The Hindu Business Line : Saturday, May 12, 2007

FARM CREDIT
SBI in pact with Heritage Foods
State Bank of India, Hyderabad, has signed a memorandum of understanding with Heritage Foods (India) Ltd to disburse Rs 100 crore for various needs of the dairy sector. According to a release, SBI would offer term loansto farmers for purchase ... More

FOREX
Forex reserves down $126 m
Forex reserves have gone down $126 million to $204.009 billion for the week ended May 4 on weakening of non-dollar currencies against the dollar. Forex reserves had gone up by $254 million to $204.135 billion for the week ended April 27. ... More

Rupee gains 5 paise
The rupee strengthened against the dollar by about 5 paise on Friday as corporates sold dollars. However, dealers said, the trading was volatile during the day. The domestic currency closed at 41.23/24 on Friday against the ... More

INFORMATION TECHNOLOGY
Future ATMs will do a lot more than just dispense cash
MULTI-TASKING SERVICES More

FINANCIAL PERFORMANCE
Bajaj Allianz posts Rs 54-cr profit
Registers a growth of 57% in new business premium More

LIFE INSURANCE
LIC raises stock market exposure
70% of premium came from ULIPs More

PUBLIC SECTOR BANKS
Oriental Bank plans to raise tea sector lending
Oriental Bank of Commerce (OBC) proposes to enhance its exposure in tea advances. "In 2006-07, our tea advance amounted to Rs 40 crore, which we would like to raise to Rs 100 crore in 2007-08," Mr R.M. Sharma, General Manager for the Eastern ... More

State Bank of Bikaner may hive off back-office work
`This will help staff concentrate on core banking functions' More

Correction
With reference to the news item captioned `Vijaya Bank hiking rates on home loan' published in these columns on May 11, 2007, the correct position is that the April 7 hike announced by the bank stands withdrawn for loans between Rs 15-20 lakh. ... More

FOREIGN BANKS
Citigroup keen on tapping rural financial market
In view of the vibrant financial market, India tops the list of priority countries in the global strategy of financial services major Citigroup, according to Mr Robert A. Annibale, Global Director of Microfinance. "The potential of financial ... More

GOVT BONDS
Bond prices shed 30 paise
Bond prices dropped by 30 paise on Friday and yields went up five basis points on nervousness over the day's Rs 10,000-crore auction. Total traded volumes on the order matching system were Rs 1,205 crore (Rs 1,315 crore). ... More

SHORT TERM INSTRUMENTS
Call rates stay low
The interbank call rates closed at 2.25 - 2.50 per cent on Friday as the market continued to be flush with funds. "There were more lenders than borrowers," said a dealer with a private bank. Call rates had closed at 2 - 2.50 ... More

FIXED DEPOSITS
IDBI relaunches 500-day FD scheme
Industrial Development Bank of India (IDBI) has relaunched its 500-day fixed deposit scheme under the IDBI Suvidha Plus Fixed Deposit (ISPFD) at a higher rate of interest of 9.5 per cent per annum. The initial rate of interest ... More

MERGERS & ACQUISITIONS
Doha Bank buying 49% stake in Select Securities
Selectgroup eyes stronger hold in West Asian market More

CO-OPERATIVES
Goldsmiths' co-op posts profit
The S.K. Goldsmiths' Industrial Cooperative Society Ltd, Mangalore, has registered a profit of Rs 62.69 lakh during 2006-07. A press release said here that the society has been earning profit for the past 26 years. The deposits ... More

OUTLOOK
Tier-I cities, towns getting more bank thrust
More

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