The Hindu Business Line : Saturday, August 11, 2007

FOREX
Forex reserves rise $4 b
Mumbai, Aug. 10 The forex kitty rose by $3.992 billion to $229.342 billion for the week ended August 3, backed by strong FII inflows and continuous intervention by the Reserve Bank of India in the forex market. “The strong FII ... More

Rupee weakens further
The rupee weakened for the third day on Friday over continued concerns about the impact of the sub-prime lending crisis in the US. The domestic currency opened lower at 40.60 and fell to 40.70 after the stock market opened at a much lower level.. ... More

INSURANCE
Munich Re keen on India ventures
Group company Ergo in talks with potential partners More

CONSUMER FINANCE
International Tractors enters into financing venture with Magma
New Delhi, Aug. 10 With a view to provide financing of tractors on less stringent conditions, International Tractors Ltd has entered into a joint venture to set up a new company with Magma Shrachi Finance Ltd. The initial investment in the ... More

FINANCIAL MARKETS
States looking beyond small savings for funds
Make beeline to financial institutions/markets More

PUBLIC SECTOR BANKS
PSBs urged to tap rural markets
You have branch network and manpower, says Usha Thorat More

Corp Bank plans ‘branchless banking’
Mangalore, Aug. 10 Corporation Bank is planning to use the ‘branchless banking’ model to bring more villages under financial inclusion in un-banked areas. The bank, which has implemented this model in two villages in ... More

FOREIGN BANKS
India must open up banking sector more: Swiss Minister
New Delhi, Aug. 10 Switzerland wants India to further liberalise its markets for banking services. A case is also being made for the country to look at reducing taxes on Swiss watches.“The market (for banking) is kind of protected ... More

INTEREST RATES
Centurion Bank cuts deposit rates
Centurion Bank of Punjab on Friday announced reduction in deposit rates by 50 basis points across various maturities with effect from August 13. The current reduction is a reflection of similar rate revisions throughout the industry, a statement ... More

GOVT BONDS
RBI announces Rs 4,000-cr G-Sec auction
Mumbai, Aug. 10 The Reserve Bank of India has announced the auction of “5.48 per cent Government Stock 2009” for Rs 4,000 crore (nominal) to be sold (re-issued) through a price-based auction using multiple price method on August ... More

Bonds range-bound
The bond market was range-bound because of apprehension over the sub-prime lending crisis in the US. The market opened negative with yields on the 10-year benchmark touching 8 per cent. A dealer with private bank said that traders sold during the ... More

SHORT TERM INSTRUMENTS
Call rates steady
More

EVENTS
‘Use biz correspondent model for effective financial inclusion’
Mangalore, Aug. 10 The model of business facilitator and business correspondent, which has high potential, should be effectively used for the implementation of financial inclusion, according to Dr C. Rangarajan, Chairman of the Economic ... More