The Hindu Business Line : Friday, February 11, 2005

`Full float must be done in phases'
INDIA does not need to rush into capital account convertibility. While convertibility may be a desirable goal, there is no reason why it cannot be done gradually, say, over a 10-year period, says Dr Lant Pritchett, Lead Economist, World Bank. ... More

Rupee slides; bonds firm up
MUMBAI: Another session of aggressive dollar buying by state-run banks pushed the rupee lower versus the dollar on Thursday. The rupee closed the day at 43.80/81 levels, against Wednesday's close of 43.73/75. This is the third day in ... More

INFORMATION TECHNOLOGY

Payment and settlement system board very soon
THE RBI Deputy Governor, Mr V. Leeladhar, today said that the proposed Board for Payment and Settlement Systems would be set up in the next few weeks. Talking to reporters at the sidelines of a banking technology seminar organised by the Indian ... More

LIFE INSURANCE

Max NY Life begins tapping rural market
PRIVATE insurance player Max New York Life Insurance Co Ltd (MNYL) has started tapping the rural insurance market. Its first initiative commenced in Punjab. "Our idea is to penetrate into rural Punjab first, before expanding our (rural) ... More

PRIVATE BANKS

Reconstituted Federal Bank board meets
SUBSEQUENT to the order of the Company Law Board, the board of Federal Bank met in Kochi on Thursday and inducted Mr P. H. Ravikumar, ICICI Bank nominee, as well as Prof A. M. Salim and Mr P. C. Cyriac as independent nominees on the board. ... More

South Indian Bank ATM opened in Coimbatore

PUBLIC SECTOR BANKS

United Bank raises Rs 300 cr
UNITED Bank of India (UBI) has raised Rs 300 crore by way of Tier II capital through a private placement of bonds. The bank, which closed the issue seven days earlier than stipulated, expects to meet the Basel II norms and its projected ... More

MERGERS & ACQUISITIONS

Foreign banking entities eye Lakshmi Vilas Bank stake
FOREIGN banking institutions looking for an enhanced presence in the country have zeroed in on the private sector Lakshmi Vilas Bank Ltd (LVB). Banking sources said that among the institutions that have already completed a due diligence of LVB ... More

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