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Clearing
Corpn forex operations from today
Mumbai: Clearing Corporation of India (CCIL) is
to start forex clearing operations from today. The service
will provide a multilateral netting system for inter-bank
spot and forward dollar-rupee transactions.
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Sun
Micro, Infosys unveil banking solution
Bangalore: Sun Microsystems Inc and Infosys Technologies
Ltd have unveiled a web-based retail banking reference
architecture which enables banks to reduce operational
costs and enhance efficiencies and retain business agility.
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Birla
Sun Life to focus on retail, private clients
Mumbai: Birla Sun Life Distribution Company Ltd
(BSDL), the distributor of financial products, plans to
focus on two customer segments namely retail and private
clients group this year, according to the company's CEO
Sanjiv Roy.
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South
Indian Bank ties up with Qatar company
Kochi: The Thrissur-based South Indian Bank has
entered into a new rupee draft drawing agreement with
Union Exchange Co of Doha, Qatar. As per this agreement,
NRIs in Qatar can make remittances to any of the 100 designated
branches of South Indian Bank.
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Bond
prices rally
Mumbai: Bond prices were seen rallying by 30-50
paise across the board on Thursday in the government securities
market. The steep' 50-basis points Fed rate cut was the
driving factor for the bullish sentiment in the markets.
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NHB
cuts coupon rate on capital gains bonds
Mumbai: Consequent to the recent reduction in the
bank rate and cash reserve ratio (CRR) by the Reserve
Bank of India, the National Housing Bank (NHB) has also
reviewed the coupon rate on its capital gains bonds.
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SIDBI
cuts rate on capital gains bonds
Mumbai: The Small Industries Development Bank of
India (SIDBI) has reduced the rate of interest on its
capital gains bonds by 50 basis points effective from
8 November 2002 to 6.5 per cent, from the present rate
of 7 per cent.
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Govt
may put SBI on block after RBI exit, fear staff
Mumbai: The Reserve Bank of India’s decision
to offload its entire stake in the State Bank of India
could put the country’s largest public sector commercial
bank in the privatisation market.
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SBI
cuts home loan rates by 25 bps
Mumbai: Kicking off a new round of rate cuts in
the housing finance segment, the country’s largest
bank, the State Bank of India, has reduced its fixed rate
home loan interest rates by 25 basis points (bps) across
all maturities.
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IRDA
tells general insurers to refund excess OD premium
New Delhi: The Insurance Regulatory and Development
Authority has told chief executives of all general insurance
companies to refund excess premium charged on own-damage
motor insurance, apart from any amount in excess of 100-per
cent loading in the case of third-party covers.
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Birla
Sun Life arm braces for a slew of MFs
Mumbai: The entry of a clutch of banks, including
HSBC, Citi, Deutsche and ABN Amro into the asset management
business, is fast reorienting the distribution opportunities
of financial products for the investor in a declining
interest rate scenario, said Birla Sun Life Distribution
Company CEO Sanjiv Roy.
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IIB
named sole authority for testing bank staff for insurance
New Delhi: The Insurance Regulatory and Development
Authority has designated the Indian Institue of Bankers
as the exclusive authority for conducting the certification
examination in bancassurance.
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