MONEY & BANKING
INSIGHT
Fiscal management — Why not a financial stability unit?
The Task Force Report on Fiscal Responsibility and Budget Management and the GTB imbroglio have raised issues that the RBI can tackle by setting up a financial stability unit, independent of its supervision and regulatory departments. With support fr om economists and legal, supervision, and accountancy experts, the unit can evaluate the surveillance reports of the supervision department. To raise people's confidence, the RBI can put out a public information note giving a gist of the main conclus ions of the financial stability unit, says A. Vasudevan.
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Depreciation on investments, zero NPAs — It's double whammy for banks
AFTER a dream run of more than three years, banks are now faced with the prospect of making depreciation provisions on some of their investments . Sources said that the weaker ones were likely to face bottom line pressure in the second quarter ...
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FOREX
Finality eludes forex accounting
Mohan R. Lavi on a case that highlights the conflict between the ICAI's AS-11 and the taxman's view on accounting for foreign exchange fluctuations
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Rupee firms up; securities rise
MUMBAI: The rupee firmed up against the dollar on Wednesday. It closed at 46.3550/3650 against Tuesday's level of 46.39. The currency was range-bound within 46.35-46.40 with demand for dollars seeming to ease, said dealers. Dealers ...
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HOUSING FINANCE
HDFC rate hike sets others thinking
CUSTOMERS of home-loans will soon start feeling the pinch of higher interest rates charged by banks and financial institutions. It is now clear that interest rates have not only bottomed out, but have started rising, as evidenced by HDFC's ...
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LIFE INSURANCE
ICICI Pru sees need to infuse Rs 200 cr more — Foreign partner ready to raise stake to 49 pc
ICICI Prudential Life Insurance expects capital infusion of Rs 150 crore to Rs 200 crore during the current fiscal year in view of the anticipated growth level in business volumes. Currently, the equity base of the life insurance joint venture ...
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GENERAL INSURANCE
Insurance products demo by ICICI Lombard
HYDERABAD: The executives of ICICI Lombard Insurance and General Insurance Co (GIC) made a presentation on the products they offered to cater to the security needs of different sections of society to the Andhra Pradesh Chief Minister, Dr ...
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FOREIGN DIRECT INVESTMENT
Explain FDI hike in insurance: Kerala MP
PRIVATE BANKS
GTB board meet put off to Aug 9
GLOBAL Trust Bank (GTB) has announced that its board meeting that was earlier scheduled for Wednesday has now been postponed to August 9. The meeting is for taking on record the audited financial results of the bank for the year ended March 2004. ...
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GOVT BONDS
Rs 6,000-cr floating rate bonds auction
THE Government of India has announced the sale of Floating Rate Bonds, 2015 (II), for an aggregate amount of Rs 6,000 crore. The auction will be held on August 9. It also announced the sale of a new 30-year stock for a notified amount of Rs ...
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SHORT TERM INSTRUMENTS
91-day T-bills fully subscribed
MUMBAI: THE 91-day Treasury Bill auction conducted by the RBI on August 4 for Rs 2,000 crore was fully subscribed. The weighted average price was the same as the cut-off price of Rs 98.89.. Fifty-seven bids were received for an ...
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TRADE & LABOUR UNIONS
SBI staff strike
BANGALORE: The State Bank of India Staff Federation has given a strike notice for August 9, against the outsourcing of some of the work. A union release said here that the strike was also to oppose the withdrawal of the non-contributory ...
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RIGHTS ISSUE
Bank Muscat to subscribe to Centurion rights
BANK Muscat will subscribe to 75 million shares in the forthcoming Centurion Bank rights issue. The total investment will be worth Rs 30 crore, according to a press release. Shareholders will be offered shares at the rate of Rs 4 per share ...
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Cross Currency Rates
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