MONEY & BANKING
FOREX
Tarapore panel for 3-phased road-map towards free float
`Prohibit FIIs from investing fresh money raised through PNs'
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Forex reserves down $ 41 m
The forex reserves have dipped by $41 million due to a drop in foreign currency assets. According to RBI's Weekly Statistical Supplement, reserves fell by $41 million to touch $165.326 billion for the week-ended August 25. In the previous week, ...
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Allow industrial houses to set up banks: Tarapore panel
Foreign banks may be allowed to strengthen presence
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Regressive, says Dr Bhalla
`Major structural changes since 1997'
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Re flat against $
The rupee was almost flat against the dollar on Friday. "There was hardly any movement in the market. The market is awaiting the non-farm payroll data which will bring direction to the rupee against the dollar," said a dealer at ...
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LIFE INSURANCE
LIC celebrations begin
As part of the 50th anniversary of LIC, it is organising `Insurance Week Celebrations' from September 1-7. During the week, LIC intends to organise customer meets and survey campaigns, and provide water containers to schools in ...
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New Bima Gold Policy
"The overwhelming response to the Bima Gold Policy introduced last year has spurred us into introducing the money back `New Bima Gold Policy' with an added attraction of a risk cover to the extent of 50 per cent of the sum ...
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FINANCIAL POLICY
RBI sets up task force
Review of extant rules on current, capital accounts
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PUBLIC SECTOR BANKS
Union Bank plans to raise Rs 2,400 cr
Union Bank of India proposes to raise Rs 600 crore by way of hybrid capital during this year and an additional Rs 1,800 crore through tier II bonds. Speaking to newspersons, the Chairman and Managing Director, Mr M.V. Nair, said: "We will raise ...
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FOREIGN BANKS
29 foreign banks operating in India: RBI
There are 29 foreign banks with 255 branches operating in India currently, according to the Reserve Bank of India's annual report. There are in all, about 288 commercial banks operating in the country having about 68,500 branches. Under ...
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GOVT BONDS
Bond market range-bound
Bonds ruled range-bound ahead of the Rs 9,000-crore worth Government auction. Bond prices moved in a band of 20 paise, said dealers. "Once the auction is over and depending on the advance tax outflow we will see movement in ...
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CORPORATE BONDS
Canara Bank to raise $300 m from bonds
The bank plans to raise the capital funds through issuance of a combination of medium term notes (MTN) and perpetual bonds. It has appointed Citi Group Global Capital Market, HSBC, ABN Amro Bank and UBS-AG as mandated lead managers to the ...
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CREDIT MARKET
Gross bank credit rises Rs 14,728 cr
Gross bank credit increased by Rs 14,728 crore to stand at Rs 15,76,145 crore for the fortnight ended August 18, according to Reserve Bank of India's Weekly Statistical Supplement. It includes food credit which moved up by Rs 247 crore to touch ...
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SHORT TERM INSTRUMENTS
Call rates unchanged
Call rates were between 6.00 and 6.10 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 20 bids amounting to Rs 20,570 crore and in the second one-day reverse repo ...
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FIXED DEPOSITS
NRE, FCNR deposit rates cut
Karnataka Bank Ltd has revised interest rates on its NRE and FCNR (B) deposits with effect from September 1. A bank release said on Friday that interest rates on NRE term deposits have been reduced to 6.41 per cent (6.54 per ...
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OUTLOOK
LIC plans to invest Rs 90,000 cr this yr
Bulk of premium seen coming from ULIPs
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