MONEY & BANKING
OVERSEAS BORROWINGS
Banks defer plans for ECB funds
WITH little demand for foreign currency funds, banks have deferred their plans to raise funds through the external commercial borrowings (ECBs) route. Banks are allowed to raise up to 25 per cent of their Tier I capital through ECBs to augment ...
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FINANCIAL SERVICES
Geojit, Doha Bank offer online trading for Qatar NRIs
THE non-resident Indians (NRIs) in Qatar can now trade in Indian equity shares online. The Kochi-based Geojit Financial Services Ltd has tied up Doha Bank of Qatar to launch `India Equity Service' that enables NRIs to buy and sell shares on the ...
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INVESTMENTS
`Insurers' bids in IPOs must be within prudential norms'
THE Chairman, Insurance Regulatory & Development Authority (IRDA), Mr C.S. Rao, has said that state-owned insurance companies should be careful that they do not fall foul of the prudential guidelines laid down by the regulator while investing in
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FOREX
Rupee a tad higher; gilts' volumes rise
MUMBAI: The rupee on Tuesday closed a tad higher at 45.2375, up from Monday's close of 45.2400/2450 in its value against the dollar. There were good dollar supplies by way of FIIs and exporters. However, towards the latter half, dollar ...
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DEBT MARKET
Rs 50,980 cr sucked out via repos in a day — RBI may resort to market stabilisation bonds
FACED with a liquidity deluge, the Reserve Bank of India (RBI) is expected to deploy the market stabilisation scheme (MSS) as part of its open market operations. The high liquidity in the markets was evident when the RBI mopped up a record Rs ...
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PRIVATE BANKS
New pvt banks set to hike transaction fees
After having developed alternative channels of banking, the new private banks are planning to pack the traditional route of high-cost, branch banking with disincentives.
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ICICI Bank bets on micro-finance — Ties up with Microcredit Foundation
ICICI Bank finds micro-financing good business. In India, some 400 million people, in 6-odd million villages, are waiting for small loans. Only about 20 million of them have been served so far, by the organised financial sector. But there ...
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TMB told to extend time limit for filing proxies at AGM
THE Madras High Court on Tuesday directed Tamilnad Mercantile Bank, whose annual general meeting is scheduled to be held on March 12, to extend the time limit for filing of proxies by the shareholders of the company up to 24 hours of the ...
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PUBLIC SECTOR BANKS
SBI to team up with Sikkim Govt to boost SMEs
STATE Bank of India has decided to encourage small and marginal enterprises in Sikkim's traditionally natural resources-based economy. It plans to team up with the State Government to promote emerging industries such as floriculture, dairy and ...
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Syndicate Bank to collect taxes in AP
HYDERABAD: Syndicate Bank has announced that the Central Board of Direct Taxes (CBDT) has designated 38 branches of the bank in Andhra Pradesh for the purpose collection of direct taxes. In a press release here, the bank urged the ...
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GOVT BONDS
US bond yields tumble as jobs data disappoint
THE woes of the US economy (and President Mr Bush) on the jobs front do not seem to be going away. The Administration's forecast of net 2.6 million jobs creation in 2004 is practically up in smoke. For, it means an average addition of about ...
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CREDIT CARDS & DEBIT CARDS
DCB ties up with Visa for debit cards
DEVELOPMENT Credit Bank aims to disburse close to 2,50,000 debit cards in 12 months, bank officials said. The bank has tied up with Visa International towards for the debit card. The bank's board is likely to meet in near term to discuss the ...
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SECURITISATION
Andhra Bank to securitise home loans
OVERSEAS INVESTMENTS
SBI Gilts-DFHI combine plans to invest in global securities
THE country's largest primary dealer in government securities, created by the merger of SBI Gilts and DFHI, is planning to go global. The new entity, which will become operational from April, will be seeking the permission of RBI to invest in ...
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Cross Currency Rates
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