The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves surge

Mumbai, Oct. 4: India’s foreign exchange reserves continued their climb buoyed by fresh inflows of $771 million to cross the $89 billion mark during the week ended September 26. The foreign exchange reserves of the country increased from $88,556 million to $89,327 million, the Reserve Bank of India said in its weekly statistical supplement released here today. The foreign currency assets rose by $771 million at $85,603 million. The reserve tranche position with the International Monetary Fund saw a further addition of $14 million at $1,192 million in the reporting period under review.

ATM network

Mumbai, Oct. 4: State Bank of India (SBI), ICICI Bank and HDFC Bank are coming together to share their ATM networks, making it the biggest such alliance in the fiercely competitive indian banking sector. “We are forming this alliance, which will herald us ahead of all such partnerships with a shared ATM network of around 4,500 ATMs in the country,” a senior SBI official said here today.

Co-op banks

Ahmednagar, Oct. 4: The credibility of co-operative banks, including rural and urban banks, has eroded severely and some of their office-bearers have misused positions, forcing organisations into financial difficulties, RBI chief general manager K. R. Ananda said here today.

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