The Hindu Business Line : Wednesday, February 09, 2005

ICAI clarifies on bank auditor empanelment
CHARTERED accountancy firms that have partners in part-time practice can apply for bank branch auditor empanelment for the year 2005-06, the Institute of Chartered Accountants of India (ICAI) has clarified. The one stipulation, however, is that ... More

INSIGHT

Business process re-engineering: A tool to further banks' strategic goals
ORGANISATIONAL development is a continuous process. But the pace of change has increased manifold. In a volatile global world, organisations enhance competitive advantage through business process re-engineering (BPR) by ... More

China has its way at G7 meet
Perhaps the most relieved at the outcome was Japan. A yuan revaluation would have forced up the yen at a time when its economy once again seems to be dithering. More

FOREX

Rupee closes weaker at 43.69; gilts flat
MUMBAI: The rupee ended weaker on Tuesday as the dollar gained from "slightly" bullish sentiment on the back of the G-7 pronouncements as well as the drop in the stock market. The domestic currency closed the day at 43.69/70 levels as ... More

FINANCIAL PERFORMANCE

City Union Bank 9-month net steady
CHENNAI: City Union Bank posted a net profit of Rs 31.56 crore for the nine months ended December 2004, against Rs 31.05 crore in the same period last year. Total income stood at Rs 235.07 crore, compared with Rs 253.47 crore earlier. ... More

LIFE INSURANCE

Max New York Life reports profit under US GAAP
MAX New York Life has turned profitable on the US GAAP accounting basis. The company in its fourth year of operation recorded Rs 21 crore profit in GAAP terms. During 2004, MNYL's total premium income touched Rs 348 crore, which was more than ... More

GENERAL INSURANCE

IFC plans weather insurance products for Indian markets
INTERNATIONAL Finance Corporation (IFC), the private sector arm of World Bank, is considering the option of working on new weather insurance products with some of the insurance providers in India. Industry sources said the IFC has invested $10 ... More

RBI & OTHER CENTRAL BANKS

Two sides of coins
IT could be a problem of plenty. And the Reserve Bank of India seems to be puzzled. While on the one hand the central bank is regularly getting complaints about shortage of coins, on the other, many RBI offices in the country are facing a ... More

PRIVATE BANKS

Servion bags order from HDFC Bank
SERVION Global Solutions Ltd on Tuesday announced that it has bagged a large order from HDFC Bank for upgradation of their contact centre solutions. "Now with 79 per cent of the customers' calls terminating on the IVR (automatic voice ... More

IndusInd Bank to focus on retail
WITH a renewed focus on the retail sector, IndusInd Bank plans to balance its retail/corporate credit portfolio at 50:50 by March 2006. Currently, the bank has just 30 per cent of its credit portfolio in the retail sector, while the wholesale ... More

PUBLIC SECTOR BANKS

Canara Bank plans to upgrade HK centre
CANARA Bank is planning to open a branch in Hong Kong and a representative office in China. In an informal chat with Business Line on Tuesday, the Chairman and Managing Director of Canara Bank, Mr V.P. Shetty, said the bank has a ... More

Union Bank Tier II bonds issue closed
MUMBAI: Union Bank of India has closed its offer of Tier II capital bonds after raising the targeted amount of Rs 450 crore (Rs 300 crore plus greenshoe option of additional Rs 150 crore). The offer opened on January 31 and was placed ... More

BoB interim dividend
MUMBAI: Bank of Baroda has informed BSE that its board of directors has declared an interim dividend at the rate of 18 per cent or Rs 1.80 per share. The board has also fixed the record date as February 17. The bank has fixed March 9 as ... More

FOREIGN BANKS

JP Morgan Chase Bank name changed
MUMBAI: The central bank has said the name of the JP Morgan Chase Bank has been changed to "JP Morgan Chase Bank, National Association" in the Second Schedule to the Reserve Bank of India Act, 1934 t from November 13. This follows a DBOD ... More

MERGERS & ACQUISITIONS

Govt studying SBI Act change for takeovers, mergers
THE Government is considering amending the SBI Act and the SBI (Subsidiary Banks) Act to allow the State Bank group take over public sector banks, other banking companies and regional rural banks (RRBs). The amendments under consideration would ... More

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