The Hindu Business Line : Wednesday, July 11, 2007

FINANCIAL SERVICES
Insurance broker licence cancelled
The Insurance Regulatory and Development Authority (IRDA) has cancelled the direct insurance broker licence of New Delhi-based Paramount Insurance Brokers Pvt Ltd. In a notification, the IRDA said that the decision had been taken after an enquiry ... More

FOREX
Reddy meets Chidambaram
The Reserve Bank of India Governor, Dr Y.V. Reddy, on Tuesday called on the Union Finance Minister, Mr P. Chidambaram, at the latter’s North Block office here.Indications are that the discussions, which lasted over two hours, ... More

Rupee rises against dollar
Backed by strong dollar supplies into the domestic market, the rupee strengthened by five paise against the greenback on Tuesday. The home currency opened at 40.39/40 and after trading in a narrow range throughout the day, closed at 40.38, up ... More

FINANCIAL PERFORMANCE
HDFC Bank posts 34% rise in Q1 net profit
Mumbai, July 10 Driven by a surge in other income and healthy growth in deposits and advances, HDFC Bank posted a 34.2 per cent rise in net profit. The bank’s net profit for the first quarter ended June 30, 2007 was at Rs 321.23 ... More

HDFC Bank Q1 income up at Rs 2,641.7 cr
Mumbai, July 10 HDFC Bank’s total income rose to Rs 2,641.7 crore during the first quarter ended June 30, 2007 from Rs 1,795.2 crore in the corresponding period last year.India’s second largest private bank has recorded a ... More

South Indian Bank Q1 net rises 102%
Kochi, July 10 The net profit of South Indian Bank has grown by 102 per cent to Rs 30.37 crore during the first quarter of the current financial year, from Rs 15.05 crore in the previous year. The total income grew by 41.85 per cent to Rs 322 ... More

HOUSING FINANCE
Indian Bank earmarks Rs 81 cr for home loans
Kochi, July 10 Indian Bank has earmarked Rs 81.45 crore towards housing loans in Kerala during the current financial year as against Rs 59.8 crore disbursed in the previous fiscal. The bank has sanctioned Rs 31.13-crore loans in the ... More

FINANCIAL MARKETS
Emerging markets: Too little risk, too much reward?
The debate on managing capital flows in emerging economies rages on. Even a child now knows the ‘impossible trinity’ — capital mobility, market-determined interest and exchange rates — cannot live in peaceful ... More

PUBLIC SECTOR BANKS
LIC will remain major shareholder: CMD
Life Insurance Corporation, which holds a critical stake in Corporation Bank, will continue to remain among its major shareholders, Mr Sambamurthy said.The life insurer, as on June 30, had over 26 per cent of the bank’s equity. ... More

Corporation Bank working on network expansion
Branchless banking on the anvil; aims to look beyond no-frill accounts More

FINANCIAL INSTITUTIONS
KSFC unveils one-time loan settlement scheme
Bangalore, July 10 The Karnataka State Financial Corporation (KSFC) has come out with a one-time settlement scheme for small and tiny borrowers for loans of up to Rs 10 lakh.A KSFC release said here that the State Government has ... More

Nabard aid for tribal development
Nabard has sanctioned six projects with a financial outlay of Rs 18.63 crore under its Tribal Development Fund. “These sanctions will benefit 6,000 poor tribal families in the states of Rajasthan, Karnataka, Madhya Pradesh and ... More

GOVT BONDS
Bond prices down 5 paise
Bond prices fell by about five paise and the yield went up by one basis point on profit taking by traders and speculation that the central bank may step in drain away the surplus cash from the system. The 10-year yield ended at 7.93 per cent ... More

SHORT TERM INSTRUMENTS
Call rates close at 0.5-0.6%
The inter-bank call rates closed at 0.5-0.6 per cent on Tuesday, lower than the previous close of 1.5-2 per cent backed by surplus cash in the system. The Reserve Bank of India received bids worth Rs 90,445 crore from banks through the reverse ... More