MONEY & BANKING
PENSION PLANS
Rs 50-cr net worth proposed for pension record-keeping agency
THE Central Record-Keeping Agency (CRA) for the pension sector is emerging, with the Government considering a proposal to stipulate a minimum net worth of Rs 50 crore for bidders along with a five-year experience in record-keeping and ...
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INSIGHT
Whose banks are these anyway?
Reforms and competition have done wonders to the health of Indian banks. But Indian banking cannot wish away the fact that many people do not have access to bank accounts. It is essential, therefore, that the client base be given pre-eminence while r anking banks.
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Central banking: In search of optimal structure
Describing the structure that lies beneath the policy decision-making of the Reserve Bank of India, A. Vasudevan feels that a monetary policy committee, of the type that exists in the UK, rather than the current Working Group system, may be t he better option though it would need some distinguished persons from outside the RBI.
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COURTS/LEGAL ISSUES
Payment default in hire purchase — Calcutta HC upholds financier's rights to repossess asset
THE Calcutta High Court has upheld the financier's right to repossess the asset in case of a default. In a recent judgment, in the matter of Magma Leasing Ltd vs State of West Bengal and Others, the court has held that "where the acquisition of ...
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FOREX
Rupee stable; gilts move up
MUMBAI: The rupee was steady for the third day in a row with the currency ending its Wednesday trade at 45.2425/2450 in its value against the dollar. "There were good supplies of the greenback in the market, but the central bank was ...
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STOCKS
Banking stocks in the limelight
THE indices were in positive territory for most part of the day, though bouts of selling pressure pushed them to the negative territory. Thanks to late buying in IT and banking stocks, the indices heaved up to end the day in the positive. The BSE ...
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Federal Bank sizzles on block deal
THE Federal Bank stock provided the lead for the bank counters today in their upward move. Strong demand pushed up the stock 13.3 per cent. HDFC Mutual Fund today picked up Federal Bank 3.50 lakh shares at a weighted average price of Rs 310.10 ...
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NBFCS
`Chit funds stunted by stiff regulations'
A STUDY of the chit fund industry by Ernst & Young has come to a conclusion that regulations must be more liberal if the industry is to do well. The major inhibiting regulations are those that relate to cap on the foreman's commission, cap on ...
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CREDIT RATING
Fitch gives high rating for L&T Holding's NCD programme
FITCH India has assigned F1+(ind) rating to the proposed Rs 75-crore short-term non-convertible debenture programme of L&T Holdings Ltd (LTHL), rating being based on the `letter of comfort' provided by L&T Ltd. This is apart from the propose
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RBI & OTHER CENTRAL BANKS
Exim Bank to provide $2.2-b credit to African nations
THE Export and Import Bank of India (Exim Bank) would shortly be expediting the extension of line of credit to the tune of $2.2 billion (around Rs 9,948 crore) to few African countries as part of India's recent commitment to promote and encourage ...
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PRIVATE BANKS
UTI Bank bullish on biz model of organic growth
HIGHLY bullish on the current business model of organic growth that has been helping it register growth in the range of around 50 per cent, UTI Bank says it is not interested in inorganic growth plans for the time being. Though the bank had ...
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I-Contract appointed direct marketing agent for HDFC Bank products
HDFC Bank has appointed I-Contract as its direct marketing agency to implement an end-to-end customer management programme. Having unleashed a mass media campaign recently, the bank is now beefing up its back-end operations to make the ...
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GOVT BONDS
Banks move high coupon SLR bonds to HTM
BANKS have begun shifting all their holdings of illiquid State development loans and statutory liquidity ratio (SLR) securities issued by State Government bodies to the held-to-maturity (HTM) category as part of their portfolio churning ...
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CREDIT MARKET
Two-wheeler loans for farmers: Bajaj Auto ties up with Andhra Bank
THE two-wheeler major Bajaj Auto Ltd (BAL) has entered into an alliance with Andhra Bank for extending two-wheeler loans to the farming community across the country with special concessions to the customers under the scheme called `Bajaj Kisan ...
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PUBLIC OFFER
Red herring prospectus for public issue filed — ICICI Bank clears exposure limit hurdle
BORROWING by a single corporate group accounts for over 57 per cent of ICICI Bank's capital funds (i.e. tier I plus tier II capital), according to the prospectus for the proposed public issue filed by the bank with SEBI. This is the largest ...
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PEOPLE
Thorat takes charge as Nabard MD
Mr Y.S.P. Thorat has taken over as the Managing Director of the National Bank for Agricultural and Rural Development (Nabard). Prior to the appointment, Mr Thorat was Executive Director, Reserve Bank of India. Mr Throat will hold office from ...
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Cross Currency Rates
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