The Hindu Business Line : Thursday, June 16, 2005

SBI(Mumbai circle) ties up with Growell Agro
MUMBAI: State Bank of India, Mumbai Circle, will be entering into a tie-up with Growell Agro Forestry Corporation to launch contract farming. Under this scheme, SBI will provide finance to cover 5,000 acres of wasteland and degradable ... More

INVESTMENT BANKING

Allbank Finance applies for merchant banking licence
THE Allahabad Bank board has okayed the first model for diversification by Allbank Finance, the bank's 100 per cent subsidiary, which is being given a new lease of life. The company, which had earlier surrendered its NBFC licence to the Reserve ... More

FINANCIAL SERVICES

Maran urges India Post to float banking arm
THE Communications and IT Minister, Mr Dayanidhi Maran, said on Wednesday that the Department of Posts (DoP) should expand its financial services business and hive it off in to a standalone bank. Currently, the postal network offers a number ... More

FOREX

Exporters switch to long-term LCs
DOMESTIC exporters have begun accepting long-term letters of credit (LCs) from foreign importers in a bid to ensure exchange rate stability. Bankers said that this departure to long-term LCs, for 180 days and beyond, stems from the fact that ... More

Rupee tad lower; gilts range-bound
MUMBAI: The rupee closed slightly lower against the US dollar on Wednesday as the dollar gained against currencies such as the euro and the yen, according to dealers. There was not much activity in the spot rupee, though there was two-way ... More

SOFTWARE

United Western uses CMC's core banking solutions
UNITED Western Bank has tied up with CMC, part of the Tata Group, for its core banking solutions. About 90 per cent of United Western Bank's business is now covered by CMC's Total Concept Banking System — `TC/4©'. CMC has implemented ... More

LIFE INSURANCE

BoB plans joint venture for life insurance foray — To tap capital market in Sept
BANK of Baroda (BoB) plans to foray into life insurance business through the joint venture route. It is also looking to rope in a foreign partner, which could take a 26 per cent stake in the new venture. "We are exploring the possibility of ... More

Kotak Life to hike capital by Rs 100 cr
KOTAK Life Insurance has said it plans to increase its paid-up capital by Rs 100 crore over the next three years. The company now has a capital of Rs 260 crore. With business on the uptrend, Kotak Life Insurance plans to break even in another ... More

CREDIT RATING

Fitch lowers DCB debt rating
FITCH Ratings has downgraded the national rating on Development Credit Bank Ltd's Rs 160 crore subordinated debt programme to "A (ind)" from "A+(ind)", said a press release from the ratings agency. The rating outlook was evolving, it ... More

PRIVATE BANKS

UTI Bank to handle funds for Sethusamudram project
The entire cost of Sethusamudram Ship Channel Project is estimated at Rs 2,427 crore. More

PUBLIC SECTOR BANKS

BoB's 12-hour banking service
MUMBAI: Bank of Baroda launched 12-hour banking services in 10 branches in Mumbai on Wednesday. Five branches have already started offering services from 8 a.m. to 8 p.m. on a pilot basis. The services available in the extended hours ... More

Govt offers more autonomy to PSBs
"We will never privatise the banks, we want them to grow in size." More

Syndicate Bank raises Rs 500 cr through bonds
THE public sector Syndicate Bank mopped up Rs 500 crore through issue of unsecured redeemable, non-convertible taxable bonds. The issue was priced at 7.40 per cent and has a tenure of 10 years. The bonds have no call or put options. This ... More

SHORT TERM INSTRUMENTS

T-bills auctions `fully subscribed'
THE auctions of the 91-day and 182-day Treasury Bills were fully subscribed, according to a release from the Reserve Bank of India. The notified amount for the 91-day T-bills was Rs 2,000 crore. The central bank received 42 competitive bids, ... More

IPOS

Yes Bank IPO subscribed 8.27 times
MUMBAI: The initial public offering (IPO) of Yes Bank was subscribed 8.27 times on the first day, according to the NSE Web site. Cumulative bids were received for a total of 57.86 crore shares against the issue size of seven crore ... More

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