The Hindu Business Line : Saturday, November 19, 2005

Forex reserves fall by $310 m
THE country's forex reserves shrunk for the second week in a row, due to a fall in foreign currency assets. However, the amount by which the reserves declined was lesser than in the previous week. According to Reserve Bank of India's Weekly ... More

Rupee unchanged; bond prices fall
MUMBAI: The rupee ended almost unchanged against the US currency on Friday as demand matched supply of dollars. The domestic currency opened at 45.72/73 and ended at 45.76/77, slightly higher than Thursday's close at 45.77/78. A dealer ... More

SOFTWARE

Newgen Software bags order from Bank of Tanzania
NEWGEN Software Technologies Ltd has bagged an order worth $4,25,000 from the Bank of Tanzania. This is only a part of the IT initiatives proposed by the bank on a total estimated outlay of $2.2 million. The project would include consultancy ... More

New Polaris solution
CHENNAI: Polaris Software Labs has launched Collect.NET, a collection and recovery solution for the financial services sector based on the Microsoft's SQL Server 2005 and Visual Studio 2005. These are next versions of Microsoft's ... More

LIFE INSURANCE

`More young people taking life cover'
According to a study conducted by Birla Sun Life Insurance, between April and September, there has been a rise in the number of young people purchasing insurance. The study showed an increase of 30 per cent amongst the lives insured in the ... More

GENERAL INSURANCE

Chola MS cover for Toyota cars
TOYOTA Kirloskar Motor Ltd and Cholamandalam MS General Insurance Company Ltd have joined hands to provide insurance to the Toyota cars bought, right at the time of purchase. Through this tie-up, all Toyota customers would be able to insure ... More

MIGA offers insurance product for SMEs — Eligibility: Less than 300 staff, $15-m assets, $15-m sales
A MISCONCEPTION over the functioning of the Multilateral Investment Guarantee Agency (MIGA), which was holding up Indian government approving proposals guaranteeing investments into India, has been cleared. With this, several companies that ... More

PRIVATE BANKS

FII can buy in Centurion Bank
MUMBAI: Foreign institutional investors, non-resident Indians and persons of Indian origin can now purchase shares of Centurion Bank of Punjab through stock exchanges under the Portfolio Investment Scheme, said the Reserve Bank of ... More

PUBLIC SECTOR BANKS

Dena Bank launches savings account with Rs 10 balance
DENA Bank has launched a deposit scheme named `Dena Alpa Bachat Khata', under which accounts can be opened with Rs 10. If needed, the amount can be allowed to go below Rs 10 and can even continue with zero balance, said a press release from ... More

Andhra Bank becomes CDSL DP
ANDHRA Bank has received registration as a Depository Participant (DP) of CDSL. The Bank provides service through 1,709 business delivery channels, including branches, ATMs, etc. With these registrations, the CDSL's list of DPs has reached 293. ... More

SBBJ launches e-payment facility in Rajasthan
STATE Bank of Bikaner and Jaipur (SBBJ) has launched a new project `E-mitra' in collaboration with the Government of Rajasthan. The Chief Secretary of Rajasthan, Mr Anil Vaish, on Friday launched the facility that envisages electronic bill ... More

INTEREST RATES

Banks to keep rates steady: Chidambaram
RBI to issue guidelines on Tier-III hybrid capital soon
At present, we are witnessing an investment boom. Drawdown of sanctions is taking place. We should not do anything to dampen the investment spirit: Chidambaram More

GOVT BONDS

Maharashtra hardens stand, issues notices to banks on stamp duty dues
SEVERAL banks may have to shell out huge amount as stamp duty dues on sale and purchase of government securities as the Maharashtra Government has issued a 15-day recovery notice to them. The State Government has also threatened to take action ... More

Indian holdings of US gilts down $2.2 b in September
INDIAN institutions and the Reserve Bank of India reduced their holdings of US Treasuries by $2.2 billion in September. According to data released by the US Treasury Department, Indian holdings dropped to $14.5 billion in September, down from ... More

CORPORATE BONDS

`UTI-I has set aside assets to repay bonds'
THE Finance Minister, Mr P. Chidambaram, said the Specified Undertakings of the Unit Trust of India (SUUTI) has set aside assets to repay the 6.75-per cent US-64 bonds and the 6.6-per cent Assured Returns Scheme (ARS) bonds issued in May 2003. ... More

NON-PERFORMING ASSETS

States reluctant to cut stamp duty on NPA take-outs
Stamp duties and registration fees in the States currently range from anywhere upwards of 12 per cent on the cost of the transaction. Such high transaction costs undermined the viability of the NPA take-out, bankers said. More

CREDIT MARKET

Bank credit up by Rs 10,132 cr: RBI
GROSS bank credit increased by Rs 10,132 crore to touch Rs 12,84,400 crore for the fortnight ended October 28, according to Reserve Bank of India's Weekly Statistical Supplement. This is inclusive of food credit which increased by Rs 2,597 ... More

MERGERS & ACQUISITIONS

2 Cholamandalam Fin subsidiaries to merge
TWO wholly-owned subsidiaries of Cholamandalam Investment and Finance Company — Cholamandalam Securities and Cholamandalam Distribution Services — are to be merged into one entity. Cholamandalam Distribution Services sells a range ... More

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