MONEY & BANKING
FINANCIAL SERVICES
London help for Mumbai
The Lord Mayor of London, Mr John Stuttard, who represents UK-based financial services, will arrive in India on May 20 to explore how the City of London can work with the Government of India to develop an international financial ...
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INSIGHT
Making sense of rupee appreciation
It is time India learnt from Japan and China that at the crucial stage of economic growth, an undervalued exchange rate is preferable to an appreciating rate, no matter its advantages in fighting inflation. It is also time the policymakers remembered that exchange rate is not like the price of cabbage that can be left to the pure market forces of demand and supply, say D. SAMBANDHAN and M. RAMACHANDRAN.
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FOREX
Some Asian currencies not flexible, says ECB's Noyer
`Excessive accumulation of reserves a problem'
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Forex reserves fall $18 m on weak non-dollar currencies
Forex reserves have dropped $18 million to $203.991 billion for the week-ended May 11 on weakening of non-dollar currencies against the dollar. Forex reserves had gone down $126 million to $204.009 billion for the week ended May 4. Foreign ...
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Rupee gains on China's move
The rupee strengthened by about 14 paise against the greenback on Friday. A major reason of today's appreciation of the rupee, according to dealers, is the announcement of the China's central bank that it would be widening the ...
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FINANCIAL PERFORMANCE
Max India reports loss in fourth quarter
Max India has reported loss of Rs 3.82 crore for the fourth quarter ended March against net profit of Rs 6.68 crore in the corresponding previous period. However, net sales rose 36.03 per cent to Rs 43.87 crore (Rs 32.25 crore). Net profit ...
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Federal Bank full-year net rises 30%
40% dividend proposed
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GENERAL INSURANCE
Star Health premium earnings top Rs 100 cr
Star Health and Allied Insurance, India's only operational stand-alone health insurance company, has earned a premium income of Rs 100 crore in 12 months. Today, the company celebrated the first anniversary of its first policy sale. The 95-odd ...
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Medi Assist, HP tie-up
Medi Assist India Pvt Ltd has announced a partnership with Hewlett Packard to develop customized applications for running Third Party Administration services and to provide end-to-end healthcare solutions to customers. The deal has been valued ...
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CREDIT RATING
PNB, Crisil in pact for SME rating
Punjab National Bank (PNB) has entered into a strategic alliance with Crisil for risk rating of SME customers of the bank. SME borrowers of the bank can now get themselves rated by Crisil to avail adequate and timely credit from ...
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RBI & OTHER CENTRAL BANKS
Navratna oil PSUs allowed to invest abroad
The RBI has allowed Navratna public sector undertakings to invest in unincorporated entities in the oil sector abroad under the automatic route, without prior approval. It has liberalised and simplified the procedures for Navratna PSUs — ...
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PUBLIC SECTOR BANKS
Corporation Bank's gesture to underprivileged children
Corporation Bank has launched `Corp Compassion' scheme to help underprivileged children. The bank will donate Rs 10 to the underprivileged children for every account opened under the `Corp Compassion' scheme. The campaign to open savings ...
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PSBs begin imposing informal ceiling on bulk deposit rates
Move to contain costs, protect current net interest margins
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GOVT BONDS
Bond prices continue to decline
Bond prices fell by around 20 paise as profit booking extended for the second consecutive day. Traded volumes on the order matching system were at Rs 1,720 crore (Rs 2,425 crore). Dealers said domestic inflation, which was at ...
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CREDIT MARKET
Gross bank credit down
Non-food credit dropped by Rs 20,103 crore to Rs 18,39,671 crore. Gross bank credit has gone down by Rs 16,571 crore to Rs 18,89,557 crore as of April 27, according to RBI's Weekly Statistical Supplement. Food credit increased by ...
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SHORT TERM INSTRUMENTS
Call rates remain flat
Call rates ended flat at 8 - 8.25 per cent on Friday. The rates have been hovering around the same level right from the start of the week, against previous week's low of 2.25 per cent. The Reserve Bank of India lent to banks Rs ...
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FIXED DEPOSITS
BoB offers 9.5% for one-year FD
Bank of Baroda is offering 9.5 per cent per annum for one-year fixed deposit. "The scheme provides for investing any amount as low as Rs 1,000 and there is no lock-in period," said a press release by the bank. Senior citizens ...
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