MONEY & BANKING
INSIGHT
Micro lending: Challenge and opportunity
The objective of micro finance is not commercial lending in a rural background, but to reach out to sections of society who are unable to engage in an economic activity.
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FOREX
Rupee loses 5 paise; gilts range-bound
MUMBAI:The rupee closed at 45.32/33 per dollar on Monday, weaker by about 5 paise as compared with Friday's close of 45.28. Dealers said that there was hardly any supply of dollars in the market. Around these levels, foreign banks were ...
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INSURANCE
Warburg Pincus to pick up 29% stake in Max India
PRIVATE equity fund Warburg Pincus has decided to pick up 29 per cent stake in Max India Ltd by investing Rs 200 crore in the company. It will pick up 10 million equity shares of Rs 10 per share at an issue price of Rs 200 per share through the ...
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FINANCIAL PERFORMANCE
Bank of Maharashtra targets Rs 46,000-crore business
TARGET of Rs 46,000 crore business, moving up the global market with representative offices and thrust on family card is what the Bank of Maharashtra would focus for the current fiscal. Talking to presspersons, after the board meeting, Mr S.C. ...
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City Union Bank profit up 71 pc
THE Kumbakonam-based City Union Bank Ltd (CUB) has posted a net profit of Rs 57.04 crore for the fiscal 2003-04, registering a 71 per cent growth over the previous year's Rs 33.37 crore. The board has recommended a dividend of 50 per cent ...
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United Western net up at Rs 31 crore
UNITED Western Bank has registered a net profit of Rs 30.96 crore for the year-ended March 2004, an increase of 12.58 per cent against Rs 27.50 crore registered in the same period last year. According to an official communication, the total ...
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Oriental Bank net rises to Rs 686 cr; to pay 50 pc
ORIENTAL Bank of Commerce (OBC) has recorded a net profit of Rs 686 crore in 2003-04, a 50 per cent growth against Rs 457 crore in 2002-03. The operating profit was up by 31.8 per cent to Rs 1,533 crore as against Rs 1,163 crore. The bank has ...
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LIFE INSURANCE
ICICI Prudential appoints MindShare as media agency
ICICI Prudential Life Insurance, the country's leading private life insurer, has moved its Rs 20-crore media planning and buying account to MindShare. The new agency will handle TV, print, cinema, radio and other mass media buying for ICICI ...
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PRIVATE BANKS
Karnataka Bank export credit
MANGALORE: The credit flow of Karnataka Bank Ltd to the export sector was 13.76 per cent of the net bank credit as on March 31, according to the General Manager (Credits), Mr N.S. Chakkera. Delivering the introductory address at the ...
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Centurion Bank to offer RTGS facility
PUBLIC SECTOR BANKS
Canara Bank plans fresh dilution of Govt holding
CANARA Bank will consider fresh dilution of the Government's holding, a proposal that is likely to be taken up by the end of current fiscal. The Government, the principal shareholder in the bank's equity, had disinvested 27 per cent few ...
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GOVT BONDS
Capital-indexed bonds may be reintroduced
THE Reserve Bank of India has proposed reintroducing capital-indexed bonds (CIB) with inflation-linked returns to deepen the government securities market. The instrument was first introduced in December 1997, but saw no fresh issuances with ...
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AP development loan
HYDERABAD: The State Government has announced a 5.7 per cent Andhra Pradesh State Development Loan, 2014, of 10-year tenure to the public by tap issue. The issue will be conducted by the RBI at its Hyderabad and Mumbai offices on or after ...
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NON-PERFORMING ASSETS
Banks gear up to bring down net NPA levels
MOST banks are expected to bring down their net non-performing assets to less than one per cent by the end of this fiscal year on the back of treasury profits. Banking sources said that the Reserve Bank of India has already been persuading all ...
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FIXED DEPOSITS
RBI report suggests tax on income from NRI deposits
AN RBI appointed group on external liabilities of banks has suggested that interest income from NRI deposits should be made taxable on the lines of domestic deposits consistent with current account convertibility. In its report, which was ...
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CO-OPERATIVES
AP Minister's assurance to Prudential depositors
THE new State Minister for Cooperation, Mr Kanna Laxminarayana, has assured top priority to the woes of the depositors of the crisis-ridden Prudential Co-operative Bank at his meeting with the Chief Secretary, Secretary and Registrar of ...
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RBI cautions UCBs on property valuations
IN a circular addressed to the chief executives of all primary (urban) co-operative banks, the Reserve Bank of India has cautioned them on unrealistically high valuations of property for while granting mortgage loans. Said the release from the ...
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Cross Currency Rates
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