The Hindu Business Line : Tuesday, January 14, 2003

Build-up of foreign exchange reserves — Cause for cheer, or seeds of trouble?
The recent unprecedented build-up of external reserves is being seen as a sign of economic strength, but it also contains the seeds of future problems. In this edition of Macroscan, C. P. Chandrasekhar and Jayati Ghosh consider t he factors behind the accrual of reserves and the implications for the balance of payments and the economy as a whole. More

Re up 3 paise; gilts gain
Mumbai: THE rupee ended stronger on Monday at 47.9350/9400 against the dollar as compared to its previous close of 47.97/98 in the forex market. With good dollar supplies and the State-run banks only partially mopping up the liquidity, the ... More

LIFE INSURANCE

LVB plans insurance products
NOT content with just marketing of the Aviva life insurance products, the Karur-based Lakshmi Vilas Bank (LVB) is in the process of formulating appropriate products tailored to suit the needs of its depositors and home loan account ... More

GENERAL INSURANCE

ICICI-Lombard bags PPN deal
ICICI-Lombard General Insurance Company Ltd has opened the year with a bang and taken the Pillai Perumal Nallur (PPN) Power Project insurance cover away from the public sector insurers. Sources said here that ICICI-Lombard was the sole insurer ... More

PRIVATE BANKS

IndusInd gets nod for offices abroad
INDUSIND Bank has received the RBI permission to set up its first overseas representative offices in Dubai and London. With its focus on non-resident Indians, the bank offers them deposit schemes, portfolio investment services, depository ... More

PUBLIC SECTOR BANKS

J&K Bank 9-month net up
THE Jammu and Kashmir Bank Ltd (J&K Bank) has recorded a net profit of Rs 236.18 crore for the nine-month ended December 31, 2002, a 35 per cent jump over the net of Rs 174.79 crore during the corresponding period in the previous fiscal. The ... More

CREDIT CARDS & DEBIT CARDS

Dena Bank unveils debit card
DENA Bank has announced the launch of Dena International Debit Card in association with Visa Electron. Addressing a press conference here on Monday, Mr A.G. Joshi, Chairman and Managing Director, Dena Bank, said the card will be available free ... More

FIXED DEPOSITS

Central Bank cuts deposit rates
CENTRAL Bank of India has reduced its term deposit rates by 25 basis points for select slabs effective January 15. For deposits with tenors between 91 days and 179 days, the interest rate has been cut to 5.25 per cent (5.50 per cent). Rates ... More

Oriental Bank trims deposit rates
ORIENTAL Bank of Commerce (OBC) has announced reduction of domestic term deposit rates from January 13. The rate for deposits for a period of one-year to less than 2 years has been reduced by 50 basis points to 5.75 per cent. For two years to ... More

NEW PRODUCTS & SERVICES

Tata AIG launches pension plan
TATA AIG Life Insurance Co Ltd today launched `Nirvana', a pension plan for individuals. With a minimum cover of Rs 50,000, this policy is available for anyone between 18 and 55 years of age with the flexibility to retire between 50 and 65 ... More

GTB's `Videsh Mudra'
GLOBAL Trust Bank has announced the launch of `Videsh Mudra' enabling the resident Indians to retain the foreign exchange acquired by them in a current account with the bank. In a press release here on Monday, the bank said the initiative ... More

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