MONEY & BANKING
FINANCIAL SERVICES
JRG Malappuram branch
KOCHI: As part of strengthening its expansion plans in the Malabar region, JRG opens its new branch office at Manchery in Malappuram district. JRG offers services in the area of share broking, commodity broking, depository services, ...
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SOFTWARE
SBI picks Finacle for global operations
STATE Bank of India has awarded a $35-million contract to Infosys Technologies to power its international banking operations with Finacle, the company's universal banking solution. The bank will deploy Finacle core-banking, e-banking and ...
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CONSUMER FINANCE
`Magma ChamatCar' loan scheme at 2.87% flat
MAGMA Leasing Ltd, the city-based retail finance company, has launched "Magma ChamatCar", a special car loan scheme with a flat interest rate of 2.87 per cent. On a reducing balance basis, the rate offered works out to 7.5 per cent. The ...
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LIFE INSURANCE
SBI Life targetting Rs 1,300-cr business
SBI Life Insurance Co Ltd has set a marketing target of Rs 1,300 crore for its various products in the current fiscal. Of this, Rs 1,000 crore will be through bancassurance, Mr S. Krishnamurthy, Managing Director, SBI Life, has said. At ...
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GENERAL INSURANCE
Cosmos Bank, Bajaj Allianz in marketing arrangement
COSMOS Bank, the multistate scheduled co-op bank, had tied up with Bajaj Allianz General Insurance Company for distributing latter's insurance products. Talking to presspersons, Mr Kamlesh Goyal, Chief Executive Officer, Bajaj Allianz, said ...
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DEBT MARKET
Illiquid stocks turning active
These papers are of a fairly shorter tenor but have witnessed a northward movement in their yields to the tune of about 50 basis points.
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PUBLIC SECTOR BANKS
Union Bank plans kiosk-like outfits
UNION Bank of India is contemplating to take the organic route to grow, albeit in a different way. "We are not looking at mere expansion of branch network in hitherto unexplored locations. We are planning to set up kiosk-like "outfits" in ...
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SBI cuts interest rates as 'Onam gift'
KOCHI: State Bank of India (SBI) has reduced interest rates on housing loans to 7 per cent and car loans to 8 per cent as an `Onam gift.' SBI has also waived processing charges for housing, car personal and festival loans as well as for ...
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NON-PERFORMING ASSETS
Urban co-ops unhappy with 90-day norm for gold loans
THE recent circular of the Reserve Bank of India directing the urban cooperative banks (UCBs) to implement a 90-day NPA norm for gold loans with effect from March 31, 2005, has come as a surprise to those in this sector. "A humane approach is ...
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Farmers won't be arrested in loan recovery: Chautala
THE Haryana Chief Minister, Mr Om Prakash Chautala, has announced that no farmer would be arrested for effecting recovery of outstanding co-operative loans including the loans obtained from the Haryana State Co-operative Agriculture and Rural ...
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CO-OPERATIVES
AP govt's move to amend co-ops Act draws flak
THE State Government's proposed move to amend the Andhra Pradesh Mutually Aided Cooperatives Act (MACS Act) has been opposed by the Lok Satta. Dr Jayaprakash Narayan, National Co-ordinator of Lok Satta, in a letter to the Chief Minister, said ...
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TRENDS
Exporters keep more earnings abroad — Liabilities of US banks rise to $10.638 billion
LIABILITIES of US banks to Indian entities, such as exporters, corporates and banking institutions etc., went up in June for the first time since December last year. According to the US treasury data released for June this year, the outstanding ...
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Cross Currency Rates
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