MONEY & BANKING
FOREX
Re weakens on dollar demand
The rupee weakened by almost 15 paise on aggressive demand for dollars from foreign banks. The RBI was also suspected to be present in the market through public sector banks selling the rupee, said a dealer with a private bank. ...
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SOFTWARE
Polaris launches banking tool in US
Polaris Software Lab Ltd, the Chennai-based IT company, has launched its Intellect Front Office in the US. The product, which offers banks a 360-degree view of their customers, integrates 20 relationship-driven applications and ...
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i-flex to launch core banking solution
i-flex Solutions Ltd and Financial Services Inc. (FSI) have tied up to launch FLEXICUBE as a hosted offering to community banks in the US. FLEXCUBE — a core banking solution from i-flex, and is the company's flagship ...
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CONSUMER FINANCE
Union Bank launches new service
Union Bank of India has launched Union Mitr, a financial education counselling service, available at 51 centres across the country. This service will offer information on products, services, and provide guidance on opening a bank ...
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GENERAL INSURANCE
PNB launches health insurance product
Punjab National Bank (PNB) on Wednesday launched PNB Arogya Shree to provide health insurance for its 35 million customers. The new offering is a product of Reliance General that has been tailor-made for PNB customers. "The product that we ...
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FINANCIAL POLICY
Tarapore warns against SBI ownership transfer
`Parliament should block relevant clauses in the Bill'
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`RBI norms may impact finance cos' liquidity access'
`Will change the way their balance sheet is funded'
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PUBLIC SECTOR BANKS
Vijaya Bank gets RBI nod
The Reserve Bank of India has given Vijaya Bank the green signal for opening 28 new branches across the country. A Vijaya Bank release said that the bank had also been permitted to 23 new offsite Automatic Teller Machines. The ...
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INTEREST RATES
`Interest rate cap will hurt access to finance'
Attempts to impose interest rate caps have resulted in either distortion of pricing by providers or withdrawal of lenders thereby hurting rather than aiding improving access to finance, says a Working Paper on Inclusive Financial Systems, ...
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GOVT BONDS
Bonds up on stable interest rates
Bond prices gained by about 21 paise on belief that there will be no adverse impact on interest rates and there will be no pressure on liquidity, said dealers. "Prices surged due to absence of negative factors," said a bond ...
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CORPORATE BONDS
Konkan Railway plans Rs 100-crore bond issue
Konkan Railway Corporation Ltd plans to come out with a Rs 75-100-crore bond issue over the next two-three weeks. The company had raised Rs 350 crore through bonds a few months ago. All the funds raised are aimed at reducing the cost of ...
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SHORT TERM INSTRUMENTS
Call rates a tad higher
Call rates ruled between 7-7.1 per cent against 6.9-7 per cent on Tuesday. In the first one-day reverse-repo auction under LAF, the RBI received and accepted one bid amounting to Rs 120 crore. There were no repo bids. In the ...
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T-bills auction fully subscribed
The 91-day T-bills and 182-day T-bills auctions were fully subscribed with the total notified amount being Rs 3,500 crore. For the 182-day-bill, the Market Stabilisation Scheme (MSS) amount was Rs 1,000 crore. The RBI received 39 competitive ...
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TRENDS
Gleanings from the report on trends and progress of banking
Ask bankers how they plan to raise resources and you get a lecture on financial inclusion and "banking the unbanked". We now have some statistics provided by the regulator to nail this rhetoric. According to the Report on Trends and Progress of ...
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