Financial Daily from THE HINDU group of publications
Wednesday, November 27, 2002
Forex Rates Nov. 26 (4.30 p.m. IST)
1 PoundRs 75.24
1 EuroRs 47.72
1 USDRs 48.15
100 YenRs 39.50
1 Sing $Rs 27.26

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FINANCIAL SERVICES


STCI taps foreign currency deposits for fund needs
SECURITIES Trading Corporation of India, a large primary dealer in the g-secs market, has started tapping a new source of funds, loans against foreign currency deposits (FCNR deposits). With primary dealers, conventionally borrowers, slowly ... More

FOREX


Re range-bound; gilts up
THE rupee ended on Tuesday at 48.21/22 against the dollar as compared to Monday's close of 48.20/21 in the forex market. The domestic unit was seen to be range-bound, with the currency having opened at 48.21. "There was good supply of the ... More

HOUSING FINANCE


No inspection of Tata Fin books
THE Government has not ordered any inspection or checking of the accounts of Tata Finance under the provisions of the Companies Act, the Finance Minister, Mr Jaswant Singh, told the Rajya Sabha on Tuesday. However, the Securities and Exchange ... More

LIFE INSURANCE


Challenges of taking life insurance to small towns
Among the key challenges in reaching potential insurance clients in small towns in India, the foremost is building knowledgeable and competent distribution channels. Given the established role played by the individual agency force in selling insuranc e products, and its particular relevance in small towns, it is essential to fortify this channel with a set of new inputs. More

CREDIT RATING


`AAA' rating for Exim Bank issue
EXIM Bank of India has received the `AAA' rating for its proposed Rs 1,000-crore bond issue from the Credit Rating Information Services of India Ltd. The funds will be used for lending activities. We have seen signs of pick-up in export ... More

FINANCIAL INSTITUTIONS


Core group of lenders to frame IFCI recast plan
LEADING banks and financial institutions today agreed to form a core group of lenders to chalk out a restructuring proposal for IFCI Ltd. Besides representation from IFCI, the group would include officials of IDBI, Life Insurance Corporation, ... More

INTEREST RATES


PNB hikes rates for short-term deposits
SIGNALLING a bias towards attracting short-term deposits, Punjab National Bank (PNB) has decided to revise the rates of interest on domestic term deposit under which the new rate for maturity of 1-3 years has been reduced whereas interest rate of ... More

GOVT BONDS


Low interest rates not spurring new investment
THE bond rush continues. Yields on the benchmark ten-year Government securities fell as low as 6.4 per cent last week. With this, they have dropped more than 60 basis points in just three weeks after the mid-term credit policy in end-October ... More

NON-PERFORMING ASSETS


Lord Krishna Bank secures assets thru Ordinance
LORD Krishna Bank Ltd has taken possession of secured assets mortgaged to the bank under the Securitisation Ordinance 2002. The bank took into its possession 10,480 cents of land situated in Broadway, Ernakulam in the heart of Kochi city. The ... More

Will early alert system cure the NPA malady?
THE RBI has put in place an early alert system and special mention accounts for banks to battle growing NPAs. Gross NPAs of 27 public sector banks as of March 31, 2002 are put at Rs 56,506.7 crore, of which NPAs of the non-priority sector come to ... More

Parliament gives assent to NPA Bill
THE Parliament today passed the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Bill 2002, with the Rajya Sabha giving its assent to the new law that would provide major powers to banks and financial ... More

REGULATORY BODIES & RULINGS


Under metamorphosis
Interestingly, it was the unethical practices adopted by some of the insurance players against the interests of the insurance consumers that led to the nationalisation of the insurance industry in the country. While the nationalisation lent the indus try unparalleled solidity, growth and reach, unfortunately, there grew a feeling of insensitivity to the needs of the market, tardiness in adoption of modern practices to upgrade technical skills coupled with a sense of lethargy. This led to a feelin g amongst the public that the insurance industry in the country was not fully responsive to the customer needs. More

EVENTS


Insurance meet to focus on market penetration
THE Confederation of Indian Industry (CII), which organised six international summits on the insurance sector from 1996 onwards, is organising the Seventh Insurance Summit 2002, this time at Hyderabad, on November 27 and 28. During the last ... More

PEOPLE


Watal made MD of APSFC
HYDERABAD: Mr R.P. Watal has been appointed the new Managing Director of Andhra Pradesh State Financial Corporation. He succeeds Mr J.C. Mohanty, who in turn has been posted as the Secretary to Government (Coordination), General ... More
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