MONEY & BANKING
INSIGHT
Formal finance for informal sector
The informal sector plays a significant role in the economy in terms of employment opportunities and poverty alleviation. This sector generates income-earning opportunities for a large number of people. In India, a large section of the total ...
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FOREX
RBI mulls interest for EEFC balances
After having brought in a bunch of measures towards capital account convertibility, the Reserve Bank of India is working on the next set, said Mr Salim Gangadharan, Chief General Manager. Among the `measures under assessment' are payment of ...
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Rupee marginally down
The rupee was marginally weak against the US dollar as banks bought dollars on Monday. Banks that trade in gold bought dollars in large amounts as international gold prices had fallen drastically on Friday, said a dealer. The ...
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SOFTWARE
Infosys plans to strengthen Finacle platform
Infosys is planning to strengthen the portfolio of its universal banking solution, Finacle. The company is exploring options to add solutions in potential areas such as risk management, credit risk, Basel II and anti-money laundering to ...
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HOUSING FINANCE
Allahabad Bank to offer reverse mortgage
Open to tie-up with Indian Overseas Bank
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FINANCIAL POLICY
SDS rates unchanged at 8 pc
The interest on special deposit accounts for the calendar year 2006 will remain unchanged at 8 per cent per annum, said the Reserve Bank of India in a notification. The RBI has asked the banks to pay 8 per cent interest to SDS ...
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PRIVATE BANKS
Expansion plans pep up UTI Bank
The UTI Bank stock is being closely tracked for what market observers say are reasons rooted in developments concerning the sector as well as those that pertain to the bank's own growth plans. Banking stocks generally have been in the ...
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PUBLIC SECTOR BANKS
SBI amendment Bill introduced
Provides for reduction in RBI stake in SBI to minimum 51 pc
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Suguna Poultry, SBI in pact for contract farming
To fund existing & new farmers in Coimbatore co's fold
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GOVT BONDS
Debt market volumes hit 2-year high in November
Soft yields, ample liquidity, global trends drive trade interest
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Bond prices gain 25 paise
Bond prices moved up by around 25 paise on lower inflationary expectations. Total traded volumes on the order matching system were at Rs 3,220 crore (Rs 3,080 crore). Dealers said the comments made by the Prime Minister on ...
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CREDIT MARKET
`Rate hike has not hit credit growth'
There has been no impact on credit growth and non-performing assets till now, post interest rate hike, said Mr K.V. Kamath, MD and CEO, ICICI Bank. ICICI Bank was the first bank to raise its lending rates by almost 50 basis points after the hike ...
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SHORT TERM INSTRUMENTS
Call rates move up
Call rates moved up to 8.15-8.25 per cent against 8-8.1 per cent on Friday on tight liquidity. Banks were seen borrowing Rs 7,805 crore under repo auctions from the central bank. In the first one-day reverse-repo auction under ...
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CREDIT CARDS & DEBIT CARDS
Co-branded card
LOAN FOR X-BOX 360 PURCHASE: (From right)Mr Mohit Anand, Country Manager - Entertainment and Devices Division Microsoft India; Akshay Kumar, actor and brand ambassador of Microsoft X-Box 360; and Mr Sachin Khandelwal, Head- Cards Products Group, ...
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INVESTOR GRIEVANCES
Acceptance of cheques at counters
The RBI has asked banks to inform customers that they have the option of tendering cheques at the counters and obtain acknowledgement. "Banks are, therefore, advised to invariably display on the cheque drop box itself that ...
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MERGERS & ACQUISITIONS
Federal Bank scouts for buys
Federal Bank continues to be on the prowl for acquisitions and is in talks with some private sector banks in Tamil Nadu and Karnataka. Speaking to newspersons today, Chairman and CEO Mr M. Venugopalan said: "Mergers are a necessity if small ...
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