The Telegraph
Since 1st March, 1999
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Business Briefs

State Bank venture in Russia

New Delhi, Oct. 2: State Bank of India (SBI) and Canara Bank have formed a joint venture —Commercial Bank of India — in Russia which would start operations shortly. “SBI will hold 60 per cent stake while Canara Bank will pick up the remaining 40 per cent stake in Commercial Bank of India,” official sources said. The new joint venture in Moscow is part of efforts to facilitate trade and commerce between India and Russia. Currently, both SBI and Canara Bank have “representative offices” in Moscow.

BoA tieup

Mumbai, Oct. 2: Bank of America (BoA) has inked a pact with Tata Consultancy Services, Infosys and consultancy major Accenture to provide application maintenance and development services to the bank’s internal IT groups.

FII sales

Mumbai, Oct. 2: The foreign institutional investors (FIIs) were net buyers in equities at Rs 468.5 crore ($ 96.7 million) and netted sales of Rs 146.1 crore ($ 29.9 m) in the debt market during September.

T+1 system

New Delhi, Oct. 2: Securities and Exchange Board of India (Sebi) is waiting for the Reserve Bank of India to implement real time gross settlement by October 2003, for moving over to the new ‘T+1’ rolling settlement system of shares transactions.

NRI norms

Mumbai, Oct. 2: The Reserve Bank has said NRIs or persons of Indian origin (PIOs) who do not maintain non-resident ordinary accounts and have no taxable income in India need not submit a chartered accountant’s certificate for remitting their current income like dividend, rent, pension and interest.

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