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Friday, May 21, 2004

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MONEY & BANKING

INSIGHT
Now Govt has to top up funds banks need to grow
THE Prime Minister, Dr Manmohan Singh, has ruled out privatisation of public sector banks. That could spell the demise of the most crucial amendment suggested by the Narasimham Committee appointed by Dr Singh as the Union Finance Minister. The ... More

FOREX
Rupee weaker; gilts range-bound
MUMBAI: The rupee closed at 45.33/35 on Thursday, weaker by 11 paise compared to Wednesday's close of 45.22/24 per dollar. On account of demand from oil companies and FIIs withdrawing their stake from the equity market, dollar buying was ... More

INFORMATION TECHNOLOGY
`PSBs have no legacy baggage on technology front'
NOT all old generation banks in the country are saddled with legacy systems unlike most western banks that invested in automation and technology early on in the 60s, 70s and 80s. Absence of legacy systems provides them a real opportunity to ... More

HOUSING FINANCE
`Home finance may post 40% growth'
THE estimated Rs 1,00,000-crore housing finance sector will continue to record an annual 35-40 per cent growth aided by tax incentives, low rates of interest, increasing disposable income and housing will continue to be the engine of economic ... More

PUBLIC SECTOR BANKS
No privatisation of strong PSUs, says Manmohan — Govt holding in banks won't go below 51 pc
WITH coalition partners, including the Left parties, closely watching his every step, the Prime Minister-elect, Dr Manmohan Singh, on Thursday said that the United Progressive Alliance (UPA) Government would not privatise strong public sector ... More

Andhra Bank non-interest income branch
Mr T.S. Narayanasami, Chairman and Managing Director, inaugurated the exclusive financial services centre on Thursday. The branch provides a range of financial products and services under one roof. Speaking to newspersons, he said that the ... More

PSBs have little scope for further stake sale
THE PSU banks will have limited headroom for raising capital from the equity market if the new Government goes ahead with the policy hinted by the Prime Minister designate, Dr Manmohan Singh, today. The headroom averages at about 15 per cent ... More

Andhra Bank keen on branch expansion — Prefers organic growth to acquisitions
ANDHRA BANK, the Hyderabad-based public sector bank is not keen now on the acquisition route to spread its presence across the country. Though the bank currently has a strong network of 1,128 branches 129 extension counters, nearly 70 per cent ... More

SBH sponsors stalls
HYDERABAD: State Bank of Hyderabad (SBH) has sponsored 10 stalls at the Rural Technology Park (RTP), coming up on a sprawling area at the National Institute of Rural Development (NIRD), Rajendranagar. The Managing Director of SBH, Mr ... More

FOREIGN BANKS
Naina Lal Kidwai, HSBC Deputy CEO
HSBC has announced several top-level executive moves and new assignments in its India operations with the most prominent among them being Ms Naina Lal Kidwai, who has been promoted as the Deputy CEO of the bank. This is in addition to her ... More

TRADE & LABOUR UNIONS
General insurance officers' body gets recognition
THE General Insurance Officers All India Association (GIOAIA), affiliated to INTUC, has received recognition, following the referendum held on March 22 last, in the public sector insurance companies, according to Mr P.P. Mohanan, State General ... More


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Top Stories
ICAI recruiting accountants for GE India


Govt scraps sugar buffer stock

`Demand for outsourced technical support high'

`Home finance may post 40% growth'

Demand for truck, bus tyres seen growing 5%

Laloo fires first salvo; to decide on joining Govt later

Looking back
May. 9-May. 15
Canara Bank net up 31 pc; to pay 50 pc

RBI unlikely to change rates

Banking reforms may slow down

Rupee sheds 38 paise to $


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