The Hindu Business Line : Saturday, June 14, 2003

Strong rupee: Causes, consequences
The rupee has been appreciating against the dollar. What are the implications for the Indian economy, the corporate sector, and for the rupee itself, especially vis-à-vis other major currencies? And what can the RBI do? Alok Ray looks at the various scenarios. More

Banking on Jalan at the helm
MONEY managers inside and outside RBI Towers on Mint Street are getting a bit restive over the reported desire of the Governor, Dr Bimal Jalan, to exit the world of monetary policy. Most do not want a change during an election year when enormous ... More

FOREX

Rupee ends 5 paise weaker; G-securities recover
Mumbai: THE rupee ended the day 5 paise weaker on dollar demand from corporates and cancellations of forwards by exporters. It closed the day at 46.73/74 in its value against dollar. On Thursday, the domestic currency had closed at 46.68/69 in ... More

INSURANCE

Cos told to cover directors' liability thru domestic insurers
IN a bid to limit the outflow of foreign exchange, corporates have been advised to source directors' liability risk covers from domestic insurance companies. Sources said here that this advisory has been conveyed to almost all the large ... More

HOUSING FINANCE

HDFC expects to borrow Rs 6,000 cr from markets
HOUSING Development Finance Corporation (HDFC) expects to borrow over Rs 6,000 crore this year from both domestic and global markets. It is specifically looking at a $200-million package from International Finance Corporation. HDFC, said Mr ... More

HDFC sells 20 lakh shares of AMC to Standard Life
HOUSING Development Finance Corporation Ltd (HDFC) has sold 20 lakh equity shares of Rs 10 of its subsidiary, HDFC Asset Management Company Ltd (HDFC AMC), to Standard Life Investment Ltd for a consideration of Rs 34 crore. In an intimation to ... More

CREDIT RATING

Arvind Mills commercial paper gets `P1+' rating
THE Rs 20-crore commercial paper programme of Arvind Mills Ltd has been assigned a `P1+' rating by Crisil, which indicates a "very strong" rating for the paper. According to Crisil, the rating is based on the unconditional and irrevocable ... More

PRIVATE BANKS

Karnataka Bank eyeing farm credit potential
THE Mangalore-based Karnataka Bank plans to broad base its farm credit portfolio in a big way. The bank is to undertake a nation-wide survey to identify potential agriculture sectors for financing and is to come out with an action plan to ... More

FINANCIAL INSTITUTIONS

SIDBI seeks Govt nod to buy securitised assets
THE Small Industries Development Bank of India (SIDBI) is envisaging a new role for itself, as a buyer of securitised assets in an attempt to increase the lending capacity of banks to the small-scale sector. "The board of directors of the ... More

NON-PERFORMING ASSETS

Rs 28-cr loan default to Karur Vysya Bank — Interim injunction passed against Hamsaveni Spinners
THE Debt Recovery Tribunal (DRT), Coimbatore, has passed an interim injunction against Hamsaveni Spinners (P) Ltd - a spinning unit - for defaulting their bankers - Karur Vysya Bank (KVB) to the tune of Rs 28 crore. The order was passed on ... More

DRT recovers Rs 53 cr till April
THE year-old debt recovery tribunal (DRT) here has recovered Rs 53 crore up to April 2003. Appreciating the efforts taken by the presiding officer of the DRT at the second annual meet of banks and FIs, the Co-ordination Committee for DRT ... More

PEOPLE

IDBI Bank chief to retire
MR GUNIT Chadha, Managing Director & CEO, IDBI Bank Ltd, has formally announced his retirement from the post at the end of his tenure on August 21. Mr Chadha, a former Citi banker, had been at the helm in the new generation IDBI Bank for three ... More

RBI gets two new EDs
MR N.H. Siddiqui and Mr A.V. Sardesai have been appointed as Executive Directors of the Reserve Bank of India. They will fill up the vacancies created by the promotion of Ms K.J. Udeshi to Deputy Governor and by the resignation of Mr K.L. ... More

TRENDS

`Interest rate fall may boost banks' investment portfolio'
NOTWITHSTANDING the fact that the drop in interest rates over the last few years has applied a squeeze on the spread of the Indian banking sector, it has, at the same time, created a potential for huge profits in the banks' investment ... More

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