The Hindu Business Line : Thursday, August 08, 2002

Sending the greenbacks home
For years, the NRI had to rely on State Bank of India drafts or friends to send money home. Today, companies such as Western Union and Citibank are stepping up efforts to target the community, even as smaller players fight for their share o f the pie. Catalyst takes a look at their efforts. More

FOREX

Re up 5 paise; gilts bullish
Mumbai: THE rupee closed stronger on Wednesday by around five paise at 48.66/6650 per dollar as against Tuesday's close of 48.71. Forex dealers said that the market witnessed a lot of dollar selling from banks and exporters, who were unwinding ... More

SOFTWARE

Prakar Software new version
BANGALORE: Prakar Software Ltd, Bangalore, specialising in computerisation of bank accounts, has launched the 2002 version of Auto Banker. This software is exclusively for credit co-operative societies, banks and financial ... More

NBFCS

`Ferguson report not based on facts'
SOME of the conclusions of audit firm A.F. Ferguson's report on Tata Finance were not based on facts, Mr Ishaat Hussain, Chairman, Tata Finance Ltd, has said. The audit firm had withdrawn the report following the reservations expressed on these ... More

LIFE INSURANCE

IRDA to lift ceiling on life policy riders
THE cap on the maximum permissible premium relating to riders on life insurance policy placed recently by the Insurance Regulatory and Development Authority (IRDA) is to be removed. Faced with severe opposition from life insurance companies, ... More

PUBLIC SECTOR BANKS

IBA for speedy disposal of loan applications
IBA has suggested that banks should acknowledge loan applications on the date of receipt at the branches. More

SBI unveils IT upgradation plan with KPMG help
AS part of its ongoing technology initiatives, State Bank of India (SBI) has drawn up an IT plan for the next five years in consultation with KPMG. According to the SBI annual report, the IT plan envisages implementation of an integrated core ... More

Consolidation vital for PSU banks: Ballabh
THE need for consolidations in the banking sector is not confined to private sector banks alone but is equally critical for public sector banks, according to Mr Janki Ballabh, Chairman, State Bank of India (SBI). In his speech at the bank's AGM ... More

Vijaya Bank shelves tier II issue
THE state-owned Vijaya Bank has shelved plans for the time being to foray into the bond markets with a tier two issue in view of falling yields. Speaking to Business Line here on Wednesday, Mr Michael Bastian, the bank's Acting Chairman ... More

FOREIGN BANKS

Labour Commissioner to review closure of Bank of Tokyo branch
THE Regional Labour Commissioner of the Union Government will review on Thursday the situation arising out of the sudden closure of the local branch of the Bank of Tokyo-Mitsubishi. The branch has been in operation in the city since March ... More

FIXED DEPOSITS

Lord Krishna Bank cuts deposit rates
LORD Krishna Bank has cut interest rates on deposits ranging from 0.25 to 0.75 per cent, which will become effective from August 10. This was an exercise to maintain the cost of deposits to the bank low, Mr V.K. Gupta, Executive Director of ... More

TRENDS

Credit offtake picking up, says Janki Ballabh
THE current year (2002-03) has shown visible signs of pick-up in economic growth and some of the major industries have recorded positive growth in credit deployment, according to the State Bank of India Chairman, Mr Janki Ballabh. In his ... More

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In Depth
Gender Justice

Simple Economics

Small Investor

Looking back
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