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Forex reserves rise

Mumbai, Dec. 30: India’s forex reserves went up by $714 million to $176.233 billion during the week ended December 22 against $175.519 billion during the week ended December 15. The reserves were up by $75 million during the preceding week. The foreign currency assets also increased by $712 million to $169.191 billion during the week, according to figures released by the Reserve Bank (RBI). Foreign currency assets in dollars include the effect of revaluation of non-US currencies such as euro, sterling and yen held in reserves.

SBI move

Mumbai, Dec. 30: State Bank of India today hiked the interest rates on its foreign currency non resident and non-resident external term deposits with effect from January 1, 2007.

Union Bank

Mumbai, Dec. 30: Union Bank of India today launched a group insurance scheme in association with LIC for its fixed deposit customers. The scheme, Union Double Plus, would be open for all the fixed deposit account holders, including banks’ staff in the 18-55 age group, UBI said in a release today.


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