MONEY & BANKING
FOREX
Rupee weakens by three paise
The rupee weakened by around three paise against the dollar on Thursday as some banks were seen selling rupee. The home currency opened at 44.91 and touched an intra-day low of 44.95/96, to finally close at 44.89. The rupee ...
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CREDIT POLICY
Tactical get-away?
The financial press in the Capital found it a bit surprising that Finance Minister P. Chidambaram chose to be away in Ludhiana on Monday, when the RBI unveiled its Credit Policy Review. With the known differences between the Finance Ministry and ...
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LIFE INSURANCE
Max New York office in Madurai
Max New York Life Insurance, a joint venture between Max India Ltd and New York Life, a Fortune 100 company, strengthened its operations in Tamil Nadu by opening its fourth office, here on Thursday. `With the opening of the ...
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PRIVATE BANKS
IndusInd to open 10 branches
IndusInd Bank Ltd has got approvals from the RBI to open 10 more branches — mainly in semi-urban and rural areas, and start 100 new offsite ATMs. The bank plans to open these branches by end-2007. At present, it has a ...
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PUBLIC SECTOR BANKS
BoM upbeat on growth
Aided by a robust credit growth, Bank of Maharashtra expects to post higher profits in the second half of the current financial year than the levels recorded in the first six months. "We are confident of recording good growth in the third and ...
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Syndicate Bank ties up with TTD
Syndicate Bank has entered into a memorandum of understanding with the Tirumala Tirupati Devasthanam (TTD) for accepting devotees' offerings at any of its branches across the country, apart from its branches at Tirupati, ...
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OBC opens credit cell in Hyderabad
The Managing Director of Oriental Bank of Commerce (OBC), Mr K.N. Prithviraj, inaugurated the bank's new centralised credit-processing cell (CCPC) here on Thursday. The bank has similar cells in Ghaziabad, Mumbai-North and New Delhi regions. In ...
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Chidambaram to meet PSB heads on Nov 6
The Finance Minister, Mr P. Chidambaram, is to meet Chairmen of Public Sector Banks (PSBs) on November 6. Indications are that the Finance Minister will use the meeting to review the financial performance of the banks in the first six months of ...
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GOVT BONDS
Bond prices move up
Yields dropped by around two basis points (prices were up by 9 paise) tracking US yields. Total traded volume on the order matching system increased to Rs 4,810 crore (Rs 3,630 crore). There is uncertainty about the auctions ...
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SHORT TERM INSTRUMENTS
Call rates marginally up
Call rates ruled between 6.9 per cent to 7 per cent against 6.85-6.95 per cent. In the first one-day reverse-repo auction under LAF, RBI received and accepted two bids amounting to Rs. 260 crore. There were no repo bids. In the ...
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CREDIT CARDS & DEBIT CARDS
StanChart's gold debit card
Standard Chartered Bank has launched SCB Gold Debit Card, with an annual fee of Rs 799. The card has an enhanced spending limit of Rs 95,000 for each purchase and ATM cash ...
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FIXED DEPOSITS
More banks hike NRE, FCNR deposit rates
From November 1, UCO Bank revised upwards the interest rates on NRI deposits. For NRE term deposits, for the periods from one year to less than two years, two years to less than three years, three years and above, the revised rates are ...
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INTERVIEW
Bancon to discuss bigger role for NGOs
Andhra Bank is hosting the Bankers' Conference this year in Hyderabad from November 3-4, with organisational support from the Indian Banks' Association (IBA). The Union Finance Minister, Mr P. Chidambaram, will inaugurate the conclave of the ...
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EVENTS
`Banking activity yet to reach backward districts'
Highlighting the role of microfinance sector in expanding the reach of banking facilities, Prof. Thingalaya said the services of the regional rural banks could be utilised better for this purpose.
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CO-OPERATIVES
No need for separate enquiry if worker was punished based on conviction by criminal court: HC
The first Bench held that by no stretch of imagination the offence by the worker could be said to be one which involved moral turpitude leading to termination of service.
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OUTLOOK
Financial inclusion is big biz opportunity: IBA
Technology can help cut transaction costs in rural areas
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PERFORMANCE
SBI top brass take stock of declining marketshare
The issues of slipping marketshare and not-so-satisfactory record with regard to customer service dominated the discussion the SBI Chairman, Mr O.P. Bhatt, recently had with 14 Chief General Managers, each heading a circle. The meeting was held ...
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