MONEY & BANKING
FARM CREDIT
Create fund for sugar industry, RBI tells banks
Mumbai, July 11 The Reserve Bank of India has authorised banks to create a fund of Rs 798 crore for the sugar industry, which would have to be used exclusively for payment of cane arrears to farmers.This follows the Government’s ...
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REGIONAL RURAL BANKS
Karnataka Vikas Grameena Bank Q1 biz growth at 24%
The Dharwad-headquartered Karnataka Vikas Grameena Bank – a regional rural bank sponsored by Syndicate Bank – registered a total business of Rs 4,482 crore at the end of the June 30, recording a year-on-year growth of 24 per cent. ...
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INSIGHT
Let us applaud the RBI
The rupee has been allowed to appreciate in tune with demand and supply, and the gains are immense. The strong rupee will spur demand. Consumption rises when interest rates fall. Rising supply and demand together induce growth. It is clear, therefore , that the RBI is on course to winning its battles robustly, and the central bank deserves a salute, says .
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FOREX
Re a tad down against dollar
The rupee slightly depreciated against the greenback as nationalised banks bought dollars. The domestic currency opened at 40.40/42, touched an intra-day high of 40.36 and finally closed at 40.40, against the previous close of 40.38. Market ...
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INFORMATION TECHNOLOGY
100 % CBS in Karnataka Bank
Karnataka Bank Ltd has brought all its 411 branches under the core banking solution - Finacle. A bank release said here on Wednesday that the bank arranged a function at Bangalore recently to mark this achievement. Mr N.R. Narayana Murthy, ...
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NBFCS
Bajaj Auto Finance to ride on new areas
Will target personal loans, used truck finance
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LIFE INSURANCE
MetLife hiking capital to fund expansion
Company announces bancassurance tie up with Barclays Bank
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CREDIT RATING
Moody’s assigns stable rating for Indian banks
Robust macroeconomic environment continues to bolster financial performance
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INTEREST RATES
`Interest rates have peaked'
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GOVT BONDS
Bond yields fall
Bond yields dropped by around one basis point tracking the US yields, which fell by about 10 basis points to 5 per cent. According to a dealer at a private bank, “Comfortable liquidity in the system also helped the bond prices strengthen. ...
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CORPORATE BONDS
PNB perpetual debt offering
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CREDIT MARKET
Dena Bank ties up with postal dept
Mumbai, July 11 Dena Bank has signed a memorandum of understanding with the Department of Posts to extend credit in the rural areas. Under the scheme, postmen will market the bank’s loan products, process applications and ...
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Development Credit Bank foraying into microfinance
Plans to double its SME lending to 70% in one year
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SHORT TERM INSTRUMENTS
Call rates unchanged
The inter-bank call rates remained unchanged and closed at 0.5-0.6 per cent on Wednesday. “Liquidity is comfortable and the surplus cash is here to remain,” said a dealer with a private bank. The Reserve Bank of India received bids ...
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FIXED DEPOSITS
Vijaya Bank to focus on low-cost deposits
Hyderabad, July 11 Vijaya Bank will focus on increasing low-cost deposits such as savings and current accounts and will add at least one million new accounts by August, according to the Chairman and Managing Director, Mr Prakash P. Mallya. ...
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MERGERS & ACQUISITIONS
Saraswat Bank to acquire Kolhapur Maratha Bank
Mumbai, July 11 Saraswat Co-operative Bank will take over the loss-making Kolhapur Maratha Co-operative Bank effective August 15, 2007. Shareholders of the acquired bank will not receive any shares after merger since the bank is a ...
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PEOPLE
Malla is SIDBI Chairman & MD
Mr Rajender Mohan Malla takes over as Chairman & Managing Director of Small Industries Development Bank of India (SIDBI) effective July 11, 2007. Mr Malla has varied experiences and professional expertise of over 30 years in the arena of both ...
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