MONEY & BANKING
Exclusive legislation for factoring services urged
SBI Factors and Commercial Services Pvt Ltd, has said a separate legislation dealing with factoring services is necessary for the growth of the factoring industry. Factoring refers to the financial service where the `factor' buys the ...
Banking reforms stranded midway
ABOUT two months ago, top bankers talked of fresh capital investments coming back to life. The same gentlemen today have turned quiescent. They expect investors to call up after the Union Budget. In the current year, bankers could be looking at ...
RBI intervenes to check rupee slide
MUMBAI: The rupee closed nine paise weaker at a month's low of 45.49/51 against the dollar. The currency had ended on Wednesday at 45.4050/4. The market experienced steady dollar buying by oil companies, importers and a big engineering ...
South Indian Bank starts RTGS operations
KOCHI: South Indian Bank Ltd has started live RTGS operations from today. Real-Time Gross Settlement (RTGS) is the Reserve Bank of India's (RBI) initiative for online financial settlements. The necessary infrastructure has been set up at ...
Have housing loan rates bottomed out?
IT would appear that housing loan rates have touched their floor. Home loan rates are currently hovering at around 7.5-8 per cent, down from 14 percent in early 2000. The first clue that rates have bottomed out - hardly any rate cut ...
Link-K Broker unveils `family medical plan' in Coimbatore
LINK-K Insurance Broker Company (P) Ltd has introduced a modified medical insurance plan - `Link-K Family Medical Plan'. Unveiling the product conceived in association with United India Insurance Company, the broking firm's Managing ...
South Indian Bank goes live with RTGS
COIMBATORE: South Indian Bank Ltd has commenced live RTGS operations from Thursday. The Real Time Gross Settlement facilityhas been set up at the bank's centralised data centre at ...
PUBLIC SECTOR BANKS
SBI trims target for core banking link-up
THE State Bank of India (SBI) group has missed its target of putting 400 of its branches on the core banking system for March 2004 and has scaled down the target for the current year. ``About 43 branches out of the SBI group have been put on ...
Syndicate Bank counters to exchange notes
HYDERABAD: Syndicate Bank and the Reserve Bank of India are jointly arranging special counters at Chikkadpally branch on Sunday (June 20) and Kachiguda branch on June 27. Soiled notes, defective notes can be exchanged. Also, coins will ...
Credit offtake is improving: SBI
STATE Bank of India (SBI) finds a good credit pick up in corporate, agricultural and services sectors. "The credit pick up this year is much better than last year. Several corporates are talking to us about modernisation and upgradation ...
Working capital rate cuts in 0.25-6 pc band in 2003-04
THE reduction in interest rates on working capital loans by the large banks in the country varied from 0.25 per cent to six per cent for the fiscal ended March 31, 2004. While State Bank of India (SBI) reduced interest rate on working capital ...
MERGERS & ACQUISITIONS
IndusInd Bank gets nod for ALF merger
INDUSIND Bank has received the RBI approval for merger with group company, Ashok Leyland Finance Ltd (ALFL) with effect from April 1, 2003. The merger would add Rs 3,000 crore of assets and a client base of 5 lakh to the bank, said the bank in ...
REGULATORY BODIES & RULINGS
Mass Insurance Brokers' licence suspended
THE Insurance Regulatory and Development Authority (IRDA) has suspended the licence of Mass Insurance Brokers Pvt. Ltd, the Noida-based direct broking (non-life) firm, for its failure to comply with the regulations pertaining to ...
STANDARDS & BENCHMARKS
APSFC re-certified ISO
HYDERABAD: Andhra Pradesh State Financial Corporation (APSFC) has been re-certified for ISO 9001:2000 till May 2007. The Corporation, which had implemented the Quality Management System (QMS), acquired the international standard ...
Cross Currency Rates
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