Business Daily from THE HINDU group of publications
Thursday, September 18, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, September 18, 2008 ePaper | Mobile/PDA Version | Audio |
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MONEY & BANKING FINANCIAL MARKETS: Markets give thumbs down to AIG rescue Mumbai, Sept. 17 Convulsions on Wall Street eased a bit on Wednesday, feeding on the announcement by US Federal Reserve of a bail-out of the embattled American International Group (AIG) that may help the US insurer from capsizing the ... FOREX: IT cos look to gains from rupee weakness Uncovered receipts can be hedged in tune with current developments. Bangalore, Sept. 17 Indian IT companies are optimistic they can take advantage of the present weakening of the rupee against the dollar even though it had led to ... PRIVATE BANKS: ICICI Bank yet to come out of Lehman shock Talk of management selling stake denied. Mumbai, Sept. 17 With the shock waves from the Lehman Brothers debacle yet to subside, one of India’s largest private sector banks, ICICI Bank, is facing the heat as a result of its ... GENERAL INSURANCE: Insurers shift focus to retail risk cover Untapped market with large growth potential. Bangalore, Sept. 17 Hamstrung by income pressures and mounting capital requirements, private sector insurance companies are shifting focus to retail ... FINANCIAL INSTITUTIONS: Assam to get $100-million ADB loan To support additional fiscal reforms, reduce poverty in rural hinterlands. New Delhi, Sept. 17 The Asian Development Bank (ADB) is providing a $100 million loan to the Assam Government to support additional fiscal reforms to free up resources ... GOVT BONDS: Bond prices lower on RBI move Bond prices opened lower in the morning after the Reserve Bank of India allowed additional borrowing by banks, against their SLR securities, as it is tantamount to lower SLR. But prices moved up later on, as the additional liquidity coming into ... FIXED DEPOSITS: Allahabad Bank revises FCNR rates Allahabad Bank revised the interest rates on foreign currency non-resident (FCNR) deposits from Wednesday (today). According to a press release issued by the bank, the revised rates for the deposits in the US $ are 2.96 per cent ( previously ... FOREX: Rupee rebounds; up 55 paise After witnessing a sharp fall for the last two days, the rupee rebounded against the dollar on Wednesday. The domestic currency appreciated by 55 paise against the greenback after the Reserve Bank of India intervened to check its fall. ... SHORT TERM INSTRUMENTS: Call rate ends lower The inter-bank call rate closed lower at 10.10-10.20 per cent, against the previous close of 11-11.50 per cent. In the one-day repo auction under the first liquidity adjustment facility (LAF), the RBI received and accepted 24 bids worth Rs ... PRIVATE BANKS: KVB vends mutual fund products Karur Vysya Bank commenced distribution of mutual fund products through its branch network. The products would initially be on offer at select branches in Chennai, Coimbatore, Erode, Dindigul, Karur, Madurai, Tirupur, Tiruchi and Tiruchengode, ... FIXED DEPOSITS: Deposit mobilisation drive Syndicate Bank commenced a nationwide massive door-to-door deposit mobilisation campaign. The campaign was launched in Bangalore by the bank’s Chairman & Managing Director, Mr George Joseph. The bank collected over Rs 250 crore on ... SOCIETY & DEVELOPMENT: IOB donates Rs 1 crore to Bihar Indian Overseas Bank donated Rs 1 crore to the Bihar Chief Minister’s Relief Fund, in the wake of unprecedented floods that caused large scale destruction of life and property there, a press release from the bank ... DERIVATIVES MARKETS: ‘RBI wants transparency, clarity in futures ’ Kochi, Sept. 17 The priority of the RBI is total transparency and clarity of operations in the currency futures market, Mr E. Madhavan, General Manager of the Reserve Bank of India, said at ... PUBLIC SECTOR BANKS: Dena Bank to raise Rs 300 cr via Tier-II bonds Mumbai, Sept. 17 Dena Bank is looking to raise between Rs 200 crore and Rs 300 crore through lower Tier -II bonds this fiscal and is awaiting the ratings for the bond ... PEOPLE: New head for PNB Tiruchi circle Tiruchi, Sept. 17 Mr S.M. Veerappan, Assistant General Manager, Punjab National Bank, recently assumed charge as head of the bank’s Tiruchi ... PUBLIC SECTOR BANKS: Punjab & Sind Bank raises Rs 400 cr New Delhi, Sept. 17 Punjab & Sind Bank (PSB) has raised Rs 400 crore through lower Tier-II bonds, a bank official said. This comes close on the heels of the bank raising Rs 100 crore through the same route earlier ... PRIVATE BANKS: SIB plays ‘power’ game for new a/cs Coimbatore, Sept. 17 Who is more powerful — a branch manager or the chairman of a bank? If you thought the answer was ‘Chairman’, so did a couple of branch managers of South Indian Bank, when their Chairman, Dr V.A. ... LIFE INSURANCE: ICICI Pru Life launches micro insurance product ICICI Prudential Life has launched its first micro insurance product — Sarva Jana Suraksha — with a minimum annual premium of as low as Rs 50. This is part of the company’s strategy to penetrate into the rural markets. At ... CORPORATE BONDS: PNB to raise Rs 500 cr New Delhi, Sept. 15 Punjab National Bank (PNB) on Wednesday said that the bank would, next week, raise Rs 500 crore of upper Tier-II bonds to augment capital and fund business ... LIFE INSURANCE: AEGON Religare opens new branch ... RBI & OTHER CENTRAL BANKS: RBI steps in to increase liquidity Banks encouraged to use repo rate to raise money. The Reserve Bank of India has come out with a package of moves aimed at easing the tight short-term liquidity situation in the banking system, while defending the rupee from ... Comments & Letters to the Editor to: bleditor@thehindu.co.in Subscribe to: Business Line |
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