5 june 2004

rbi tightens pd dividend norms
mumbai: the reserve bank of india (rbi) has laid down tough dividend declaration norms for pds.

foreign currency inflows slow down
bangalore: foreign currency inflows into the country have substantially come down as most investors have taken a pause and remittances from non-resident indian depositors have slowed down.

rupee firms up
mumbai: the rupee closed 13 paise higher on friday at 45.11/12 against the dollar up from thursday's close of 45.24/25.

can fin homes to step up lending
mumbai: can fin homes ltd has set a target of 40 per cent increase in sanctions and disbursements for the financial year 2004-05.

bor gets maharashtra licence for franking stamps
mumbai: the bank of rajasthan ltd has secured the licence for franking stamps through its various branches in the state. the licence has been received from the inspector general of registration & controller of stamps and chief controlling revenue authority, government of maharashtra.

4 june 2004

fm reassures psu banks
mumbai: finance minister p chidambaram has told public sector banks to go ahead with plans to tap the capital market provided the government's stake does not fall below 51 per cent. he added that while banks would have full functional autonomy, they would be accountable. chidambaram told bankers on wednesday evening the pace of reforms would accelerate as the united progressive alliance government stabilises.

as the government will not extend capital support to public sector banks, they could raise resources from the market within the available headroom. chidambaram emphasised that there was no directed lending to agriculture. the government will not meddle in pricing and the risk adjustment exercise of banks for agri-lending and that concern about sticky assets on this account was misplaced.

rupee gains 14 paise
mumbai: the rupee gained 14 paise in the currency market mainly due to central bank support and global weakening of the us dollar and ended the day at 45.24/25, levels up 14 paise from wednesday's close of 45.38/39 in its value against the greenback.
the rupee opened the day at 45.35/37. while there was no demand from fiis for the dollar, gold importers were purchasing dollars. meanwhile, the bse sensex closed 105 points down from the previous close. state-run banks were seen selling dollars in the market perhaps on behalf of the central bank in the last one hour of trading, said dealers.