ties up with NYIF for financial training
BSE has tied up with the US-based New York Institute of Finance,
NYSE-promoted institute for providing capital and financial
market-related training in India. NYIF is considered a pioneering
training institute in providing education and is widely recognised
as the leader in Net-based training for the financial services
professional worldwide. The initial tie-up would be for running
three training programmes. More programmes would be run in future
depending upon the kind of response from investors. The tie-up
will help investors get in-depth and latest information on capital
and financial markets entirely from the international faculty.
BSE will run three programmes covering issues relating to corporate
governance, advanced derivative and risk management. The exchange
will incur a cost of Rs 10-12 lakh for each programme.
(Source: Economic Times)
to increase bond sales
Reserve Bank of India is expected to increase open
market sales of government
bonds to regulate money market liquidity which is expected
to get a huge boost in the near term from overseas deposit
collections. The sales will also help the central bank reduce
the current high level of monetisation.
ICICI Securities and Finance Co estimates monetisation at
180 billion rupees till date in the current financial year
(April-March), compared to zero a year earlier. Monetisation
has increased this year because the central bank has been
forced to pick up government debt after recurrent bouts of
currency and interest rate volatility scared banks away from
Money market liquidity is expected to be sharply increased
from inflows of the SBI's India Millennium Deposit plan.
The inflows will bolster reserves but the increased liquidity
will also present a challenge to the central bank in the absence
of sufficient credit demand from industry. Analysts feel that
the central bank will try to regulate liquidity to prevent
a distortion in money market yields.
BANK'S SMART CARD
Manipal-based Syndicate Bank is now getting into the high tech
act. It is all set to have its centralised banking solution
in place within 8-10 months. D T Pai, the CMD, believes this
will help the bank outsmart competition.
The bank is expected to spend Rs 100 crores over a period of
three years as part its computerization plans. It will unveil
a smart card which will enable a number of customer
services like Internet banking and telebanking.
In order to increase revenue from non-risk areas, Syndicate
Bank is planning to collect
Unit Trust of India (UTI) investments at select branches by
the year-end. The investment
will be collected at a price and kept in a separate account.