MONEY & BANKING
PENSION PLANS
Pension players: Govt to guard against mid-course failure
THE Government is not willing to take any chances with the pension wealth of subscribers. As part of the ongoing pension reforms, the Ministry of Finance is working on plans to plug all possibilities of any mid-course failure of pension fund ...
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FOREX
Rupee stronger; bond prices crash
MUMBAI: The rupee closed stronger at 45.3050/31 per dollar on Thursday, in a supply driven forex market against Wednesday's close at 45.3450/3500. Dealers said that the apex bank was conspicuous by its `non-intervention' in the market. ...
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FINANCIAL PERFORMANCE
ICICI Bank Q3 net jumps 33 pc
BUOYED by increase in margins and other income, ICICI Bank has registered a 33.2 per cent jump in net profit to Rs 440.10 crore for the third quarter ended December 31, 2003, up from Rs 330.30 crore in the corresponding period of the previous ...
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BoI net up 16%; to pay 20 pc interim
BANK of India has recorded a 16.07 per cent growth in net profit at Rs 228.54 crore for the quarter ended December 31 last as against a net profit of Rs 196.89 during the corresponding quarter of the previous year. The bank's board has declared ...
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Dewan Housing income, net profit increase
DEWAN Housing Finance Ltd (DHFL) has announced a 23 per cent increase in net profit at Rs 6.3 crore for the third quarter ended December 2003, up from Rs 5.12 crore during the corresponding previous period. Income from operations rose 10.8 per ...
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Magma Leasing clocks 330 pc rise in Q3 net
MAGMA Leasing Ltd (MLL) clocked a hefty 330 per cent growth in its net profit for the quarter ended December 2003 at Rs 7.65 crore (Rs 1.78 crore for the same quarter of last fiscal). It is well poised to exceed its projected annual business plan ...
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ING Vysya Bank posts lower net
ING Vysya Bank Ltd has reported a net profit of Rs 23.80 crore for the third quarter of this financial year, down from Rs 25.37 crore reported during the second quarter. The bank reported lower gross income during the period, at Rs 303.82 ...
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NBFCS
MCC Finance to pay another Rs 57.57 cr to depositors — HC accepts promoters' scheme
MCC Finance Ltd, which is now under liquidation, has agreed to bring forward another Rs 57.57 crore to be paid back to the depositors. The company has repaid a sum of Rs 60 crore. The First Bench of the Madras High Court, consisting of Mr B. ...
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LIFE INSURANCE
Birla Sun Life group cover for ICAI members
IN what is seen as a first of its kind agreement, the Chartered Accountants Benevolent Fund (CABF) and Birla Sun Life Insurance (BSLI) have inked a memorandum of understanding (MoU) for providing a `Group Protection Solution' to all members of ...
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DEBT MARKET
Debt market sees rates hardening
THURSDAY'S crash in the prices of Government securities has thrown the debt market into a state of high alert. The yield on the 10-year benchmark paper, the 7.37 per cent 2014 rose to 5.19 per cent as against 5.13 per cent previously. The ...
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PRIVATE BANKS
RBI announces new norms for transfer of shares in pvt banks
THE Reserve Bank of India on Thursday announced a more transparent set of guidelines for granting its approval for transfer of shares in private sector banks. Under the guidelines, which will have an immediate effect, investors need ...
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UTI Bank branch in Udupi
MANGALORE: The Executive Director of UTI Bank, Mr S. Chatterjee, inaugurated the branch of UTI Bank in Udupi on Thursday. Mr Chatterjee said that the branches, spread across 107 cities and towns, enable the bank to reach out to a large ...
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PUBLIC SECTOR BANKS
PSBs' profit growth slowing
THERE has been a noticeable slowdown in the profit growth of public sector banks for the third quarter ended December 2003. Profits of 13 public sector banks, for whom results are available, showed a 15 per cent growth over the corresponding ...
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SBI plans 12 more ATMs in Vizag
STATE Bank of India (SBI) is planning to set up 12 more ATMs here by the end of the financial year in addition to the existing 21. Mr S. Ramakrishnan, the outgoing Deputy General Manager of the Visakhapatnam zonal office, said at a press meet ...
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INTEREST RATES
Banks advised against lowering deposit rates further
THE Chairman of the 12th Finance Commission and former Reserve Bank of India Governor, Dr C. Rangarajan, today cautioned banks against reducing their deposit rates further. He said that it was important to keep the interest rate "at that ...
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CREDIT MARKET
New Can Fin loan scheme
THIRUVANANTHAPURAM: Can Fin Homes has launched a new product, Personal Loan Scheme, for existing borrowers. An official spokesman quoted the Managing Director, Mr Peter Cardozo, as saying that loan applications up to Rs 2 lakh for ...
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Cross Currency Rates
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