The Hindu Business Line : Friday, March 04, 2005

Farm credit target: Easier set than met
IN the Budget speech, the Finance Minister, Mr P. Chidambaram, promised to increase farm credit disbursals by `another 30 per cent' in 2005-06, so as to `double the flow of agricultural credit in three years', starting from mid-2004. So, an ... More

OVERSEAS BORROWINGS

IOB plans GDR issue in Singapore
INDIAN Overseas Bank intends to raise S$250 million (Rs 673 crore) through a GDR issue. The bank is seeking listing of the GDRs on the Singapore Stock Exchange, according to a notice sent by the bank to the Bombay Stock Exchange. A senior ... More

PENSION PLANS

LIC launches unit-linked pension plan
LIC has unveiled a unit-linked pension plan called `Future Plus' that will come into effect from Friday. According to Mr D. Krishnan, Executive Director, Corporate Communications, LIC, the product is in tune with the needs of the market. "The ... More

FOREX

Service tax exemption on forex payments to go
COME March 15, the existing service tax exemption on taxable services for which payments are received in convertible foreign exchange will stand withdrawn. The Finance Ministry has also issued export of services rules, which seek to spell out the ... More

Rupee in range; bonds volatile
MUMBAI: The rupee ended at 43.71/71.50 against the US dollar on Thursday, slightly higher than Wednesday's close of 43.70/71.5. Dealers said that the market was dull and directionless. The rupee, which opened at 43.69.5/70 on Wednesday, ... More

TAXATION

Cash withdrawal tax may turn into nightmare for banks
THE taxman's noose that is chasing customers who withdraw large sums of cash from their bank accounts, is sending shivers through another set of people who feel that they might eventually turn out to be major victims of the new tax — the ... More

FINANCIAL INSTITUTIONS

IDBI acquires 11.29 pc stake in Oil Country
INDUSTRIAL Development Bank of India (IDBI) has acquired 50-lakh equity shares of Oil Country Tubular Ltd (OCTL), amounting to 11.29 per cent holding. Informing this to the stock exchanges on Thursday, OCTL said the acquisition was done on ... More

FIXED DEPOSITS

State Bank of Travancore hikes NRE deposit rates
THIRIVANANTHAPURAM: State Bank of Travancore (SBT) has raised the interest rates for foreign currency non-resident (FCNR), non-resident external (NRE) deposits and resident foreign currency (RFC) deposits with effect from March 1, ... More

TMB hikes interest rates for domestic term deposits
TAMILNAD Mercantile Bank has revised upwards its interest rates on domestic term deposits with effect from March 1. The rate of interest for deposits with maturity of 12 months to less than 2 years has been raised from 6.5 per cent to 7 per ... More

PUBLIC OFFER

PNB sets price band at Rs 350-390 — Minimum application size 15 shares
THE price band for the follow-on public offer by Punjab National Bank (PNB) has been fixed from Rs 350 to Rs 390 per equity share of the face value of Rs 10. The issue would be open for subscription from March 7. At the lower end of the price ... More

PEOPLE

Dr Rao quits Dhanalakshmi Bank board
DR P. Raja Mohan Rao, the single largest shareholder of Dhanalakshmi Bank, has resigned from the board of the bank. Dr Rao and some of his close relatives hold around 37 per cent stake in the bank. The resignation of Dr Rao, which was taken up ... More

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