The Hindu Business Line : Tuesday, February 25, 2003

Govt places Rs 13,000-cr debt with RBI
IN a move aimed at benefiting from a strong foreign exchange reserves position and low interest rate regime in the domestic market, the Government today privately placed with the Reserve Bank of India (RBI) two new securities aggregating Rs ... More

FOREX

Forwards rise; rupee loses
Mumbai: THE dollar forward market saw a spike of over 30 basis points in the short term. The rise in premia was across maturities. With good buying interest and a tightness in liquidity situations, the three-months forward ended at 4.14 per ... More

Western Union plans direct bank credit facility
WESTERN Union Financial Services is planning to start direct money transfers to bank accounts of individuals in India as a new service area to increase its market share in the country. Currently, the company is providing inward remittances sent ... More

MANAGEMENT

IIB joins hands with Montreal institute
THE Indian Institute of Bankers (IIB) today launched a new course, `Diploma in Bank Financial Management', in collaboration with the Institute of Canadian Bankers, Montreal, Canada. In this course, the participants will learn how to manage the ... More

CREDIT RATING

SKNL debentures downgraded
ICRA has downgraded the rating assigned to the Rs 50-crore non-convertible debenture programme of S. Kumars Nationwide Ltd (SKNL) from `LBB', under rating watch, to `LD', indicating default. The company is in default in payment of interest and ... More

PUBLIC SECTOR BANKS

Despite improved credit offtake — Banks still crave for Govt paper
IMPROVED credit demand linked to a revival in industrial activity has enabled banks to almost double aggregate lending levels during the current fiscal. But that has still not satiated their appetite for Government paper. As on February 7, ... More

Union Bank keen to tap captive insurance
UNION Bank of India had a total credit portfolio of Rs 22,465 crore at the end of last financial year. Of this about Rs 19,000 crore were secured against insurable assets. Herein lies the potential that the bank expects to tap, through its ... More

INTEREST RATES

LVB raises bulk deposit rates
THE Lakshmi Vilas Bank Ltd (LVB) has decided to pay additional interest of 0.25 percentage points on bulk deposits of Rs 50 lakh and above for maturity periods ranging between 90 and 365 days (both inclusive). A deposit of Rs 50 lakh for 90 ... More

BoI hikes rates on deposits
BANK of India (BoI) has raised interest rates by 25 basis points on domestic term deposits of amounts less than Rs one crore, in the maturity bracket of "46 to 90 days'', effective from February 27. For amounts less than Rs 15 lakh in this ... More

GOVT BONDS

Govt move on buyback — PSU insurers cool to swapping high coupon securities
PUBLIC sector general insurance companies have expressed reservations against the proposed buyback of high-coupon securities by the Government. Industry sources said that these buybacks would have a negative impact on the investment income ... More

CREDIT CARDS & DEBIT CARDS

Tourists spent over $482 m on Visa cards
TOURISTS in India spent over $482 million using Visa payment cards in the year 2002 registering a three per cent growth over the previous year. According to a Visa International study, tourists from the European Union, the US and Asia-Pacific ... More

CO-OPERATIVES

Govt moves to compensate Charminar Bank depositors
Mr Chikkala Ramachandra Rao, State Minister for Cooperation, said that the proposed package apart from ensuring that the depositors were returned their money, would also ensure revival of the bank. More

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