28 Sep 2002

STCI net profit rises 163% to Rs 207 crore in 2001-02
New Delhi: The Securities Trading Corporation of India Ltd on Friday reported a 163 per cent growth in net profit to Rs 206.56 crore for the year 2001-02 as compared to Rs 78.51 crore in 2000-2001.

AIBEA calls for strike on October 1
Kolkata: The All India Bank Employees Association has called for a one-day bank strike on October 1 in protest against the sudden closure of Kolkata branch of Bank of Tokyo-Mitsubishi and dismissal of 67 employees without any notice last month.

LIC to start operation in Sri Lanka from Nov
Nagpur: The Life Insurance Corporation is all set to spread its wings across the border by starting business in Sri Lanka from November, its chairman Sunil Behari Mathur said here on Friday.

Focus group to consider offers under GATS
New Delhi: The Government has constituted a focus group to consider on an ongoing basis offers in financial services under the General Agreement on Trade in Services (GATS). The focus group will be headed by the Joint Secretary (Foreign Trade and Investment) in the Finance Ministry, Mr G.S. Dutt.

RBI relaxes forex norms
Mumbai: The Reserve Bank of India has said that no documents are required for obtaining foreign exchange in certain categories of transactions. These categories are, for tourism up to $5,000 in one calendar year, for business travel up to $25,000 per trip, for studies up to $30,000 per academic year, for medical treatment up to $50,000 and for gifts and donations up to $5,000 in a year, said an RBI press release.

Laser Soft launches bank automation software
Chennai: The Chennai-based Laser Soft Infosystems Ltd has launched Laser Twig, bank automation software for branches in small towns and rural areas. The company also inaugurated its third development centre in the city sixth in the country .

Trimming: What's on now
New Delhi: A Leading nationalised bank has been told by the Finance Ministry to prepare a detailed human resources plan for the next few years to justify its plea for a second VRS. Seemingly, the bank has assessed its manpower requirement for the next five years.

Dhanalakshmi Bank to pay 15 per cent
Kochi: The Thrissur-based Dhanalakshmi Bank has approved a 15 per cent dividend for its shareholders at the AGM held on Friday.

Vysya Bank ATM service in Mangalore
Mangalore: Vysya Bank operationalised its first automated teller machine (ATM) in Mangalore on Thursday. This is the bank's 12th ATM in Karnataka and the first outside Bangalore.

Union Bank deposit scheme to retain IPO funds
Coimbatore: Union Bank of India, which has just completed the allotment of shares in its Initial Public Offer, has sought to retain the funds covering the refund orders issued for the unsuccessful portion of the share allotment by floating a special term deposit scheme carrying a slightly higher interest rate.

Bank Muscat focus on retail asset takeover
Bangalore: Bank Muscat is taking over auto loans and personal loans from other banks signalling a softer interest rate regime for consumer finance. The takeover of retail assets is an indication of intensifying competition in the business.

Silverline Tech debt issue downgraded
Mumbai: Care has downgraded the short-term debt programme of Silverline Technologies Ltd (STL) from `PP1+' to `PR2'. According to a press release, the downgrade in the rating takes in to consideration the reduction in total income of STL during the 12-month period ended March 31, 2002, decline in profitability and increase in collection period resulting from cash flow mismatches.

`F1+' affirmed for Bombay Dyeing
Mumbai: Fitch Ratings India has affirmed the `F1+(Ind)' rating of the Rs 100-crore commercial paper/short-term debt programme of Bombay Dyeing.

AP urban co-op banks in a mess, says expert panel
Hydrebad: The urban co-operative banking sector in Andhra Pradesh is on shaky grounds, with a few of them getting embroiled in financial mess-ups recently.

Firms take refuge in MF plans
Mumbai: Banks and corporates have taken refuge in liquid and short-term plans of mutual funds, following measures by the Reserve Bank of India to restrict their unlimited access to the call money market.

No documents needed for earning forex: RBI
Mumbai: The Reserve Bank of India (RBI) has announced that no documents are required to be produced by bona fide applicants for obtaining necessary foreign exchange in five categories, including $5,000 for tourism, in a calendar year.

The other cases are business travel up to $25,000 per trip, studies up to $30,000 per year, medical treatment up to $50,000 and gifts or donations up to $5,000 in a year.

But, for remittance or purchase of foreign exchange for all these eligible purposes, the payment is to be made by a cheque drawn on the applicants bank account or by a demand draft. The apex bank also said that international credit cards, ATM cards and debit cards can be used on the Internet also for any purpose for which exchange can be purchased from an authorised dealer in India.

27 Sep 2002