The Hindu Business Line : Saturday, August 09, 2003

Rupee moves above 46-mark to dollar
MUMBAI: The rupee ended on Friday at 46.02/03 against the dollar, down from 45.95/96 in the local currency market. It may stay above the 46-mark for some more time, say currency watchers. Today's dip was due to Reserve Bank of India ... More

INSURANCE

ICICI insurance ventures ahead among pvt players
The life insurance industry posted a total premium income of Rs 2,229.84 crore during the first quarter of this fiscal, of which the private sector accounted for Rs 225.04 crore. More

SOFTWARE

PeopleSoft offers banks tools for Basel II compliance
INDIAN banks are showing much interest in Basel II compliance, which means banks will set their capital adequacy levels independent of the regulator, but in compliance with certain rules. At present, banks could be hindered in leveraging extra ... More

LIFE INSURANCE

Tata AIG Life premium income up 236 pc
TATA AIG Life Insurance Co Ltd has announced a 239 per cent growth in total sum assured to Rs 5,321 crore for the year ended March 31, 2003 from Rs 1,570 crore the previous year. The company settled 415 claims during the year. The premium ... More

Bajaj Allianz unveils plan for students
BAJAJ Allianz has introduced an insurance package for students, `Bajaj Allianz Student Benefit Insurance Package' in association with PAN Insurance Brokerage Co Pvt Ltd. The package was customised to ensure that the education of the student is ... More

DERIVATIVES MARKETS

`Interest rate derivatives can hedge risk'
IN the present scenario of fluctuating interest regime, interest rate derivatives (IRD) can play a major role to hedge risk, Ms Chitra Ramakrishna, Deputy Managing Director, National Stock Exchange, has said. Of the top 10 derivative contracts ... More

Volume up at $16.5 m in FX-Clear trade
ON the second day of trading on Clearing Corporation of India Ltd's FX-Clear, foreign exchange transactions with a volume of $16.5 million were registered, up from yesterday's volumes of $13.5 million. Today, 30 players took part in trading ... More

RBI & OTHER CENTRAL BANKS

RBI counter for note exchange

PRIVATE BANKS

Lord Krishna Bank to pay 18 per cent
THE board of directors of Lord Krishna Bank has recommended a dividend of 18 per cent to all its shareholders, subject to the clearance from the Reserve Bank of India. The bank has entered into a strategic alliance with Flexcel International ... More

GTB signs pact with Railways for ticket booking
GLOBAL Trust Bank (GTB), the city-based new generation private sector bank, has announced an alliance with the Indian Railways for providing e-payment facility to the bank customers for online booking of railway tickets. In a press release ... More

GOVT BONDS

AP to mobilise Rs 500 cr through securities

NON-PERFORMING ASSETS

Australian firm offers help to banks for NPA recovery
KNIGHTS Insolvency Administration, an Australia-based firm, is in talks with a number of banks and financial institutions in India for offering its `enforcement and recovery agency' services. Knights, which operates in India in collaboration ... More

FIXED DEPOSITS

Corporation Bank raises rates on FCNR-B deposits
CORPORATION Bank has revised interest rates on foreign currency non-resident (B) FCNR-B deposits from Friday. According to bank press release, for a maturity period of 1 year to less than 2 years, revised rates would be 1.15 per cent for USD ... More

TRADE & LABOUR UNIONS

Trade unions in financial sector join hands
MORE than 70 representatives of various unions from banking (both public sector banks and the Reserve Bank of India) and insurance (LIC and GIC) sectors and financial institutions (IDBI and Nabard) assembled in Bangalore recently to discuss the ... More

RBI unions receptive to VRS plans
CONTRARY to general perception, various unions of workers, employees and officers in the Reserve Bank of India may not oppose tooth and nail the management's bid to introduce early retirement scheme and special leave scheme. The RBI board ... More

CO-OPERATIVES

DCCBs allowed to handle farm money
IN view of some of the primary agricultural credit societies (PACS) not complying with the statutory provisions of the AP Co-operative Societies Act and being charged with misappropriations, the Andhra Pradesh State Co-operative Bank (APCOB) has ... More

Maharashtra State Co-op Bank wipes out loss
MAHARASHTRA State Co-operative Bank has returned to black with a net profit of Rs 26.71 crore for the year ended March 31, 2003 as against a net loss of Rs 245 crore in the previous year. The board of directors has recommended a dividend of 5 per ... More

TRENDS

OBUs: Banks see a profitable window here
OFFSHORE banking units (OBUs) have opened up an avenue for banks to offer higher deposit rates to non-resident Indians who want to reinvest their money locked in the October-maturing Resurgent India Bonds (RIBs). Even though the Reserve Bank ... More

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