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IDBI
cuts rates on Flexibonds-16 by 25-75 bps
Mumbai: The Industrial Develo-pment Bank of India
has slashed interest rates offered on its Flexibonds-16
issue by 25 to 75 basis points. IDBI though has offered
investors an opportunity to invest in these bonds for
longer tenures.
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State
Bank slashes deposit rates by 25-50 basis points
Mumbai: The State Bank of India has slashed its
domestic term deposit rates across various maturities
in the range of 25 to 50 basis points.
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Sebi
chief calls for greater tech usage
Mumbai: The need for greater use of technology
in the Indian securities market, which is looking forward
to a T+1 trading environment in the near future, came
across as the underlying message at the ‘Banking
and Finance Summit 2002’, hosted by Tata Consultancy
Services.
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Citibank
fined for `deficient service'
Chennai: Citibank, Chennai, has been directed by
the District Consumer Disputes Redress Forum to pay Rs
1.33 lakh, with a compensation of Rs 10,000, to a holder
of the bank's credit card for the "deficiency in
service and failure" to renew the group insurance
policy of New India Assurance Co Ltd.
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RBI
clarified on Rs 500 notes
Mumbai: The Reserve Bank of India has clarified
that Rs 500 denomination notes continue to be legal and
banks not accepting these notes should be brought to the
notice of the RBI.
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Banks
make solid bids at OMO
Mumbai: The Rs 6,000-crore Open Market Operations
by RBI witnessed aggressive bidding by nationalised banks
on Thursday. This is the fourth consecutive OMO and auction
to have witnessed such bidding by banks flush with funds.
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Banks,
FIs prepare to write back Dabhol provisions
Mumbai: A slew of domestic banks and financial
institutions (FIs) are preparing to write back some of
the provisions made for Enron-promoted Dabhol Power Company
(DPC) once it returns to the grid.
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AIBOC
welcomes `forced merger' of banks
Kolkata: The All-India Bank Officers' Confederation
(AIBOC) has welcomed what it calls `the forced merger'
of the Kozhikode-based Nedungadi Bank with the Government-owned
Punjab National Bank as well as the `likely takeover'
of Centurion Bank by Andhra Bank.
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Bank
staff to observe `protest day'
Kolkata: The United Forum of Bank Unions (UFBU)
is gearing itself to launch a country-wide agitation against
the "unhelpful attitude" of the Government and
the managements.
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