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Thursday, April 08, 2004

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MONEY & BANKING

AUDITING
ICAI moves RBI on branch audit time schedule
THE Institute of Chartered Accountants of India (ICAI) has once again urged the Reserve Bank of India to advise banks to provide "adequate time" to their auditors for completion of the branch audit. "We have received complaints from our members ... More

  • Punjab & Sind Bank performance audit panel

    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


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