Rupee tightens up 10 paise
Mumbai: The rupee closed 10 paise higher at 44.70 against the dollar. On Monday, the currency had ended the day at 44.81/84.
Forward Market - The six months forward closed at - 0.15 per cent and the one-year closed at - 0.56 per cent.
G-Secs- The 8.07 per cent 2017 paper opened at Rs 124.55 and closed at Rs 124.85.The 10-year, 7.37 per cent 2014 paper opened at Rs 117.35 and closed higher at Rs 117.47.
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UCO Bank to consider border trade with China
Kolkata: UCO Bank has been asked by the Union Government to participate in exchange operations for India's border trade with China, through its branches in Sikkim. Apart from its two existing branches in Sikkim it has been asked to examine the scope of setting up another branch in Changu as a step towards facilitating the border trade.
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CIBIL launch will provide retail credit information Mumbai: The Credit Information Bureau (India) Ltd has finally been launched for banks, FIs and other financiers to share retail and commercial customer information. The bureau, the first of its kind in India, will provide both positive and negative information on bank borrowers. According to CIBIL the banks have already started accessing the credit records on customers. Currently 5.5 million records of retail customers have been generated. CIBIL provides data on the current total outstanding debt.

It gives both positive data such as the address of the customer and loan repayment records as well as negative data like penalties and defaults. CIBIL, promoted by HDFC and State Bank of India, will work on the principle of reciprocity. Only those members who provide data will have access to information from CIBIL. CIBIL's members include all major players and constitute 80 per cent of the banking sector assets. The members, the names of which were not given out, consist of 60 banks, eight FIs, eight NBFCs, eight HFCs, two state finance corporations and one credit card company. They are expected to share their data over 3-6 months.
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SBT to pay 75 per cent
Thiruvananthapuram: State Bank of Travancore (SBT) has recorded 43 per cent increase in net profit for 2003-04 at Rs 245 crore as against Rs 171 crore in the previous year. Besides, the bank's total business reached Rs 30,000 crore during the year, according to a statement from SBT. The board of directors has declared a dividend of 75 per cent for the year. Last year, the bank had paid 50 per cent dividend. The earnings per share moved up to Rs 489.20 from Rs 342.08 in the previous year, while the book value per share stood at Rs 1,851 compared to Rs 1,446 in 2002-03. During the year, the net NPA was brought down by 1.67 per cent to 1.39 per cent.
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Union Bank to pay 15 per cent
Mumbai: The Union Bank of India has recorded a 17.05 per cent growth in net profit for the fourth quarter ended March 31, 2004 at Rs 236.26 crore, against a net profit of Rs 201.84 crore in the same period, the previous year. The bank has declared a final dividend of 15 per cent subject to necessary approvals. With the interim dividend of 20 per cent declared earlier, the total dividend for the year 2003-04 is 35 per cent. For the financial year ended March 31, 2004, the bank recorded a net profit of Rs 712.05 crore as against Rs 552.69 crore in the corresponding period, the previous year. Gross NPAs stood at Rs 2,347 crore (Rs 2,388 crore). While net NPAs were at Rs 845.18 crore (Rs 125.3 crore).
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UCO Bank net profit doubles
Kolkata: UCO Bank's net profit in 2003-04 jumped by 110 per cent to Rs 435.41 crore (Rs 207.49 crore in 2002-03) and the operating profit by 52 per cent to Rs 948.4 crore (Rs 624.04 crore). The provisions at Rs 513 crore (Rs 417 crore) increased by more than 23 per cent. The board of directors of the bank has recommended 10 per cent dividend subject to the Reserve Bank of India's approval. The net NPA ratio declined to 3.65 per cent (4.36 per cent) and gross NPA ratio to 6.93 per cent (8.2 per cent). The present book value per share was Rs 18.7, up from Rs 14.38 in March 2003.
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Union Bank of India will be promoter bank with FTIL
Mumbai: The Union Bank of India has invested in equity shares of Multi Commodity Exchange of India Ltd (MCX), a subsidiary of Financial Technologies India Ltd (FTIL). According to a company notification issued to the exchange, UBI would join FTIL as a promoting bank.
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