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Banks will lower their prime rates soon, says Verma
The prime-lending rates (PLR) of commercial banks will come down within the next six weeks, State Bank of India chairman MS Verma said on Tuesday. Verma also hinted that the rupee may settle at the Rs 40 mark against the dollar. Verma further asserted that the lowering of the interest rates would not lead to a fall in the rupee to 50 per dollar.
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Celltel body flays bid to clip regulator wings
The Cellular Operators Association of India (COAI) has expressed shock and dismay over Department of Telecommunications' (DOT) move to curb the powers of Telecom Regulatory Authority of India (TRAI). According to COAI, the move, coming in a time of problematic phase for the telecom industry, could derail the liberalisation process in the telecom sector.
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Investment bank heads seek greener pastures
Winds of change are blowing across the corporate and investment-banking community. At the helm, that is. Barclay's Bank Plc's chief executive - India, Ajay Sondhi, is expected to move over to the Union Bank of Switzerland (UBS). Mumbai, American Express Bank's country-head James Vaughn is set to pack his bags and go to Egypt as head of the bank's operations. Many other similar tales are also resounding within the corporate world.
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Bank mergers seen inevitable
Indian Banks' Association (IBA) chairman AT Pannir Selvam said that mergers are inevitable in the banking sector. Selvam claimed that mergers were not possible at the initial stage of reforms as the focus was on cleaning up balance sheets through introduction of prudential norms. He, however, added that the time was now ripe for mergers in the banking sector.
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