India probing money laundering accusations

Published : 12:00 am  March 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  168 views  |  

Reuters: The Finance Ministry and the RBI are investigating allegations of money laundering practices at top private sector lenders ICICI Bank, HDFC Bank and Axis Bank.  Read More →


People’s Bank International Branch steps up services in north

Published : 12:00 am  March 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  723 views  |  

By Sandun A. Jayasekera People’s Bank is initiating innovative measures to offer the opportunity of enjoying international banking services and facilities through its largest branch network, providing a superlative service to the business community dispersed across the island, a senior official of the bank said.  Read More →


How gold, silver prices are ‘fixed’

Published : 12:00 am  March 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  237 views  |  

Reuters: London’s gold and silver markets face the possibility of a probe into price setting, putting a century-old practice under the spotlight after the Libor rigging scandal that exposed widespread interest rate manipulation by banks.  Read More →


TBills: A parallel shift upward on the yield curve

Published : 12:00 am  March 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  719 views  |  

By Wealth Trust Securities Despite yields on secondary bond markets remaining stable during the early part of the week, yields reflected an upward trend during the latter part of the week as weighted averages at the weekly Treasury bill auction increased across the board for a second consecutive week with the total accepted amount reflecting a 18-week low. This resulted in creating a buyer’s market once again which in turn reflected a parallel shift upwards on the yield curve as volumes traded moderated.  Read More →


Amãna Takaful returns to profit

Published : 12:00 am  March 18, 2013  |  Category: Financial Services  |  Leave a Comment  |  561 views  |  

Group ends FT 2012 with Rs. 135.7 m earnings; company reports Rs. 49.7 m profitComposite Insurer Amãna Takaful PLC reported a profit of Rs. 49.7 million as per the unaudited accounts for 2012 with an impressive growth of 22.4% in Gross Written Premium (GWP), well above the industry’s 10.6%. The company’s performance in terms of total GWP of Rs. 1,553.8 million for 2012 compares with Rs. 1,269.1 million of 2011. In this performance, the General Insurance business accounted for Rs. 1,193.9 million, growing significantly at 23.7% over 2011. The Life segment’s Gross Written Premium of Rs. 359.9 million reflects a growth of 18.5% in the same comparison.  Read More →


FIU Sri Lanka signs MoU with Japan’s Financial Intelligence Center

Published : 12:01 am  March 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,240 views  |  

The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU Sri Lanka) signed a Memorandum of Understanding (MoU) with Japan Financial Intelligence Center (Financial Intelligence Unit of Japan) at a ceremony held in the Central Bank of Sri Lanka on 11 March 2013 to share financial information to facilitate investigations on money laundering and terrorist financing.  Read More →


NDB educates clients in Pettah

Published : 12:01 am  March 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  952 views  |  

Creates awareness on identifying counterfeit currency   NDB pioneered a novel training program to educate clients and potential clients in and around the Pettah area on safeguarding oneself against the ruses of counterfeit currency. The three phase training program was attended by over 60 participants. Clients and prospective clients of the branch as well as corporates and businessmen in the area were among the participants that benefitted from the program.  Read More →


NSB: 41-year legacy of financial inclusion and economic empowerment

Published : 12:01 am  March 15, 2013  |  Category: Financial Services  |  1 Comment  |  1,225 views  |  

“The new bank will provide variety in the savings facilities offered to the public so that the preferences of different classes of depositors, particularly those in the rural sector, could be effectively exploited,” said Dr. N.M. Perera in his maiden budget speech in 1970, emphasising the need of a bank that facilitates “the different classes of depositors, particularly those in the rural sector,” to access financial instruments like savings and credit and thereby economically empowers them.  Read More →


Janashakthi gifts two three-wheelers in raffle draw

Published : 12:01 am  March 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  707 views  |  

An island-wide sticker promotion for three-wheel drivers ended in a grand draw which saw two three-wheelers being gifted to the lucky winners. M.R. Thilakarathne and K.W. Jayasinghe were the recipients of the vehicles. The promotion aimed at empowering three-wheel drivers and added value to the ongoing personal accident cover scheme.  Read More →


BSE to adopt Deutsche Boerse’s trading platform

Published : 12:01 am  March 15, 2013  |  Category: Financial Services  |  Leave a Comment  |  706 views  |  

Reuters: BSE Ltd. will adopt the Eurex trading platform owned by Deutsche Boerse AG in derivatives and cash markets under a technology alliance, the two exchanges said in a joint statement on Wednesday.  Read More →


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