The Hindu Business Line : Friday, August 05, 2005

Rupee sheds 7 paise; securities in range
MUMBAI: The rupee closed lower at 43.51/52 against the dollar on Thursday. Dealers said the RBI may have bought dollars, driving the rupee lower. The rupee opened at 43.43/45. On Wednesday, the rupee had ended at 43.44. The ... More

LIFE INSURANCE

Dena Bank offers cover to clients
DENA Bank has launched Dena Jeevan Savings Bank Account scheme to offer life insurance cover to savings deposit account holders under a group scheme of LIC. A press release here said the customers opting for the scheme are eligible for life ... More

GENERAL INSURANCE

Chidambaram asks insurers to settle claims quickly
THE Finance Minister, Mr P. Chidambaram, on Thursday directed the Chairmen and Managing Director of the four public sector general insurance companies that claims below Rs 50,000, arising out of the recent flooding in Mumbai and other parts of ... More

Lack of insurance hits powerloom units
Coping with the losses can be doubly hard with the inability to make good the damage because of no insurance cover and fixing damaged machinery and property to get things back on track. More

RBI & OTHER CENTRAL BANKS

RBI for rating micro-finance bodies
THE Reserve Bank of India (RBI) favours introduction of a system for rating micro-finance institutions (MFIs) by credible rating agencies across the country. According to the banking regulator, the need is felt especially in the backdrop of ... More

RBI asks banks to check balances in currency chests
THERE has been a rise in the instances of shortages in the remittances sent by currency chests of banks to Reserve Bank of India, because banks fail to verify the balances periodically, said RBI in a notification. The balances in currency ... More

Bank account opening norms simplified in flood-hit areas
THE Reserve Bank of India has instructed banks to observe minimum formalities for opening accounts for flood-affected persons, in a press release issued on Thursday. The bank may open the account if another account-holder introduces the ... More

PUBLIC SECTOR BANKS

Cabinet gives nod for more Govt nominees on bank boards
THE Union Cabinet on Thursday decided to introduce an amendment to the Banking Companies Act with a view to increasing the number of Government nominees on bank boards. This would also enable the Government to have representation on boards ... More

GOVT BONDS

Excess liquidity evident from reverse repo mop-ups
At the auctions held on Thursday, the liquidity mopped through the reverse repos was Rs 45,000 crore. More

`Govt can create fund for unclaimed G-sec dues'
THE Government should explore the possibility of creating a dedicated fund for keeping the unclaimed amounts in respect of Government securities, the Standing Committee on Finance has suggested. In its report on `The Government Securities Bill ... More

Kerala State bond auction successful
MUMBAI: The Kerala State loan auction for Rs 250 crore held on Thursday was fully subscribed, a press release from the RBI said. The RBI received 70 bids, amounting to Rs 1,244.31 crore. The cut-off yield was 7.32 per cent. Of these, ... More

CREDIT CARDS & DEBIT CARDS

For frequent flyers
Mr Vijay Mallya, CMD, Kingfisher Airlines, and Ms Chanda Kochhar, Executive Director, ICICI Bank, at the launch of `co-branded credit card' in Mumbai.

MERGERS & ACQUISITIONS

Kumar Mangalam, B.K Birla raise stake in Pilani Invest to above 50%
THE B.K. Birla-Kumar Mangalam Birla Group has increased its stake in Pilani Investments to more than 50 per cent. Mr G.P. Birla and Mr S.K. Birla have disinvested their stakes in Pilani in favour of the B.K. Birla-Kumar Mangalam Group. An ... More

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