The Hindu Business Line : Thursday, May 05, 2005

Rupee firms up; securities rise
MUMBAI: The rupee firmed up against the dollar on Wednesday on speculations about the revaluation of the Chinese yuan as well as expectations of `measured' further hikes in the US interest rate. The rupee opened stronger at 43.54 ... More

INFORMATION TECHNOLOGY

SBT opens new ATM at Pazhavangadi
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has installed its 25th ATM in Thiruvananthapuram at Pazhavangadi. The Mayor, Prof J. Chandra, inaugurated the ATM on Wednesday morning, an official spokesman said here. This is also the ... More

CREDIT POLICY

`RBI Annual Policy Statement growth oriented'
THE market participants at a discussion organised by the RBI Kochi branch, on the Annual Policy statement for 2005-06 of the central bank here, have expressed their concern about likely higher inflation, especially in view of the impending ... More

FINANCIAL PERFORMANCE

Union Bank Q4 net up thanks to credit growth
UNION Bank of India has reported a marginal increase of 1.27 per cent in net profit for the fourth quarter ended March 31, 2005. The net profit was at Rs 239 crore against Rs 236 crore last year. The total income was Rs 1,501 crore, up 4.16 ... More

GENERAL INSURANCE

Non-life insurers want cap on motor third party liabilities
NON-LIFE insurers have sought Government intervention for capping third party liabilities in a bid to make the underwriting business viable. Sources said that the capping of third party liability was sought as an alternative to hiking premiums. ... More

Oriental Insurance tie-up with Posts functional in Delhi
ORIENTAL Insurance Co is expecting that its distribution tie-up with the Department of Posts would help garner an additional premium income of about Rs 100 crore during the current financial year,the Chairman and Managing Director, Oriental ... More

FINANCIAL MARKETS

Monetary and Credit Policy: For orderly development of financial markets
The steps taken by the Reserve Bank of India in the Credit Policy insofar as the financial markets are concerned are comforting, though it is not clear what the apex bank's efforts to rein in inflationary expectations will add up to, given trends in global inflation-exacerbating factors — oil prices, for instance. More

PUBLIC SECTOR BANKS

SBI joins race to tap mid-corporates
PRIVATE banks and foreign banks have a new competitor to contend with - a new look SBI with a mid-corporate focus. Started about 9 months ago in Mumbai on a pilot basis, the mid-corporate group of SBI has since had a national rollout and is ... More

FII holding in OBC hits limit
THE Reserve Bank of India (RBI) has said that FII investment in Oriental Bank of Commerce (OBC) has reached the upper limit of its paid-up capital. The apex bank also notified that no further purchases of equity shares of the bank should be ... More

FINANCIAL INSTITUTIONS

Global Trade Finance turnover up 136%
GLOBAL Trade Finance (GTF), a joint venture promoted by EXIM Bank and West LB, Germany, has recorded a total turnover Rs 1,913 crore, a growth of 136 per cent over last year's Rs 808.4 crore. The export-factoring turnover stood at Rs 643.2 ... More

SHORT TERM INSTRUMENTS

T-bills auction fully subscribed
THE auctions of the 91-day treasury bill and the 182-day treasury bill on Wednesday were fully subscribed. The notified amount for the 91-day treasury bill was Rs 2,000 crore. The Reserve Bank of India received 74 competitive bids, amounting ... More

FIXED DEPOSITS

Karnataka Bank lowers NRE deposit rates
MANGALORE: Karnataka Bank has reduced interest rates on its non-resident (external) rupee deposit scheme with effect from May 3, says a bank release here. ... More

State Bank of Hyderabad cuts NRE deposit rates
HYDERABAD: State Bank of Hyderabad has slashed its interest rates on NRE rupee and FCNR foreign currency term deposits. These revised rates will be operative till the month-end, the bank said in a press release. ... More

MERGERS & ACQUISITIONS

Left parties favour IFCI-IDBI merger
Addressing the annual general meeting of the IFCI Officers' Association, Left leaders Mr Basudev Acharia, Mr Dipankar Mukherjee and Mr Manoj Bhattacharya came out in support of the demand for the merger. According to the office bearers of the ... More

PEOPLE

New CGM of SBI, Bengal Circle
KOLKATA: Mr Uday Sankar Roy has taken over as the Chief General Manager of State Bank of India, Bengal Circle covering West Bengal, Sikkim and Andaman & Nicobar Islands. He succeeds Mr K.C. Raut who has retired. Prior to this, Mr Roy ... More

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