Dhanlaxmi Banklaunches Forex Card AGENCIES

Mid-size private sector lender Dhanlaxmi Bank today launched a foreign currency-denominated prepaid card called Forex Card."With the launch of the Forex Card, Dhanlaxmi Bank will offer international travellers not only a seamless payment experience but will also provide them with a complete array of foreign exchange-related products and services," the bank's Foreign Exchange Head, D A Dhananjaya, said in a statement issued here. International travellers can load the card with US dollar, pound and euro to make purchases at Visa-enabled point-of-sale terminals or withdraw cash, the bank said. A customer can load a minimum of USD 250 or its equivalent...

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RBI okays hike in ECB limit

The Reserve Bank of India (RBI) has okayed the proposal to further liberalise the external commercial borrowing (ECB) policy. The limit for eligible borrowers to avail of ECB under the automatic route per financial year has been enhanced for corporates in real sector, industrial sector and infrastructure sector to $750 million or equivalent against the present limit of $500 million.For companies in specified service sectors viz. hotel, hospital and software, the limit has been hiked to $200 million or equivalent against the present limit of $100 million. According to the RBI, all eligible borrowers have been permitted to avail of ECBs designated...

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MMFS stops gold loan facility on price volatility

Mumbai-based NBFC Mahindra and Mahindra Financial Services Ltd (MMFSL) has stopped making gold loans due to sharp fluctuations in the price of the precious metal, a research report released by global financial company Goldman Sachs has said. "The company has stopped gold loans due to volatile gold prices," the report said. Gold prices have bobbed up and down in the recent times amid uncertainty in the global economy. The precious metal's price have seen an upsurge in the past year as investors are increasingly looking to it as a safe haven amid uncertain market conditions. While gold prices touched a record USD 1,923.70 per ounce in international...

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Dena launches 25-bps discount on home, auto loans till Dec 31

On the heels of industry leaders launching special loans to tap festival sales, the mid-size state-run lender Dena Bank today launched a loan mela under which it offers a 25 basis points discount on new home and auto loans, besides halving the processing fee.The benefit under festival offer will be effective from October 1 to December 31, 2011, the bank said in a release. "Dena Bank has reduced the interest rates on new housing loans and car loans by 25 basis points on the card rate. To give further benefit to customers, we have also reduced the processing on new loans by 50 percent from the existing one percent," the bank said. Dena Bank's base...

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S.Korea defends won, India gets subtle

South Korea's central bank stepped up intervention to pull back the won from its weakest levels in a year on Friday while India's central bank insisted it was merely smoothening volatility as it hauled the rupee from a 28-month trough.* S.Korea sells $4 bln, pulls won up 1.2 percent * India's central bank (RBI) prefers tact, says not targeting forex (FX) rate * Philippines says not planning capital controls Despite the intervention, the won appeared to be on course for its biggest week of losses since early 2009 after investors and fund managers continued liquidating positions in emerging markets as they braced for a worsening risk environment. The...

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American Express launches pre-paid gift card in India

American multinational financial services corporation American Express launched a new pre-paid gift card in India.The gift card is available in two variants – 'Classic' and 'Diwali' -- and entails no additional spending after purchase, an American Express release said. The card will be available in Rs 500, Rs 1,000, Rs 2,000 and Rs 5,000 denominations, it said, adding that it can be replaced for free if lost or stolen. There will be no fee for checking balance, monthly servicing or for card replacement, the release said. Announcing the launch, American Express Global Payment Options President Alpesh Chokshi said, "Gifting is an integral part...

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Man sentenced to jail, fined for bounced cheque

A man was sentenced to two years imprisonment and a fine of Rs one lakh was imposed on him by a local court here in a dishonoured cheque case.Additional Chief Judicial Magistrate Manisha held Rishi Pal guilty on Saturday after a case was filed by Pitambar Singh, Managing Director of Pantjan Sadbhavna Finance and Investment Company Private Limited, prosecution sources said here. Singh had filed the suit against Pal, who had taken a loan of Rs 62,000 from his company to purchase a jeep for his son, they said. The cheque of the amount of Rs 91,635 which Pal later issued to the company was dishonoured by the bank on account of insufficient funds,...

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