MONEY & BANKING
FARM CREDIT
One-time settlement plan for small farmers — IBA asks banks to implement farm schemes
THE Indian Banks' Association has drawn up three schemes to improve credit flow to the farm sector. Mr V. Leeladhar, Chairman, IBA, today urged banks to implement the new schemes. "Banks should evolve a strategy to implement these schemes with ...
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`Instil better recovery culture among farmers'
THE Chairman and Chief Executive Officer of Karnataka Bank Ltd, Mr Anantakrishna, has said that "better recovery culture" should be instilled among farmers in the country. He was delivering the keynote address at the 23rd foundation day ...
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PENSION PLANS
Increase in pension under EPFS sought
THE Tamil Nadu EPF Members and Pensioners HMS Welfare Association, an affiliate of the Hind Mazdoor Sabha, has demanded an upward revision in the monthly pension for members of the employees pension fund scheme (EPFS). The association, in a ...
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FOREX
Rupee up; bond players cautious
MUMBAI: The rupee ended the day at 45.68/70 against the dollar on Monday, up by around three paise from its previous close of 45.66/67 on Friday. The movement in the domestic currency remained within a 10-paise band, said dealers. "The ...
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STOCKS
FIIs need RBI nod to buy ICICI Bank shares
THE Reserve Bank of India has notified that no further purchases of equity shares of ICICI Bank Ltd should be made on behalf of foreign institutional investors through stock exchanges in India without the prior permission of the apex bank. ...
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TAXATION
Tax on NRI deposits opposed
THIRUVANANTHAPURAM: The Minister for Water Resources, Mr T.M. Jacob, has urged the Union Finance Minister, Mr P. Chidambaram, to reconsider his budget proposal to impose a tax on the interest on bank deposits of non-resident Indians. In ...
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FINANCIAL PERFORMANCE
IndusInd Bank posts Rs 262-cr net; plans buys in near future
WHILE reporting a net profit of Rs 262.07 crore for 2003-04 against Rs 90.17 crore in the previous year, IndusInd Bank has said it plans to acquire a bank or a NBFC in the near future. IndusInd Bank had recently announced the merger of Ashok ...
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SOFTWARE
SBI picks Credence tool for inter-bank messaging
STATE Bank of India has opted for the inter-branch messaging software of Mumbai-based Credence Analytics (I) Pvt Ltd, and is implementing it across 610 branches. "In this deal, SBI evaluated five vendors, short-listed Credence and Reuters, and ...
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CONSUMER FINANCE
Ashley Transport seeks bank funds for `challan discounting'
ASHLEY Transport Services Ltd, the newly-floated subsidiary of Ashok Leyland, is in talks with several banks for funds for a new line of business, called challan discounting. `Challan discounting' refers to financing transport operators on the ...
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Canara Bank loan for solar lighting
TO promote the use of solar energy further, Canara Bank along with the United Nations Environment Programme has launched a new loan scheme for financing solar home lighting systems. The scheme is cost effective and is aimed at individuals, ...
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FOREIGN DIRECT INVESTMENT
UPA stands firm on FDI hike proposal
THE United Progressive Alliance (UPA) today decided to put up a show of unity in Parliament on the Budget proposals despite the Left parties coming down heavily against the move to allow higher Foreign Direct Investment (FDI) in the insurance, ...
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`Left will vote against amending IRDA Act'
THE Left parties will vote against the Government if there is any move to amend the Insurance Regulation and Development Act (IRDA) seeking to increase foreign equity in the insurance sector, the Secretary of the United Trade Union Congress ...
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New FDI norms to see more overseas players coming in
WITH the relaxation in the equity cap, foreign joint venture (JV) partners in domestic private insurance companies, both life and non-life, are now poised to assume full management control. At present, management control is vested with the ...
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PRIVATE BANKS
Catholic Syrian Bank to open 15 branches
KOCHI: The Thrissur-based Catholic Syrian Bank will open 15 more branches in the current fiscal, according to Mr N.R. Achan, Chairman of the bank. Currently, the bank has 305 branches, which would be increased to 350 by 2006. Of ...
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Karur Vysya Bank live on RTGS
COIMBATORE: Karur Vysya Bank has gone live with real time gross settlement (RTGS) from July 2, after establishing the necessary infrastructure at its data centre in Chennai. Transactions worth Rs 40 crore were put through the RTGS on a ...
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GOVT BONDS
Rs 5,000-cr Govt stock sale under MSS
THE Government of India has announced the sale (re-issue) of `4.83 per cent Government Stock 2006' under the Market Stabilisation Scheme for a notified amount of Rs.5, 000 crore through a price-based auction using multiple price auction method. ...
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ALLIANCES & JOINT VENTURES
ICRA ties up with BPO vendor — Investment research input to overseas banks
CREDIT rating agency ICRA has signed a pact with business process outsourcing vendor B2K Corp to offer investment research to foreign investment banks, stock exchanges and other financial intermediaries, which need to cope with increased ...
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EVENTS
Smart card tech expo in Delhi from July 15
IN a bid to focus on new applications of smart cards in the context of security and promotion of e-governance, the 4th Smart Card Tech India 2004 international conference would be held in Delhi on July 15. "The Smart Card Tech India would focus ...
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SBI loan festival to begin on Friday
ENTHUSED by the significant response to the `Housing Loan Utsavam' conducted during June last year, State Bank of India (SBI) is now conducting a bigger scale four-day event titled `SBI Loan Maha Utsavam'. The event, to be held at Peoples' ...
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Cross Currency Rates
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