Financial Daily from THE HINDU group of publications
Tuesday, August 20, 2002
Forex Rates Aug. 19 (4.30 p.m. IST)
1 PoundRs 74.61
1 EuroRs 47.58
1 USDRs 48.54
100 YenRs 40.92
1 Sing $Rs 27.72

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MONEY & BANKING

REGIONAL RURAL BANKS


Netravati Bank schemes for entrepreneurs
WITH a view to promoting industrialisation in rural areas, Netravati Grameena Bank proposes to liberally extend credit to entrepreneurs qualified and trained in the various areas of engineering. With this objective in mind, the bank will be ... More

FOREX


Rupee dips; securities gain
Mumbai: THE rupee closed marginally weaker on Monday at 48.5850 against the dollar as compared to Friday's close of 48.5750 in an active forex market. Forex dealers said, nationalised banks were mopping up dollar liquidity in the market that ... More

NBFCS


DCA initiates search and seizure against Ferguson
The report had reportedly criticised the quality of corporate governance between 1999 and 2001 in Tata Finance and its subsidiaries. Subsequently, Ferguson withdrew the report and stated that a new team had been assigned to prepare a fresh report. More

HOUSING FINANCE


`Housing finance cos ready to cut rates... '
HOUSING finance companies (HFCs) would not think twice before cutting rates lower than what the banks are offering now, if only they had the luxury of the "dirt cheap" funds that the latter have access to. Mr N. Sowmyan, Chief Executive, GIC ... More

GIC Housing Finance sees scope for growth
The company has made an exception in the case of Thiruvananthapuram considering the volume of business that is being generated already and the potential to do much more. More

LIFE INSURANCE


SBI Life to toe bancassurance
SBI Life Insurance Co Ltd, the joint venture between the State Bank of India and the French insurance major Cardif SA, has decided to retune its business model to bancassurance once again following the clearance of bancassurance model by the ... More

Insurance panel views will decide fate of life rider cap
THE Insurance Regulatory and Development Authority (IRDA) would take a final decision on the demand for lifting the cap on riders on life insurance polices after ascertaining the views of the Insurance Advisory Committee. The committee ... More

PRIVATE BANKS


Federal Bank's online ATM services
THE Kerala-based Federal Bank has launched its networked online ATM services here. With the launch of the online ATM services, branches of the bank can issue ATM cards that can be used by the customers to derive benefit from the ATM facilities ... More

PUBLIC SECTOR BANKS


Canara Bank to trim equity base prior to public offer
AS a prelude to tapping the primary market with an IPO, Canara Bank has decided to reduce its equity capital by Rs 278 crore and return the money to the Government. "We have written to the Government a month ago for reducing the bank's equity ... More

Don't tie us up with dress code, say BoB staff
WEAR a tie and a smile to office. This is the latest fiat issued by the management of Bank of Baroda (BoB) to its officers and award staff. As per an order issued recently by the bank's Executive Director (Human Resource Management), the ... More

FINANCIAL INSTITUTIONS


`KSFC mulls lending'
THE Karnataka State Finance Corporation (KSFC) is to consider financing films , according to Mr Bhaktavatsala, film-maker and former President of the Film Federation of India. KSFC had shown an interest and would be convening a meeting soon to ... More

ALLIANCES & JOINT VENTURES


UTI Bank, NHPC ink pact
MUMBAI: UTI Bank has signed a memorandum of understanding (MoU) with National Hydroelectric Power Corporation Ltd (NHPC) for joint consultancy in hydro projects for a period of three years. "This move signifies the bank's increasing ... More
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