MONEY & BANKING
FOREX
Rupee tad lower
The rupee was flat against the dollar in a market that tracked the movements of the equities for a large part of the day. Dollar buying by oil companies caused the rupee to close lower, said forex dealers. The rupee opened at 40.17 and closed at ...
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INFORMATION TECHNOLOGY
More BoM branches under core banking
Bank of Maharashtra is planning to bring nearly 90 per cent of its business under core banking solution in April. Mr M.D. Mallya, Chairman and Managing Director of Bank of Maharashtra, told Business Line that the bank ...
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GENERAL INSURANCE
Health cover scheme for disabled poor
New Delhi, March 26 The Minister of Social Justice and Empowerment, Ms. Meira Kumar, launched “Nirmaya”-- a Health Insurance Scheme for the welfare of persons with autism, cerebral palsy, mental retardation and multiple ...
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DERIVATIVES MARKETS
‘Textile exporters opted for derivatives to beat interest cost’
Coimbatore, March 26 A good number of textile exporting companies in Coimbatore, Tirupur and Karur that have opted for cross currency swaps have done so using foreign exchange derivatives as a tool to bring down their cost of ...
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PRIVATE BANKS
Federal Bank branches cross 600
Federal Bank expanded its branch network to over 600 with the opening of 26 branches on Wednesday. The bank opened 26 branches across 11 States and this event was flagged off by Dr Thomas Issac, Minister for Finance, Kerala, in ...
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INTEREST RATES
IDBI to cut PLR by 50 bps
Mumbai, March 26 IDBI said on Wednesday that it is reducing its benchmark prime lending rate by 50 basis points to 12.75 per cent from 13.25 per cent. The new rate will take effect from April 1.IDBI is one of the last banks among its ...
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GOVT BONDS
Bond prices fall
Bond prices fell by over 25 paise as concerns about higher inflation caused traders to sell in the market. Total traded volumes were at Rs 3,225 crore (Rs 2,065 crore). Traders were jittery ahead of the inflation figures being released on Friday. ...
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CREDIT MARKET
SBI to tap tourism for credit growth in Sikkim
Pelling (Sikkim), March 26 A bank branch perched on a high hill, far from the busy urban centre has a loan portfolio of Rs 12 crore distributed among 600 borrowers, mostly Government employees, and total deposits of Rs 10 crore. The ...
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Dakshina Kannada credit plan fixed at Rs 2,826 cr
The district credit plan of Dakshina Kannada for 2008-09, which was launched in Mangalore on Wednesday, has shown an increase of 22 per cent over the credit plan for 2007-08. The credit plan for 2008-09 has been prepared with an outlay ...
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SHORT TERM INSTRUMENTS
Call rates ease
Call rates closed lower at 6.75-7 per cent against the previous close of 7.758 per cent. In the one-day repo auction, under Liquidity Adjustment Facility, the RBI received and accepted five bids for Rs 8,025 crore. There were no repo bids. The ...
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REGULATORY BODIES & RULINGS
Pure term insurance products may cost less
IRDA cuts solvency margins by two-thirds
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M-COMMERCE
YES Bank, Obopay launch mobile payment services
Coimbatore, March 26 YES Bank and mobile payment service provider Obopay India have jointly launched ‘secure mobile payment solution’ product.The service is expected to facilitate YES Bank customers, sending money from one ...
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PERFORMANCE
Net interest margins of banks set to decline
Slowdown in credit offtake forces shift to low-yield investments
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