The Hindu Business Line : Saturday, December 08, 2007

FARM CREDIT
Govt to nudge banks to lend more to organic farming
New Delhi, Dec. 7 The Finance Minister, Mr P. Chidambaram, on Friday assured the Lok Sabha that he would encourage public sector banks (PSBs) to lend more for organic farming.He also made it clear that banks don’t make any ... More

FINANCIAL SERVICES
5 PSBs to have majority stake in Payments Corp
Mumbai, Dec. 7 Five public sector banks--State Bank of India, Canara Bank, Punjab National Bank, Bank of Baroda and Union Bank of India--will have the majority stake in a new company to be incorporated to undertake the payment and settlement ... More

INSIGHT
Managing external shocks
More

FOREX
RBI cautions public against remittance frauds
Mumbai, Dec. 7 The Reserve Bank of India has cautioned people not to fall prey to fictitious offers for release of cheap funds claimed to have been remitted by overseas entities to banks in India or the RBI. The warning comes in the ... More

Forex reserves rise $1.2 b
Mumbai, Dec. 7 The forex reserves increased by $1.239 billion to $273.520 billion for the week ended November 30, on the back of revaluation of currency assets. The reserves went up $1.133 billion to $272.281 billion for the week ... More

Copious forex inflows may impact growth, prices
Rising rupee could moderate export sector growth: Chidambaram More

Rupee trading volatile
More

HOUSING FINANCE
Institutional finance for rental housing on cards
Catering to shifting population employed in services sector More

LIFE INSURANCE
Promoters of Max New York Life to infuse Rs 2,600 cr
New Delhi, Dec 7 Max India Ltd and New York Life, the joint venture partners in Max New York Life Insurance Company, have announced plans to inject capital in excess of Rs 2,600 crore over the next three years in the insurance business. ... More

GOVT BONDS
Bond rally limited
The bond market was volatile on Friday, as there was profit-taking at all levels. Prices opened 5-10 paise higher, but came down on fears of government securities auction of Rs 7,000 crore. According to a bond dealer with a private bank, the ... More

CORPORATE BONDS
22 fertiliser cos to get bonds for Rs 3,890 cr
New Delhi, Dec. 7 The Government has announced the issue of 8.30 per cent fertiliser companies’ ‘Government of India Special Bonds, 2023’ for Rs 3,890 crore (nominal). The first tranche of the special bonds are being ... More

Banks can invest in unrated bonds of infrastructure cos
Mumbai, Dec. 7 In a bid to encourage investment in infrastructure, the Reserve Bank of India has permitted banks to invest in unrated bonds of companies engaged in infrastructure activities within the ceiling of 10 per cent for unlisted ... More

CREDIT MARKET
Credit guarantee trust for SMEs gets $5-m support
To start a pilot risk-sharing fund; talks on with World Bank More

12 banks sign financing documents for Delhi airport
New Delhi, Dec. 7 Delhi International Airport Pvt Ltd, which is taking up the modernisation of Delhi airport, on Friday signed key financing documents with its project lenders for Rs 3,650 crore and foreign currency loan of $350 ... More

SHORT TERM INSTRUMENTS
Call rates end lower
Call rates closed lower at 4.25-4.50 per cent against the previous close of 6.5-6.6 per cent due to improved liquidity. In the one-day reverse repo auction under Liquidity Adjustment Facility, the Reserve Bank of India received and accepted 11 ... More

PEOPLE
Sobti appointed IndusInd Bank chief
Mumbai, Dec. 7 In a surprise move, the Hindujas-controlled IndusInd bank on Friday announced appointment of Mr Ramesh Sobti, Executive Vice-President and Country Executive (India) of ABN Amro Bank as the Managing Director and CEO of ... More