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RBI asks banks to MUMBAI, Dec 6: The Reserve Bank of India(RBI) has asked all banks to submit the report of their ad-hoc committees on the performance of the .........more US
snow says still ST LOUIS, Dec 6: US Treasury Secretary John Snow said on Friday the Bush administration still is pressing China to make its currency more ....more DMS strengthens distribution network to boost sales NEW DELHI, Dec 6: The Delhi Milk Scheme (DMS) has taken a number steps including conversion of depots into all-day milk stalls, ....more Hutchison
to invest HONG KONG, Dec 6: Hong Kong conglomerate Hutchison Whampoa Ltd will invest in a US 200 million joint venture ....more |
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India’s first
interactive MUMBAI, Dec 6: Indian Institute of Banking and Finance, a 75—year old training body, has launched the country’s first interactive financial services .....more Joint
jet order may TOKYO, Dec 6: The head of Austrian airlines said on Saturday a joint order with Lufthansa, air Canada and SAS could grow to more than 200 aircraft......more Rs
2.5 lakh looted ALLAHABAD, Dec 6: Unidentified miscreants last night hurled country bombs at a Delhi-based trader and snatched a bag containing Rs 2.5 lakh .......more Directors
at Indonesia BALI, INDONESIA, Dec 6: Several Directors at Indonesia’s second-biggest bank, P T Bank Negara Indonesia ......more |
RBI asks banks to submit reports on customer service MUMBAI, Dec 6: The Reserve Bank of India(RBI) has asked all banks to submit the report of their ad-hoc committees on the performance of the customer services in the bank within the six months period from the date of constitution of the committee. The committee constituted by each bank is expected to complete its work in six months from the date of its Constitution and submit its report to the RBI standing committee on procedures and performance audit on public services. In a communique, the Apex Bank has said that each bank had been advised to constitute such a committee to undertake procedures and performance audit on customer sservices in banks. Referring to the mid-term review of the monetary and credit policy for 2003-2004, the RBI said that the aim of setting up the committee was to support broad-based improvement in customer services in relation to various banking services. The committee will look into simplification of procedures and practices with a view to safeguarding the interests of common persons such as current or savings account holders, depositors and borrowers from any unfair procedural practices by banks like delayed credit of interest, handling of deceased accounts, release of mortgage documents, reversal of erroneous entries in credit cards, updation of passbooks, transparency of charges levied on customers, unilateral debits in the customer accounts and foreign exchange transactions. The committee will also review the systems in place for providing service to customers in respect of meeting their demands for new and unsoiled notes and coins of all denominations, the exchange of soiled notes, adjudicating mutilated notes and accepting coins and notes either for transactions or in exchange. It would also supervise whether the regulations and procedures prescribed by the RBI that impinge on customer service of banks, and make suitable recommendations for elimination and rationalisation of the same especially keeping in view the need to drastically reduce the cost and improve the ease of conducting transactions both for banks and customers. The RBI emphasised that the redressal mechanism in the bank must be sufficiently responsive to customers on complaints and make recommendations for improvements. The bank may give due publicity through the media and within the bank on the setting up of the ad-hoc committee and its membership, the RBI added. (UNI) |
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US snow says still pressing China on yuan ST LOUIS, Dec 6: US Treasury Secretary John Snow said on Friday the Bush administration still is pressing China to make its currency more flexible, and said it will be discussed when Chinese Premier Wen Jiabao visits Washington. Wen is due in Washington next week as part of a US trip and snow said the Chinese Premier will meet President George W Bush and other US officials, though he did not specify when. "I’m sure that subject (the yuan) will be very much before us," Snow said at a press conference after touring a charter school specializing in construction-related education. The US Treasury Chief was on a one-day trip to St, Louis, discussing the Bush administration’s efforts to rev up economic growth through tax cuts and other measures. Snow said his conversations earlier this year with Chinese officials during a visit to Beijing about the need to move their currency from a fixed exchange rate had been "constructive." he also said Chinese officials had been open about discussing the subject. Snow said this was part of a broader effort to ensure fair trade with China, saying: "We’re pressing the Chinese hard...To fulfill their WTO (World Trade Organization) commitments." China has rejected the possibility of any immediate revaluation of the yuan — which has been pegged at 8.28 to the US dollar since the mid-1990s — and has implied the peg could remain in place for some time. US manufacturers have complained loudly that the peg amounts to an unfair trade subsidy for popular Chinese-made imported goods and that the yuan may be under-valued by as much as 40 percent. But Chinese officials argue the country’s shaky financial system, straining under hundreds of billions of dollars in bad loans, is not prepared to handle a freely traded currency, and that creating jobs and keeping the economy whirring are higher priorities. China has conceded it will consider how to make its currency more flexible and eventually float the yuan, but avoided specifying when that might happen. At an Asia-Pacific leaders summit in Bangkok in October, Chinese President Hu Jintao said officials had decided to study how to move towards convertibility of the currency. Snow and other US officials have made the case that China’s status as a member of the World Trade Organization requires it to consider other countries’ complaints about alleged trade barriers and to speed up the move to freer trade. China has defended its record on market liberalisation by pointing out the reams of laws it has passed already to bring its economy into line with WTO requirements. Officials admit there is work to do on piracy, but say they are fighting the problem. (AGENCIES) |
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DMS strengthens distribution network to boost sales NEW DELHI, Dec 6: The Delhi Milk Scheme (DMS) has taken a number steps including conversion of depots into all-day milk stalls, putting into operation abandoned milk booths and face-lifting of the existing milk stalls to strengthen its distribution network and boost milk supply in the capital. The sale of milk supplied by the Delhi Milk Scheme (DMS) has decreased with hike in prices since March this year, an official release said here today. The distribution losses suffered by the DMS during 2000-01, 2001-02 and 2002-03 amounted to Rs 84.91 lakh, Rs 95.57 lakh and Rs 43.34 lakh, respectively. The percentage of milk in polypacks returned to DMS during these three years was 7.6, 8.64 and 3.88, respectively. The expenditure incurred in reprocessing the returned polypacks was about Rs 4.2 crore. At present, 214 all-day milk stalls are running in Delhi. These stalls sell DMS milk and milk products. An amount of about Rs 58 lakh has been received as refundable security deposits from these outlets, it added. (UNI) |
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Hutchison to invest US 120 mln in medicine venture HONG KONG, Dec 6: Hong Kong conglomerate Hutchison Whampoa Ltd will invest in a US 200 million joint venture with traditional Chinese medicine maker Beijing Tong Ren Tang group by the end of this year, a newspaper said on Saturday. The official agreement will be signed by the end of the month and Hhutchison will invest about US 120 million, the paper said. "The two companies have signed a letter of intent to set up a joint venture with a total investment of more than US 200 million," Jin Yongnian, a Tong Ren Tang official was quoted as saying by the official China daily in its Hong Kong edition. Hutchison, controlled by Asia’s richest buinessman Li Ka-Shing, will hold a 49 percent stake in the new firm, to be called Tong Ren Tang Hutchison Drug Investment. Beijing Tong Ren Tang, a state-run firm, will own the majority 51 percent, the report said. A spokeswoman for Hutchison declined to comment on the report. Hutchison, whose holdings range from telecoms to ports, has an existing joint venture with the 300-year old medicine firm’ Hong Kong-listed arm, Tong Ren Tang technologies Hutchison shares closed at HK 55.75 on Friday and have lost 8.6 percent in the past month. (AGENCIES) |
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India’s first interactive financial info portal launched MUMBAI, Dec 6: Indian Institute of Banking and Finance, a 75—year old training body, has launched the country’s first interactive financial services information portal. It was launched by Reserve Bank of India Deputy Governor K J Udeshi here late last evening. Launching the portal and the e-news letter, she said this new landmark development could benefit not only the professionals in the financial services sector but millions of the others who would like to be better informed on the happenings in this vast field. "This portal must see that our bankers are putting fair practices in place and inform the public about them. The challenge is in providing the relevant information in time." (UNI) |
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Joint jet order may grow to over 200-Austrian air TOKYO, Dec 6: The head of Austrian airlines said on Saturday a joint order with Lufthansa, air Canada and SAS could grow to more than 200 aircraft. The four airlines, all member of the Star alliance group, have been expected to place a joint order for 100 new 70- to 110- seater aircraft, with an option for a further 100, by the end of the year, in a bid to cut down on purchasing costs. An official from Air Canada told reporters on the sidelines of an airline industry conference in Tokyo the working number was around 250 planes, with more firm orders than options. (AGENCIES) |
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Rs 2.5 lakh looted from Delhi trader ALLAHABAD, Dec 6: Unidentified miscreants last night hurled country bombs at a Delhi-based trader and snatched a bag containing Rs 2.5 lakh from him near Ajanta cinema under Kotwali Police Circle here. According to police, Yogesh Sikhadi alias Baba was returning to his hotel after making collections when four persons suddenly appeared and attacked him. The trader fell down with serious injuries. He was rushed to a private nursing home and given medical treatment. The trader had come here for collection of payments from local traders. Police said that investigations were on and soon some arrests would be made. (UNI) |
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Directors at Indonesia bank submit resignation BALI, INDONESIA, Dec 6: Several Directors at Indonesia’s second-biggest bank, P T Bank Negara Indonesia (BNI), have submitted letters of resignation amid a multi-million dollar loan scandal, a minister said on Saturday. The announcement by State Enterprises Minister Laksamana Sukardi comes amid a Central Bank Investigation into a 140 million export credit fraud at state-owned BNI which led to profit in the first nine months of the year being slashed by almost 50 percent. Bank spokeswoman Lilies Handayani told late on Friday she was aware of two Directors having submitted resignation letters for "personal reasons". But there was no immediate word on the rest. The resignation letters come ahead of a Government plan to reshuffle the bank’s top management at a shareholders meeting set for the middle of this month. However, Laksamana said he might ask some of the top managers seeking to resign to stay on if the investigation cleared them. "There are several who have submitted (resignation) letters," Sukardi told reporters on the sidelines of an investors’ conference on the Indonesian resort island of Bali, but declined to reveal names. Bank Negara lists nine Directors on its web site. Sukardi said the Directors who submitted resignation letters did so on their own initiative, and were not under pressure from him. "We will reappoint them if they are still good. There is no problem if they are willing to be reappointed and if they have passed a Central Bank test, there is no problem," Sukardi said. The Central Bank is conducting what is called a ‘fit-and-proper" test of top officials at the bank which is expected to be completed before the shareholders’ meeting. BNI vice-president Director Arwin Rasyid, who was also at the Bali conference, declined to say if he was among those who had submitted resignation letters. "I am a professional. If I am assigned to contribute something, of course I will do it," Rasyid told reporters. Shares of BNI closed unchanged at 100 rupiah on Friday. Late in october the shares lost more than 19 percent in one day because of the export credit issue. (AGENCIES) |
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Kerala keen to make mark in global herbal market KOCHI, Dec 6: The Hyderabad-based Nandan Agro Farms Private Ltd has decided to popularise mass cultivation of medicinal and aromatic plants with high export potential in Kerala, especially as the global mindset is inclined for ‘natural products and remedies.’ While China’s annual foreign exchange touched Rs 22,000 crore, accounting for 30 per cent of the global herbal market, India’s earning from these agricultural products was a paltry Rs 500 crore, according to company Director (marketing) C S Jadav. He told reporters here that Nandan Agro Farms had tied up with a Switzerland-based company, spearhead S A R L, which had a world-wide distribution network covering over 70 countries for marketing its products. To improve India’s global competence, there was a need to integrate the farming and marketing sectors to ensure a competitive price to the farmers for their produce and Nandan Agro Farms had already taken the initiative in this regard, Mr Yadav claimed. Favourable climatic conditions in various parts of the country and coupled with knowledge of traditional systems of medicine could lend India an edge in the global herbal market for cultivation of vital herbs like ‘safed Musli’ having aphrodisiac values and in the manufacture of value-added products, he said. Meanwhile, a successful Malayalee agronomist James Jacob Kainadi, who recently ventured into cultivation of herbal plants along with other cash crops, said ‘safed Musli’ which attained yield in just ten months had been found to be a "very profitable" crop suited to south India’s climatic conditions. The cultivation of herbal plants was picking up in various parts of Kerala due to the consultancy services, banking loans and seed supply ensured by Nandan agro farms, he claimed. (UNI) |
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Exim bank forays into west African market NEW DELHI, Dec 6: Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LoC) of USd 10 million to west African development bank (Banque Ouest Africaine de Developpement - BOAD), a regional development bank, to support India’s exports to member countries of boad in west Africa. An agreement to this effect was signed yesterdy by Mr R M V Raman, Executive Director on behalf of Exim Bank and Mr Issa coulibaly, vice president, on behalf of BOAD. This LoC will enable Indian exporters to export equipment, goods and services to the francophone west African market on medium term credit, said an official statement released here. Under the LoC to BOAD, importers are required to make advance payment of 10 per cent of contract value to Indian exporters and the balance 90 per cent of contract value would be reimbursed by Exim Bank to Indian exporters, upfront upon shipment of goods. The credit period available to importers, through boad, is upto 7 years. BOAD is a regional development bank for 8 west African countries under the aegis of west African Monetary Union (UMOA). BOAD’s member countries are benin, Burkina Faso, CTTE D‘Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. India’s exports to BOAD member countries in 2002-03 were US 334.34 million. India’s main exports to member countries of BOAD have been cotton yarn and fabrics, manufactures of metals, drugs and pharmaceuticals, manmade yarn and fabrics and transport equipment. Exim Bank’s LoCs afford a risk-free, non-recourse export financing option to Indian exporters. Exim Bank has in place a number of lines of credit for promoting India’s exports to countries in Africa, Asia, Latin America, east Europe and Russia (UNI) |
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15 Austrian air CEO stands by break-even forecast TOKYO, Dec 6: Austrian Airlines said on Saturday it was confident it could break even on an operating level, citing improvements in passenger numbers and positive effects from cost-cutting. Chief Executive Vagn Soerensen said on the sidelines of an industry event that it expected to break even on an Earnings Before Interest and Tax (EBIT) level, even though it reported nine-month loss of 7.5 million euros ( 9.1 million) last month. That worse-than-expected loss prompted industry analysts to question whether its full-year forecast was realistic, but soerensen said he was confident about meeting the target. "It’s challenging, but we think we can do it," Soerensen said at a CEO meeting for star alliance carriers in Tokyo. "We see more and more effect for our cost-cutting measures and we see a certain pickup with the volumes." Analysts questioned whether Austrian Airlines could post strong enough fourth-quarter results to end the year without a loss, considering the ongoing yield pressure, the negative impact of a weak dollar on aircraft depreciation and debts, and the cost of four brief cabin crew strikes since August. Austrian Airlines also said it expected to order 15 to 20 jets in 2004, as part of a joint order for more than 200 70- to 110- seater aircraft with Lufthansa AG, Air Canada and SAS Soerensen said the company would not split up its order between the four bidding aircraft manufacturers — Boeing, Airbus, Bombardier INC, and embraer SA — and will only choose one brand. Shares of Austrian Airlines closed at 6.50 euros on Friday, up 0.15 percent from the previous day’s close. (AGENCIES) Gold closes at yet another all-time high MUMBAI, Dec 6: Price of spot gold 99.9 purity grade continues to climb northwards. It today touched a new all-time high of rs 6,090 per ten GM while silver price closed at Rs 8,840 per Kg. Strong advice from the overseas market and some seasonal demand are said to be the main reasons for the steep climb, traders at the Bombay bullion markets here said . In the yellow metals (per ten gm) category, gold 99.9 purity grade and standard mint gold 99.5 purity grades shot up by Rs 30 each to weekly half-day trading close at Rs 6,090 and Rs 6,050 per ten GM respectively, from their previous day’s finish. Traders attribute the bullish trend mainly on accout of firm advice from international markets, particularly London. Demand had also increased abroad due to the onset of the festive season and due to the marriage season being in full swing locally. Sellers were reserving their to stocks in view of some speculative demand from local operators. In the London market, the yellow metal was quoting higher around at USd 403.15/403.75 per troy ounce from its earlier rates, which its helped an upward trend on the domestic prices, traders said. In spot silver .999 fineness grade, also jumped up sharply by Rs 45 to close at Rs 8,840 per Kg in line with yellow metal prices. Firm advice from global and upcountry markets also were showing a boost on the domestic prices. At the London market, white metal was quoted higher around at USd 5.44/5.45 per troy ounce from its previous day’s finish, traders added. Following were the spot closing rates of gold and silver at the bullion market here today: silver (per Kg) .999 fineness grade : Rs 8,840 (8,795), gold (per 10 Gm) 99.5 purity standard mint: Rs 6,050 (6,020), gold (per 10 Gm) 99.9 purity variety : Rs 6,090 (6,060). (UNI) |
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