MONEY & BANKING
FARM CREDIT
Joint Liability Group: A key initiative
A PILOT project to offer bank funds to small and marginal farmers and village artisans has been recently seeded by Nabard (National Bank for Agriculture and Rural Development), going by the Report on Trend and Progress of Banking in India, ...
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REGIONAL RURAL BANKS
Sri Visakha Grameena Bank sets target
VISAKHAPATNAM: Sri Visakha Grameena Bank — sponsored by the SBI and operating in the three north-coastal districts of Visakhapatnam, Srikakulam and Vizianagaram — has set itself the target of crossing Rs 1,000-crore business ...
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FOREX
Rupee rises to 7-month high
THE rupee strengthened to a seven-month high on Monday riding on the back of large foreign investment inflows and a dollar weakening against major currencies. The absence of dollar purchases by State-run banks, usually done on the behest of ...
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FINANCIAL PERFORMANCE
IFCI posts Rs 64-crore operating profit in H1
IN a turnaround of sorts, IFCI Ltd has reported an operating profit of Rs 64.18 crore for the first six months of the current fiscal, against an operating loss of Rs 99 crore during the corresponding period in the previous fiscal. The ...
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HOUSING FINANCE
Housing finance not reaching poor yet: Minister
HOUSING finance disbursements have registered a 10-fold growth over the last eight years to touch Rs 50,000 crore in 2003-04, the Minister for Urban Employment and Poverty Alleviation, Ms Kumari Selja, said on Monday while addressing the State ...
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Housing needs of poor remain unaddressed
Although growth in credit to the housing sector has been robust since the late 1990s, the economically weaker sections experience around 90 per cent shortage in housing.
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PRIVATE BANKS
Warburg Pincus to pick up 2.75% in Kotak Bank
INVESTMENT firm Warburg Pincus will pick up a 2.75-per cent equity stake in Kotak Mahindra Bank at a price of Rs 230 per share. Kotak Mahindra Bank shares closed 6 per cent up at Rs 255.55 per share on the BSE on Monday. A press release from ...
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PUBLIC SECTOR BANKS
IOB looking at acquisitions for growth
UNABLE to swim against the merger tide hitting the public sector banks, the Chairman and Managing Director of IOB, Mr S.C. Gupta, has now decided to stroke his way along with the rest of the banking pack. "Till recently I had profound faith ...
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FINANCIAL INSTITUTIONS
RIDF deposits down 44 pc in 2003-04
DEPOSITS received by Nabard from commercial banks toward the Rural Infrastructure Development Fund (RIDF) declined by 44 per cent to Rs 2,159 crore during 2003-04 compared to Rs 3,857 crore the previous fiscal. The decline is possibly because ...
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INTEREST RATES
Interest rates unlikely to fall further: RBI report
THE Reserve Bank of India has alerted banks that interest rates may have bottomed out and are unlikely to decline any further during the financial year 2004-05. In its report on the `Trend and Progress of Banking in India, 2003-04', released ...
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GOVT BONDS
Gilts lacklustre
MUMBAI: In the bond market on Monday, prices of Government securities went up by about 20 paise towards the end of trading hours after lacklustre trading throughout the day. News of the Finance Ministry being still undecided on the bond ...
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NON-PERFORMING ASSETS
Non-performing assets of banks on the decline: Report
THE asset quality of scheduled commercial banks (SCBs) has shown a remarkable improvement in 2003-04, according to the RBI report on `Trends and Progress of Banking in India' released on Monday. The central bank has noted that the gross ...
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CREDIT MARKET
Large retail exposure may impact banks' asset quality
THE Reserve Bank of India has expressed concerns over the implications of the rapid rise in retail lending by banks. In its report on `Trends and Progresses in the banking sector', released on Monday, RBI has cited several limitations to the ...
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CREDIT CARDS & DEBIT CARDS
IBA told to rectify faulty areas in Kisan Credit Cards scheme
THE Reserve Bank of India hassaid that it has asked Indian Banks' Association (IBA) to take remedial action on some of the issues pertaining to Kisan Credit Cards (KCC), primarily to improve the flow of credit to the agriculture sector under the ...
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FIXED DEPOSITS
New deposit rates from IOB
THIRUVANANTHAPURAM: Indian Overseas Bank (IOB) has announced new interest rates on domestic and non-resident ordinary (NRO) deposits. The new rates will be effective from Monday, according to Mr Joginder Paul, Chief Regional Manager, ...
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Cross Currency Rates
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