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banking technology newsletter vol. 66 (5th march)

only online newsletter on indian BFSI & technology industry

 1. Banking, Finance & Insurance News
 2. Technology News
 3. Policy News
 4. Indian Newsmakers
 5. Major Events
 6. Market Deals
 7. New Products
 8. Humour

For IT initiatives planned by banks, RFI, RFP, tenders, business opportunities.. click here

Participate in "Banknet India- Financial BPO Survey 2003".. click here

Banking, Finance & Insurance News

Government has hiked foreign direct investment ceiling in the banking sector to 74 per cent, removed the restriction of 10 per cent voting right irrespective of the shareholding, one per cent cut in interest rates ... Click here for Budget Special

The Economic Survey 2002-03 has warned banks against increasing their investments in low yielding government securities & expressed concern about the weak credit flow to the commercial sector... Click here for details

In view of improvement in India's foreign exchange reserves, Moody's has upgraded India's foreign currency debt rating from Ba2 to Ba1, sovereign issuer rating to Ba1 from Ba2. MOODY'S Investor Service has also upgraded ratings for 11 Indian banks and financial institutions. On the other hand, `Fitch' has affirmed India's long-term foreign currency and local currency ratings at `BB' and `BB'+ respectively.

RBI has asked banks to switchover to real-time monitoring of country exposures by March 31, 2004. Banks have been directed to frame 'country risk management' (CRM) policies, which will also include contingency plans and clear exit strategies.

IRDA has said that a bank cannot enter into a referral arrangement with more than one life insurance company or more than one general insurance company.

......... for daily updates on   banking news  click here
......... for insurance sector news click here

Technology News

According to the Electronics and Software Export Promotion Council (ESC), India's computer software and services exports to 103 countries grew 28 per cent in 2001-02 at $7.65 billion. TCS has notched the top slot as the largest software exporter during 2001-02 with exports of $806.1 million.

State Bank of India has earmarked around Rs 500 crore for technology upgradation and computerisation of 3,000 branches next year.

After Syndicate Bank and Punjab National Bank, Union Bank of India has become third public sector bank to offer anywhere-anytime banking at its branches.

......... click here for news from technology sector

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Policy News

RBI has removed all restrictions on the fund-based exposures of the merchant banking subsidiaries of commercial banks.

RBI has permitted participants with constituent subsidiary general ledger (CSGL) accounts to enter into repos in g-secs and treasury bills.

RBI has lifted the ceiling on credit granted by exporters to their overseas buyers from their EEFC accounts.

Indian Newsmakers

Pradip Baijal will be the new Chairman of Telecom Regulatory Authority of India (TRAI).

A.K. Das takes charge as Managing Director, State Bank of Patiala.

Rahin Datta would be the new Chairman of PwC India from March 31st.

Ramni Narula is new Managing Director of ICICI Securities & Finance.

N.R. Narayana Murthy and Nandan Nilekani have been named as Asia's Businessmen of the Year 2003, Fortune Magazine.

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Major Events

1.THE ECONOMIC TIMES-BIFT EXPO 2003, Mumbai (24-26 July 2003), is premier International Trade Fair & Conference on Technology for the Banking, Finance & Insurance Industry. Nearly 100 companies from IT & BFSI Industry will be participating in this premier twin exhibition/conference. Extensive Pubilicity Support will be provided by Times Group. All sponsors/Exhibitors will get complimentary Advertising space. Honourable Minister Anand Rao Adsul, Mr.N Rangachary, Chairman, IRDA, Mr V. P. Gulati, Director IDRBT are expected to address the Seminar to be held along with the Trade Fair. Click here for more information...

Banknet India is the Marketing Advisor for this premier event. For more information on participation as a Exhibitor or as a delegate in Seminar -Contact us at: associate@banknetindia.com

2. THE ASIAN BANKER SUMMIT 2003, HONGKONG (14-16 July 2003), in its fourth year is region’s most prestigious & largest annual gathering of senior professionals in the banking and financial services industry & for networking with the top professionals across the globe. The Technology in Banking Show 2003 held in conjunction with The Asian Banker Summit is one of the most anticipated showcase of technology in financial services in Asia. Click here for more information...

Banknet India, the exclusive supporting organisation from India for the summit, is offering Special discounts of up to 25% on the participation fee of delegates. For more information on participation in Summit as a delegate or as a Exhibitor -Contact us at: associate@banknetindia.com

Market Deals

ICICI Bank has hit the syndication market with a $100 million external commercial borrowing (ECB). Indian Railway Finance Corporation Ltd (IRFC) is planning to borrow $100 million.

IDBI has raised Rs 504 crore through its Rs 300-crore Flexibond-17 issue comprising of Infrastructure (Tax-saving) Bond; Money Multiplier Bond; Growing Interest Bond and Regular Income Bond.

Bank of Nova Scotia and ICICI Bank, are expected to offer by early March the country's first bullion hedging products to their gold- and silver-consuming clients.

for more details & deals  click here  

New Products

click here to read about new products launched by: Global Trust Bank, CRISIL & ICICI Prudential Life.

In earlier Newsletters, we have featured new products launched by: State Bank of India, Allahabad Bank, Dena Bank, IDBI Bank, Deutsche Bank, Standard Chartered Bank, HSBC, Indian Bank, Syndicate Bank, HDFC Bank, Citi Bank, Corporation Bank, AMEX, ANZ Grindlays, BNP Paribas, ICICI Bank, Bank of Baroda, Commerz Bank, Federal Bank, PNB, PSB, SBH, Global Trust bank, IndusInd, HDFC Standard Life Insurance, Tata Finance, ICICI Prudential Life, HDFC, Karur Vysya Bank, OBC, IBM, ABN AMRO, SBI Card, Deutsche Bank, Birla Sun Life Insurance, HCL Infosystems, MAX New York Life, Oriental Insurance, SBT, Shamrao Vithal Co-operative Bank, Intel, Bank of Punjab, Union Bank of India, UCO Bank, Muscat Bank,Canara Bank, PricewaterhouseCoopers, ICRA, Deutsche Bank, Tata AIG Life, Royal Sundaram Alliance, New India Assurance, SBI Life Insurance, ECGC & MasterCard International, BOB Cards, Lakshmi Vilas Bank, OM Kotak Mahindra Life, Thomas Cook, Jammu & Kashmir Bank, Bajaj Allianz General Insurance, Prudential ICICI Mutual Fund, LIC

"SPECIAL DISCOUNTS & OFFERS"

1.ONLINE DIRECTORY:

15% discounts on listing Charges for both Main listing & Basic listing in the Directory of IT Companies..... click here

2. FREE REPORTS:

Participate in the online Survey on "Career in Banking" and "Best Websites of Banks" And get a free summary of the survey report .... click here

3. JOB ALERT MAIL:

Get timely news of job openings in your mail box directly.12 months Job Alert Mail for Rs 300 (Original Price Rs 500) + Free copy of Top 50 Employers (worth Rs 125) .... click here

4. ONLINE BOOK STORE:

a). "Banknet Directory 2002-03"-"A Reference Guide to Banking Technology Industry with Directory of all Banks in India" : Special Price-Rs 600 (List Price Rs 950)    US$ 40 (US$ 65).... click here

b). "White Paper on Banking Systems Survey 2002-03" - "Trends in Banking Technology Industry" : Special Price-Rs 240 (List Price Rs 400)    US$ 20 (US$ 30).... click here

c). "Banknet Year Book 2001-02"-"A Round up of Banking, Finance & Insurance Industry with Directory of all Insurance Cos": Special Price-Rs 175 (List Price Rs 250) ... click here

Best of Humour

Other Skills ....

So tell me, Arti," asked the boss during performance appraisal, "have you any other skills you think may be worth mentioning?" "Actually, yes," said the Arti modestly. "Last year I had two short stories published in national magazines, and I finished my novel."

"Very impressive," boss commented, "but I was thinking of skills you applied during office hours." Arti explained brightly, "Sir, those were all written during the office hours.

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