The Hindu Business Line : Saturday, July 13, 2002

Jaswant for single regulator for entire financial sector
THE Finance Minister, Mr Jaswant Singh, has directed the Secretary, Financial Sector, Mr D.C. Gupta, to examine the feasibility of having a single regulator for the entire financial sector. In his first address to the Parliamentary Consultative ... More

REGIONAL RURAL BANKS

Kalpatharu Grameena Bank to target non-farm sector — Hopes to post Rs 5-cr profit
THE Kalpatharu Grameena Bank plans to wipe out accumulated losses of over Rs 2.75 crore and make a profit of Rs 5 crore this year. To this end, the bank is focussing on the non-farm sector in Bangalore Urban and Bangalore Rural districts where it ... More

FOREX

Rupee touches 3-month high on $ inflows
THE rupee touched a three-month intra-day high on Friday at 48.7650 against the dollar before closing weaker at 48.77/78 against the greenback. ``The appreciation was due to the exorbitant amount of dollar inflows coming into the market and ... More

DEBT MARKET

New debt for old: Not that easy
EVERYONE in New Delhi would like to reduce Government public debt and replace it with low cost paper easily available in the market at the present moment. Incidentally, the RBI is also keen on the same idea, though it may not agree with the ... More

RBI & OTHER CENTRAL BANKS

RBI gets tough with banks — Lending rate disclosure to be made mandatory
THE Reserve Bank of India has decided to make it mandatory for all commercial banks to disclose their maximum and minimum lending rates, including sub-PLRs, on a fortnightly basis. In its recent credit policy, RBI had told banks to provide ... More

RBI directive on return of deposits
NON-banking non-financial companies do not have to submit their return of deposits to the Reserve Bank of India, a press release has said. As per the Companies Act 1956, non-banking non-financial companies were required to submit the return on ... More

Foreign currency a/c norm for SEZ unit relaxed
THE Reserve Bank of India has permitted a unit located in a special economic zone (SEZ) to open, hold and maintain a foreign currency account with an authorised dealer in India. The approval comes with the condition that all the foreign ... More

PUBLIC SECTOR BANKS

SBI tightens norms for corporates
IN the wake of a series of international accounting scandals, the State Bank of India (SBI) has tightened due diligence procedures on corporate borrowers. Briefing reporters here on Friday, the SBI Managing Director, Mr S. Govindarajan, said, ... More

Andhra Bank board meet on July 20

Corpn Bank meet

FINANCIAL INSTITUTIONS

Cleaning up process again for revamp — IFCI orders NPA categorisation
CLEANING up work has started at IFCI Ltd. With fresh lending coming to a virtual halt for some time on account to acute liquidity crisis, the focus has clearly shifted towards tackling the crippling burden of past non-performing assets ... More

GOVT BONDS

Securities lose early gains
THE RBI on Friday announced an auction of a new 10-year paper worth Rs 3,000 crore on July 17, with a `call and put' option. There is another 8.07 per cent 2017 paper worth Rs 4,000 crore for auction on the same day. Due to the ample liquidity ... More

SECURITISATION

`Ordinance must help recover problem assets'
FITCH Ratings India has said that the ordinance on securitisation may lead to an improvement in the financial position of lenders, especially if its implementation prompts more recoveries of their "problem assets''. The Securitisation and ... More

Securitisation: Ordinance `not clear in parts'
THE Ordinance on securitisation would be a big boost to transactions in the country but certain provisions in it call for greater clarity. According to Crisil, the clear definition of security and securitisation and the rights of investors in ... More

FIXED DEPOSITS

Deposit rate cut likely
WHILE the new Finance Minister, Mr Jaswant Singh, has given some hope to the people with his now-famous `more money in the housewife's purse' remark, banks in the country are thinking of reducing the deposit rates. Some of the banks, at least ... More

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