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Saturday, November 12, 2005
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MONEY & BANKING

FOREX


Fall in currency assets pulls down forex reserves by $1 b
THE country's forex reserves dipped by over $1 billion during the week ended November 4, due to a fall in foreign currency assets. According to the weekly statistical supplement from the Reserve Bank of India, the foreign exchange reserves ... More

Rupee up 10 paise; securities rise
MUMBAI: The rupee closed higher against the dollar as there was no demand for the greenback. The rally in the domestic equity market also helped the rupee. The domestic currency opened at 45.80/84, touched a low of 45.87 and a high ... More

INSURANCE


Eligibility norms for insurance surveyors being revised — Only chartered accountants, engineers to qualify
THE eligibility criteria for insurance surveyors are being revised. As per the new criteria, expected to be announced shortly, only chartered accountants and engineers will qualify to become insurance surveyors. The move is to bring in ... More

HOUSING FINANCE


BoI offers housing loans with life cover
BANK of India has tied up with ICICI Prudential Life Insurance to provide cover to housing loan borrowers against risk of death during the loan tenure. The bank has reduced the rate of interest on home loans by 25 basis points to 7.25 per ... More

LIFE INSURANCE


Tata AIG proposes to introduce health-oriented keyman cover
TATA AIG Life Insurance will be talking to the Insurance Regulatory and Development Authority (IRDA) about offering a health-oriented keyman life insurance cover, Mr Bimal Balasingham, Director, Tata AIG Life Insurance, told newspersons here ... More

FINANCIAL POLICY


`Second round of LAF soon'
No deregulation of savings account rates: Y.V. Reddy

IN an effort to check the current liquidity problems in the market, the Reserve Bank of India will soon introduce a second round of liquidity adjustment facility (LAF). This was announced by Dr Y.V. Reddy, Governor of the RBI. He was talking to ... More

PRIVATE BANKS


ICICI Bank to manage US-India fund to fight AIDS
THE USwill help India in setting up a Corporate Fund, making the corporate world part of the fight against HIV/AIDS. The Fund will be managed by ICICI Bank, according to Mr David T Hopper, Consul General of Consulate General of the US in ... More

PUBLIC SECTOR BANKS


SBT launches toll-free infoline
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) launched an all-India toll-free infoline (1600 425 5566) here on Friday. Mr M. P. Ayyappan, Managing Director, Kerala Power Finance Corporation, formally inaugurated the facility by ... More

FINANCIAL INSTITUTIONS


Exim Bank launches schemes to promote SME exports
EXPORT-Import Bank of India has now devised various innovative support programmes for small and medium enterprises (SMEs) in the export sector, both in terms of equity (in select cases) and loans. It also partners these enterprises in their ... More

MERGERS & ACQUISITIONS


Banks consolidation — Chidambaram asks unions to convince their top leaders
BANK employee unions, thought to be satisfied that consolidation among banks is necessary, should now convince their national leaders on its merits, the Finance Minister, Mr P. Chidambaram, has said. The statement may be seen against the ... More

Talks in final stages to acquire NHB's stake in housing finance co: BoB chief
BANK of Baroda (BoB) is in final stages of negotiations with the National Housing Bank, its partner in BoB Housing, to take over NHB's holding in the housing finance company. The bank, which proposes to merge BoB Housing, has recently worked ... More

REGULATORY BODIES & RULINGS


New ombudsman scheme in offing
The Finance Minister, Mr P. Chidambaram, said: "A revised ombudsman scheme is being put in place." More

PEOPLE


Balaji Swaminathan quits ICICI Bank
ICICI Bank's Corporate Banking chief, Mr Balaji Swaminathan, has quit to join StandardChartered Bank. In his new assignment too, he will be the Head of Corporate Banking but will be in charge of entire South Asia. In ICICI Bank, he was closely ... More



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