The Hindu Business Line : Thursday, May 22, 2003

Rupee gains 3 paise; gilts firmer
Mumbai: IN the currency markets, there was heightened volatile activity, with the rupee ending the day 3 paise higher at 46.87/88 against the dollar on Wednesday. The rupee opened the day at 46.86/87 and moved over 17 paise between the ... More

INFORMATION TECHNOLOGY

Euronet links ATMs of 4 banks
Euronet Services India Pvt Ltd, the Kansas-headquartered, electronics financial transactions services company on Wednesday brought together two foreign and two private banks to facilitate an ATM sharing arrangement `Cashnet' between them. The ... More

STOCKS

IDBI perks up on conversion hopes
IDBI shot up 20 per cent today on news that the development financial institution would soon convert to a bank. The stock closed at Rs 22.30, or 19.57 per cent higher than its previous close on the Bombay Stock Exchange. The BSE and National ... More

GENERAL INSURANCE

Mitsui Sumitomo upbeat on Indian foray
THE Chairman and CEO of Mitsui Sumitomo Insurance Company, Japan, Mr Takeo Inokuchi, has said that the company has big expectations from the Indian market for non-life insurance. "We would (eventually) like to be Number 1 or Number 2 among the ... More

PRIVATE BANKS

Setting up rural branches — Finance Ministry, RBI get tough with new pvt banks
THE Indian countryside could soon be dotted with scores of signboards of new branches set up by the nine new private sector banks. The Ministry of Finance and the Reserve Bank of India have decided to adopt a tough stand on the banks' ... More

ICICI Bank to focus more on origination of loans
ICICI Bank, the largest private sector bank in the country, will be playing a bigger role as `originator' of loans than as a lender in the corporate loan market. The bank is counting on its `strong origination capabilities' and relationships with ... More

PUBLIC SECTOR BANKS

Andhra Bank plans to return Rs 50 cr more to Govt
THE board of directors of Andhra Bank is scheduled to meet here on Friday to consider and approve a proposal to return further capital of Rs 50 crore to the Central Government. The bank had returned Rs 50 crore during last fiscal out of share ... More

GOVT BONDS

Economics of buyback
A SCHEME for the Government to buy back high-coupon, illiquid securities was announced with much fanfare in the 2003-04 Budget. The carrot for banks was the opportunity to convert untraded bonds in their portfolios to cash and, in the process, ... More

FIXED DEPOSITS

`NRI deposits ebbing on strong rupee'
EVEN as the Indian rupee has gained in strength against the dollar in the recent past, the flow of NRI remittances and deposits to Indian banks have wavered and waned. "The response of the Indian NRI to the strengthening rupee was ... More

TRADE & LABOUR UNIONS

Strike cripples financial sector
BANKING and insurance appeared to be the only sectors in the city severely affected by the one-day strike called by trade unions across the country protesting the disinvestment policy of the Central Government. Employees and officers owing ... More

Banking services paralysed in Bengal
BANKING operations in West Bengal remained totally paralysed on Wednesday as employees and officers of all banks, including public sector banks, private banks, foreign banks, regional rural banks and State co-operative banks, supported the ... More

EVENTS

Development meet begins in Bangalore
THIS year's Annual Bank Conference on Development Economics (ABCDE) of the World Bank, being held for the first time in a developing country's knowledge-city here, saw a new interpretation as to what constitutes development, even as there are ... More

Seminar on insurance industry

CO-OPERATIVES

Manikanta Bank top brass arrested
THE Chairman and two of the Directors of Manikanta Bank, the city-based ailing urban cooperative bank, have been arrested by the Crimes and Special Investigation team of the Hyderabad Police on Wednesday . According to police, the Bank ... More

PEOPLE

Rajendra Kakker to head ARC
THE Managing Director, State Bank of Hyderabad (SBH), Mr Rajendra Kakker will take over as the Managing Director and Chief Executive Officer (CEO) of Asset Reconstruction Company (India) Ltd, the first such company in the country. Mr Kakker, ... More

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