MONEY & BANKING
FINANCIAL SERVICES
KeyCorp selects Cognizant
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FOREX
Forex reserves rise by $1.8 b
Mumbai, June 27 After a huge slump of over $4 billion last week, forex reserves for the week ended June 20 increased by $1.794 billion to touch $312.481 billion. The rise in the foreign exchange reserves was mainly on account of ...
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Rupee down 20 paise
The rupee weakened by about 20 paise due to higher oil prices and a weak domestic equity market. Crude oil price, which crossed $142 a barrel and the Sensex which fell by over 600 points were the reasons for the fall in the rupee, said forex ...
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GENERAL INSURANCE
Cholamandalam MS launching new products
Ahmedabad, June 27 Cholamandalam MS General Insurance Company Ltd, a joint venture of the Rs 9,582-crore Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group, would launch seven to eight new products this year, each in motor ...
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FINANCIAL MARKETS
General insurers under solvency pressure as investment value dips
Private players feel the heat; no immediate impact on PSU sector
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RBI & OTHER CENTRAL BANKS
‘Education trusts can invest abroad’
The Reserve Bank of India has further liberalised the policy on overseas investments by allowing registered trusts and societies engaged in manufacturing and those working in the field of education to invest abroad. A note issued by the RBI today ...
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PRIVATE BANKS
Dhanalakshmi Bank ties up with Birla SunLife
Kochi, June 27 Birla SunLife Asset Management Ltd, the investment managers for Birla SunLife Mutal Fund (BSLMF), has formalised its tie-up with Kerala-based Dhanalakshmi Bank under which the customers of the bank would now be offered mutual ...
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Axis Bank invests in Lavasa Corp
Axis Bank has invested Rs 250 crore in Lavasa Corporation Ltd, a subsidiary of Hindustan Construction Company, in the form of convertible preference shares and convertible debentures. Lavasa is a hill station being developed by HCC.Our ...
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PUBLIC SECTOR BANKS
Three banks to hike prime lending rates by 50 bps
Punjab National Bank (PNB) on Friday announced an upward revision in its benchmark prime lending rate (BPLR) as well as its home loan and auto loan rates by 50 basis points each. The bank has also decided to increase the deposit rates ...
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GOVT BONDS
Bond prices rise in thin trade
Bond prices rose by around 15 paise as there were no sellers in a thinly traded market. Total traded volumes on the order matching system were at Rs 1,260 crore. Dealers said that there is hardly any supply of government paper as most banks have ...
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CREDIT MARKET
‘Banks’ foreclosure charges liable for service tax’
Pre-closure or foreclosure charges collected by banks and other companies, as part of their lending and financial services activities, would attract service tax, the Finance Ministry has clarified. This would imply that customers paying ...
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SHORT TERM INSTRUMENTS
Call rate ends at 8.60-8.75%
The inter-bank call rate ended at 8.60-8.75 per cent, against the previous close of 8.70-8.75 per cent. In the three-day repo auction under the liquidity adjustment facility, the RBI received and accepted 23 bids worth Rs 32,090 crore. There were ...
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MORTGAGE
NHB awaits nod for setting up mortgage guarantee company
Kolkata, June 27 The slowdown in demand for housing loan could be attributed to the increase in property prices rather than the rate of interest, Mr S. Sridhar, Chairman, National Housing Bank, said here today. He was speaking to reporters on ...
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FIXED DEPOSITS
SBI hikes deposit rates
A day after it increased its benchmark prime lending rate, State Bank of India on Friday hiked interest rates on its domestic term deposits by 50-75 basis points, with effect from June 30. The bank had hiked deposit rates in May this year by ...
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EVENTS
Ernakulam Collector holds bankers’ meet
The Ernakulam District Collector reviewed the performance of all banks and government departments in connection with the priority sector lending and disbursements under government sponsored schemes and other poverty alleviation programmes ...
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CO-OPERATIVES
Maharashtra State Co-op Bank in tie-up for bancassurance
Mumbai, June 27 Maharashtra State Co-operative Bank has entered into bancassurance tie-ups with Bajaj Allianz Life Insurance and Iffco-Tokio General Insurance to provide life insurance and general insurance facilities respectively.The ...
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PEOPLE
New IBA Chairman
The Indian Banks’ Association has elected Chairman and Managing Director of Bank of India, Mr T.S. Narayanasami, as its Chairman. He takes over from Mr M.B.N. Rao of Canara Bank who is superannuating this month-end, an IBA release said ...
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