The Hindu Business Line : Thursday, May 29, 2008

FINANCIAL PERFORMANCE
Lakshmi Vilas Bank full year profit rises 44%
Coimbatore, May 28 Despite clocking an increase of 44 per cent in its net profit to Rs 25.27 crore in 2007-08 from Rs 17.58 crore in the previous year, the Lakshmi Vilas Bank CEO and Managing Director, Mr V.S. Reddy, feels that the ... More

NBFCS
Service tax to be levied only on 70% of chit commission
The Finance Ministry has now allowed 30 per cent abatement for computing service tax on the commission earned by a person providing “Chit” services.This would imply that service tax would be applicable only on 70 per cent of ... More

LIFE INSURANCE
2 new products from ING Vysya Life
ING Vysya Life announced the launch of two new schemes, ING Term Life and ING Term Life Plus, here on Wednesday for the first time in the State. Mr Madhav Kumar Rachapudi, the regional Vice-President, AP, said at a press meet on the occasion that ... More

GENERAL INSURANCE
United India, Honda Motor tie up
More

FINANCIAL POLICY
RBI caps spreads on oil bonds at 25 bps
Making funds available to refineries, cutting bank depreciation losses More

PRIVATE BANKS
ICICI Bank to offer investment services for high networth clients
Mumbai, May 28 ICICI Bank will now offer global investment options to high networth clients who have an investible surplus of over $1 million. The bank will now offer a dedicated service to its Indian and overseas private banking ... More

PUBLIC SECTOR BANKS
Allahabad Bank focuses on fee income
Chennai, May 28 In 2007-08, Allahabad Bank earned Rs 10 crore as commission for selling financial products of other companies —mutual funds and life insurance. For the current year, the bank has set itself a target of Rs 50 ... More

Bank of Baroda mulls applying for online trading licence
Besides unveiling new products, expanding reach and penetrating into newer geographies, Bank of Baroda is also gearing up on the technology side as it marches towards its 100th year of existence.The bank is considering applying for an ... More

SHORT TERM INSTRUMENTS
Call rates close higher
More

ALLIANCES & JOINT VENTURES
IOB ties up with Alankit
Chennai, May 28 Indian Overseas Bank today entered into a tie-up with Alankit Assignment Ltd, a Delhi-based financial services company, under which Alankit would offer tax-related services such as issuance of PAN/TAN card and acceptance of TDS ... More

PEOPLE
BoI chief elected IIBF President
Mr T.S. Narayanasami, Chairman and Managing Director, Bank of India, has been elected President of the Indian Institute of Banking and Finance with effect from May 26, said a press release. The institute offers a number of professional courses in ... More

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Looking back
May. 18-May. 24
Accounting standards on disclosure of financial instruments receive nod

Yields firm on surging oil prices, tightening liquidity

Biometric card for remote rural areas

Improved NPA recovery helps Bank of Baroda

In defence of Alan Greenspan

Forex reserves rise by over $1 b

No doubts on waiver scheme, says PNB chief