MONEY & BANKING
FINANCIAL SERVICES
Cholamandalam arm aims to double biz
CHOLAMANDALAM Distribution Services Ltd, a subsidiary of Cholamandalam Investment and Finance Company, aims to double business in two years. The company mobilised Rs 2,500 crore (selling financial products) in 2003-04. It also earned an income ...
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INSIGHT
Banks must cross-sell for retail asset explosion
INDIAN banking industry is chanting the retail moola(h) mantra for its tech initiatives, customer base expansion, retail asset explosion, profits, net interest margins, and so on. Almost all banks, including ...
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FOREX
Rupee stronger; gilts decline
MUMBAI: The rupee closed on Monday at its strongest levels, in over a month at 46.17 against the dollar in the first day of trading, post-hike in the cash reserve ratio by the Reserve Bank of India. The domestic currency strengthened on ...
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STOCKS
CRR move weakens banking stocks
THE reduction in interest rate on CRR balances by RBI from 6 per cent to 3.5 per cent will leave banks across-the-board poorer by Rs 2,000 crore. "The extent of loss, across the banks, will be proportionally equal irrespective of the size of the ...
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NBFCS
RBI cancels NBFC registration
HYDERABAD: The Reserve Bank of India (RBI) has cancelled the certificate of registration granted to Girija Investments Pvt Ltd, the city-based company having its registered office in Dwarakapuri Colony, for carrying on the business of a ...
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AGRICULTURAL INSTITUTIONS
Nabard expands scope of kisan credit cards
IN a bid to meet the entire credit requirements of farmers, the National Bank for Agriculture and Rural Development (Nabard) has expanded the scope of the kisan credit card scheme to include capital and personal expenses of ...
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GENERAL INSURANCE
Bollywood warming up to risk cover — United India designing product for TV serials
FILMMAKERS and television producers across the country are finally warming up to the need for insuring their production risks. This year, most of the prominent Hindi movies opted for film insurance, including Lakshya, Main Hoon Na, Hum Tum, ...
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RBI & OTHER CENTRAL BANKS
Export facility withdrawn
THE Reserve Bank of India has discontinued the facility for realisation and repatriation of full value of goods or software exported to Latin American countries within 360 days with retrospective effect from September 1, 2004. This facility ...
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PRIVATE BANKS
Bharat Overseas hires marketing consultants
BHARAT Overseas Bank has announced hiring of consultants for a variety of jobs. It has engaged the services of Mentor Consulting of Chennai to spruce up its marketing capabilities. Bharat Overseas Bank, which has recently implemented a core ...
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SEBI gives clean chit to ICICI Brokerage on GTB synchronised deals
THE Securities and Exchange Board of India has given a clean chit to ICICI Brokerage Services Ltd in a four-year-old incident where it was alleged to have helped Asian Development Bank synchronise deals in the Global Trust Bank stock with ...
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Bank of Rajasthan plans 30 more branches
BANK of Rajasthan Limited (BoR) plans to open 30 additional branches in the southern, northern and eastern parts of the country by the end of the current financial year. This is part of the bank's expansion plan to become a national player, ...
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PUBLIC SECTOR BANKS
IOB rules out fresh equity infusion
THE RBI's decision to increase CRR will drain around Rs 220 crore of liquidity for the Indian Overseas Bank. The latter, however, maintains that the central bank's move will not make any major difference to its profitability. IOB, according ...
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SBT gold card for exporters
STATE Bank of Travancore has introduced a gold card scheme for exporters to make available export credit on more attractive terms. Exporters, including those in the small and medium sectors, with a proven track record of three years and above ...
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EVENTS
FAPCCI seminar on insurance tomorrow
THE Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) is organising a national seminar on `Outlook for insurance industry for next decade - issues and prospects' on Wednesday. The day-long seminar will discuss issues ...
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PUBLIC OFFER
BoB, PNB to tap equity market
TWO leading public sector banks, Bank of Baroda and Punjab National Bank plan to tap the equity markets to raise funds by the end of this fiscal. Bank of Baroda, the second largest government-owned bank in the country, said in a notification to ...
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CO-OPERATIVES
Nabard sanctions Rs 144.27-cr loan to Kerala State Co-op Bank
THE National Bank for Agriculture and Rural Development (Nabard) has sanctioned a loan of Rs 144.27 crore to Kerala State Co-operative Bank Ltd (KSCB) for 2004-05. The amount, bearing an interest rate of 5.25 per cent, is intended for ...
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TRENDS
Save short and borrow long
THE plastic card is proving to be big business for the domestic banking industry. As the credit, debit and ATM cards have begun to percolate even into rural pockets, the urge to splurge has become endemic. "As my card spend has soared from ...
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Cross Currency Rates
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