The Hindu Business Line : Thursday, July 06, 2006

FINANCIAL SERVICES
PDs allowed to invest in shares
The Reserve Bank of India has allowed primary dealers (PDs) in government securities to invest in equity shares, derivatives and mutual funds, and underwrite public issues. They are also permitted to undertake non-fund based activities ... More

India Insure to double business
Insurance broking house India Insure is aiming to double its business in 2006-07 to over $50 million from $25 million achieved in 2005-06. To achieve this goal, the company plans to expand its reach by opening offices in Gurgaon, ... More

FOREX
Rupee dips against dollar
The rupee dipped against the greenback on the back of dollar buying by importers. The domestic currency opened at 46.04/06 but some sharp buying towards closing caused it to drop to 46.09/10. On Tuesday, the rupee had closed at ... More

LIFE INSURANCE
LIC launches Market Plus
Life Insurance Corporation of India (LIC) today launched its unit linked pension plan - Market Plus. The new product combines investment and pension benefit with option of insurance cover during the term of the policy. Speaking at the ... More

MetLife may roll out group superannuation product soon
Eight-fold rise in number of lives covered More

GENERAL INSURANCE
National Insurance retains Infosys deal
Rs 16 cr premium for Rs 5,300-cr cover More

DEBT MARKET
Dull trading in bond market
Prices moved up slightly in the bond market on Wednesday, but traded volumes continued to be low at Rs 230 crore on the order-matching system.The ample liquidity in the system prompted some buying in the market. However, ... More

PRIVATE BANKS
ICICI Bank keen to expand rural asset base
With presence in rural areas, plans for larger health insurance base More

PUBLIC SECTOR BANKS
SBI Tiruchi zone posts 28% profit
The Tiruchi zone of State Bank of India, comprising 141 branches across 9 districts, has been recognised a "happening zone" of the bank, according to its Deputy General Manager, Mr. R. Kuppanna. For the year ended March 2006, the zone achieved ... More

Andhra Bank, IIIT sign MoU
Andhra Bank has entered into a memorandum of understanding with the International Institute of Information Technology (IIIT) for financing of educational loans to the latter's students. Mr K. Ramachandran, CMD, said the bank ... More

CREDIT MARKET
Banks willing to lend more to SHGs
Good recoveries draw more into the act, also into urban areas More

SHORT TERM INSTRUMENTS
Call rate unchanged
The call rate was unchanged at 5.75-5.85 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 35 bids amounting to Rs 41,765 crore and in the second one-day reverse repo ... More

FIXED DEPOSITS
More banks hike NRE, FCNR deposit rates
Punjab & Sind Bank has hiked the interest rates on foreign currency non-resident (bank) deposits and Non-resident (external) term deposits with effect from July 1. Interest rates on US dollar deposits have been hiked from 5.43 per cent per ... More

MERGERS & ACQUISITIONS
Apeejay group sells 75 pc stake in financial arm
Societe Generale, Burmans to be partners More

ALLIANCES & JOINT VENTURES
Bank of India, SBI sign pact
The Bank of India (BOI) has entered into a bilateral agreement with State Bank of India for both the banks to share each other's network of ATMs. The new arrangement will add another 5,500 ATMs of the SBI network for BOI clients, ... More

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