The Hindu Business Line : Saturday, September 20, 2008

MONEY & BANKING

MERGERS & ACQUISITIONS: No plans for merging other associate banks as of now: SBI
State Bank of Saurashtra formally merged with SBI. Bhavnagar (Gujarat), Sept. 19 Announcing the formal merger of State Bank of Saurashtra (SBS) with State Bank of India here on Friday, the Chairman of State Bank Group, Mr O.P. Bhatt, said there ...

RBI & OTHER CENTRAL BANKS: RBI sets limits for single, daily transactions thru mobile phones
Mumbai, Sept. 19 Customers can now transact up to Rs 2,500 a transaction and a maximum of Rs 5,000 a day using mobile phones, provided they hold a debit or credit card. Also, a bank can offer mobile banking services only after it obtains ...

FOREX: Re gains on positive sentiments
The rupee appreciated by 58 paise and crossed the 46 level on positive sentiments as the domestic stock market surged, said forex dealers. The rupee opened stronger at 46.25 as the domestic equities market and those in South East Asia opened ...

GOVT BONDS: Bond prices flat
Bond prices closed flat on Friday, amidst tight liquidity conditions in the market. The Reserve Bank injected more than Rs 80,000 crore into the system through the repo auction, said dealers. Trading was volatile in the market, said a dealer with ...

SHORT TERM INSTRUMENTS: Call rate ends higher
The inter-bank call rate touched an intra day high of 15-15.5 per cent on tight liquidity conditions.The inter-bank call rate It touched an intra-day high of 15-15.5 per cent on tight liquidity conditions. The Reserve Bank of India ...

PUBLIC SECTOR BANKS: Andhra Bank to vend MF products
Andhra Bank will be cross selling the mutual fund (MF) products of Kotak Mahindra Asset Management Company. A memorandum of understanding was signed by Mr Anil Girotra, Executive Director, Andhra Bank, and Mr Sandesh Kirkere, Chief ...

FIXED DEPOSITS: More banks hike NRE, FCNR rates
State Bank of India and Union Bank of India have hiked the interest rates on NRE (rupee) term deposits and FCNR (B) term deposits in various currencies, across various maturities, by 50 basis points.HDFC Bank and Bank of Rajasthan have ...

LIFE INSURANCE: Tata AIG Life confident of moving ahead with expansion
Reposes faith in foreign partner’s commitment on capital infusion. Kolkata, Sept. 19 Tata AIG Life, a 74:26 joint venture between Tata Sons and AIG, is confident of going ahead with its expansion plans this year, according to a top ...

FOREX: CII favours easier FDI norms for small units
Hyderabad, Sept. 19 The Confederation of Indian Industry (CII) is advocating simplification of the Foreign Exchange Act for easier participation of foreign direct investment (FDI) in the micro, small and medium enterprises ...

PUBLIC SECTOR BANKS: Exposure to Lehman only $5 m: O.P. Bhatt
Bhavnagar (Gujarat), Sept. 19 The exposure of State Bank of India (SBI) to Lehman Brothers has been only to the extent of $5 million, 60-70 per cent of which is expected to be recovered, according to State Bank group Chairman, Mr O.P. Bhatt. ...

FOREX: Re depreciation to boost customs revenues: CBEC chief
Faridabad, Sept. 19 The depreciation of rupee against the dollar in the recent months may be of concern for importers of capital goods and essential items, but it is proving to be bonanza for the revenue department, which expects its ...

SHIPPING/PORTS: Project cargoes move thru NMPT
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FOREX: Forex reserves rise by $650 m
Mumbai, Sept. 19 Forex reserves rose by a modest $650 million to touch $289.461 billion, for the week ended September 12, due to changes in the value of ...

CREDIT MARKET: Salient features of banks’ code for MSEs discussed
Kolkata, Sept. 19 The Micro and Small Enterprises (MSEs) should be supplied with copies of Code of Banks’ Commitment to MSEs free of cost and should be provided with standardised loan application forms with check lists suggesting what ...

FOREIGN DIRECT INVESTMENT: ‘Desist from hiking FDI in insurance cos’
Kochi, Sept. 19 The General Insurance Officers All India Association has opposed the Union Government’s move to increase the foreign direct investment limit in insurance companies from 26 per cent to 49 per ...