Financial Daily from THE HINDU group of publications
Wednesday, January 08, 2003
Forex Rates Jan. 07 (4.30 p.m. IST)
1 PoundRs 76.81
1 EuroRs 49.86
1 USDRs 47.93
100 YenRs 36.96
1 Sing $Rs 27.51

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Clearing Corpn set to launch money market platform
HAVING received the Reserve Bank's approval and operative guidelines, the Clearing Corporation of India is all set to launch its new money market trading platform, Collateralised Borrowing and Lending Obligation from January 20. Clearing ... More

`Retail financial services can rev up economy'
THE retail financial services market with a potential $15 billion for the year 2003 is expected to be a key driver to the Indian economy, even as the Indian banks can look forward to a phase of rapid settlement of non-performing assets (NPAs), ... More

Western Union signs pact with ING Vysya
WESTERN Union has signed a pact with ING Vysya Bank which would offer inbound money transfer facility at the bank's premises across the country. Initially, the services would be available across 100 branches and the facility is likely to be ... More

FOREX


Re firm; gilts range-bound
Mumbai: THE rupee ended on Tuesday at 47.9750/9800 against the dollar as compared to Monday's close of 47.9850/9950 in the forex market. The inflows of the dollar was heavy today, however, all the inflows were mopped up by State-run banks at ... More

HOUSING FINANCE


Vysya Bank to sell housing arm stake
MUMBAI: The Board of Directors of Vysya Bank Ltd at its meeting held on Tuesday gave in-principle approval for the sale of its 85.91 per cent equity stake in its housing finance subsidiary, Vysya Bank Housing Finance Ltd (VBHF) to Dewan ... More

CONSUMER FINANCE


Maruti Finance disbursements touch Rs 500 cr
MARUTI Udyog Ltd today said that car loans disbursed under Maruti Finance have touched Rs 500 crore, in the one year since its launch. In a press release, the company said that Maruti Finance now covered almost the entire country, barring parts ... More

LIFE INSURANCE


Pvt insurers seek long-term G-secs for parking funds
PRIVATE life insurance companies have asked the Insurance Regulatory and Development Authority (IRDA) to request the Finance Ministry to come out with long-term Government securities for investment. This was stated by Mr Shivaji Dam, Managing ... More

HDFC Standard tapping corporate agency route
HDFC Standard Life Insurance is aggressively tapping the corporate agency route in a bid to broadbase its distribution network and shore up its customer base. The insurer today announced its tie-up with the Kochi based JRG Financial Services ... More

Sahara group gets nod for insurance foray
THE Insurance Regulatory Development Authority (IRDA) has permitted the Sahara group to commence life insurance business. The IRDA Chairman, Mr N. Rangachary, told newspersons in the sidelines of a seminar organised by the Bombay Chamber of ... More

GENERAL INSURANCE


Mitsui Sumitomo invests Rs 37 cr in Murugappa venture
CONSEQUENT to Mitsui Sumitomo stepping into Cholamandalam General Insurance Company Ltd, the non-life insurance company of the Murugappa group with a Rs 37-crore investment, the company will change its name to Cholamandalam MS General Insurance ... More

FINANCIAL POLICY


Will the Bush package make a difference?
AS this is being written, the US President, Mr George W. Bush, is readying an array of fiscal incentives to get the US economy moving into high gear. He has cause for concern. About a decade ago, his father won the war with Iraq on Kuwait ... More

PUBLIC SECTOR BANKS


PNB rules out another IPO now
PUNJAB National Bank (PNB) today clarified that though the bank's board of directors had recently asked the management to explore the possibility of a second public issue, there are no immediate plans to come out with an offering `in the near ... More

Five PSBs in ATM hook-up pact
FIVE of the public sector banks are to sign a memorandum of understanding by the end of this month to pool their ATM infrastructure. This was decided at a meeting of representatives of the banks held here on Friday. The five banks that have ... More

TRENDS


Gulf NRI kitty bulges on war fears
FEARS of an impending war in Iraq and mid-term plans by Gulf States to nationalise the workforce, coupled with attractive interest rates on Indian deposits, have pushed up Gulf non-resident Indian (NRI) remittances, with a significant surge ... More
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