Country’s second largest public sector lender, Punjab National Bank, has launched a global credit card.

While speaking during the commercial launch of the cards, PNB Chairman K C Chakrabarty said, “To start with we are launching two varieties of credit cards Global Gold and Global Classic, which will meet the needs of its customers and will cater to the requirement of different income groups.”

Mr. Montek Singh Ahluwalia, the Deputy Chairman of the Planning Commission was also present at the occasion.

Kathmandu - Nepalese consumers have been hard hit by the high inflation rate which rose above 14 per cent, Nepal's central bank said Saturday.

Nepal Rastra Bank (NRB) said the year-on-year consumer inflation rose to 14.4 per cent in the first six months of the current fiscal year which began in mid-July.

The current inflation rate is nearly three times higher than during the corresponding period last year, the bank said.

"The rise in the inflation had been attributed to soaring price indices of foods and beverages, non-food items and service groups in the review period," NRB said.

Exporters facing tough situation due to slump in overseas demand have a reason to cheer. The Reserve Bank of India has relaxed norms pertaining to export credit in the global market, enabling exporters to avail funds from overseas market.

Indian banks can now avail forex swap facility until the end of the financial year 2009/10 as the reserve Bank of India has approved its extension and increased the interest rate ceiling on foreign currency export credit with immediate effect. The move would help to mitigate the credit problem in the midst of tight liquidity conditions.

Stockholm - Swedish banking group SEB on Thursday said fourth-quarter 2008 operating profit declined 12 per cent year-on-year to 4 billion kronor (481 million dollars).

The bank, one of four major groups in Sweden, also said it was to make a 15-billion-kronor rights issue.

Operating income in the quarter increased 27 per cent year-on-year to 12.7 billion kronor, SEB said in its report, released a week earlier than scheduled.

The group, which also has operations in the neighbouring Baltic states and Germany, said its net credit losses were 1.7 billion kronor, mainly over provisions in the Baltic countries.