MONEY & BANKING
INSIGHT
Increased reliance on CRR — No point blaming the RBI
Taking repeated recourse to CRR hikes to tackle inflation only skews further the asymmetric treatment of market players, putting commercial banks at a disadvantage and placing a greater burden on borrowers. Yet, the RBI has no other option, argue M. RAMACHANDRAN and D. SAMBANDHAN, explaining that the central bank will have to increasingly rely on the CRR, given the limited scope for deploying other instruments.
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FOREX
Rupee weakens
The rupee weakened by around six paise on Thursday on profit booking by traders. The currency opened at 42.05/07, touched an intra-day low of 42.20 and finally closed at 42.07, against the previous close of 42.01. "Demand for ...
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LIFE INSURANCE
Bharti AXA product
Bharti AXA Life has launched a traditional endowment product — SaveConfident. The policy term is fixed at 15 years and the total guaranteed annual payments amount to 110 per cent of the basic sum assured. Though the policy benefit period ...
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Young and assured
Well-paid youngsters, keen to invest their money well, now have a host of insurance options to choose from.
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FINANCIAL POLICY
More autonomy for SBI subsidiaries
Cabinet approval in line with panel recommendations
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PUBLIC SECTOR BANKS
Govt asks public sector banks to moderate credit growth
`Focus on productive sectors, give less to risk-prone areas'
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PNB's new branch at Thrikkakara
Punjab National Bank is opening its new branch at Thrikkakara near here. It will start functioning near Thrikkakara temple from Friday. Mr S.P. Singh, Zonal Manager, Kerala, will inaugurate the new branch. Mr R.S. Pillai, ...
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Scrips gain on bourses
Subsidiaries of State Bank of India moved up on the bourses with the Union Cabinet altering their operational guidelines. According to analysts, it will enable the banks to raise effective capital from the equity markets. "Now the ...
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INTEREST RATES
Canara Bank lending rate up
Canara Bank has announced the increase in its benchmark prime lending rate by 75 basis points to 13.25 per cent. The new rate is effective April 17, said the Bank ...
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GOVT BONDS
Bond prices rule firm
Bond prices were unchanged on Thursday as a small rally during the day ended with traders booking profits. Total traded volumes on the order matching system were Rs 3,745 crore (Rs 3,185 crore). Dealers said prices rose by around ...
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CREDIT MARKET
RBI redefines micro, small, medium enterprises
Urban co-operative banks' funding of medium enterprises will not form a part of priority sector lending, says the Reserve Bank of India. According to an RBI notification, the central bank has modified the definitions for micro, small and ...
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Govt wants more credit support to small exporters
The Government has urged the Reserve Bank of India (RBI) to direct scheduled commercial banks to earmark at least 50 per cent of the export credit finance for small and medium exporters, the Commerce Secretary, Mr G.K. Pillai said here on ...
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SBI sees credit growth slowing down to 25%
State Bank of India (SBI), the country's largest lender, expects its advances growth to slow down to 25 per cent this fiscal as against the 28 per cent growth recorded in 2006-07. The credit growth rates of public sector banks too are likely to ...
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SHORT TERM INSTRUMENTS
Call rates close lower
Call closed lower at 9.50-10 per cent on Thursday against the previous close of 11-12 per cent. The RBI lent Rs 15,660 crore to banks through its repo window while banks parked Rs 70 crore under the reverse repo with the central ...
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MERGERS & ACQUISITIONS
BankMuscat picks up 43% in brokerage co of Mangal Keshav
Value of deal is not disclosed
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NEW PRODUCTS & SERVICES
Tata AIG General offer to IT cos
Tata AIG General Insurance Company Ltd (Tata AIG General) has launched "General Insurance Version 2007" - a range of insurance solutions, customised for the needs of the IT and IT-enabled services (ITes) companies. The ...
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