The Hindu Business Line : Wednesday, April 09, 2003

Re dips; gilts volatile
Mumbai: THE rupee ended at 47.4100/4150 against the dollar on Tuesday compared to Monday's close of 47.4050/4150 in the local currency markets. There was good demand for greenbacks by most banks ahead of the long week-end coming up. The ... More

STOCKS

Syndicate Bank up on equity cut, dividend hike hopes
SHARES of public sector Syndicate Bank have gained over 30 per cent in the last seven trading sessions following the announcement that it will return Rs 100 crore of equity capital to the Union Government. Since March 31, the stock price has ... More

NBFCS

Sale of Coimbatore Pioneer Mills machinery — Sundaram Finance gets HC approval
THE Madras High Court has permitted the sale by Sundaram Finance Ltd, Chennai, of machinery of Coimbatore Pioneer Mills Ltd by suspending the operation of the order dated February 21, 2003 of the single judge, who had made absolute the interim ... More

AGRICULTURAL INSTITUTIONS

Banks draw less refinancing from Nabard
AGGREGATE sanctions by National Bank for Agriculture and Rural Development (Nabard) to various banks and State governments increased by 7.3 per cent to Rs 22,696.01 crore as on March 31, 2003 from Rs 21,145.65 crore in the previous year. The ... More

LIFE INSURANCE

Tata AIG office in Mangalore
TATA AIG Life Insurance Company Ltd has opened an office in Mangalore to enhance its distribution network. According to Tata AIG, they are the first private insurer to set up office in Mangalore. The company will offer and service a wide ... More

GENERAL INSURANCE

New India, Bajaj Allianz top premium collections
WHILE New India Assurance tops the list of public sector non-life companies in premium collections, it is Bajaj Allianz among the private sector players for the first eleven months period of fiscal year 2002-03. According to the figures ... More

RBI & OTHER CENTRAL BANKS

Credit limit for overseas ventures hiked
BANKS can now extend credit and non-credit facilities to Indian joint ventures and wholly-owned subsidiaries abroad for up to 10 per cent of their (banks) unimpaired capital funds (Tier I and Tier II capital). Earlier, banks were allowed to ... More

PRIVATE BANKS

ICICI Bank to use Pramati tool
HYDERABAD: Pramati Technologies, global provider of application development tools and middleware infrastructure, has announced it has entered into a deal with ICICI Bank to deploy Pramati Server software. Under the 3-year agreement, ... More

FOREIGN BANKS

Bank Muscat eyes retail portfolios
Bank Muscat says its interest in picking up stake in Centurion Bank along with Sabre Capital hinges on "certain conditions" put forward last year. More

INTEREST RATES

At this rate, one will lose interest in bank deposits
MILLIONS of savers in the country are losing value of their deposits, thanks to the "easy interest rate" regime. In the week ended March 22, the rate of inflation inched up to a shade under 6 per cent, at least 25 basis points more than the ... More

GOVT BONDS

Credit risk better bet for banks than market risk
THANKS to falling interest rates, the bond portfolios of banks have seen considerable appreciation in the last few years. On top of this has been the increasingly frenetic trading activity in the gilts market — where turnover is close to ... More

CREDIT CARDS & DEBIT CARDS

SBI launches Hyderabad card
SBI Cards and Payment Services Ltd, the country's leading issuer of Visa cards, has announced the launch of Hyderabad's own city affinity card, the SBI Hyderabad Card. In a press release here on Tuesday, SBI Cards said the Hyderabad Card was an ... More

TRENDS

Baits continue — this time for loans!
ONCE upon a time it was deposits that attracted the limelight and the incentives. As one bank manager put it: "Earlier, depositors would be received warmly — welcomed with coffee and given the Manager's attention. Borrowers would be ... More

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