MONEY & BANKING
FOREX
Securities rise; rupee stable
MUMBAI: Despite the announcement of a higher inflation figure, at 7.76 per cent in the week-ended November 6, bond prices rallied by around 40 paise across maturities on expectations of an easing in crude oil prices leading to lower ...
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RBI & OTHER CENTRAL BANKS
Banks can extend finance to purchase second-hand assets
THE Reserve Bank of India said today that banks may extend finance to Non-Banking Finance Companies against second-hand assets financed by them. Banks will also be allowed to extend financial assistance to customers directly for purchase of ...
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RBI okays trade with Myanmar in freely convertible currency
THE Reserve Bank of India today said that trade transactions with Myanmar can be settled in any freely convertible currency, in addition to the existing Asian Clearing Union (ACU) mechanism. The apex bank said in a notification to all banks ...
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Allow high-cost debt repayment at minimal charges: PHDCCI
THE PHD Chamber of Commerce and Industry today urged the RBI Governor to direct banks and financial institutions (FIs) to allow corporates retire their high-cost borrowings with minimal charges. This process will not only reduce interest ...
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PUBLIC SECTOR BANKS
BoI awaits Boston Consulting report to revamp business
BANK of India is expected to revamp its business strategy based on the recommendations of the Boston Consulting Group, which will submit its report to the bank shortly. Boston Consulting Group (BCG) is undertaking a profitability study aimed ...
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United Bank H1 operating profit up at Rs 336 crore
UNITED Bank of India posted an operating profit of Rs 336 crore in the first half of the current fiscal as compared with Rs 276 crore in the same period of 2003-04, registering 22 per cent growth. The pre-tax net profit during the period ...
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INTEREST RATES
PLRs: Already on the steep side
"Interest rates could inch up further by 50 basis points or a bit more in the coming months. But that should not impact the prime lending rates of PSBs."
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NON-PERFORMING ASSETS
Offloading bad assets — High stamp duties a dampener for banks, FIs
HIGH stamp duties in the country have begun hampering banks and financial institutions' proposals to exit from non-performing assets. Banking sources said high duties escalated the cost for stressed asset buyers. As a result, most of the ...
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CREDIT MARKET
IOB(Vizag) to conduct trade credit Utsav
VISAKHAPATNAM: The Indian Overseas Bank, Visakhapatnam region, is going to conduct trade credit Utsav from November 22 to 27 in 14 branches in 11 centres of five coastal districts, according to Mr A.J Prasad, Senior Regional Manager. He ...
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CREDIT CARDS & DEBIT CARDS
ICICI Bank-HPCL credit card feat
ICICI Bank and Hindustan Petroleum Corporation Limited (HPCL) announced today that their co-branded credit card programme has crossed the one million mark. The ICICI Bank-HPCL credit card was launched in September 2001. Both companies will ...
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FIXED DEPOSITS
IndusInd Bank hikes deposit rates again
FOR the second time this month IndusInd Bank announced a 10-25 basis points hike in deposit rates across various maturities. This upward revision has been done for deposits amounting to Rs 15 lakh and deposits of above Rs 15 lakhs to below Rs 1 ...
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Cross Currency Rates
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