MONEY & BANKING
FINANCIAL SERVICES
160 pc returns from Motilal Oswal PMS scheme
STOCKBROKING firm Motilal Oswal Securities has provided returns of 160 per cent (post-tax) for its clients under the portfolio management services (PMS) in the last financial year. The portfolio has outperformed the Sensex, which gained 80 per ...
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Postal Dept to start 24-hour money transfer counter
THE Kerala Postal Circle will soon start a 24-hour counter for money transfer transactions at the Thiruvananthapuram Railway Mail Service office. The counter will process money transfers on all days of the week, according to a press ...
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INSIGHT
`Indian banking on the right track'
THE Indian banking system is now functioning more or less as it should, according to CLSA Asia Pacific Markets, a provider of brokerage, investment banking and direct investment services in emerging markets. Founded in 1986 and headquartered ...
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FOREX
Rupee tad up; gilts in range
MUMBAI: The rupee closed at 44.05 per dollar on Friday, ending around 10 paise stronger compared to the closing of 44.1550 on Thursday. After opening the day at 44.08/10 the domestic currency slipped to an intra-day low of 44.24 ...
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INFORMATION TECHNOLOGY
Euronet to deploy ATMs for Citibank
EURONET Worldwide Inc, an electronics payment provider, has announced an ATM outsourcing and deployment agreement with Citibank India. Euronet will install 100 ATMs for Citibank across cities over the next six months. This agreement would mean ...
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STOCKS
Bank stocks gain on good credit growth, numbers
BANKING sector stocks continued to rise, as the credit growth in the fourth quarter of 2003-04 was robust. The focus on the sector is also on expectation of good financial results by most of the banks in the fourth quarter. The active buying in ...
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SOFTWARE
Web-based fingerprint identification module — An ATM for rural areas
PASSWORDS are old hat. Welcome to the era of Web cameras and fingerprint access. Easy-to-use cash dispensing machines that use these technologies will be available in a couple of months in rural areas. Costing about Rs 40,000 each, compared to ...
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NBFCS
IL&FS Investsmart opens branch in Kochi
IL&FS Investsmart Ltd, a financial services organisation providing financial management solutions, commenced its operations in the State at Kochi on Friday. Kochi is the 33rd branch of the company in the country and few more branches would be .
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GENERAL INSURANCE
Public insurers find it tough to retain corporate accounts
`There are more corporate accounts to be targeted in the western region than elsewhere.'
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RBI & OTHER CENTRAL BANKS
Weak banks need RBI nod for dividends
THE Reserve Bank of India (RBI) on Friday decided that only healthy scheduled commercial banks would have a free hand in declaring dividends while the weaker ones would need permission from the regulator, which would be given on a case-to-case ...
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PRIVATE BANKS
HDFC Bank in pact with Bahrain bank
MUMBAI: HDFC Bank and Bahraini Saudi Bank (BSB) have announced an alliance to cater to service the needs of the non-resident Indians (NRIs) in Bahrain. The partnership will now allow Indian expatriates in Bahrain, unhindered access to ...
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PUBLIC SECTOR BANKS
Corporation Bank promotions
MANGALORE: MR M. Ramanath Nayak, Mr K. Anantha Kamath and Mr Narasimha Narayan Pal, all Deputy General Managers of Corporation Bank, have been elevated as General Managers, according to a bank release here. Mr Nayak has 32 years of ...
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IOB turnover up 70 pc last fiscal
INDIAN Overseas Bank's turnover (deposits plus advances) for the year ended March 2004 has exceeded the Rs 62,000 crore mark, the bank's Chairman and Managing Director, Mr S.C. Gupta, told Business Line today. This is about 70 per cent ...
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SBI sprucing up branches in Kerala
KOCHI: After computerising and introducing single window concept at all its branches in Kerala, SBI has started improving the ambience of its branches in Kerala. Speaking on the occasion of dedicating the newly refurbished Broadway ...
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GOVT BONDS
Sale of State loans closed
THE sale of the 5.60 per cent 10 year State Development Loans 2014, in respect of 28 State governments, for Rs 6,500 crore, has been closed. Twenty states received subscriptions in excess of their target amounts and excess subscriptions up to ...
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MSBs auction on April 27
CREDIT MARKET
UTI Bank upbeat on retail lending
UTI Bank is upbeat on retail lending. The bank has introduced a number of retail products in the last three years. Speaking to Business Line, Mr R. Asokkumar, President (Credit), said the retail loan pick up was really good. ``We are ...
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MERGERS & ACQUISITIONS
ABN Amro inks LeasePlan sale
ABN Amro on Friday announced that it had inked a deal to divest LeasePlan Corporation to a consortium led by the Volkswagen Group for 2.13 billion euro. As per the terms of the agreement, of the total amount, 2 billion euro is to be paid in ...
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Cross Currency Rates
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