MONEY & BANKING
FARM CREDIT
Banks to draw up special farm credit scheme for Kerala
All eligible farmers will be issued Kisan credit cards to ensure easy access to credit facilities.
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Canara Bank to fund small farmers buy KAMCO tillers
CANARA Bank has signed a pact with power-tiller maker Kerala Agro Machinery Corporation Ltd (KAMCO) to finance small farmers to buy KAMCO tillers, a bank news release said. According to the pact, Canara Bank would now be the preferred ...
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AP urges ryots to press for more aid from banks
THE State Government has asked the farmers to step up pressure to prevail on the policy makers to increase the 18 per cent limit set by the Reserve Bank of India with regard to banks' support to the agriculture sector. Addressing the fifth ...
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COURTS/LEGAL ISSUES
Madras HC stays TN law on exorbitant interest
The petitioner said "the Act had placed unreasonable restrictions on the right of the members to carry on their business, nullifying the constitutional guarantee of free trade and commerce."
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FOREX
More forex reserves held as bank deposits, currency
THE composition of how India's official forex reserves are invested has undergone a slight shift over the past year. According to information disseminated by the Reserve Bank of India, about 25% of India's forex reserves of $114 billion as on ...
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Rupee tad higher; bonds lacklustre
MUMBAI: The rupee closed stronger by about four paise to end at 46.04/06 on Wednesday against its previous close of 46.08/10. The range of trading was about 25 paise with heavy corporate demand for dollars at 45.97 levels, which led the ...
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Increased capital investment flows boost forex kitty
THE major contributor to the $36.8-billion jump in the forex reserves of the country in 2003-04 has been the almost two-fold increase in capital account flows. According to the latest data released by the Reserve Bank of India, there has been ...
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LIFE INSURANCE
ING Vysya Life to tap rural market via MFL network
ING Vysya Life on Wednesday enrolled Madras Fertilizers as corporate agent to use the latter's infrastructure to penetrate the rural life insurance market in South India. At a news conference, Mr Sukumar N. Oommen, Chairman and Managing ...
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ECS for LIC premium
THIRUVANANTHAPURAM: The Life Insurance Corporation of India (LIC) will soon launch an electronic clearing services payment facility for its policyholders in cities such as Thiruvananthapuram and Chennai. Customers can use this service ...
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DEBT MARKET
Tough choice for bond issuers
A NUMBER of banks and PSUs who are gearing up to raise capital in the domestic debt market seem to be caught between a rock and a hard place. While on one hand, there are those who feel that they have to move quickly to raise capital to meet ...
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HUMAN RESOURCES
Karnataka Bank shifts training college
RBI & OTHER CENTRAL BANKS
Current account surplus doubled last fiscal
A steady expansion in net earnings from invisibles occurred through 2003-04, peaking in the third quarter.
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External debt up 7.4 per cent
THE country's external debt rose by $7.7 billion to Rs 112.6 billion in the fiscal ended March 2004, according to figures released by the Reserve Bank of India. The major portion of this 7.4 per cent rise in the external debt is due to the ...
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PUBLIC SECTOR BANKS
UBI credit for Bengal at Rs 5,408 crore
UNITED Bank of India has proposed to revise its annual credit plan for 2003-04 from Rs 4,680 crore to Rs 5,408 crore for West Bengal. Advances by the bank in the State have increased by 14 per cent, while its deposits have grown by 13 per cent ...
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IOB to raise Rs 200 cr
CHENNAI: Indian Overseas Bank has informed the stock exchange that it intends to raise Rs 200 crore by way of a bond issue on a private placement basis. This would be reckoned with the Tier II Capital of the bank, for calculating the ...
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CanBank gesture to students
THIRUVANANTHAPURAM: The social banking unit of Canara Bank, Thiruvananthapuram Circle, has donated books and uniform to 164 students belonging to two different schools in the district. In separate functions held here, Mr T. Sreekanthan, ...
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FINANCIAL INSTITUTIONS
Centre clears IDBI's conversion to bank
The new entity would be the only scheduled bank in the country that would be required to maintain its DFI characterestic.
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INTEREST RATES
Corpn Bank cuts rates on FCNR(B) deposits
CORPORATION Bank has reduced interest rates on FCNR(B) deposits with effect from June 30. A bank release said here on Wednesday that the interest rate on the US dollar for a period of one year to less than two years has remained unchanged at ...
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SBT rates on NRI deposits up
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has announced a hike in interest rates applicable for non-resident term deposits and savings bank accounts effective from July 1, 2004. An SBT spokesman said here that interest rate for ...
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CREDIT MARKET
Banks in Dakshina Kannada cross Rs 8,600-cr business
BUSINESS generated by banks in Dakshina Kannada district has crossed Rs 8,600 crore as on March 31, 2004. As many as 339 branches of various banks collected deposits worth Rs 5,844 crore and advances worth Rs 2,803 crore. This was informed to ...
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Cross Currency Rates
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