MONEY & BANKING
FINANCIAL SERVICES
Cheque Clearing System to be phased out
INTER bank Cheque Clearing System in Mumbai will be closed from November 1 as it has become redundant with the introduction of the Real Time Gross Settlement system, the Reserve Bank of India said in a notification to banks today. However, the ...
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AWARDS & HONOURS
Award for ICICI Bank
MUMBAI: ICICI Bank has been presented the `India's Derivatives House of the Year, 2004' award by AsiaRisk, a HongKong-based financial journal. The bank has been recognised for best practices and innovation in derivatives and risk ...
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COURTS/LEGAL ISSUES
Kerala HC adjourns Federal Bank case to Oct 26
A Division Bench of the Kerala High Court has adjourned to October 26 for further hearing of the appeals filed by Federal Bank and its Chairman, Mr K.P. Padmakumar, against the order of the Additional Principal Bench of the Company Law Board, ...
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ECONOMY
Bond guru doubts US Consumer Price Index
MR Bill Gross is the manager of America's largest bond fund. When he speaks, everyone listens. Recently, he accused the US Government and Federal Reserve of engaging in a conspiracy to pull a "con job" on a "gullible public". Strong words from ...
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FOREX
Rupee steady; call rates spurt
MUMBAI: Overnight call rates in the inter-bank money market went as high as 4.95 per cent on Tuesday before settling to close in a range of 4.7-4.8 per cent. Dealers have assigned tight liquidity to the rise in call rates. The rates ...
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FINANCIAL PERFORMANCE
Interest income lifts Union Bank Q2 net
HIGHER interest income has helped Union Bank of India to achieve a 24.12 per cent growth in net profit at Rs 210.68 crore for the second quarter ended September 30, 2004, as against Rs 169.87 crore in the corresponding period of the previous ...
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UCO Bank Q2 net at Rs 141 cr
UCO Bank has posted a net profit of Rs 141 crore during the second quarter of the current fiscal. The bank recorded a 29-per cent increase in net interest income over the corresponding period of the previous year. For the half year ended ...
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SBM income up, profits down in Q2
STATE Bank of Mysore profits dipped 19.11 per cent during the quarter ended September 30, on lower income of Rs 343.37 crore compared to Rs 365.79 crore in the first quarter of the fiscal. The lower income and profits arise mainly from a ...
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HOUSING FINANCE
LIC Housing Fin new product
LIC Housing Finance Ltd has introduced a new product that starts as a fixed rate loan but contains an option to convert it to a floating rate loan at the end of five years, at the then prevailing rate. Under this scheme LIC Housing Finance is ...
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LIFE INSURANCE
`Sign for peace' campaign in Mangalore
MANGALORE: In commemoration of its third anniversary, Bajaj Allianz Life Insurance Company Ltd began a four-day "sign for peace" campaign in Mangalore on Tuesday. A press release by the company said here that school children, parish ...
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PRIVATE BANKS
HDFC Bank to vend UTI Mutual products
UTI Mutual Fund has announced a strategic tie-up with HDFC Bank for distribution of its schemes. HDFC Bank will now offer the entire bouquet of UTI Mutual Fund's products to its high net worth individuals, corporate and retail clientele. The ...
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PUBLIC SECTOR BANKS
Vijaya Bank keen on acquisitions — Punjab & Sind out of radar
THE man who had anchored a fierce debate on bank mergers a couple of year ago - the Chairman and Managing Director of Vijaya Bank, Mr M.S. Kapur - is gearing up to participate in the present deliberations on mergers among public sector ...
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Syndicate Bank: correction
NON-PERFORMING ASSETS
DRT tells bank to release seized rice mill assets
IN what could be considered a major relief to the potentially viable sick units in the small scale industry (SSI) sector, the Debts Recovery Tribunal (DRT) here has directed the State Bank of Hyderabad (SBH) to release the assets of a rice mill ...
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MERGERS & ACQUISITIONS
Citigroup to acquire ABN Amro businesses
CITIGROUP Inc will soon acquire ABN Amro's direct custody, securities clearing and fund services business in the European and Asian markets. The transaction includes ABN Amro's domestic custody business in the Netherlands and its network ...
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TRADE & LABOUR UNIONS
SBI staff demonstration in Thiruvananthapuram
CO-OPERATIVES
What ails urban cooperative banks?
Human resource and technology are the primary inputs that can help urban cooperative banks perform optimally.
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Cross Currency Rates
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