The Hindu Business Line : Tuesday, August 12, 2008

MONEY & BANKING

INTEREST RATES: SBI hikes PLR to 13.75%
Mumbai, Aug. 11 State Bank of India, the country’s largest bank, has hiked its Benchmark Prime Lending Rate by one percentage point from August 12. ...

RESTRUCTURING: Public general insurers for total capital rejig
With the Group of Ministers (GoM) due to meet this week on amendments to the insurance statute, the four public sector insurance companies have made out a case for complete capital ...

FINANCIAL SERVICES: FINO plans smartcards for money transfers
Target base is migrant labour population. Mumbai, Aug 11 After successfully offering savings deposits and loan products through biometric cards, Financial Information Network and Operations Ltd (FINO) is now looking to offer additional ...

INSIGHT: Tasks ahead for the insurance regulator
The Insurance Regulatory and Development Authority (IRDA) was set up in 1999 to protect the interests of policyholders and to regulate, promote and ensure orderly growth of the insurance industry. With the opening up of the economy, a ...

FOREX: Rupee declines
The rupee slightly depreciated against the greenback on Monday on dollar demand. The currency opened at 42.04 and strengthened to 41.90 during the day. It then dropped to an intra-day low of 42.23 and ended the day at 42.16/17, against the ...

GOVT BONDS: Bonds gain
Bond prices gained by around 70 paise on Monday as oil prices fell to $116 per barrel. Prices rose by more than a rupee during the day before profit booking erased some of the gains, said a dealer with a private bank. Dealers said that prices ...

OUTLOOK: ‘Improve CASA share’
The Karnataka Bank Chairman, Mr Ananthakrishna, has stressed the need for giving priority to cost reduction by improving the share of CASA (current account and savings account) and by increasing the fee-based income of the bank. A bank release ...

PRIVATE BANKS: South Indian Bank’s special NRE account
Kochi, Aug. 11 South Indian Bank has launched a premium savings bank (SB) account called NRE Savings-Diamond Account for customers who maintain high average balance in their SB accounts. ...

FOREIGN BANKS: Deutsche Bank branches in Pune, Salem, Vellore soon
Chennai, Aug. 11 After notching up over 70 per cent rise in profits through Indian operations last year, Deutsche Bank is opening three branches this year with Salem, Vellore and Pune being the locations. ...

SHORT TERM INSTRUMENTS: Call rates close higher

FINANCIAL POLICY: ECB rate spreads may be revised
New Delhi, Aug. 11 The Government may revise the all-in-cost ceiling for external commercial borrowing (ECBs) following representations from domestic companies that cost of funds in overseas markets had gone up and there was a need to widen ...

NEW PRODUCTS & SERVICES: New product from Barclays
Mumbai, Aug. 11 Barclays bank has launched a new product titled ‘Kutumb Savings account’, which is a family-based bank account ...

TRADE & LABOUR UNIONS: SBI officers to strike work on August 18
Kolkata, Aug. 11 The All India State Bank Officer’s Federation has announced a nationwide strike on August 18 to oppose the merger of State Bank of Saurashtra with State Bank of ...

CHANNELS AND FRANCHISES: United Bank to vend SBI Funds products
Kolkata, Aug. 11 SBI Funds Management Pvt Ltd has tied up with United Bank of India (UBI) for selling mutual fund products through UBI ...