The Hindu Business Line : Wednesday, August 02, 2006

FINANCIAL SERVICES
Wells Fargo to set up IT, BPO centre
Financial services major Wells Fargo, with an asset base of $482 billion, is set to locate its IT and Business Process Outsourcing Centre in Hyderabad. A delegation from the US corporation had visited India in May and July 2006, and after ... More

FOREX
Rupee slips marginally
The rupee slipped marginally against the US dollar on the back of demand from oil companies for dollars. The home currency opened weak at 46.61/63 and touched an intra-day low of 46.65 to finally close at 46.59. On Monday, the ... More

NBFCS
Rabo India unveils carbon credit trading product
Rabo India Finance (a wholly owned subsidiary of Rabobank International) has launched a carbon credit trading product. Carbon credit trading helps companies meet internationally accepted emission control norms by purchasing these credits from ... More

HOUSING FINANCE
Home loan rates, PLR go up
Prime lending rates raised 25 basis points; housing loans dearer by 50 basis points More

GENERAL INSURANCE
Oriental Insurance takes steps to curb losses in medical portfolio
Rationalises commission, brokerage payments More

Farmers may get part of claim before harvest
NAIS to be overhauled; weather index planned to assess projected losses More

CREDIT RATING
Fitch upgrades India's IDR
Fitch Ratings on Tuesday upgraded India's long-term foreign and local currency issuer default ratings (IDR) to `BBB-' from `BB+', both with stable outlooks, said a press release. The short-term foreign currency IDR has also been ... More

PRIVATE BANKS
ICICI Bank to hire more banking correspondents
ICICI Bank is looking to increase the number of banking correspondents for its agri sector by the end of this fiscal, Mr Nachiket Mor, Executive Director, said. The banking correspondents would provide services such as collecting savings ... More

INTEREST RATES
No increase in small savings, PF rates: Chidambaram
The Finance Minister, Mr P. Chidambaram, on Tuesday ruled out any increase in the interest rate on small savings, employees provident fund and pension fund. The Minister said in the Rajya Sabha that there was no proposal to raise interest on ... More

Karnataka Bank cuts NRE rates
Karnataka Bank Ltd has reduced interest rates on NRE deposits with effect from August 1. A bank release said here on Tuesday that interest rate on NRE term deposits has been reduced to 6.54 per cent (6.70 per cent) for one year ... More

GOVT BONDS
`Tenure cut to ensure auction goes well'
The Reserve Bank of India has said it had to lower the tenure of the two government securities slated for auction on August 8 to ensure the smooth sailing of the auction. "Our staff felt that this is a good maturity to have. Like ... More

Bond prices fall
Bond prices fell by almost 40 paise following the announcement of the Rs 9,000-crore government securities auction on Monday. Dealers said that there was virtually no investor interest in the market and the bearish trend was ... More

SHORT TERM INSTRUMENTS
No change in call rates
Call rates remained unchanged between 6.00 and 6.10 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 24,780 crore and in the second one-day ... More

FIXED DEPOSITS
`Tax exemption on FDs an investment opportunity'
Investors looking for risk-free investment schemes with the added benefit of tax exemption, now have one more avenue to invest their funds. The Finance Ministry, in a notification issued on Monday, has said that bank fixed deposits (FDs) of five ... More

CONSUMERISM
Bank customers urged to make use of redressal mechanism
Unsolicited credit cards and issues relating to them, escalation in charges without notice, unauthorised debits are among major grievances customers are seeking solutions to, according to the banking Ombudsman, Dr Deepali Pant Joshi. Addressing ... More

RIGHTS ISSUE
Bank of Rajasthan plans Rs 100-cr rights issue
Bank of Rajasthan plans to come out with a Rs 100-crore rights issue by December to shore up its capital base as the bank expects significant growth this fiscal. The bank's capital adequacy ratio stands at 12 per cent as of June 30.The bank is ... More

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