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Friday, March 31, 2006
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MONEY & BANKING

FINANCIAL MARKETS


Conduct code for banks selling OTC derivatives
FIMMDA says standardisation needed, circulates draft norms More

FINANCIAL SERVICES


Mittal takes stake in Indiabulls Credit
NRI steel magnate Mr L.N. Mittal's company has picked up an eight per cent stake in Indiabulls Credit for around Rs 90 crore. Mittal-promoted LNM India Internet Ventures Ltd (LNMIIVL) will acquire 8.2 per cent stake in Indiabulls Credit Services ... More

INSIGHT


Capital Account Convertibility: Not an open-and-shut case
With convertibility, it would be wise to have the legal framework for reimposing controls in times of necessity and keep the policy option open both for prudential and ad hoc controls. More

SOFTWARE


i-flex partners IFBS
i-flex Solutions has partnered with the Zurich-based International Financial Business Solutions (IFBS) for integration services. IFBS provides securities lending, repo and OTC derivatives collateral management solutions. It will ... More

RBI & OTHER CENTRAL BANKS


RBI to hold additional LAF today
The Reserve Bank of India would hold an additional Liquidity Adjustment Facility on March 31 between 9 p.m. and 9.30 p.m. The additional LAF has been put in place to facilitate funds management by banks on account of the year-end ... More

PRIVATE BANKS


Karnataka Bank new ATMs
Karnataka Bank Ltd has opened three ATMs in Bangalore. A bank release said here that the bank opened ATMs at Chamarajpet, Malleswaram and Basaveshwaranagar in Bangalore recently. The total number of the bank's own ATMs in the ... More

Federal Bank completes listing on LSE
With GRD issue, net worth exceeds Rs 1,200 cr More

PUBLIC SECTOR BANKS


Corp Bank to stay open longer today
In order to facilitate the payment of direct and indirect taxes by the assessees, Corporation Bank has decided to keep open the authorised branches across the country for sufficiently longer hours on March 31. A bank release ... More

SBT in pact with Rail Catering
State Bank of Travancore (SBT) has tied up with the Indian Railway Catering and Tourism Corporation (IRCTC) to extend online railway ticket reservation facility to the bank customers. This will enable the over 30,000-strong retail Internet ... More

GOVT BONDS


KSEB bond repayments
The Kerala State Electricity Board (KSEB) proposes to repay by March 31 Rs 10.19 crore, being the first instalment of its non-SLR Bond Series Vii A issued during year 2000-01. An official spokesman said here that an intimation to ... More

Clarification on tax exemption
The Finance Ministry clarified on Thursday that the tax benefits under Section 54EC of the Income-Tax law would not be available on long-term capital gains that are invested on or after April 1, 2006 in the bonds of Nabard, National Housing Bank ... More

CREDIT MARKET


CD ratio crosses 66 pc in Kerala
The credit-deposit ratio of commercial banks in Kerala has reached 66.13 per cent as on December 31, 2005. The CD ratio was at 59.01 per cent as on March 31, 2005. This was disclosed at the State Level Bankers' Committee (SLBC), which met ... More

FIXED DEPOSITS


ICICI Bank hikes FCNR deposit rates
ICICI Bank has raised the interest rates on FCNR deposits for all tenures and currencies, except the yen, by 25 basis points. The interest rate for one-year FCNR deposits denominated in dollars is 5.15 per cent (4.9 per cent), ... More

LVB raises FCNR deposit rates
Lakshmi Vilas Bank has effected an upward revision of the FCNR deposit rates for all currencies from March 29. The US dollar deposit with tenure of one and two years will now fetch interest at 5.15 per cent (4.90 per cent), ... More

PNB hikes FCNR(B) deposit rates
Punjab National Bank (PNB) has revised interest rates on its foreign currency non-residents (banks) scheme for the US dollar, pounds sterling, euro and Canadian dollar deposits with effect from March 29. A statement issued by the bank said that ... More

MERGERS & ACQUISITIONS


Darashaw invests Rs 200 cr in IOB
Darashaw & Co, a Mumbai-based securities firm, has invested Rs 200 crore in Indian Overseas Bank (IOB), picking up the entire offering of perpetual bonds issued on Tuesday. "We received a cheque for the entire amount," Mr T.S. Narayanasami, ... More

REGULATORY BODIES & RULINGS


Health insurance premium may vary from one location to another
Geography, a key differentiator for pricing products: IRDA More



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