The Hindu Business Line : Saturday, January 07, 2006

Forex reserves fall by over $6 b due to IMD redemption
THE redemption of India Millennium Deposits (IMD) left its mark on the country's foreign exchange position for the final week of 2005, with reserves down by $6.844 billion after the central bank sold foreign exchange to SBI for redeeming ... More

Rupee moves up; bond prices fall
MUMBAI: The rupee substantially gained against the US currency on Friday on the back of dollar inflows. The domestic currency opened at 44.68 and was range-bound between 44.67 and 44.71. It, however, appreciated to close at 44.5760, up ... More

Remittances Gateway for overseas Indians planned
AIMED at leveraging the growing remittances into the country from the overseas Indians at a whopping $21 billion, the Finance Ministry is planning to set up a Remittances Gateway and announce the details of the facility at the Pravasi Bharatiya ... More

Recruitment industry's forex earnings on the rise
WHILE about 4.25 lakh Indians flew out of the country last year with overseas offer letters in their pockets, the Indian recruitment industry had to tailor deeper pockets for its foreign exchange earnings. With 12-15 per cent of a recruitment ... More

PRIVATE BANKS

LVB sees no need for fresh capital
KARUR-based Lakshmi Vilas Bank expects its outstanding advances to increase by at least Rs 500 crore in the current year. However, its Chairman, Mr R.M. Nayak, sees no need for capital infusion. Even after Basel-II norms for capital adequacy ... More

PUBLIC SECTOR BANKS

Govt to be tough with scamsters — IPO scam should not be repeated: Chidambaram
THE Government will take stringent action in the recent IPO scam, in which one individual used multiple demat accounts to buy shares. It will simultaneously work on improving the system to detect such risks, the Union Finance Minister, Mr P. ... More

BoI not to tap capital market in near future
BANK of India (BoI) has no immediate plans to tap the capital market with a follow-on public offering (FPO) to augment its capital base, the Chairman and Managing Director, Mr M. Balachandran, has said. It may, however, in the coming days look ... More

Corporation Bank offers savings a/c with Rs 10
CORPORATION Bank has introduced `Corp Pragathi' savings bank account — a `no frills' account with zero balance facility. A bank release said here that the account could be opened with an initial deposit of Rs 10. No penalty will be ... More

Punjab & Sind Bank to open 8-8 service in Bengal
PUNJAB & Sind Bank has announced the launch of eight-to-eight banking at select branches in West Bengal from January 16. According to a communication received from the bank's zonal office here, Punjab & Sind Bank's Bansdroni branch and its More

FIXED DEPOSITS

LKB hikes NRE deposit rate
KOCHI: Lord Krishna Bank has increased interest rates on one year to below two-year category of NRE term deposit to 5.63 per cent from 5.60 per cent, effective from January 1. The interest rate offered on such deposits for two-years to ... More

EVENTS

`Rural finance to be key area for banking sector'
The past one decade has seen the emergence of retail finance; the next one would see rural finance emerging as the major area, according to Mr N. Vaghul Chairman Emiretus, ICICI Bank. Addressing the gathering on the annual day of the National ... More

CO-OPERATIVES

Long-term co-op credit: Nabard seeks views on report
THE National Bank for Agriculture and Rural Development (Nabard) has sought comments and suggestions of all the stakeholders on the report submitted by the Vaidyanathan Committee on long-term cooperative credit structure to the Union Finance ... More

`Closure of low-recovery co-op banks harsh'
THE National Federation of State Cooperative Agriculture and Rural Development Banks has welcomed the revival package for cooperative long-term (LT) credit structure proposed by the Prof Vaidyanathan Task Force. The task force had earlier come ... More

RBI signs pact with M.P. to strengthen urban coop banks
THE Reserve Bank of India has signed a memorandum of understanding with Madhya Pradesh to strengthen its urban co-operative banks. As a result of this pact, a state-level Task Force on Urban Cooperative Banks has been constituted for Madhya ... More

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