The Hindu Business Line : Tuesday, March 25, 2003

RBI issues norms for uniform repo accounting
COMMERCIAL banks, co-operative banks, primary dealers, financial institutions, RRBs and NBFCs will have to follow uniform accounting practice for repo market operations in the coming financial year 2003-04. The Reserve Bank of India has issued ... More

FOREX

Rupee stable; securities decline
Mumbai: THE rupee closed at 47.6550/6600 on Monday, after opening at the same levels. On Friday, the rupee had closed at 47.67 against the greenback. The dollar supplies were good. Corporates and banks were seen absorbing the inflows, which ... More

INFORMATION TECHNOLOGY

South Indian Bank aims at blending tech with tradition
THOUGH fast on implementing the latest technology, South Indian Bank (SIB), according to its Chairman and Chief Executive Officer, Mr A. Sethumadhavan, aims at blending technology with tradition. The Thrissur-based bank has so far invested over ... More

SOFTWARE

FinnOne gets high IBS rating
NUCLEUS Software Exports Ltd, a Delhi-based banking software developer, said its flagship product, FinnOne, has been ranked as the country's third best selling universal banking solution for 2002 by International Banking Systems (IBS) of the ... More

i-flex solution for Kotak bank
BANGALORE: i-flex Solutions has announced that Kotak Mahindra Bank has selected its flagship product, Flexcube, for its core-banking operations. "This is a highly strategic win for i-flex and we are proud to partner with Kotak ... More

LIFE INSURANCE

BOB to sell ING Vysya insurance products
BHARAT Overseas Bank (BOB) entered into a Memorandum of Understanding (MoU) with ING Vysya Life Insurance today to promote the latter's insurance products across its branches. Mr Yvo R. Metzelaar, Managing Director and CEO, ING Vysya, and Mr ... More

GENERAL INSURANCE

New IRDA non-life brokerage norms — `No payment for business from Govt, PSUs'
As per the new guidelines on general insurance contracts, insurance brokers cannot charge brokerage or commission on the business of Government and public sector undertakings. More

FOREIGN DIRECT INVESTMENT

Insurance cos: Divestment clause looms large for foreign promoters
FOR foreign promoters of Indian insurance companies, the euphoria over the move to hike foreign direct investment (FDI) cap in insurance to 49 per cent could be short-lived, with the Government proposing to slap the mandatory divestment clause on ... More

PRIVATE BANKS

Kotak Mahindra Bank to debut on March 31
KOTAK Mahindra Bank, all set to commence operations next week, will open 25 branches in the first year and another 50 in the next two years. "The bank will have 75 branches in three years with maximum presence in metros and other cities," said ... More

PUBLIC SECTOR BANKS

State Bank, BoB get nod for offshore branches in SEZs
STATE Bank of India (SBI) and Bank of Baroda (BoB), the two largest public sector banks, have received RBI licence to set up offshore banking units (OBUs) in special economic zones (SEZs). These are the first batch of licences given by the RBI ... More

BoB plans to invest Rs 100 cr in development fund
BANK of Baroda proposes to invest Rs 100 crore in the India Development Fund, which focuses on investing in early- and middle-stage infrastructure companies engaged in the social, urban, technology and agricultural infrastructure ... More

IOB opens ATM in Chennai

FINANCIAL INSTITUTIONS

Banks refuse refinance support to State PSUs
Some State PSUs want to retire mostly high cost bonds and term loans. A few States proposed to buy back some of these high cost bonds/debts for refinancing the same with lower interest loans/bonds for extended tenures. More

CORPORATE BONDS

SLR bonds from KFC

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