MONEY & BANKING
EMPLOYMENT
Banks legally bound to make temporary hands permanent: HC
Though nationalised banks are institutions under Union Government, they did not cease to be establishments for purpose of definition of term "industrial establishment" under the TN Industrial Establishment (Conferment of Permanent Status to ...
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FOREX
Forex reserves dip $224 m
For the first time in eight weeks, India's forex reserves dipped $224 million to $194.410 billion for the week ended March 9. In the last two months, the reserves had surged $17.7 billion primarily on RBI's intervention in the forex market. In ...
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Rupee strengthens
The rupee strengthened on Friday against the dollar with the currency opening at 44.20, which was also the intra-day low, and closing at 44.11/12 against yesterday's close at 44.20. The dealer at a private bank said, "tight ...
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FINANCIAL POLICY
Lok Sabha okays Bill to replace SLR ordinance
The Lok Sabha on Friday passed the Banking Regulation (Amendment) Bill 2007 through a voice vote to provide more operational flexibility to the Reserve Bank of India (RBI) in the conduct of monetary policy. This Bill seeks to replace the ...
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RBI & OTHER CENTRAL BANKS
Central banks need to target inflation: Weber
Emerging economies like India, with high GDP and per capita growth are prone to the relative risks of high inflation, said Mr Axel Weber, Governing Council Member, European Central Bank. India's inflation for the week ended March 3 has risen to ...
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PRIVATE BANKS
ICICI, Subhiksha launch food card
ICICI Bank and supermarket chain Subhiksha have launched a pre-paid food card to be used as an alternative to the cash and meal vouchers. "We are delighted to offer a solution that helps cut down the hassle of carrying cash," ...
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Kotak Mahindra is primary dealer
Kotak Mahindra Bank Ltd has been authorised by RBI to undertake primary dealer (PD) business, effective March 20. "The authorization given to Kotak Mahindra Capital Co Ltd, as PD, stands withdrawn," said a press release by the ...
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PUBLIC SECTOR BANKS
New Canara Bank branch in Mumbai
Canara Bank has opened a branch at Mahavir Nagar, Kandivili (west), Mumbai. It is one of the 20 new branches and 100 new ATMs opened by the bank all over India, on Thursday, said a press release by the bank. The branch is fully ...
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Syndicate Bank launches `no frills' savings scheme
Syndicate Bank has launched a new scheme called Pigmy Plus 2007, a `no frills' savings deposit with a minimum contribution of Rs 5 per occasion and a deposit period of 72 months. The deposits can be converted into a term deposit at the ...
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GOVT BONDS
Bond prices drop by 19 paise
Bond prices dropped around 19 paise and yields rose by about two basis points on rising inflation. India's inflation rose to 6.46 per cent, for the week-ended March 3 against 6.1 per cent. "Liquidity is tight on advance tax ...
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SHORT TERM INSTRUMENTS
Call soars to 9.5-10%
With money turning scarce, the RBI today lent Rs 19,705 crore to banks under the repo facility (the central bank lends funds to banks against government paper) while the banks parked Rs 170 crore with the RBI. Call soared to close at 9.5-10 per ...
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TRENDS
Kodagu takes to `no frills' banking
As many as 23,407 accounts opened under Financial Inclusion scheme
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