Financial Daily from THE HINDU group of publications
Friday, January 25, 2002
Forex Rates Jan. 24 (4.30 p.m. IST)
1 PoundRs 68.62
1 EuroRs 42.38
1 USDRs 48.27
1 YenRs 35.97
1 Sing $Rs 26.25

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MONEY & BANKING

FOREX


Re ends weak; gilts lacklustre
MUMBAI: THE rupee closed weaker on Thursday by around eight paise at 48.35/36 against the dollar, as compared to the previous close of 48.27 in the forex market. It opened at 48.2850/2950 and started slipping on the back of good demand for the ... More

INFORMATION TECHNOLOGY


`74 pc of bank operations computerised'
AS much as 74 of banks' business is through computerised operations, the Central Vigilance Commissioner, Mr N. Vittal, said. The CVC, who had ordered that at least 70 per cent of each bank's business should be computerised by January 1, 2001, ... More

POLICY


Bouncing cheques still an offence
PARLIAMENT recently passed the Repealing and Amending Act, 2001, under which the Banking, Public Financial Institutions and Negotiable Instruments Laws (amendment) Act, 1988, was one of the repealed laws. However, the parent Act of 1881, the ... More

HOUSING FINANCE


LIC Housing net up 26.5 pc
MUMBAI: LIC Housing Finance Ltd. has reported a 26.5 per cent increase in net profit of Rs 32.12 crore for the quarter ended December 31, 2001 as against Rs. 25.38 crore during the corresponding quarter of the previous year. Income ... More

LIFE INSURANCE


Three new products from Max NY Life
MAX New York Life Insurance Co Ltd (MNYL) has announced the launch of three new products — Children Endowment at age 18 and at age 24 and Endowment at age 60. Addressing a press conference here, Mr Anuroop Singh, Chief Executive Officer ... More

MetLife eyes break even -- To raise capital base to Rs 450 cr
LIKE all private sector life insurance players, MetLife India Insurance Co Pvt Ltd is hoping to break even in its seventh year. But before that the company would increase its capital base to Rs 450 crore from the existing Rs 110 crore. Mr ... More

PRIVATE BANKS


Karur Vysya signs pact with i-flex Solutions
KARUR Vysya Bank has announced that it had signed an agreement with i-flex Solutions Ltd to implement the latter's Flexcube product across 120 branches. The bank plans to spend between Rs 20 crore and Rs 25 crore on technology in addition to ... More

Vysya Bank sees 300 pc rise in treasury revenues
VYSYA Bank expects a 300 per cent rise in `revenues from treasury operations' over the corresponding previous period, according to Mr V. Ravi Kumar, Head-Treasury. The treasury strategic business unit (SBU) has had a turnover of Rs 34,000 ... More

Dhanalakshmi Bank plans rights
THE Kerala-based Dhanalakshmi Bank Ltd proposes to raise Rs 27.47 crore through a rights issue in March. The bank has received approval from the Securities and Exchange Board of India and the record date for the issue has been set for February ... More

PUBLIC SECTOR BANKS


Oriental Bank net up 63 pc
NEW DELHI: Oriental Bank of Commerce (OBC) has recorded a 53 per cent increase in gross profit of Rs 531 crore for the first nine months ended December 31, 2001 compared to Rs 347 crore for the same period last year. After making ... More

SBI to recruit IT pros once arm gets okay
STATE Bank of India's plan to recruit IT professionals is now being linked to the grant of Government approval for its IT subsidiary, which is expected to materialise "in a matter of weeks''. SBI would recruit professionals "from the market'' ... More

Punjab National net up 20 pc
NEW DELHI: Punjab National Bank has registered a net profit of Rs 410.28 crore for the nine-month ended December 2001, a 20.13 per cent rise over Rs 341 crore net during the corresponding period in the previous year. Gross profit was ... More

FINANCIAL INSTITUTIONS


Tata group injects Rs 100 cr into TFL
IN a bid to boost the waning capital of Tata Finance Ltd (TFL), the Tata group has infused Rs 100 crore as deposits towards Tier-I capital as on December 31, 2001. So far, from July, the group has advanced Rs 300 crore to Tata Finance. At the ... More

ICICI Q3 net at Rs 256 cr, declares 55 pc interim
ICICI Ltd today reported marginal growth in its topline and an almost flat bottomline in the third quarter of fiscal 2001-02. However, the institution declared an interim dividend of Rs 5.50 per share or 55 per cent. The financial ... More

Corpbank Sec posts profit
MANGALORE: Corpbank Securities Ltd, a wholly-owned subsidiary of Corporation Bank, has registered an operating profit of Rs. 70.18 crore and a post-tax profit of Rs. 45.08 crore for the nine-month period ended December 31, 2001. Total ... More

CORPORATE BONDS


IDBI, ICICI sharpen claws for bond war
A BOND war appears to be on the horizon between the two premier financial institutions (FIs) of the country, with IDBI set to up the ante with an offer of higher returns on its next Flexibonds issue and ICICI likely to play catch-up with its ... More
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Looking back
Jan. 13-Jan. 19
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Don't miss the message

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IRDA nod for licences to 7 third party administrators

`No time-frame for CRR cut'

Bank privatisation efforts faltering


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