Profit, loss route to forex adjustments
"The existing treatment requires exchange differences on repayment of liabilities incurred for acquisition of assets to be loaded in the cost of assets. Now such differences will have to be charged to the profit and loss account."

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RBI rejects Kumar Auto application
Mumbai: The Reserve Bank of India (RBI) has rejected the application for certificate of registration submitted by New Delhi-based, Kumar Auto Finance Pvt Ltd for carrying on the business of a non-banking financial institution.
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HDFC finds going good
Mumbai: Housing Development Finance Corporation Ltd (HDFC) finds its bread buttered on both sides. On the one hand, the cost of funds is falling - is now at less than 8 per cent. On the other, the demand for housing loans is going up.
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Cap on health riders in life policies - IRDA makes insurers uneasy
New Delhi: Health is threatening to become a perennial source of concern for the Insurance Regulatory and Development Authority (IRDA). Days after the insurance regulator brought smiles among life insurers through its decision to go easy on the cap on health riders on life polices, it is now the turn of the non-life companies to complain about uneasiness because of the move.
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Liquidity overhang pulls down real yields
Mumbai: The liquidity overhang in the banking system is beginning to push down real yields and real interest rates to two-decade lows. Real yields/real interest rates are the difference between the nominal rates and inflation rates.
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Bank of Punjab's `Mobile Wallet'
New Delhi: Bank of Punjab has launched `Mobile Wallet', a payment mechanism whereby a customer holding a debit or credit card can make a purchase by sending messages through the mobile phone for the payment.
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Telebanking from Dhanalakshmi Bank
Kochi: Film star Samyukta Varma inaugurated the telebanking facility of Dhanalakshmi Bank at Thrissur. By making use of this facility, customers can get details of their accounts, latest interest rates prevailing for deposits and can request statement of their accounts over fax and voice.
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REC cuts rates for short-term loans
New Delhi: Rural Electrification Corporation (REC) has reduced the lending rates on short-term loans by 0.50 per cent, according to an official release. The company has also introduced two new loan instruments - short-term loans having a two and three-year repayment tenor. Till recently, the company had only a one-year short-term loan instrument.
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PDs can lend 25 per cent in call market
Mumbai: Primary Dealers (PDs) are free to lend up to 25 per cent of their net-owned funds on `an average basis during a reporting fortnight' instead of on a daily basis, in the call/notice money market, effective from October 5.
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