The Hindu Business Line : Friday, June 23, 2006

FOREX
Rupee breaches 46-mark
The rupee weakened against the dollar and breached the psychological level of Rs 46, on the back of heavy corporate demand. The domestic currency opened at Rs 45.94 and kept falling throughout the day to close at Rs 46.13. On ... More

INSURANCE
`Rural insurance needs differential pricing'
Post offices best suited to improve penetration, says former IRDA chief More

SOFTWARE
NowPos offers voice-based tool for ATMs
Andhra Bank is planning to equip ATMs with a software solution that allows its customers to post voice queries and requisitions. The solution, developed by city-based start-up NowPos Online Services, is likely to be installed in the bank's ATMs ... More

LIFE INSURANCE
LIC eyes Rs 1,000 cr premium from new gratuity scheme
Option to switch over to unit-linked plan More

DEBT MARKET
Bond yields cross 8 per cent
The yields on the benchmark 10-year government paper crossed the psychologically crucial level of eight per cent, on fears of inflation and on expectations of a rate hike by Reserve Bank of India in July. These levels were last ... More

RBI & OTHER CENTRAL BANKS
Water project: TN seeks $500-m World Bank aid
CM clear on carrying ongoing projects forward More

PRIVATE BANKS
Kotak Mahindra Bank opens branch in Valsad
Kotak Mahindra Bank has opened a full-fledged retail-banking branch in Valsad city in South Gujarat. Speaking on the occasion, Mr K.V.S. Manian, Head, Retail Liabilities and Branch Banking, said the bank now has 18 branches in Gujarat. ... More

FINANCIAL INSTITUTIONS
SIDBI opens new branch at Hosur
Small Industries and Development Bank of India (SIDBI) has opened its 57th branch at Hosur, Tamil Nadu. SIDBI is now focusing on direct finance to SSIs and expanded all its schemes to expand its retail lending activity, the ... More

INTEREST RATES
Union Bank may raise rates on some retail products
Need to revise rates due to the risk profile' More

Repo rate hike costing oil marketing cos dear
`We now have to offer higher discounts on oil bonds' More

GOVT BONDS
Good response to Govt auctions
`Cut-off price higher than expected' More

CREDIT MARKET
Banks trim discounts on corporate loans
Reset clause provides some buffer as margins come under squeeze More

SHORT TERM INSTRUMENTS
Call rates remain flat
Call rates remained unchanged between 5.75 and 5.85 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 27 bids amounting to Rs 21,745 crore and in the second one-day ... More

SOCIETY & DEVELOPMENT
ING Vysya staff donation to UNICEF
ING Vysya employees have contributed Rs 35 lakh to the United Nations Children's Fund, which will enable 2,500 child workers in the Dharmapuri and Krishnagiri districts of Tamil Nadu to resume primary education. The funds, raised under an ... More

OUTLOOK
Union Bank targets 25% growth in SME portfolio
Signs agreement with SIDBI More

TRENDS
RBI warns banks against using floating provisions to pep up balance sheet
The Reserve Bank of India has warned banks against using their floating provisions to enhance their balance sheets. Floating provision is the funds that banks maintain in excess of their normal provisions for standard and bad assets. Most ... More

Cross Currency Rates