Asian currency union can be forum of central banks: Jalan
Bangalore: Reserve Bank of India governor Bimal Jalan said the Asian Currency Union (ACU) could become a non-political forum of central banks in the region to discuss the issues of economic cooperation and exchange rate management. Addressing the 32 ACU board meeting here on Monday, Dr Jalan said: “the union could become a strong and non-political forum of central banks in the region to discuss issues relating to economic co-operation among member countries within the ACU mechanism.” Besides, Dr Jalan suggested cooperation in “areas like exchange rate management and foreign exchange reserve management with a view to evolving appropriate approaches to resolving technical issues.” Stressing the need for expansion of ACU, Dr Jalan, however, made it clear that new members would come to the organisation only if they found it beneficial to them. Quoting from suggestions made by a technical ACU committee with assistance from ESCAP and UNCTAD, Dr Jalan said “the committee has pointed out that neighbouring countries would join the mechanism only if they are convinced of the benefits they could derive from the membership. It is, therefore, necessary to make the ACU mechanism more efficient in the first instance and enhance the volume of trade routed through the arrangement.”
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Western Union plans expansion in Gulf
Hyderabad: In a bid to have larger market share in the $10 billion Indian remittance market, the US-based Western Union Financial services, a money transfer service provider, has proposed to expand its branch network in the Gulf countries. “We need to expand our branch network in the Gulf countries to garner a market share of 15 to 20 per cent of the money being transferred into India from Gulf countries,” Anil Kapur, regional director South Asia of Western Union, told the media here on Monday. For example the company has just 35 branches in Saudi Arabia, whereas in India it has considerable presence with 1,35,000 agent location covering about 1,500 cities, he added. According to market estimates, the money being remitted into India from Gulf countries, especially from countries like UAE and Saudi Arabia, will account for over 60 per cent of the total money remittances from NRIs.

Kapur is in Hyderabad in connection with the opening of Hyderabad branch of its agent Paul Merchants Ltd. He said that the company has grown faster in India with 71 per cent growth in revenues and 89 per cent growth in the number of transfers.
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HSBC brings Aussie coach to give Indians A pep talk
Mumbai: HSBC India is bringing in the Australian cricket team coach John Buchanan, to India to give a lecture on “Managing Champion Teams”. The lecture series will be hosted in four cities - New Delhi, Mumbai, Bangalore and Kolkata, between 20 and 27 June. This will be the first time that he will lecture in India.” Said HSBC India CEO Niall SK Booker: “Clearly there are similarities between successes in sport and in the business world. Over the last five years, no team in world cricket has been more successful than Australia and we thought, given the popularity of cricket in India, it would be interesting and instructive to hear John Buchanan’s views on the ingredients that go onto making a successful team.”
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United Western net up 6.7 per cent
Mumbai: The Satara-based United Western Bank has posted a 3.5 per cent increase in net profit for the fourth quarter ended March 31, 2003 at Rs 12.66 crore up from Rs 12.23 crore in the corresponding period in the previous year. For the full year, the private sector bank registered a 6.7 per cent increase in net profit at Rs 27.51 crore as compared to Rs 25.76 crore in the previous year.

The bank had focussed more on computerisation of branches and recovery of NPAs, said Satish Marathe, chairman & chief executive of the bank, at a press conference held here on Monday. Marathe was appointed in January 2003 to replace S.T. Gadre who was sacked by RBI. The bank plans to computerise 65 of its branches in the current year. As part of its NPA recovery plan, it had filed 280 cases before the Debt Recovery Tribunal and recovered loans worth Rs 58 crore in the previous year, said Marathe.
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RBI to inspect bank chests
Kolkata: The Reserve Bank of India is to shortly start inspection of currency chests of various banks, including State Bank of India, to detect soiled notes in stapled condition. The inspection follows the report that several banks, instead of remitting the soiled notes in unstapled condition to RBI, continue to hold them in stapled condition in their currency chests. This is in violation of the RBI's order.The banks are worried at the RBI move. The existence of stapled notes in the chests, if detected by the RBI team may have some adverse consequences. The licence of the chests might be cancelled. The staff concerned might be made accountable.
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SBI Mutual to ride on parent's network
Kolkata: SBI Mutual Fund is making fresh moves to ride on State Bank of India's branch network. There are efforts to tie up with the associates of the parent bank as well. The fund, now being overseen by a set of new office-bearers, has proposed to use SBI's reach for distributing its products to a wider section of investors, both corporates and individuals. SBI MF specifically plans to tap SBI's personal banking infrastructure in an effective manner, say sources familiar with the development. Recent years have seen personal banking branches grow in stature within the SBI fold. These have lately emerged as repositories of money for high net worth individuals. The MF, besides relying on distributors, currently operates through a chain of investment service centres (ISCs). These ISCs, based in the more important cities as well as at such smaller centres as Siliguri, Bhilai and Ernakulam, are supported by a number of district-level organisers.
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ACCBank selects Flexcube
Bangalore: Ireland-based ACCBank has selected i-flex Solutions as its banking solution provider. ACCBank will implement i-flex's flagship product FLEXCUBE for its banking operations. The selection of FLEXCUBE was based on the scalability and reliability of the solution, said a company press release. The bank would now have the flexibility to fine-tune and expand its products and services, and provide a range of services for their customers in the business (SME), personal and agri-based sectors, the release said.
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