The Hindu Business Line : Friday, September 30, 2005

SBI Caps opens retail broking arms
SBI Capital Markets Ltd today launched retail equity broking services for retail and institutional clients through a new subsidiary, SBI Cap Securities Ltd (SSL). The subsidiary will begin with 12 retail broking centres in six major cities ... More

FOREX

Rupee rises a tad due to thin volumes
MUMBAI: The rupee slightly appreciated against the dollar on Thursday on the back of marginal dollar inflows. The rupee opened at 44.03 and touched an intra-day high of 43.9850/99. It closed the day at 44.01/02, higher than Wednesday's ... More

STOCKS

SEBI-barred IFSL attracted FIIs
SEVERAL FIIs including Citigroup and Merrill Lynch bought shares of IFSL Ltd, against whose promoters SEBI has passed an order on Wednesday. SEBI has barred Sonal Fincap, the promoter of IFSL, and the directors of the company from dealing in ... More

NBFCS

NBFC deposit mop-up `negligible'
THOUGH the number of Reserve Bank-regulated non-banking finance companies (NBFCs) in Kerala has been on the rise over the years, the size of public deposits mobilised by them has remained negligible. According to a recent study report of the ... More

LIFE INSURANCE

LIC agents demand pension benefit fund
A pension welfare fund set up from forfeited commissions of terminated life insurance agents running into hundreds of crores of rupees — that is what some 10 lakh agents of the Life Insurance Corporation of India are trying to secure by way ... More

CREDIT RATING

Iffco borrowing on rating watch
CRISIL said on Thursday that it has placed on `rating watch with developing implications' the Rs 400-crore long term borrowing programme of Indian Farmers Fertiliser Cooperative Ltd . The programme had `AA+' rating till now. The rating action ... More

RBI & OTHER CENTRAL BANKS

Payment norms for aircraft lease rentals relaxed
PRIVATE airlines can now remit up to $1 million per aircraft towards security deposit for payment of lease rentals for an aircraft or helicopter without a standby letter of credit or a guarantee. In the case of public sector airline companies the ... More

Direct overseas investments up
INDIA'S direct investments overseas have increased by $2.49 billion to $9.57 billion as on March 2005 from $7.08 billion in the previous fiscal. According to the figures released by the Reserve Bank of India on Thursday, the country's direct ... More

PUBLIC SECTOR BANKS

PSBs to be asked to work extra hours on Saturday
NEW DELHI: The Finance Minister, Mr P. Chidambaram, today said that public sector banks would be asked to remain open on Saturday for extra hours to cover the backlog on account of the two days' closure due to Thursday's strike and ... More

SBI seeks stock split in associates
STATE Bank of India (SBI) has approached the Union Government for a stock split in its three associate banks and also to do away with the cap on individual shareholding limits in these banks, Mr A. K. Purwar, Chairman, SBI, said. Currently, ... More

SBI's Bengal circle to focus on small units
STATE Bank of India's Bengal circle has mounted a special effort to tap small enterprises, with particular focus on what has been termed as `cluster identification' for segments such as brass & bell metal, foundry and tannery. The bank has ... More

TRADE & LABOUR UNIONS

Strike hits banking operations badly
The volume of transaction was down to Rs 1,356 crore, against over Rs 10,100 crore on a normal day. More

The deserted workplace
The Parliament Street branch of State Bank of India wears a deserted look on Thursday, the day when trade unions across the country observed a strike to protest the policies of the Central Government. ... More

Strike hits banking operations in Karnataka
The strike was partial in the private sector ING Vysya Bank because the rural branches are dominated by staff who are still on IBA-determined wages. More

INTERVIEW

`Cholamandalam MS General to break even this fiscal'
CHOLAMANDALAM MS General Insurance Company began operations in late 2002 and is poised to break even this fiscal. The company earned a premium income of Rs 170 crore in 2004-05 while posting a loss of about Rs 3 crore. This year, Mr Arun ... More

CO-OPERATIVES

Smart bank for women
In drought-prone rural Maharashtra, a co-operative bank taps the collective strength of women and shows the way through innovative schemes. More

Near consensus on co-op credit package
A DRAFT statement of consensus on the proposed revitalisation package for co-operative credit structure would soon be forwarded to all States and Union Territories for their comments. All the States and Union Territories would be required to ... More