The Hindu Business Line : Friday, June 30, 2006

REGIONAL RURAL BANKS
Karnataka Vikas cuts rates on crop loans
The Dharwad-based Karnataka Vikas Grameena Bank - a regional rural bank sponsored by Syndicate Bank - has reduced interest rates to 7 per cent on crop loans up to Rs 3 lakh. In a press release here on Thursday, Mr B.S. Surendra, Chairman ... More

DIVIDEND ANNOUNCEMENT
Union Bank pays dividend to Govt
Union Bank of India paid Rs 98 crore as dividend to the Government for the fiscal 2005-06, said a press release from the bank. The bank declared a dividend of 35 per cent last year. Mr M.V. Nair, Chairman and Managing Director, ... More

FOREX
Rupee marginally higher
The rupee crept up to 46.29 on Thursday, on dollar sales by exporters. The domestic currency opened at 46.37/38, to close at 46.29. On Wednesday, the rupee ended at 46.38. Dealers said that exporters sold dollars and bought ... More

NBFCS
LIC lends Rs 75 crore to Shriram Transport
Life Insurance Corporation recently lent Rs 75 crore to Shriram Transport Finance Company, the company confirmed to Business Line on Thursday. An NBFC raising Rs 75 crore of term loans is usually no big deal, but the significance of this ... More

HOUSING FINANCE
Now track NHB Residex!
NHB is working out a national housing price index as part of wide-ranging initiatives to improve the primary market for housing finance. Christened `NHB Residex', the index is expected to fill the void created by an absence of a relevant ... More

NHB keen to make MBS tradable
Step will be quite in line with trends elsewhere More

LIFE INSURANCE
New version of Bima Gold policy on the anvil
Additional features to be incorporated: LIC chief More

SBI Life 's first branch in Mangalore
SBI Life Insurance opened its first branch office in Mangalore on Thursday. A press release said here that the opening of SBI Life's Agency Channel branch office is part of the company's expansion plans in Karnataka. SBI Life, ... More

DEBT MARKET
Bond market bearish
In the bond market, sentiment continued to be bearish ahead of Friday's Federal Open Market Committee meeting. Traded volumes were low at a little over Rs 250 crore. Dealers said that the market had factored in a 25-basis point ... More

PRIVATE BANKS
UTI Bank to raise Rs 138.4 cr
UTI Bank today said it would raise Rs 138.4 crore Tier-II capital through unsecured non-convertible redeemable debentures of Rs 1 lakh each. The debentures are issued for 87-120 months and will be issued to investors on a private placement ... More

PUBLIC SECTOR BANKS
BoI, SIDBI tie up to train jewellers
Bank exploring possibility of extending it to potential jewellery manufacturing clusters. More

SHORT TERM INSTRUMENTS
Call rates unchanged
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 23 bids amounting to Rs 22,180 crore and in the second one-day ... More

SECURITISATION
NHB may offer reverse mortgage for the elderly
Product in conceptual stage, needs RBI nod More

FIXED DEPOSITS
IOB to launch deposit drive
The Visakhapatnam region of the Indian Overseas Bank is launching a fortnight-long deposit mobilisation "mahotsav" from July 1. The Chief Regional Manager, Mr M.N. Krishnan, said here on Wednesday that the five districts from ... More

RETAILING
Value Showcasing — New mantra to boost retail banking
Banking, insurance and mutual funds products, which were offered as standalones earlier, are now being brought together seamlessly to deliver a holistic package. New value propositions are now designed to make retail-banking services better for both the customers and the institutions. More

CO-OPERATIVES
Co-op banks urge PM to restore tax benefits
The co-operative banks sector has urged the Prime Minister, Mr Manmohan Singh, to restore the tax benefits that were available to certain cooperative banks under the income tax law. This plea was made by a delegation representing the ... More

Assurance to Krushi bank depositors
The State Department of Co-operation should expedite the process of recovery of funds swindled by Mr Kosaraju Venkateswara Rao, who established the Krushi Co-operative Bank, here and compensate depositors. Giving instructions to ... More

OUTLOOK
Banks see sharp rise in cost of funds
Tight liquidity forces high coupon on Tier II bonds More