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Rupee
weakens
Mumbai:
The rupee fell 0.1 per cent to 45.9762 a dollar. The currency
declined 1.7 per cent last month, after dropping 2.5 per
cent in October.
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Separate
company may not be necessary for pension business
New Delhi: Indian life insurance companies could
be allowed to enter the pension sector without floating
a separate outfit for the purpose.
The
interim Pension Fund Regulatory and Development Authority
(PFRDA) is looking at the feasibility of permitting insurance
companies to operate their pension business from within
their existing set-up once the proposed New Pension System
(NPS) gets Parliament's nod.
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RBI
may grant license to money changers for more forex transactions
Chennai:
The Reserve Bank of India has recommended that licences
be granted to Restricted Authorised Dealers (RAD category-II)
for undertaking more transactions in foreign exchange,
which are not trade-related. This is being done with a
view to providing enhanced access to the general public
and offer better customer service.
Currently,
there are 87 authorised dealers (who undertake all permissible
forex transactions whether relating to trade or capital
transactions). Of these 84 are commercial banks. There
are 879 full-fledged moneychangers, who sell or purchase
foreign exchange for private or business visits abroad.
Representations have been received from moneychangers
asking for expanding the scope of their activities.
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BoI
enters into MoU with Italian bank
Mumbai: Bank of India (BoI) and Banco Popolare
Di Verona E Novara (BPVN), one of the largest banking
groups in Italy, have signed a Memorandum of Understanding
(MoU) for supporting their respective customers doing
business in each other's countries, BoI said in a press
release.
BoI
chairman M Balachandran and BPVN managing director Innocenzi
signed the MoU.
The
MoU, aimed at cooperating with each other in areas relating
to various banking activities, was signed between
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