MONEY & BANKING
FOREX
Rupee weaker, bonds steady
MUMBAI: The rupee closed marginally weaker by about five paise to end at 46.39 against a dollar on Tuesday. It had closed on Monday at 46.3325/3450. According to dealers, the rupee appreciated in early trading hours but lost ground later ...
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STOCKS
Girish Gelli offloads 8.49 lakh shares of Global Trust Bank
THE National Stock Exchange has announced that Mr Girish Gelli, one of the family member of Mr Ramesh Gelli, former chairman and managing director of Global Trust Bank (GTB stock), has sold off 8,49,238 GTB shares. The GTB stock, which has been ...
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SOFTWARE
i-flex wins S. Africa deal
MUMBAI: South African Post Office bank (Postbank) has deployed Flexcube, the flagship product of i-flex Solutions, for processing its retail banking transactions. The bank is one of South Africa's largest banking entities catering to 60 ...
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HOUSING FINANCE
HDFC fixed rate loan band at 7.75-8.5 %
CITING likely hardening of interest rates in the long-term, the Housing Development Finance Corporation (HDFC) has increased the interest band on its fixed rate loans to 7.75 per cent - - 8.5 per cent, from the earlier band of 7.5 per cent ...
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SMALL SAVINGS
Govt sweetens Senior Citizen Savings Scheme
THE Government has added more sweeteners to the `Senior Citizen Savings Scheme,' which has now been notified with effect from August 2. The scheme has become available initially through designated post offices. Besides allowing a larger base ...
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DEBT MARKET
Bond portfolios go for a toss
THE bond market is fixated on just one statistic - the inflation rate that is released every Friday at noon. And this has been rising, quite sharply in fact, from 5% levels to over 6.5% last week. And quite properly and promptly, traders ...
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HUMAN RESOURCES
Banks stepping into agri varsities for talent
"They will be drawing more than an entry level staff in the banking sector, though they are only placed on a contract basis for now."
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RBI & OTHER CENTRAL BANKS
RBI to set up panel to implement Basel II norms
THE Reserve Bank of India plans to set up a steering committee to enable the implementation of the Basel II norms for capital adequacy of banks, according to Ms K.J. Udeshi, Deputy Governor, RBI. At a two-day seminar on capital adequacy ...
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PRIVATE BANKS
Triton to handle creatives for Yes Bank
YES Bank Ltd announced that it had chosen Triton Communications as the principal communication agency after a multi-agency pitch comprising Ambience Publicis, Grey Worldwide, ANC and Triton Communications. Mr Ali Merchant, Founder Director, ...
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PUBLIC SECTOR BANKS
Allahabad Bank raises FCNR, NRE rates
ALLAHABAD Bank has raised the interest rates on foreign currency non-resident (FCNR) deposits and non-resident (External) Rupee (NRE) term deposit with effect from July 28. The revised rates for US dollar are 2.16 per cent (earlier 2.08 per ...
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Andhra Bank bond rating
HYDERABAD: Fitch Ratings India Pvt Ltd has assigned AA+ (ind) rating to the Rs 200 crore subordinated debt programme of Andhra Bank indicating high credit quality and a low expectation of credit risk, the bank informed the stock exchanges. ...
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BoI pays Rs 33.85 cr dividend to Govt
MUMBAI: Bank of India has paid a final dividend of Rs 33.85 crore to the Government of India for the financial year 2003-04. The dividend cheque was handed over to the Finance Minister, Mr P. Chidambaram, by Mr M.Venugopalan, Chairman ...
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INTEREST RATES
Post office deposit scheme rates may continue: Panel
Retirement benefits eligible for investment : GPF balance outstanding; retirement gratuity; commuted value of pension; cash equivalent of leave `arrears'; savings element of insurance schemes; and retirement arrears .
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NON-PERFORMING ASSETS
Provisioning linked to age of NPAs — RBI asks FIs to adopt graded system
THE Reserve Bank of India has asked financial institutions to introduce graded higher provisioning according to the age of NPAs, in the doubtful category for more than three years, effective from March 31, 2005. In a circular to the chiefs of ...
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CO-OPERATIVES
Current a/c in urban co-ops gets tougher
THE Reserve Bank of India has said that while opening a current account in urban co-operative banks (UCBs), customers will have to furnish a declaration that they are not enjoying any credit facility from any other commercial bank. If the ...
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STANDARDS & BENCHMARKS
Family Health gets ISO certification
FAMILY Health Plan Ltd (FHPL), the Third Party Administrator, has obtained ISO 9001: 2000 certification for establishing a quality management system for providing third party administration services in health insurance. The certification was ...
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PEOPLE
New SBH GM
Cross Currency Rates
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