The Hindu Business Line : Wednesday, August 31, 2005

`State Bank, PNB, LIC interested in pension fund management'
STATE Bank of India, Punjab National Bank, Life Insurance Corporation, along with a number of private entities, are interested in foraying into pension fund management, according to Mr D. Swarup, Chairman, Pension Fund Regulatory and Development ... More

INSIGHT

Fuel prices: Petty bourgeoisie politics?
By holding fuel prices, we are damaging the finances of oil companies and shifting the cost of adjustment from the affluent to Government. More

FOREX

Rupee breaches 44 mark vs dollar
MUMBAI: The rupee continued its downward slide against the dollar on Tuesday on worries of rising oil prices. The rupee opened at 43.97/99 and fell sharply to 44.14 during the day. It ended trade at 44.02, lower than Monday's close of ... More

INFORMATION TECHNOLOGY

SBT implements core banking
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has networked all 671 branches through the core banking solution to provide anywhere, any branch service to customers. A bank spokesman said SBT has become the second public sector bank ... More

DEBT MARKET

Govt market borrowings likely to be much higher
THE market borrowing programme of the Central Government during 2005-06 is likely to be much higher than in the previous year, the RBI said in its annual report on Monday. For the current fiscal, the Union Budget has placed net market ... More

PRIVATE BANKS

Karnataka Bank in pact for ATM connectivity
MANGALORE: Karnataka Bank Ltd has signed an agreement with National Financial Switch (NFS) to become a member of the network. A bank release said here on Tuesday that its customers could access the ATM network of 13 other banks. NFS is ... More

PUBLIC SECTOR BANKS

Corporation Bank to set up high-tech library in Mangalore
CORPORATION Bank, as part of its centenary celebrations, will set up a high-tech library in Mangalore. The Chairman and Managing Director, Mr V.K. Chopra, laid the foundation stone for the building here on Tuesday. The building, which will ... More

Canara Bank's ATM in Mangalore
MANGALORE: The Deputy Commissioner of Dakshina Kannada, Dr H.V. Parswanath, inaugurated the eighth ATM of Canara Bank in Mangalore on Monday. A bank release said here on Tuesday that this is the 43rd ATM of the bank in Mangalore Circle. ... More

FINANCIAL INSTITUTIONS

Exim Bank line of credit to Chad, Congo, Ghana
EXPORT-IMPORT Bank of India (Exim Bank) has extended a line of credit of $50 million to the Government of Chad, $35 million to the Government of Congo and $60 million to Ghana. ... More

FIXED DEPOSITS

Bank deposit rates need to be raised: Rangarajan
THE Chairman of the Prime Minister's Economic Advisory Council, Dr C. Rangarajan, today called for upward adjustment in the rate of interest offered on deposits of banks. The former Reserve Bank of India Governor called for a review of the ... More

Karnataka Bank hikes rates on 3-year deposits
KARNATAKA Bank Ltd has increased domestic term deposit rates on fresh deposits and renewals of maturing deposits of three years and above with effect from September 1, says a bank release here. However, the bank has reduced interest rates on ... More

MERGERS & ACQUISITIONS

SBI to buy 2 banks in Asia, Africa region — Deal to be finalised in 6-8 weeks
AS part of its efforts to expand its presence abroad, State Bank of India plans to acquire two "small to medium sized" banks in the next six to eight weeks. "The two banks are in the Asia and Africa region. The due diligence is on. One of them ... More

`PSB mergers cannot be put off for too long'
KEEPING alive the debate on merger of public sector banks, the Finance Minister, Mr P. Chidambaram, today said that consolidation among the government-owned banks could be round the corner. "Consolidation will come. It's an idea whose time has ... More

BONUS ANNOUNCEMENTS

United Western Bank announces 1:5 bonus
THE Satara-based United Western Bank has declared bonus share issue in the ratio of 1:5 and rights issue in the ratio of 1:2. The board of directors approved the bonus and rights issues on August 26, a press release from the bank said. In the ... More

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