The Hindu Business Line : Saturday, July 14, 2007

FINANCIAL SERVICES
Refund banker scheme
The Central Board of Direct Taxes (CBDT) plans to extend the refund banker scheme to Chennai, Kolkata, Mumbai and Bangalore from September 30. At present, the scheme is operative in Delhi and Patna. Under the scheme, a scheduled bank is ... More

DIVIDEND ANNOUNCEMENT
Corp Bank pays dividend to Govt
Mangalore, July 13 Mr B. Sambamurthy, Chairman and Managing Director of Corporation Bank, presented a final dividend cheque of Rs 41 crore to the Union Finance Minister, Mr P. Chidambaram, in New Delhi recently. A bank release said here ... More

FOREX
Rupee gains on dollar inflows
The rupee appreciated by eight paise against the greenback on sustained dollar inflows. The domestic currency opened at 40.48/50 and strengthened through the day to close at 40.42, against the previous close of 40.50. “The rupee made up for ... More

Forex reserves up by $1.35 b
Forex reserves have increased by $1.349 billion to $214.835 billion for the week-ended July 6 on strengthening of non-dollar currencies against the greenback and strong dollar inflows. Forex reserves had increased by $937 million to $213.486 ... More

AGRICULTURAL INSTITUTIONS
Nabard help sought for agri infrastructure
The Andhra Pradesh Government has asked the National Bank for Agriculture and Rural Development (Nabard) to take major initiatives to support farmers by way of financing agriculture processing infrastructure.Addressing the silver ... More

GENERAL INSURANCE
More premium cuts likely in fire, workmen’s compensation
Move follows IRDA circular on removal of control rates More

PRIVATE BANKS
UTI Bank gets board nod for raising capital
Mumbai, July 13 UTI Bank has got a nod from its board of directors to raise Tier-I capital through Qualified Institutional Placement and Global Depository Receipts issues. The bank has informed the Bombay Stock Exchange that at the EGM ... More

PUBLIC SECTOR BANKS
Union Bank opens retail asset branch at Madurai
Union Bank of India opened its 17th retail asset branch, the second in the State, at Town Hall road, here on Friday. “We have secured 33 licences for opening retail asset branches all over the country. While already one branch has been ... More

Bank of Maharashtra plans expansion
Mangalore, July 13 Bank of Maharashtra is planning to expand its footprints outside Maharashtra, while not losing focus on the potential available within the State.Mr M.D. Mallya, Chairman and Managing Director, told Business ... More

Canara Bank to seek more powers for board
Annual General Meeting on July 26 More

Central Bank raising capital adequacy ratio
IPO proceeds to help support credit offtake More

INTEREST RATES
‘Low cut-off yield signals softening of interest rates’
Bankers speculate mid-term intervention by RBI More

GOVT BONDS
Bonds fall on higher inflation
Bond prices fell by around 10 paise reacting to the higher than expected domestic inflation data. Total traded volumes on the order matching system were Rs 4,915 crore (Rs 4,855 crore). Dealers said that prices were range bound during the day in ... More

CREDIT MARKET
Oriental Bank to focus on priority sector
Kolkata, July 13 Burdened by the poor record in priority sector lending in eastern region, Oriental Bank of Commerce (OBC) held here a meeting of all the 44 branch heads in the region covering West Bengal, Sikkim and Assam to firm up ... More

SHORT TERM INSTRUMENTS
Call rates end at 0.35-0.5%
Mumbai, July 13 Call rates ruled between 0.35 per cent-0.5 per cent today, against the previous close of 0.4 per cent-0.6 per cent. There were no repo bids in the first or second liquidity adjustment facility. In the first three-day reverse ... More

CO-OPERATIVES
Bengal provides relief to co-op banks on crop loans
Kolkata, July 13 The West Bengal Government, through an order dated July 11, of the Department of Co-operation, has agreed to provide the desired additional subvention (subsidy) of 2 per cent on own fund involvement of co-operative banks from ... More

VENTURE CAPITAL
Spandana gets Rs 49-cr funding
JM Financial Fund and Mauritius-based microfinance venture capital fund, Lok Capital, have signed agreements with Hyderabad-based Spandana Sphoorty Innovative Financial Services Ltd to invest Rs 40 crore and Rs 9.2 crore respectively. “We ... More

OUTLOOK
Central Bank may raise Rs 816 cr through IPO
Eight crore shares to be issued at a price band of Rs 85-102 More