MONEY & BANKING
INSIGHT
Buyer's credits for imports: A win-win proposition
Liberalisation of the economy, coupled with the significantly lower interest rates prevailing internationally, have thrown up an opportunity to top-notch companies to source global funds even for their working capital needs. Foreign currency funding options such as buyer's/supplier's credits are being increasingly preferred by companies in India.
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FOREX
Rupee up 7 paise
MUMBAI: The rupee topped the 45-mark intra-day and closed seven paise higher on Monday at 45.0425/05, up from Friday's close of 45.11/12 against the dollar. The steady appreciation in the rupee observed over the past week can be ...
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FINANCIAL PERFORMANCE
Citibank India to retain profits for expansion, upgradation
CITIBANK India has posted a 46 per cent jump in net profit at Rs 571.62 crore for the year ended March 31, 2004, up from Rs 391.48 crore the previous year. The bank plans to retain the entire profits in the country for investment for branch ...
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SOFTWARE
SDG Soft, Infosys to integrate tools
SDG Software Technologies, a technology solutions provider for stock exchanges and financial service providers, and Infosys Technologies are working together to integrate BankAlert with the latter's core banking product, Finacle, for global ...
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CONSUMER FINANCE
Canara Bank, TAFE tie up for tractors
CANARA Bank has signed a Memorandum of Understanding (MoU) with the south Indian tractor manufacturer, Tractor & Farm Equipment Manufacturers Ltd (TAFE). The tie-up provides financial solutions with attractive features to farmers, who plan to ...
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LIFE INSURANCE
Tata AIG Life has new logo, slogan
TATA AIG Life Insurance Company Ltd today announced the launch of its new brand logo and corporate slogan `A new look at life.' Mr Rohit Mull, Vice President, Marketing, Tata AIG Life Insurance Company presented a new multimedia brand campaign ...
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GENERAL INSURANCE
Films are good business for general insurers
GENERAL insurers have stepped in to provide succour to hamstrung film producers plagued by large liabilities, accidents and injuries to the stars. But film producers have taken to insurance in a big way only about a year ago. And film ...
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RBI & OTHER CENTRAL BANKS
RBI eases overseas lending norms for exporters
EXPORTERS have been permitted to grant higher trade related loans from their exchange earner's foreign currency (EEFC) account to their overseas importer customer without an overseas bank's guarantee. The Reserve Bank of India has raised the ...
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PRIVATE BANKS
HDFC Bank securitisation
MUMBAI: HDFC Bank has completed its largest asset backed securitisation (ABS) programme backed by gross receivables of Rs 811.35 crore on auto loans. It was done by way of issue of senior pass through certificates (PTCs). ...
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PUBLIC SECTOR BANKS
IOB to open office in China by December
INDIAN Overseas Bank is looking at opening a representative office in China as part of its plans to expand internationally. The proposals being weighed by the bank include setting up of operations in Canada and Malaysia. According to Mr S.C. ...
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FINANCIAL INSTITUTIONS
APSFC sets loan target at Rs 500 cr
THE Andhra Pradesh State Financial Corporation (APSFC) has targeted to sanction loans to the tune of Rs 500 crore and recover an equal amount during the current financial year. The targets have been set at the two-day Annual Officers Conference ...
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CREDIT MARKET
17.4 pc rise in AP credit plan outlay
ANDHRA Pradesh has projected a credit plan outlay of Rs 23,479.2 crore for the current fiscal 2004-05, an increase of 17.4 per cent over Rs 20,000 crore targeted during the previous fiscal, and against the Nabard projections of Rs 22,537.98 ...
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BONUS ANNOUNCEMENTS
Federal Bank to issue 2:1 bonus
THE Aluva-based Federal Bank has announced a bonus issue at the ratio of 2:1, that is to two bonus shares for every share held by the shareholder. The Director Board of the bank, which met at Kochi today, recommended the issuance of bonus ...
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Cross Currency Rates
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