MONEY & BANKING
FOREX
Rupee loses 5 paise; securities weak
MUMBAI: Heavy demand for dollars from oil companies and importers pushed the rupee southward as it closed at 45.9550/9650, weaker than previous close of 45.90/91. "Month-end demand from corporates on account of loan and interest ...
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CREDIT POLICY
Mid-term review of credit policy on Oct 26
THE Reserve Bank of India will unveil the mid-term review of the annual policy statement for 2004-05, on October 26. Bankers said while the RBI does not wait for the bi-annual announcements to come out with monetary measures, domestic financial ...
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SOFTWARE
Wipro implements SAP in China
BANGALORE: Wipro Technologies said on Monday that it has completed its first SAP implementation in China for Olympus (Beijing) Sales & Service Co Ltd (OCM). OCM awarded the SAP FICO implementation to Wipro Technologies across 4 new ...
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NBFCS
Exit AXA, enter Mitsui in Chola MS risk venture
THE Murugappa Group on Monday announced that Japan's Mitsui Sumitomo had replaced AXA of France as partner in their company that offers consultancy services on risk management. The partners will have equal stake in the company, Chola MS Risk ...
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Gowra board meets tomorrow
HYDERABAD: THE board of directors of Gowra Leasing & Finance Ltd (GLFL) is scheduled to meet on Wednesday to consider a proposal to sell, lease, transfer or otherwise dispose off the company's infotech division, the company informed the ...
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LIFE INSURANCE
Amcham seminar on life insurance regulations in Hyderabad
THE American Chambers of Commerce (Amcham) is organising a day-long international conference on `Regulatory Best Practices and Emerging Trends in Life Insurance' here on Thursday. In a press release here on Monday, Amcham said India was one ...
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CREDIT RATING
Chola Finance plans to raise Rs 200 crore
CHOLAMANDALAM Investment and Finance Company Ltd proposes to raise Rs 200 crore through an issue of non-convertible debentures. ICRA has assigned a rating of `MAAA+' (indicating high safety). Cholamandalam's Managing Director, Mr M. Anandan, ...
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PRIVATE BANKS
Karnataka Bank unveils multi-city cheque facility
KARNATAKA Bank has launched "Multicity Cheque" facility for its current account holders under the "Money Ruby", "Money Sapphire" and "Money Diamond" schemes. A bank release said here that "Multicity Cheques" are payable at par at 200 braches ...
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8 resolutions put to vote at Federal Bank AGM
EVEN as counting in the keenly contested election to the board of Federal Bank was in progress, a large number of proxy votes have been found to be invalid. These proxy votes were found invalid due to different technical reasons such as the ...
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PUBLIC SECTOR BANKS
PNB opens ATM centre in Kochi
KOCHI: Punjab National Bank has opened an ATM centre at Marine Drive here, taking the number of ATMs to 18 in Kerala. With this, the Bank has established more than 450 ATM centres throughout the country. Inaugurating the ATM centre, Dr ...
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FINANCIAL INSTITUTIONS
IDFC to offer 30 pc of stake to public
IN a move to give an exit option to its stakeholders, IDFC ( Infrastructure Development Finance Company) has announced its decision to come out with an IPO in January 2005. IDFC's board of directors, which met in New Delhi, approved the ...
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INTEREST RATES
Bankers divided over rate outlook
BANKERS seem to be divided in their outlook on the direction of interest rates in the short to medium term. Compelling factors including the sharp fluctuations in inflation along with a tumultuous spell in the domestic debt markets in the ...
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MERGERS & ACQUISITIONS
TVS cos Sundaram Finance, Lakshmi General to merge
TWO TVS Group companies, Sundaram Finance Ltd and Lakshmi General Finance Ltd, have decided to merge. The boards of both the companies have taken a decision to this effect, Sundaram Finance has said in a press release. Sundaram Finance has ...
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EVENTS
`Bank auditors must understand role'
MANGALORE: The Director of Karnataka Bank Ltd, Mr I. Jagdish Rao, has called upon inspecting officials to understand their role well and capture the overall performance of the branch to present it to the controlling ...
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CO-OPERATIVES
Visakha Co-op Bank to pay 20 pc
THE Visakhapatnam Co-operative Bank has declared 20 per cent dividend for the financial year 2003-04. At the annual general meeting here, the resolution to pay 20 per cent dividend was passed and it was also decided that it should be paid ...
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Greater Bank opens 16th branch
GREATER Bombay Cooperative Bank Ltd, popularly known as Greater Bank, announced on Monday the opening of its 16th branch. The Chairman-cum-Managing Director, Mr NarendraKumar Baldota, inaugurated the branch on September 15, said a press ...
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PEOPLE
BoB chief Shenoy is new IBA chairman
THE Indian Banks' Association has elected Mr P.S. Shenoy, Chairman and Managing Director, Bank of Baroda, as its new Chairman for 2004-05. Mr Shenoy has taken over the reins as IBA Chairman from Mr V. Leeladhar, CMD of Union Bank of India, who ...
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Cross Currency Rates
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