

SBI seizes properties of loan defaulters in Erode
THE Coimbatore module of State Bank of India has started initiating action against wilful defaulters of bank loans by taking constructive possession of a couple of properties in the Erode belt. Bankers state that they would make a similar move ... More

EVENTS

Microsoft, key sponsor of Bank.net 2003 meet
THE Bank.net 2003 conference and exhibition is being organised from November 20 to 21 in Mumbai to showcase the growing usage of technological innovations and to project the banking industry's e-readiness profile. The key highlight of the event ... More

PERFORMANCE

First quarter show improves on tight spending, lower interest
THE first quarter of 2003-04 has seen significant improvement in the performance of scheduled commercial banks over the corresponding period of the previous year despite higher provisioning thanks to containing of expenses and interest. The net ... More

TRENDS

Treasury gains, major source of banks' income
THE contribution of interest income on investments has climbed up to 36 per cent of total income in 2002-03 while the core income of banks, the interest/discount earned on advances/bills, has slid down to below 40 per cent. At the system ... More

`Loan loss provisioning up when GDP growth is lower'
THE annual loan loss provisioning for 75 domestic banks (27 public sector banks, 8 new private, 20 private and 20 foreign banks) for the 1997-2003 period, indicates "that loan loss provisions tend to display a downward movement during the ... More

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