The Hindu Business Line : Saturday, October 06, 2007

GENERAL INSURANCE
GIC picks up stake in Kenyan firm
General Insurance Corporation has acquired a 14.76 per cent stake in Nairobi-based ‘East African Reinsurance Company’ for over Rs 7 crore. Mr Yogesh Lohiya, Chairman, GIC, said that the Corporation had received approval from the ... More

Removal of tariffs will boost health insurance: IRDA chief
Sector set to become second largest in non-life More

PRIVATE BANKS
Karnataka Bank making pref allotment of shares to IFC
Pricing will be worked out as per SEBI norms: Chairman More

PUBLIC SECTOR BANKS
BoB ties up with Pioneer for asset management
Joint venture will first offer products of Indian origin More

FINANCIAL INSTITUTIONS
GE Commercial invests $22 m in OSE
GE Commercial Finance on Thursday announced that it has invested $22 million in Oriental Structural Engineers Private Ltd (OSE), a company engaged in the construction of highways, expressways and urban civil infrastructure. “We are pleased ... More

INTEREST RATES
Chidambaram for cut in rates to spur demand
New Delhi, Oct. 5 The Finance Minister, Mr P. Chidambaram, has urged the chiefs of top banking institutions to consider steps to reduce borrowing costs (cut lending rates) so as to give a boost to production of automobile and paper products ... More

SBH festive offers
State Bank of Hyderabad has announced lower rate of interest on their housing and car loans during the ensuing festival season. The interest will be lower by about 0.5 per cent during the Ramzan, Dasara and Diwali festivals. The bank is also ... More

GOVT BONDS
Bonds fall on MSS ceiling hike
Bond prices fell after the limit under the Market Stabilisation Scheme was raised. The RBI uses the MSS instruments like Treasury-bills to mop up excess liquidity in the banking system. Bond prices opened negative and ended 10-15 paise lower, ... More

SHORT TERM INSTRUMENTS
Call closes at 6.05-6.15%
Call rates closed at 6.05-6.15 per cent (5.9-6.15 per cent). In the three-day reverse repo auction, the RBI received and accepted 37 bids for Rs 54,370 crore. There were no repo bids. This is the third day in a row that the LAF auctions have seen ... More

FIXED DEPOSITS
Indian Bank cuts FCNR (B), NRE term deposit rates
More

EVENTS
Banks’ loss due to sub-prime crisis put at $2 b
Limited direct exposure in US markets: Shome More

DIVERSIFICATION
LIC’s maiden health insurance product soon
Life Insurance Corporation of India will file its maiden health insurance product with the insurance regulator by next month. The product will be a long-term policy and have a savings element, said Mr D.D. Singh, Executive Director (Health), ... More