MONEY & BANKING
FOREX
Rupee steadies; gilts volumes up
MUMBAI: The rupee seems to have lost its volatility, with the currency gaining a mere six paise to end the day at 43.67/68 in its value against the dollar on Monday. It opened at 43.73, touched a high of 43.65/66 and a low of 43.7750. ...
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Rupee rise due to huge capital flows: Rakesh Mohan
THE recent surge in the value of the rupee against the US dollar is mainly due to the sharp increase in capital flows, according to Dr Rakesh Mohan, Deputy Governor, Reserve Bank of India. Speaking to presspersons here, Dr Mohan said, "We have ...
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SOFTWARE
SBI Frankfurt to use Flexcube
BANGALORE: i-flex Solutions announced on Monday that State Bank of India, Frankfurt, has selected Flexcube as its core banking solution. Flexcube will replace the bank's existing system that has been operational for the last eight ...
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PRIVATE BANKS
Hindujas follow RBI diktat — IndusInd Bank to bring down holding in IT arm to 30 pc
THE Hindujas are restructuring IndusInd Bank's holding in the group's information technology outfit following a diktat from the Reserve Bank of India. IndusInd Bank will bring down its holding in IndusInd Information Technology Ltd (IITL) from ...
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Dhanalakshmi Bank plans expansion
THRISSUR-based Dhanalakshmi Bank has chalked out an expansion plan, aimed at achieving a business of Rs 10,000 crore by March 2007. The Bank said in a statement here that it is expanding operations in other States, to achieve its goal of ...
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PUBLIC SECTOR BANKS
Canara Bank business up 19 pc in 2003-04
CANARA Bank has said its global business for 2003-04 was close to Rs 1,33,900 crore according to "quick estimate", up 18.92 per cent from a year ago. While deposits grew 19.70 per cent to Rs 86,300 crore, advances shot up by 17.61 per cent ...
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SBI cell for speedy clearance of loan applications
THE Coimbatore Module of the State Bank of India (SBI) has formed a Centralised Processing Cell for speedy disposal of loan applications. The Deputy General Manager of SBI's Coimbatore Module, Mr W. Chanti Babu, told presspersons that the zonal ...
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Allahabad Bank to vend UTI-MF products
UTI Mutual Fund has tied up with Allahabad Bank for distributing its schemes, the fourth bank in the country with which it has entered into a strategic arrangement. The Kolkata-based bank will offer the entire range of funds managed by UTI ...
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Syndicate Bank plans overseas offices
SYNDICATE Bank, which registered a 40-per cent increase in business last year, is planning to open representative offices in Dubai, Singapore and South Africa in a bid to increase its NRI customer base in these countries. Mr Michael Bastian, ...
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INTEREST RATES
IBA may seek 50 basis point cut in SB account rate
THE Indian Banks' Association (IBA) is meeting on April 19 to finalise its recommendations in the run-up to the Reserve Bank of India's `Annual Policy Statement' (erstwhile `Credit Policy'), due a month from now. Speaking to Business ...
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GOVT BONDS
RBI keen to dissuade banks from high recourse to LAF — MSBs to absorb FDI-induced liquidity
AS the Reserve Bank of India releases the first set of market stabilisation bonds of Rs 5,000 crore tomorrow, the central bank expects lower amount of surplus funds to be absorbed through the LAF (liquidity adjustment facility) window. The recent ...
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FIXED DEPOSITS
Madras HC orders payment for small depositors of MCC Finance
AS a final settlement of the dues of small depositors of the Chennai-based MCC Finance Ltd, which has since been wound up, the Madras High Court has directed the Administrator of the company to disburse to the 9,989 depositors (whose total ...
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PEOPLE
Ajay Mahajan to head YES Bank
THE new private sector YES Bank has announced the appointment of Mr Ajay Mahajan as the Country Head - Financial Markets, India. Earlier the bank had announced that Mr Srikrishnan, Country Head of HDFC Bank, would be joining as a director with ...
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Cross Currency Rates
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