INSIGHT
Forex market: The Indian script
The dalliance with capital account convertibility is hurting people dependent on interest incomes, bankers and exporters. More

FOREX
Rupee up 20 paise; gilts shed gains
MUMBAI: The rupee gained by 20 paise to close on Wednesday at 43.5450, up from previous close of 43.74/75 against the dollar. The currency opened at 43.74/75 and touched a low of 43.75 and a high of 43.46. The dollar inflows were ... More

`Forex market seeing orderly conditions'
THE rupee's marked strengthening against the dollar in recent weeks notwithstanding, the Reserve Bank of India Governor, Dr Y.V. Reddy, today maintained that the foreign exchange market continues to witness `orderly conditions'. Speaking at a ... More

INFORMATION TECHNOLOGY
Visible change in `complex'ion of ATMs
`SPACE available for ATM', is a familiar signboard in newly set up residential/commercial complexes. Real estate agents call up banks to set up ATMs because the cash-dispensing machine is known to increase traffic to complexes and malls. This ... More

`RTGS will boost fee-based income portfolio of banks'
REAL Time Gross Settlement (RTGS), the online fund transfer system, may limit bankers' access to float funds but they could hope to make good by levying charges on a range of services delivered under the new dispensation. According to Mr S.C. ... More

Comparex to market Finacle in Africa
COMPAREX Africa announced an alliance with Infosys Technologies on Wednesday to market the latter's universal banking solution, Finacle, in southern Africa. Comparex will act as Infosys's business alliance partner for sales and services related ... More

STOCKS
Federal Bank rises on due diligence talk
RUMOURS of a large corporate house doing due diligence of Federal Bank has seen the bank's stock gain momentum on the bourses in the recent past. The counter, which was ruling at around Rs 265 levels as on March 8, 2004, has since than ... More

AGRICULTURAL INSTITUTIONS
Nabard refinancing up despite ample liquidity
THE agricultural refinance institution, Nabard, has registered a marginal increase in refinance to commercial banks to Rs 1,714.70 crore for the year ended March 2004 up from Rs 1,241.54 crore in the previous year. This is despite the over Rs ... More

LIFE INSURANCE
LIC's performance incentive kept in abeyance
THE unnerving shadow of the Election Commission has fallen on the Life Insurance Corporation (LIC). Fearing a possible censure from the Commission, LIC and the Ministry of Finance have kept in abeyance the proposal for performance linked ... More

Tata AIG Life unveils 2 schemes
TATA AIG Life Insurance Company Ltd (Tata AIG Life) has launched Unit Linked Insurance Plans (ULIP) for Superannuation and Gratuity schemes. Tata AIG ULIP Superannuation Scheme provides individual members the flexibility to decide on the ... More

PRIVATE BANKS
ICICI Bank launches `Car Overdraft'
ICICI Bank on Wednesday announced the launch of `Car Overdraft', an overdraft facility against car as security. Under the scheme, the bank opens an ICICI Bank roaming current account in the customer's name with a pre-approved overdraft limit. ... More

PUBLIC SECTOR BANKS
CVC limits purview to bank AGM level
THE Central Vigilance Commission (CVC) has decided to drop from its purview employees of public sector banks holding the designation of Chief Manager and below. From now on, these employees will be answerable to the local `Central Vigilance ... More

Union Bank picks SBI Life for home loan cover
UNION Bank of India has tied up with SBI Life Insurance Co Ltd to provide life insurance cover to the bank's home loan borrowers. Under the scheme, which is optional, in the event of the borrower's death, SBI Life will pay the entire balance ... More