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Business Briefs

Bank credit up 15%

Mumbai, June 17: Credit offtake of banks for the fortnight ended June 5 increased 15.1 per cent to Rs 28 lakh crore. Outstanding loans increased to Rs 28,39,203 crore from Rs 24,66,762 crore in the year-ago period. Food credit grew 20 per cent to Rs 59,107 crore from Rs 49,237 crore same period last year, according to the RBI.

Rate futures

Mumbai, June 17: India may start exchange-traded interest rate derivatives, if a report by an RBI-Sebi panel is accepted. The panel has suggested that these derivatives could help banks, insurance firms and even households guard against volatility in interest rates.

IBA chief

Mumbai, June 17: Indian Banks’ Association today appointed Union Bank of India chairman and managing director M.V. Nair as its new chairman.

TCS hope

Bangalore, June 17: The decline in global demand for outsourcing has been ‘arrested’, S. Mahalingam, executive director and CFO of Tata Consultancy Services, said.

Daiichi bonds

Tokyo, New Delhi, June 17: Drug maker Daiichi Sankyo, the majority shareholder in Ranbaxy Laboratories, plans to raise 100 billion yen (about $1.04 billion) through public issue of bonds.


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