10 april 2004
uco
bank does rs 60,000 crore business for '03-'04
kolkata: uco bank's total business crossed the
rs 60,000-crore mark as at the end of the year, recording
a growth of 26.4 per cent during fiscal 2003-04. uco bank
added over rs 12,500 crore to its business by clocking
a 25.2 per cent increase in deposits, which now stands
at over rs 39,200 crore. its advances portfolio have swelled
28.8 per cent to over rs 21,350 crore against rs 16,580
crore last year. the total business done was rs 48,000
crore.
dhanalakshmi
bank officers protest mass transfers
kochi: officers of thrissur-based dhanalakshmi
bank will strike work on saturday protesting against the
"mass transfer" of their union's office-bearers
to branches outside the state. from april 12, the officers
also propose to go on an indefinite hunger strike in front
of the head office. the all india bank officers' confederation
has said that it proposes to organise an all-kerala strike,
unless the management agrees for a compromise.
sc
validates securitisation act - relief for borrowers as
well
new delhi: the supreme court today upheld the constitutional
validity of the securitisation act thereby allowing banks
and financial institutions to sell assets of defaulting
borrowers that have been attached under the act. the court,
however, quashed as unconstitutional the provision that
required aggrieved borrowers to make an upfront deposit
of 75 per cent of the dues claimed in case they preferred
to go in appeal on action initiated against them.
the
judgment was delivered by a three-judge bench, which included
the chief justice v.n. khare, justice brajesh kumar and
justice arun kumar. the 2002 act was challenged in various
courts on grounds that it was loaded heavily in favour
of lenders, giving little chance to the borrowers to explain
their views once recovery process is initiated under the
legislation.
mss
paper oversubscribed
mumbai: in the rs 5,000-crore auction of the 6.18
per cent 2005 paper under the market stabilisation scheme
the central bank received 169 competitive bids amounting
to rs 6,220 crore.
the cut-off price for this security has been fixed at
rs 102.11 (4.59 per cent ytm).
election
of tmb directors challenged before clb
chennai: the legal tussle among the various groups
of the nadar community to take control of the tuticorin-based
tamilnad mercantile bank ltd continues unabated with a
group challenging the election of the 10 directors at
the annual general meeting held on march 12. in an application
moved before the company law board, additional principal
bench, chennai, the group led by s. ashok and 33 others,
contend that on various grounds, the election of respondents
(the 10 directors who are considered as associates of
b. ramachandra adityan) 4 to 13 were invalid and was therefore
to be set aside by the company law board.
canara
bank's first obu starts operations at noida
new delhi: the canara bank has opened its first
offshore banking unit (obu) in the special economic zone
(sez), noida. the obu would accept foreign currency deposits
from non-resident indians (nris) by offering libor-linked
rates. according to the bank, the obu would not only cater
to units situated within the sez but also those in the
domestic tariff area. it will commence operations with
start-up funds of $10 million.
citigroup
fund for financial education
mumbai: citigroup and the citigroup foundation
have announced a 10-year, $200 million commitment to financial
education, which will include the 100 countries that citigroup
operates in around the world, including india. the indian
segment of the citigroup team is yet to develop a model
to identify deserving units. in india, citigroup supports
a financial literacy programme since 2001 for women in
partnership with ahmedabad-based, sewa bank for the members
of their micro-credit programme.
8 april 2004
rupee
up 20 paise
mumbai: the rupee gained by 20 paise to close at
43.5450, up from previous close of 43.74/75 in its value
against the dollar.
forwards market - the six months premium closed at 0.52
per cent (0.42 per cent) while the one-year ended at 0.44
per cent (0.36 per cent).
g-sec prices - the 6.05 per cent 2019 paper opened at
rs 105.40 touched a high of rs 105.78 and closed at rs
105.60.
call rates were flat at 4 per cent.
punjab
& sind bank to audit performance
new delhi: punjab and sind bank (psb) has set up
an ad hoc committee on procedure and performance audit
on public services.
the committee would comprise three general managers, who
would look into ways to simplify the procedures and practices
to ensure that the customer do not face any difficulties
in their transactions with the bank.
rbi:
forex market is 'orderly'
new delhi: the reserve bank of india governor,
dr y.v. reddy, has said that the foreign exchange market
was witnessing `orderly conditions'. the rbi governor
pointed out that though the rupee had appreciated by 9.5
per cent against the dollar since march 2003, it had at
the same time depreciated by 3.1 per cent against the
euro, 5.9 per cent against the pound sterling and 4.4
per cent against the japanese yen. he said that significant
depreciation of the us dollar against other major currencies
had prompted adjustments in world currencies and this
reflected in the exchange rate of the rupee as well.
'finacle'
in south africa
bangalore: according to an infosys release, comparex
africa has announced an alliance with infosys technologies
to market the latter's universal banking solution, finacle,
in southern africa.
comparex will act as infosys's business alliance partner
for sales and services related to finacle in south africa,
namibia, swaziland, mozambique, lesotho and malawi, and
will provide after-sales support for finacle customers
in the region as well.
tata
aig life launches unit linked schemes
mumbai: tata aig life insurance company ltd (tata
aig life) has launched unit linked insurance plans (ulip)
for superannuation and gratuity schemes. tata aig ulip
superannuation scheme provides individual members the
flexibility to decide on the allocation of their moneys
based on their risk appetite, said a press release. in
case of the ulip gratuity scheme, the employer or trustee
has the flexibility to decide the ratio of investment
based on their risk taking appetite, the release said.
now
`car overdraft' with icici bank
mumbai: icici bank has launched the `car overdraft'
- an overdraft facility with the car as security. under
the scheme, the bank opens an icici bank roaming current
account in the customer's name with a pre-approved overdraft
limit. according to a bank release, the limit of the overdraft
is determined on the basis of the vintage and condition
of the car.