The Hindu Business Line : Friday, July 25, 2008

MONEY & BANKING

MERGERS & ACQUISITIONS: Cabinet okays SBI, State Bank of Saurashtra merger
New Delhi, July 24 With the Left parties no longer in the picture and new allies coming into its fold, the UPA Government has been encouraged to take a legislative route to facilitate State Bank of India’s (SBI) acquisition of State ...

FINANCIAL INSTITUTIONS: IFCI, Emaar MGF in spat
Bone of contention is pre-IPO deal of Rs 50 cr. New Delhi, July 24 IFCI has taken Emaar MGF to court, alleging non-refund of Rs 50 crore invested by the financial instituion in a pre-IPO placement transaction with the real estate company. ...

CREDIT CARDS & DEBIT CARDS: RBI comes down on unsolicited credit cards
CUSTOMER-FRIENDLY. Mumbai, July 24 If you receive an unsolicited credit card, you can now make your bank pay for the inconvenience caused to you. ...

LIFE INSURANCE: Max New York Life launches insurance-cum-savings product
‘Max Vijay’ targets underserved segment of society. New Delhi, July 24 Max New York Life Insurance on Thursday launched “Max Vijay”, an insurance-cum-savings product aimed at the underserved segment of society. ...

GOVT BONDS: Bond prices fall
Bond prices fell slightly during the day on profit booking after the Rs 6,000-crore government security auction. Total traded volumes on the order matching system were at Rs 3,455 crore. Dealers said that prices rose by around 70-80 paise earlier ...

FINANCIAL SERVICES: Artha Money’s financial supermarket
Artha Money on Wednesday launched its financial supermarket to offer multi product and multi-brand financial services. Announcing the launch, the Managing Director and CEO of the company, Mr Suresh Rangarajan, said the company would offer ...

FOREX: Rupee weakens marginally
The rupee depreciated marginally against the dollar on a day that witnessed high volatility. The domestic currency opened stronger at 41.98 and closed at 42.14/15, against the previous close of 42.08/09. In intra-day trade, it touched a high of ...

FIXED DEPOSITS: BoM hikes rates on deposits
Bank of Maharashtra has increased interest rates on domestic deposits with terms between 181 days and three years. The revised interest rates are applicable from July 28. The depositors will now get interest at 8.00 per cent per annum on deposits ...

SHORT TERM INSTRUMENTS: Call rate ends lower
The inter-bank call rate closed lower at 9.40-9.50 per cent, against the previous close of 9.60-9.70 per cent. In the one-day repo auction under the liquidity adjustment facility, the RBI received and accepted 37 bids for Rs 40, 710 crore. There ...

SOFTWARE: Finacle upbeat on transformational deals
Sees opportunities in micro finance institution business. Hyderabad, July 24 Finacle, a business of Infosys, is upbeat on the financial services market, and more specifically on banks seeking to upgrade from old (legacy) technology ...

FINANCIAL MARKETS: ‘Global crisis an advantage for Indian financial sector’
Hyderabad, July 24 Banks in India need not worry about the financial crisis in the US and some parts of Europe, according to Prof Prabhu Guptara, Executive Director, Think Tank of United Bank of Switzerland ...

PRIVATE BANKS: Axis Bank opens branch in Karur
Karur, July 24 The spacious branch of Axis Bank here was inaugurated by the bank’s President-South, Mr C.P. Rangarajan, on Wednesday. ...

LIFE INSURANCE: SBI Life makes loss in Q1 on Rs 150-cr provisions
Mumbai, July 24 SBI Life Insurance Company Ltd has made provisions of Rs 150 crore for mark to market losses on its investment portfolio. The provisions have meant that the company has made a net loss in the first ...

GENERAL INSURANCE: Chamber for national climate change insurance fund
Kolkata, July 24 The Indian Chamber of Commerce is in favour of a national climate change insurance fund, with a cap on paid losses. Releasing a report entitled ‘Business Risks and Opportunities of Climate Change’ to newspersons ...