MONEY & BANKING
PENSION PLANS
A.V. Birla eyes pension funds sector — To push insurance biz aggressively
THE Aditya Birla group is bracing itself to emerge as a big player in the financial services sector. It is exploring the possibility of acquisitions and adding pension funds to its forte that now mainly comprises insurance, mutual funds and ...
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FOREX
Rupee moves up; g-sec volumes rise
MUMBAI: The rupee appreciated by three paise on Wednesday to end the day at 45.24/25 against the dollar. The domestic currency opened at 45.27/28 but rose on fresh dollar supplies, said forex dealers. The open was the intra-day low and ...
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INFORMATION TECHNOLOGY
GAIL shifts to e-banking
IN a pioneering step, GAIL (India) Ltd has switched over to the e-banking system installed by the State Bank of India for all its major payments. GAIL releases around Rs 5,000 crore annually to Oil and Natural Gas Corporation and this, ...
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SOFTWARE
BoI awards $150-m 10-year outsourcing contract to HP India
BANK of India (BoI) today announced that it has awarded Hewlett Packard India Pvt. Ltd a $150-million 10-year outsourcing contract to provide a full suite of core-banking solutions and related services to the bank. This is one of the largest ...
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MANPOWER
Insurance VRS optees to be relieved from tomorrow
APPLICANTS for the voluntary retirement scheme (VRS) in the four public sector insurance companies are likely to be relieved starting this Friday. Industry sources said that in the first phase, class three employees (clerical staff) would be ...
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HOUSING FINANCE
SBT loan for house plots
THIRUVANANTHAPURAM: State Bank of Travancore has introduced a loan scheme for purchase of land for house construction. An SBT spokesman said here that individuals below 60 years of age with a steady income are eligible for the loan. ...
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GENERAL INSURANCE
Union demands scrapping of TPA system
The New India Assurance Co Ltd management has come under pressure from a section of its employees' unions to scrap the third party administrator (TPA) system. In a paper outlining several demands that was presented to the NIAC management, the ...
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DEBT MARKET
ADB rupee issue oversubscribed
ASIAN Development Bank's debut rupee bond issue was oversubscribed by twice the offer. The Rs 500-crore ten-year issues were priced on a book-building basis at a coupon rate of 5.40 per cent. The interest is payable semi-annually, yielding ...
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PRIVATE BANKS
UTI Bank bullish on South; plans major expansion
BULLISH on its operations in the Southern India region, especially in the retail segment, UTI Bank is planning a major expansion of its distribution channels to improve its services to retail clientele, the bank's Senior Vice President, Mr L.J. ...
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PUBLIC SECTOR BANKS
PNB sets up panel on performance audit
PUNJAB National Bank (PNB) has set up an ad hoc committee for undertaking procedures and performance audit on public services being rendered by it. The move is aimed at improvement in customer service. The committee, consisting of six General ...
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FOREIGN BANKS
Awaiting administrative guidelines from Govt — ABN Amro has no plans for arm right now
THE Dutch multinational bank ABN Amro is still awaiting "administrative guidelines" from Indian authorities to decide whether or not to convert the Indian operations into a subsidiary incorporated in India. The Government had allowed foreign ...
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INTEREST RATES
S&P expects near-term rates to hold
STANDARD and Poor's (S&P) does not expect interest rates to come under pressure any time soon judging from the demand and supply position in the bond market. But going forward, there could be an upward pressure on interest rates if the macro ...
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CREDIT MARKET
Thanks to cheap credit, you can live life king-size
INTEREST rates on specific advances have become so attractive as to woo even the most tough customers. "With the interest rates plunging to 5.75 per cent, I have upgraded my car to an Opel Corsa," said Mr R. Krishnan, an executive with an ...
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Banks urged to meet Rozgar Yojana targets
RESERVE Bank of India has urged banks to expedite the meeting of targets as stipulated in the Prime Minister's Rozgar Yojana (PMRY). In a circular issued to the chiefs of all commercial bank's here on Wednesday, the apex bank has said, "The ...
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CREDIT CARDS & DEBIT CARDS
Fraudster on the prowl with `Visa-security' id?
VISA hardly needs any introduction for credit card users. So, it came as no surprise last Saturday to find in my inbox an e-mail from what announced itself as "Visa Service". But, the `subject' line carried the phrase, "Visa Security Update" and ...
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PEOPLE
T.R. Madhavan is Dhanalakshmi Bank Managing Director
MR T.R. Madhavan has taken over as the Managing Director and Chief Executive Officer of the Thrissur-based Dhanalakshmi Bank from February 23 onwards. He was General Manager (credit) with the Bank of India before taking over as the Managing ...
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Cross Currency Rates
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