MONEY & BANKING
INSIGHT
Monetary Policy: Divorced from reality
The Monetary Policy has not attended to issues in the external sector that were crying for attention. Also, some assumptions made in the policy seem as if they have not taken reality into account.
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COURTS/LEGAL ISSUES
Unjust enrichment by rounding off
R. Anand on an apex court decision in the realm of interest tax
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FOREX
Rupee down 4 paise; securities decline
MUMBAI: The rupee closed at 45.47/49 per dollar on Friday, weaker by about four paise, as compared with Thursday's close of 45.43. Over the week, the rupee has lost 15 paise. Most of the trading day was lacklustre while towards the end ...
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FINANCIAL PERFORMANCE
SBI net rises 18.55 pc, to pay 110 pc dividend
RIDING high on the back of 18.55 per cent growth in net profit at Rs 3,681 crore in 2003-04 (Rs 3,105 crore in 2002-03), the board of directors of State Bank of India at a meeting here on Friday recommended 110 per cent dividend (Rs 11 per share) ...
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SBI: Robust profit growth; business growth lags peers
STATE Bank of India has unveiled a 48 per cent growth in profits before provision and contingencies boosted by an increase of 81 per cent in profits from sale of Government securities. Prudent provisions for bad loans however ensured that net ...
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RBI & OTHER CENTRAL BANKS
Ministry seeks RBI view on treatment of usance interest
THE Finance Ministry has sought opinion from the Reserve Bank of India on whether the interest paid on usance period under foreign bills of exchange should be treated as part of the purchase price or be characterised as interest payments. ...
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PUBLIC SECTOR BANKS
SBI chief sees stable interest rate regime
MR A.K. Purwar, Chairman of State Bank of India, expects a stable interest rate regime to prevail in the country over the medium term despite a notable hardening of rates in international markets. The country's largest commercial banker ...
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Eight hours shutdown by Andhra Bank ATMs
HYDERABAD: ALL the 272 automated teller machines (ATMs) of Andhra Bank spread across the country will not function for nearly eight hours. beginning 11 p.m. on Saturday up to 7 a.m. on Sunday. ...
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FINANCIAL INSTITUTIONS
IDBI to re-negotiate interest rates on high-cost rupee loans
INDUSTRIAL Development Bank of India (IDBI) has decided to re-negotiate interest rates on high-cost rupee loans for all existing well-performing companies with the aim of bringing them roughly in line with the present lower interest rate ...
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NON-PERFORMING ASSETS
SBI's gross NPAs decline to 7.75 pc
DURING 2003-04, SBI's gross NPA ratio dropped to 7.75 per cent (9.33 per cent) and net NPA ratio to 3.48 per cent (4.5 per cent) and the operating expenses to total net income ratio to 49.18 per cent (50.53 per cent). The return on average ...
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Receiver taking possession of Mardia factories
THE court appointed receiver has started taking possession of the inventory and factories of the Ahmedabad-based, Mardia Chemicals group which owes banks over Rs 1,400 crore. The court receiver is taking physical possession of the several ...
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CREDIT CARDS & DEBIT CARDS
AmEx corp card, Taj group tie up
AMERICAN Express, the travel-related services company, has tied up with Taj Hotels Resorts and Palaces for a money-saver programme for holders of the AmEx corporate card. Under the `Taj Corporate Plus Programme,' every Rs 85,000 spent ...
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PEOPLE
New head for PNB's Karnataka operations
MR P.K. SHARMA, Assistant General Manager, Punjab National Bank, has assumed charge as the Regional Head of the bank's Karnataka operations. He will head a network of 41 branches comprising more than two lakh customers. Mr Sharma assumes ...
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Cross Currency Rates
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