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Lower depths for the Rupee
Mumbai: The value of the rupee f ell by 38 paise
against the dollar, to close at 45.0450/0650
Forwards Market: The six months forward closed
at - 0.57 per cent (- 0.92 per cent) and the one-year
closed at - 0.24 per cent (- 0.70 per cent).
G-Secs: The 7.40 per cent 2012 paper closed at
Rs 114.62. The 8.07 per cent 2017 paper closed at Rs 123.75.
Call Rates were stable at 4.30-4.50 per cent.
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DAB Bank AG opts for Flexcube
Bangalore: i-flex Solutions has announced that
DAB Bank AG has decided to implement its universal banking
solution Flexcube along with Flexcube@, its Internet banking
solution. DAG Bank AG is owned by HVB Group, the second
largest banking group in Germany.
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Arab
National Bank goes for Infosys's Finacle
Bangalore: Infosys Technologies Ltd has said that
the Arab National Bank, one of the ten commercial banks
in Saudi Arabia will be implementing it's universal banking
solution, Finacle.
Under the terms of agreement, Finacle will provide a comprehensive
solution to power ANB's web-based initiatives in the space
of corporate banking, retail banking and alerts, said
an Infosys press release. ANB is the fifth banking client
for Finacle in Saudi Arabia.
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RBI:
State gross fiscal deficits to decline
Mumbai: According to RBI's "State Finances:
A Study of Budgets of 2003-04", the gross fiscal
deficit (GFD) of states is expected to decline to 4.2
per cent of gross domestic product (GDP) at Rs 1,16,175
crore in the year ended March 31, 2004, as compared to
4.7 per cent at Rs 1,16,636 crore recorded in the previous
fiscal.
The
net fiscal deficit, as per the budgeted estimates in FY-04,
is expected to be at 3.8 per cent amounting to Rs 1,04,043
crore from 4.2 per cent translating to Rs 102,805 crore
in the previous year. The revenue deficit at Rs 48,326
crore, would be at 1.8 per cent of the GDP (Rs 61,240
crore - 2.5 pc in FY-03).
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Bank
of Rajasthan to pay dividend at 20 per cent
Mumbai: Bank of Rajasthan (BoR) has posted a marginal
increase in net profit for the year ended March 31, 2004
at Rs 69.03 crore as against Rs 68.42 crore in the previous
fiscal.
The board of directors have recommended a dividend of
20 per cent for the fiscal 2003-04.
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