Rupee down 18 paise
Mumbai: The rupee lost 18 paise against the dollar on Thursday to close at 45.90/92. On Wednesday, the domestic currency had closed at 45.72/77.
Forward Market: The six-month forward closed at 1.08/10 per cent (1.40 per cent). The one-year forward closed at 0.95 per cent (0.91/93 per cent).
G-secs: The benchmark 7.37 per cent 2014 paper closed 85 paise lower at Rs 111.75 at an yield of 5.77/78 per cent. The 8.07 per cent 2017 paper closed about a rupee lower at Rs 117.00/10.
Back to News Review index page  

RBI offices closed on June 30
Mumbai: The Reserve Bank of India offices in Mumbai and Navi Mumbai will remain closed on Wednesday, June 30, for public transaction, due to annual closing of its accounts, stated a press release issued by the RBI.
Back to News Review index page  

RBI: New NPA norms for crop loans
Mumbai: The RBI has decided that with effect from September 30, 2004 the recently announced revised NPA recognition norms will be applicable to all direct agricultural advances. As per the new norms as stated in the recent credit policy, loan granted for short duration crops will be treated as NPA, if the installment of principal or interest thereon remains overdue for two crop seasons.

A loan granted for long duration crops will be treated as NPA, if the installment of principal or interest thereon remains overdue for one crop season, said a release from the central bank. RBI has urged banks to ensure that while granting loans and advances, realistic repayment schedules may be fixed on the basis of cash flows/fluidity with the borrowers.
Back to News Review index page  

LIC Housing net profit down 6.4 per cent
Mumbai: LIC Housing Finance's net profit has come down by 6.4 per cent for the year-ended March 31, 2004. Net profit for the period fell to Rs 167.47 crore, from Rs 178.97 crore the previous year. NPAs have come down to 2.37 per cent from 3.22 per cent the previous year. Total income for the year fell to Rs 985 crore, from Rs 1,013 crore. The board of directors has recommended a dividend of 50 per cent.
Back to News Review index page  

TMB net profit up 26 per cent
Madurai: Tamilnad Mercantile Bank (TMB) has made an operating profit of Rs 169.89 crore for the year 2003-04, registering an increase of 25.18 per cent over the previous year. Its net profit stood at Rs 68 crore, recording an increase of 26.52 per cent. The bank has decided to declare a dividend of 100 per cent and a special dividend of Rs 15 per share. According to the bank release advances to the export sector have been Rs 204 crore, at 9.65 per cent of the total net bank credit.
Back to News Review index page 

BoB to open office in Guangzhou
Mumbai: Bank of Baroda will open its representative office in Guangzhou in China on June 28. Guangzhou is on the coast of the South China Sea and 182 km away from Hong Kong. The bank is also going to open a representative office in Kuala Lumpur, and a fully-owned subsidiary in Tanzania in the next few months.
Back to News Review index page