The Hindu Business Line : Wednesday, January 18, 2006

National Payment Corpn to be operational by April
THE umbrella organisation for undertaking retail payment and settlement systems, the National Payment Corporation of India, would be operational by April 1. The Reserve Bank of India is in the process of registering this banks-owned company, ... More

PNB Gilts on turnaround mode
PNB Gilts, the primary dealer promoted by Punjab National Bank, is turning around after a difficult spell, thanks partially to its involvement in fee-based activities. The company, which has turned in a net profit, is expected to see an ... More

Meet to discuss financial planning for the masses
IS there scope for financial planning for the hoi polloi, or is it a preserve of only the classes? This question will dominate discussions at the forthcoming financial planning symposium being organised by Financial Planning Standards Board ... More

FOREX

Rupee declines; bond prices up
MUMBAI: The rupee fell against the greenback on Tuesday in tandem with a decline in other major currencies. The domestic currency opened weak at 44.27/30 and fell to an intra-day low of 44.36. It closed the day at 44.34/35, down from ... More

INSURANCE

`Foreign insurers for tie-ups with PSBs'
THE insurance industry could soon see the entry of more foreign insurers in tie-ups with PSU banks in India. Mr G.C. Chaturvedi, Joint Secretary, Ministry of Finance (MOF) said foreign insurance companies have expressed interest in such joint ... More

LIFE INSURANCE

Fitch rating for ICICI Pru Life
FITCH Ratings has assigned ICICI Prudential Life Insurance a National Insurer Financial Strength ("IFS") rating of `AAA(ind)' with Stable Outlook. According to a press release, the rating reflects the ongoing operational and capital support ... More

GENERAL INSURANCE

HDFC Chubb unveils D&O liability cover for mid-size cos
HDFC Chubb General Insurance Company has launched `Forefront Portfolio', a Directors and Officers' (D&O) liability insurance package for mid-size companies. The product offers D&O insurance and an option to choose from five other covers again More

RBI & OTHER CENTRAL BANKS

To help banks raise addl capital — RBI norms on hybrid instruments soon
THE RESERVE Bank of India (RBI) would issue guidelines on new hybrid capital instruments by mid-February to enable public sector banks to raise additional capital while keeping the government's stake at 51 per cent. The government's holding in ... More

PUBLIC SECTOR BANKS

SBH changes toll free number
HYDERABAD: State Bank of Hyderabad (SBH) has announced that its toll free number has been changed from 1600-4254055 to 1800-4254055. The new number had come into effect from January 14, the bank said in a press release here. ... More

BoI board meet
MUMBAI: The board of directors of Bank of India will meet on January 21 to consider the reviewed financial results for the quarter ended December 31, 2005, said a press release. ... More

FINANCIAL INSTITUTIONS

Govt to divest 5 pc equity in PFC — Co to issue fresh shares equivalent to 10 pc its equity
THE Government will be disinvesting five per cent of its equity in Power Finance Corporation to the public. PFC will also issue fresh shares equivalent to 10 per cent of its equity base to the public simultaneously. "The Cabinet has cleared ... More

CREDIT MARKET

Should micro-finance be (big) business?
It is a sad commentary that helping the weak and the poor should be driven entirely by the profit motive as seems to be happening in the evolution of micro-finance. More

ALLIANCES & JOINT VENTURES

Bharti to hold 40 pc stake, AXA 22.2% in life insurance venture
THE Bharti group and global insurance major AXA have finalised the equity holding structure for their Indian life insurance venture. Bharti Enterprises would directly hold the largest chunk of 40 per cent shares while AXA would directly own 22.2 ... More

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