MONEY & BANKING
FARM CREDIT
Banks to double farm credit in Kerala
BANKS will double agricultural credit disbursements in Kerala within the next three years. As a first step, the agricultural lending will be raised by 30 per cent during the current financial year. To work out the exact modalities of the ...
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INSIGHT
Harness banks to power the CMP
THE Common Minimum Programme (CMP) has no ordinary task on hand. It seeks to accelerate economic growth even while ushering in distributive justice. More specifically, the CMP seeks to keep the economy growing at 6-8 ...
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FOREX
Rupee down 18 paise; securities weaken
MUMBAI: The rupee lost 18 paise against the dollar on Thursday to close at 45.90/92. On Wednesday, the domestic currency closed at 45.72/77. The central bank was seen supporting the rupee at 45.80/82 levels through State-run banks. ...
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FINANCIAL PERFORMANCE
LIC Housing profit down at Rs 167 cr
NON-performing assets drove down LIC Housing Finance's net profit by 6.4 per cent for the year-ended March 31, 2004. Net profit for the period fell to Rs 167.47 crore, from Rs 178.97 crore the previous year. The company said it has taken ...
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TMB net profit at Rs 80.68 crore
TAMILNAD Mercantile Bank (TMB) has made an operating profit of Rs 169.89 crore for the year 2003-04, registering an increase of 25.18 per cent over the previous year. Its net profit stood at Rs 80.68 crore, recording an increase of 26.52 per ...
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CONSUMER FINANCE
Banks go the whole hog to lend a helping hand
FROM a rush for car loans in Thailand to the birth of a market in mortgage-backed securities in China, banks across Asia have been scrambling to boost profits and spread risk by joining the global trend to target retail borrowers. India has ...
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LIFE INSURANCE
ING Vysya Life targets Rs 200-crore income — Plans to park funds in equities
ING Vysya Life Insurance Co Pvt Ltd aims to double its income to Rs 200 crore in the current fiscal, Managing Director and Chief Executive Officer-designate, Mr Frank Koster, said. The company said its total income for 2003-04 was Rs 102 ...
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DEBT MARKET
PDs, foreign banks shift to short-tenor papers
Market players say that this is the best time for the insurance companies and Provident Funds to enter the long dated securities.
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RBI & OTHER CENTRAL BANKS
RBI offices closed on June 30
MUMBAI: The Reserve Bank of India offices in Mumbai and Navi Mumbai will remain closed on Wednesday, June 30, for public transaction, due to annual closing of its accounts, stated a press release issued by the RBI. - Our Bureau ...
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PRIVATE BANKS
Bharat Overseas eyes Rs 5,000-cr business
HAVING strengthened its capital to risk assets ratio (CRAR) to over 16 per cent recently through a tier-II capital issue, Bharat Overseas Bank Ltd (BOBL), the Chennai-based private sector bank, has now chalked out a strategy to improve its ...
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PUBLIC SECTOR BANKS
BoB to open China office on June 28
BANK of Baroda will flag of its operations in China on June 28 with a representative office in Guangzhou. Guangzhou is on the coast of the South China Sea and 182 km away from Hong Kong. The bank is also going to open a representative ...
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NON-PERFORMING ASSETS
RBI announces new NPA norms for crop loans
IN order to align the repayment dates with harvesting of crops, the RBI has decided that with effect from September 30, 2004 the recently announced revised NPA recognition norms will be applicable to all direct agricultural advances. As per the ...
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MERGERS & ACQUISITIONS
Govt okays amalgamation of Gujarat local banks with BoB
THE Reserve Bank of India has said that the seven branches of the South Gujarat Local Area Bank Ltd, will function as branches of Bank of Baroda from June 25, as per the scheme of amalgamation, which will come into force from this date. The ...
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Cross Currency Rates
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