Sentiment was bullish in the forex market today. The spot rupee opened at 43. 5250 per dollar and moved up to an intra-day high of 43.48 per dollar backed by strong inflows. It finally closed

Re firms up to 43.50/$, gilts decline

Business Standard

LIC Housing Finance today announced a 72.91 per cent dip in net profit to Rs 14.17 crore in the quarter ended March 31, 2005 against Rs 52.31 crore. 


LIC Hsg Q4 net dips 72% to Rs 14.17 cr

The interbank call rates zoomed past the repo rate of 6 per cent today in order to cope up with the receding liquidity in the market.


Liquidity crunch pushes up call rates

The government of Andhra Pradesh (AP) today signed a memorandum of understanding (MOU) with Reserve Bank of India (RBI) with regard to urban cooperative banks (UCBs) in the state. AP is the first

RBI to regulate Andhra co-op banks

The rupee started weak, but improved marginally against the dollar during the early trading on the interbank foreign exchange today on good foreign fund inflows, still below the previous level

Rupee opens weak against the dollar

Press Trust of India

The rupee dipped today, but recovered from early lows on easing demand for the dollar from importers. The rupee finished at 43.5250/53 per dollar, off an intra-day low of 43.56, but marginally

Re advances to 43.52/$

The government today cleared the appointment of Ashok Jha, a 1969 batch IAS officer from the Andhra Pradesh cadre, as secretary, economic affairs, in the ministry of finance.


Rakesh Mohan back in RBI as dy governor

Unhappy with the bipartite wage pact signed on June 2 this year, junior level officers in the banking sector have formed a body of their own, Junior Bank Officers' Forum.


Wage pact dispute: Junior bank staff form body

The government may not proceed with its scheduled auction, to be held between July 1 and 8, for Rs 10,000 crore following a fall in market liquidity. 


Government may scrap Rs 10000 cr auction

Commercial banks' dependence on certificates of deposits (CDs) for resources has jumped 2.47 times since January 2005. The outstanding CDs were Rs 17,420 crore as on May 13, up from Rs 7,033 crore on

Banks plump for high-cost CDs

Syndicate Bank, which is entering the capital market for the second time, is planning to foray into the BPO sector and is awaiting approval from RBI. Announcing the bank's public offer, S

Syndicate Bank plans to enter BPO sector

Hit by provisions for wage arrears and depreciation, Lakshmi Vilas Bank (LVB) today reported a 91.86% decline in net profit at Rs 3.34 crore for the fiscal ended March 31, 2005 as against Rs 41.04

Lakshmi Vilas Bank FY05 net drops 92%

The rupee opened at 43.53 per dollar, and closed lower at 43.57 per dollar today. The finance ministry statement that government has a surplus of Rs 22,000 crore, and an increase in reverse

Re drops to 43.57/$; gilts rally

Geojit Financial Services, a joint venture between C J George and Kerala State Industrial Development Corporation Ltd, plans to open over 50 new branches across India.


Geojit Fin to open 50 branches

The Board of Directors of Centurion Bank and Bank of Punjab today approved a swap ratio of 4:9 for the merger of the two banks into a new entity to be called Centurion Bank of Punjab. 


9:4 swap ratio for Bank of Punjab, Centurion Bank merger

The board of directors of Federal Bank, which met yesterday, has approved a proposal to raise Rs 450 crore by means of a public issue or issue of global depository receipts (GDRs). This was announced

Federal Bank to raise Rs 450cr via GDRs

Union Bank of India will tap the capital market through a public offer of eight crore shares, which could fetch it about Rs 800 crore to meet Basel- II norms and other business requirements

Union Bank share offer likely in 2 tranches

IndusInd Bank&nbsp; today reported a 19.81% decline in net profit at Rs 210.15 crore for the year ended March 31, 2005 as against Rs 262.07 crore in FY04. According to a release issued by the

IndusInd Bank FY05 net drops 20%

The rupee opened at 43.53 per dollar, and moved up to 43.51 on the back of dollar selling by banks before closing at 43.52 per dollar. Prices of government securities fell after the government

Re moves up to 43.52/$, gilts decline

The Reserve Bank of India (RBI) feels a lot of work is needed to be done on financial literacy in the country.â€œWhile a number of measures have and are being taken across the country, given the enormity of the task, a lot of ground still needs to be covered,â€ said K C Chakrabarty, deputy governor of RBI, while addressing the workshop on financial literacy at Nabard in Mumbai.He listed out several things done by RBI and other stakeholders to spread financial literacy. Chakrabarty said top executives of RBI visited remote villages in the country to understand the ground level position, spread awareness about benefits of being connected to the formal financial system and disseminate information about the functioning of the central bank.The RBI website has a separate link that provides financial literacy material. Apart from RBI, commercial banks have opened financial literacy centres (FLCs), the deputy governor said. There were 575 FLCs in the countr

RBI bats for increasing financial literacy

BS Reporter

Foreign exchange reserves increased $1.001 billion to $142.54 billion for the week ended April 22, 2005, according to the weekly supplement released by the RBI on Saturday. Foreign currency

Forex reserves up $1 bn to $142.54bn

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