The Hindu Business Line : Tuesday, December 02, 2008

MONEY & BANKING

LIFE INSURANCE: LIC stake in 3 public sector banks tops 5%
Buys up heavily when stock prices nosedived in Oct-Nov. Mumbai, Dec.1 Life Insurance Corporation of India has bought heavily into banking stocks when markets plunged sharply in October and November, data submitted to stock exchanges ...

NON-PERFORMING ASSETS: Banks facing overdues on realty, home loans
Efforts on to stem potential asset delinquencies. Banks have begun stress testing their realty assets as delinquencies in loan service payments ...

FOREX: Rupee swings more worrisome than slowdown for Infosys
Bangalore, Dec. 1 The mid-September meltdown, that spelt doom for some of the largest financial institutions, has in a single unanticipated stroke changed the way the world is, but much of the impact on the large Indian IT services providers ...

RBI & OTHER CENTRAL BANKS: Additional World Bank loan of $1.5 b by March, says Chidambaram
Other half of $3 b loan by June. New Delhi, Dec. 1 In view of the anticipated weakness in private capital flows, India has been obliged to go back to its old benefactor, the World Bank. It expects to get $1.5 billion out of the proposed ...

FIXED DEPOSITS: Corporates re-pricing deposits with banks
Bangalore, Dec. 1 With short and medium-term deposit rates remaining high, corporates are beginning to terminate past deposits and reinvesting them at ...

RBI & OTHER CENTRAL BANKS: RBI lifeline not being utilised to optimum
Refinancing facility to banks can act as buffer. RBI has last week announced extensions to the series of measures unveiled over the last 2 months to ease liquidity and a ensure flow of credit to sectors affected by a funds ...

INSIGHT: Foreign reserves and the rupee
The sharp depreciation of the Indian rupee from around Rs 44 to the dollar at the beginning of September to close to Rs 50 to the dollar through much of November gives cause for concern on many counts (Chart 1). To start with, while it does ...

FINANCIAL MARKETS: FIEO, MCX-SX ink pact
The micro, small and medium enterprise (MSME) export sector can now look forward to obtain training on the sophisticated currency and commodity markets to equip them in tackling volatility that marks trading in such markets. The Federation of ...

GOVT BONDS: Bond prices up
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FOREX: Rupee closes at record low
The rupee closed at a record low against the dollar on Monday, due to dollar demand from corporates and oil companies. But for the support from the Reserve Bank of India, it would have weakened further, said forex dealers. The fall in the ...

SHORT TERM INSTRUMENTS: Call rates close at 6.15%
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FIXED DEPOSITS: Allahabad Bank lowers FCNR rates
Allahabad Bank has revised downward the interest rates on foreign currency non-resident (FCNR) deposits from Monday, according to a press release issued by the bank. The rates for NRE term deposits too have been reduced. However, the rate for ...

GENERAL INSURANCE: NIC sees further growth in terror cover premiums
‘No exposure to Taj, Oberoi’. Kolkata, Dec. 1 The National Insurance Corporation (NIC) is expecting a growth in terrorism cover premium income from corporate clients in days to come, according to Mr V. Ramasaamy, NIC’s ...

CO-OPERATIVES: Provisioning norms for urban co-ops relaxed
Risk weight on realty advances cut. Mumbai, Dec. 1 The Reserve Bank of India on Monday relaxed the provisioning norms for standard assets of Urban Co-operative Banks ...

LIFE INSURANCE: Aegon Religare Life’s new plan
Hyderabad, Dec. 1 Aegon Religare Life Insurance has announced the launch of a new product that guarantees tax-free returns along with the added benefit of ...

AWARDS & HONOURS: Wins insurance award for innovation
New Delhi, Dec. 1 Agriculture Insurance Company of India Ltd (AICIL) has won the innovation of the year award at the 12th Asia Insurance Industry awards ceremony held in Hong Kong ...