MONEY & BANKING
INSIGHT
Rupee rise: Opportunity and challenge?
India's currency policy is still skewed by the 1991 gold-pledging experience, as witnessed by the huge dollar reserves it maintains by subscribing to US T-Bills. The funds could be used better to help promote Indian exports and investments through, s ay, Exim Bank or IDBI, which would earn us more than the 1.5 per cent on US T-Bills. It is time the currency board mentality was jettisoned, says T. C. A. Ramanujam.
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FOREX
Rupee down 20 paise; gilts dip
MUMBAI: The domestic currency closed at 43.98/99 per dollar on Thursday, around 20 paise weaker than its previous day close of 43.79/80. Markets were closed on Wednesday due to a public holiday. Dealers said the rupee fell due to the ...
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NBFCS
Cholamandalam Investment offers 1:2 rights issue
CHOLAMANDALAM Investment and Finance Corporation Ltd is offering up to 1.26 crore equity shares on a right basis to existing shareholders in the ratio of one share for every two held. The shares, priced at Rs 10 each, are being offered at a ...
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HOUSING FINANCE
IOB chief shrugs off fears over home loan NPAs
THE Chairman and Managing Director of Indian Overseas Bank, Mr S.C. Gupta, has dismissed fears that commercial banks may already be faced with non-performing assets in their ballooning home loan portfolio. "Who says there are NPAs in housing ...
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LIFE INSURANCE
LIC extends Rs 6,500-cr line of credit to NHPC
LIFE Insurance Corporation (LIC) on Thursday sanctioned a line of credit of Rs 6,500 crore to National Hydro-electric Power Corporation (NHPC). "This is the highest ever tie-up for NHPC from a single lender to meet funding requirement through ...
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CREDIT RATING
Kotak Bank's PTCs get A1+ rating
ICRA has assigned conditional ratings of A1+(SO), indicating the highest safety, to the Rs 25-crore (principal value of underlying loan) senior pass through certificates (PTCs) issued under the loan securitisation programme originated by Kotak ...
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DEBT MARKET
RBI cancels auction
THE Reserve Bank of India has cancelled the auction of dated securities to be held during April 12-20, 2004. The move comes after having taken into account all relevant factors, said an RBI Press release. As per the indicative calendar for ...
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PUBLIC SECTOR BANKS
SBT loan plan for nurses going abroad
STATE Bank of Travancore (SBT) has unveiled a loan scheme for the benefit of nurses seeking employment abroad. Under the "SBT nurses suvidha scheme", loans are available to meet the expenses for migration abroad, registration, test and ...
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J&K Bank branch at Mangalore
Cross Currency Rates
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