MONEY & BANKING
INSIGHT
RBI report on forex reserves — Tread warily amid abundance of riches
ONE of the features of recent Budget speeches, including the latest one of Mr Jaswant Singh, has been an expression of satisfaction at the level of reserves. Mr Jaswant Singh, in particular, mentioned that the ...
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HOUSING FINANCE
Bankers on edge as home loan defaults creep up
CONCERN is rising among a section of lenders on the home loan front with defaults showing a steady increase. Bankers say that the negative fallout of continued intense competition among banks and housing finance companies for an increased share ...
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When floating rates turn fixed in home loans
WHILE going for a home loan what would you prefer — floating or fixed rates of interest? Most opt for the floating rate, for they perceive that the marginal drop in interest rate announced by the bank every now and then, would be ...
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LIFE INSURANCE
LIC Ernakulam Divn scales new heights
LIC Ernakulam Division has created its own benchmark among other divisions in the South Zone by achieving a growth rate of 8.16 per cent in policies and 18 per cent on sum assured in the current fiscal. The Division, which occupies the topmost ...
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GENERAL INSURANCE
APSFC plans to sell insurance products
THE Andhra Pradesh State Financial Corporation (APSFC) is planning to enter the arena of insurance products marketing by taking advantage of its strategic tie-up with IFFCO-TOKIO General Insurance Company. According to the APSFC Chairman, Mr ...
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DEBT MARKET
Bond prices decline on central bank intervention
BOND prices continued their slide last week fuelled by the Reserve Bank of India's aggressive interventions to neutralise reserve money expansion. Traders said that the interventions were induced by the need to check inflation. They said the ...
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PRIVATE BANKS
FIIs take fancy for old private banks — Goldman Sachs Investment leads the pack
THAT foreign institutional investors are interested in private sector banks is old hat. What is new, however, is that they are not seeking out the usual suspects - HDFC Bank, ICICI Bank and UTI Bank - but stocks of old private sector banks ...
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PUBLIC SECTOR BANKS
Indian Bank plans to fund SHGs in North
INDIAN Bank, leading promoters of the concept of women self-help groups (SHGs) in Tamil Nadu, has plans to replicate the activities in the North, said Mr M.B.N. Rao, Chairman and Managing Director of the bank. Addressing presspersons on the ...
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Fees payment thru' State Bank of Mysore ATMs
BANGALORE: State Bank of Mysore plans to use its channel of automated teller machines (ATM) to facilitate payment of school and college fees, utility bill payments and recharging of SIM cards. The bank has identified Kuvempu University ...
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Canara Bank ATM opened at Karkala
FINANCIAL INSTITUTIONS
UTI-1, 6 commercial entities may be declared public FIs
THE specified undertaking of the Unit Trust of India (UTI), UTI-1, may soon be declared as a public financial institution (PFI) along with six other commercial entities. Based on a reference received from the Department of Economic Affairs ...
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GOVT BONDS
Monetary stabilisation bonds are here, at last
AFTER a lot of speculation, monetary stabilisation bonds (MSBs) are soon to be launched. Post-the RBI working committee's LAF report, there was a lot of speculation about MSBs not taking off at all. The central bank was not permitted to issue ...
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PEOPLE
Madhukar to sign off in style with United Bank on high
THE Chairman and Managing Director of United Bank of India, Mr Madhukar, will retire on March 1, after a career spanning 37 years in banks. "I started as a probationary officer in State Bank of India as early as 1967, became MD of State Bank ...
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TRENDS
Coin surplus leaves TN traders at wits' end — Reluctant banks add to their woes
"If someone gives me a ten-rupee note and asks for a one-rupee toffee, I am very happy, because I can dump nine rupees in coins on him," says a trader.
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Cross Currency Rates
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