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Tuesday, July 26, 2005
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FINANCIAL SERVICES


Hire purchase body demands level playing with banking sector
MEMBERS of the South India Hire Purchase Association (SIHPA) have said that as an industry, these non-banking finance companies (engaged in hire purchase business) were being subject to the rigours of the banking system, but denied the pleasures ... More

FOREX


Rupee weakens; securities down
MUMBAI: The rupee further weakened against the dollar on Monday as PSU banks were heavily buying the greenback. The rupee opened at 43.48/49 and ended at 43.5450/55, weaker than Friday's close of 43.50. In the forward premia market, the ... More

TAXATION


No tax on inter-bank transactions
NEW DELHI: The Government has decided to exempt inter-bank transactions from the levy of banking cash transaction tax. All scheduled banks have been advised not to collect banking cash transaction tax on such transactions. A circular ... More

FINANCIAL PERFORMANCE


Bank of Rajasthan Q1 net dips
BANK of Rajasthan reported a dip in net profit to Rs 5.22 crore for the quarter ended June 30, from Rs 20.15 crore in the corresponding quarter last year, according to a press release from the bank. The release quoted Mr Pravin Kumar Tayal, ... More

Union Bank Q1 net up 14 per cent
UNION Bank of India has reported a net profit of Rs 240.39 crore for the quarter ended June 30, 2005, an increase of 14.25 per cent from Rs 210.40 crore in the corresponding quarter last year. The growth in profit is on account of an increase ... More

Vijaya Bank Q1 net down 72 pc
VIJAYA Bank has reported net profit of Rs 27.56 crore for the first quarter ended June, a 71.74 per cent dip from Rs 97.6 crore in the corresponding previous period. During the quarter, it clocked operating profits of Rs 202.32 crore. The focus ... More

GENERAL INSURANCE


National Insurance to offer accident cover for Kerala workers
NATIONAL Insurance Company has identified Kerala as a potential market for its Workers' (Accident) Welfare Policy. Persons engaged in manual labour in factories and those working as drivers, salespersons, mechanics, machine operators, ... More

RBI & OTHER CENTRAL BANKS


RBI upbeat on growth
THE Reserve Bank of India on Monday said that the business confidence index for the current quarter, based on its latest industrial outlook survey, showed a marginal decline of 1.1 percentage point, over the previous quarter. The index for ... More

PUBLIC SECTOR BANKS


Dabhol stake at Rs 150 cr
SBI has contributed about Rs 150 crore to the equity base of the new-look Dabhol project, which is now officially called Ratnagiri Gas & Power. ICICI and IDBI are two other institutional stakeholders, commanding a sizeable portion of the ... More

FINANCIAL INSTITUTIONS


Exim Bank to buy 2.5% stake in Bombay Rayon
EXPORT-Import Bank of India (Exim Bank) on Monday said it plans to make its first investment in the equity of a domestic Indian company by buying shares worth Rs 5 crore in Bombay Rayon Fashions Ltd (BRFL). The bank will subscribe to 10,000 ... More

INTEREST RATES


Hike in reverse repo rates likely: Dealers
A major section of the money market is expecting a 25-basis-point hike in the reverse repo in the monetary policy review to be announced on Tuesday, given the rise in oil prices and a possible rise in inflation rates. According to a senior ... More

CREDIT MARKET


`Industrial credit demand stronger'
THE demand for credit from the commercial sector strengthened in the first quarter in 2005-06, said the Reserve Bank of India in its Macroeconomic and Monetary Developments review released on Monday. Though food credit growth decelerated ... More

MERGERS & ACQUISITIONS


SBI eyes 4 mid-sized overseas banks
STATE Bank of India is eyeing four overseas banks as targets for acquisition. This is part of the bank's plan to increase its international exposure. SBI, which recently took over banks in Indonesia and Mauritius, hopes to scale up its global ... More

CO-OPERATIVES


TN Co-operative bank employees want Act replaced
THE Tamil Nadu Co-operative Bank Employees Association is seeking a replacement in the existing Co-operative Societies Act and Rules. It has, among other demands, requested the State Government to bring about a `model' Co-operative Societies ... More


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