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Rupee
loses 29 paise
Mumbai: The rupee lost 29 paise in its value against
the US dollar to close at 44.81/84. G-Secs: The 8.07 per
cent 2017 paper ended the day at 5.12 per cent.
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Norms
for foreign securities under ESOP relaxed
Mumbai: The Reserve Bank of India has relaxed the
guidelines for the acquisition of foreign securities under
the ESOP scheme, consequent to which, henceforth, such
shares need not be offered at a concessional price, and
the sale of such shares does not require prior RBI approval,
as long as the proceeds are repatriated to India. Necessary
amendments to the Foreign Exchange Management, ie., transfer
or issue of any foreign security regulations, 2000, are
being issued separately, the apex bank said in a circular
issued today.
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E-commerce
gateway: National Financial Switch
Hyderabad: The Hyderabad-based Institute of Development
and Research in Banking Technologies, is setting up a
National Financial Switch (NFS) that will enable sharing
of technology infrastructure. The NFS is expected to go
live by July.
The
National Financial Switch will serve as a main common
switch and facilitate connectivity as an e-commerce payment
gateway both for Internet and mobile commerce thereby
helping in authenticating and providing route payment
details between banks and various parties. According to
the IDRBT, the project has both economic advantages and
offers wider reach while helps in preventing infrastructure
duplication.
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Flexcube
solution for First Caribbean
Bangalore: i-flex Solutions has signed a deal with
Barbados-based First Caribbean International Bank to deploy
its Flexcube technology platform. Flexcube is the Internet
banking and e-finance platform offering of i-flex Solutions'
Flexcube end-to-end banking product suite. First Caribbean
services about seven lakh customers across 25 Caribbean
islands.
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HDFC Standard: 76 per cent rise in
premiums
Mumbai: HDFC Standard Life Insurance Company Ltd
has recorded a 76 per cent rise in new business premium
over the previous financial year at Rs 232.5 crore for
the fiscal ended March 31, 2004. The company has also
declared the fourth bonus for its policyholders, said
a press release. The sum assured crossed the Rs 13,500-crore
mark during the year. The company has covered over 450,000
lives so far.
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ICICI
Lombard: 144 per cent rise in premiums
Mumbai: ICICI Lombard General Insurance Ltd has
recorded a 144 per cent rise in its premium income at
Rs 506.7 crore for the year ended March 31, 2004, against
Rs 207.9 crore in 2002-03.
During the year, the company's branch network expanded
to 63 locations from 35 last year, manned by over 600
employees. This has helped the company in covering 2.6
crore individuals, as also 3,000 corporate clients, including
over 100 leading PSUs and MNCs, the release said. The
company's profit after tax stood at Rs 31.8 crore as against
Rs 3.3 crore in the same the previous fiscal, while profit
before tax rose to Rs 42.2 crore (Rs 4.2 crore).
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