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Tuesday, June 15, 2004

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MONEY & BANKING

FINANCIAL SERVICES
RBI moots intense supervision of financial conglomerates
THE Reserve Bank of India has proposed to illuminate the complex but largely opaque workings, especially inter-group transactions, of some of the country's largest financial conglomerates. An inter-regulatory working group of the RBI, SEBI and ... More

BOI Shareholding launches franking service
Mr M. Venugopalan, Chairman, BOI Shareholding Ltd and Chairman & Managing Director, Bank of India, inaugurating the `Franking Service' in Mumbai on Monday. BoI Shareholding, the clearing house of BSE, is one of the first to receive the licence .. More

FOREX
Rupee sheds 20 paise; gilts down
MUMBAI: The rupee closed at 45.35/36 against the dollar on Monday, about 20 paise weaker than Friday's close of 45.1550/1650. Dealers said that the cash market moved in one way. The decline in rupee could be attributed to the dollar ... More

FINANCIAL PERFORMANCE
HSBC (India) net up 32 pc on higher income, cost cuts
HIGHER operating income and the bank's ability to contain costs have helped The Hong Kong and Shanghai Banking Corporation (HSBC) in India report a 32 per cent rise in net profit for the year-ended March 31, 2004. Net profit increased to Rs ... More

HOUSING FINANCE
SBT housing loan scheme for KSEB staff
STATE Bank of Travancore has launched a housing loan scheme for employees of the Kerala State Electricity Board (KSEB). All permanent employees of KSEB who have put in a minimum of two years of service are eligible for the loan, according to a ... More

LIFE INSURANCE
Aviva crosses one lakh policy mark
AVIVA Life Insurance has crossed the one-lakh policies mark within the first two years of operation. The total number of lives covered, including group policies, is over 1,88,000. The company now aims at garnering a premium income of Rs 200 ... More

GENERAL INSURANCE
ICICI Lombard weather cover for orange growers
ICICI Lombard General Insurance, in association with the Government of Rajasthan, has announced the launch of a comprehensive weather insurance scheme for the farmers growing oranges, to compensate them for losses due to deficit rainfall. ICICI ... More

RBI & OTHER CENTRAL BANKS
No dividend curb for banks with capitalised software costs
THE Central Government has made it clear that an existing restriction on payment of dividend under the Banking Regulation Act would not be applicable to a banking company that has capitalised expenses relating to computer software (not ... More

TRADE & LABOUR UNIONS
IBA calls unions for talks on July 2
MUMBAI: The Indian Banks' Association has called the various bank unions for a discussion on wage revision on July 2. This comes after pre-budget discussions between the Central Trade Unions and the Finance Minister, wherein the ... More

IPOS
Syndicate Bank gets ready for second public issue
THE Chairman and Managing Director of Syndicate Bank, Mr Michael Bastian, has said that the board and the annual general meeting of shareholders of the bank have approved the decision to go in for the second public issue. He was addressing ... More

PEOPLE
Top-level inductions at Yes Bank
YES Bank, a new greenfield and professionally promoted, entrepreneurial venture in the Indian banking industry, has expanded its senior management team by appointing two senior banking professionals — Mr B. Chandramouli as Chief Operating ... More


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