The Hindu Business Line : Tuesday, December 02, 2003

FIEO hails service tax waiver for payments in foreign currency
THE Federation of Indian Export Organisations (FIEO) has welcomed the move of the Finance Ministry to restore service tax exemption on all services rendered in India for which payment is received in convertible foreign currency. In a ... More

Rupee gains 8 paise; downtrend in gilts
MUMBAI: The domestic currency closed 8 paise higher at 45.72/73 in its value against the dollar on Monday. The rupee seemed to be on an uptrend, said dealers. The currency opened the day at 45.79/80 and closed at its intra-day high. ... More

INFORMATION TECHNOLOGY

Deutsche Bank launches e-bills system
DEUTSCHE Bank has launched an end-to-end payment and collection solution for corporates using `db-ebills,' the bank's B2B electronic presentment and payment system. Addressing a press conference here on Monday, Mr Kaushik Shaparia, India-Head ... More

SBI launches trade finance solution
CUSTOMERS of the State Bank of India's Leather and International Branch, Chennai would now be able to get their transactions (requests for import/inland letters, advising of export letters of credit, bill negotiation advices) processed on e-mail. ... More

STOCKS

Block deals worth Rs 700 cr in ICICI Bank
BLOCK deals worth Rs 700 crore were witnessed in the ICICI Bank stock on Monday. This is perhaps the largest transaction to take place in one scrip on a single day. Brokers said four block deals were struck on the BSE in the first few minutes ... More

SOFTWARE

i-flex settles dispute with co-op bank
I-FLEX Solutions Ltd has amicably resolved the dispute with Saraswat Co-operative Bank Ltd. In a notice to the Bombay Stock Exchange, i-flex said that the arbitration proceedings between Saraswat Co-operative Bank and the company have been ... More

NBFCS

StanChart to launch second NBFC unit
THE Standard Chartered Bank's wholly-owned subsidiary, Standard Chartered Investments & Loans Ltd, a non-banking finance company (NBFC) will start operations in January. The non-banking finance company, the second one to be set up by Standard ... More

LIFE INSURANCE

Deloitte advises LIC to dovetail growth plans
DELOITTE Consulting, the global management consultancy major, has advised Life Insurance Corporation of India, to ramp up its long-term strategies by closely linking them with the short- and medium-term plans and to strengthen both ... More

PRIVATE BANKS

Auditors qualify GTB accounts
PRICEWATERHOUSECOOPERS, the statutory auditors of Global Trust Bank (GTB), have qualified the bank's accounts for the fiscal ended March 31, 2003 for the management's failure to make provisions for certain restructured advances and non-banking ... More

PUBLIC SECTOR BANKS

PSBs finalise new PLR formula
PUBLIC sector banks have finalised the formula for arriving at the new benchmark prime lending rate (PLR) as prescribed by the Reserve Bank of India. Syndicate Bank is among PSU banks expected to shortly announce the new rates on this basis. ... More

Corpn Bank scholarship scheme
MANGALORE: Corporation Bank is offering scholarships to meritorious students of eighth standard to degree courses to mark World Computer Literacy Day. Under the proposed scholarship programme, which is scheduled to commence from ... More

Bank of Baroda to pay 30 pc interim
MUMBAI: Bank of Baroda has declared an interim dividend of 30 per cent, i.e., Rs 3 per share (with a face value of Rs 10 each) for the financial year 2003-04. The record date of payment has been fixed as December 12. The payout ratio ... More

Canara Bank loan scheme for women
KOCHI: Canara Bank has launched Can Mahila loan scheme exclusively for women with a reduced rate of interest. The purpose for meeting any genuine personal needs including buying household articles, gift, jewellery etc. Women both working ... More

Indian Bank campaign in twin cities

FOREIGN BANKS

ABN-Amro to start MF
HAVING obtained approval from the Securities and Exchange Board of India (SEBI), ABN-Amro Bank N.V is all set to roll out its mutual fund by February 2004. The mutual fund will start with an equity capital of $6.25 million. ABN-Amro Bank N.V of ... More

HSBC to invest more in India
HONGKONG and Shanghai Banking Corporation Ltd (HSBC) seems to be extremely bullish on India. Mr Michael R.P. Smith, CEO Designate, HSBC, on Monday said the bank would be making more investments in India. It was also willing to relax its criteria ... More

TRADE & LABOUR UNIONS

Bank unions oppose reforms
KOCHI: The policy initiatives launched in the banking sector in the name of second generation reforms have distorted the mass banking and socio-development orientation of banks, according to the All India Bank Employees Association ... More

TRENDS

Reliance Infocomm seeking Rs 1,500-crore term loan
RELIANCE Infocomm Ltd has sounded out banks and financial institutions for raising term loans in excess of Rs 1,500 crore for meeting some of its funding requirements. However, when contacted, the company refused to comment. But banking ... More

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