The Hindu Business Line : Saturday, May 02, 2009

MONEY & BANKING

NON-PERFORMING ASSETS: NPAs of pvt banks rise, public sector banks witness decline
‘Restructured loans’ sizeable for PSBs. Concerns about rising bad loans have weighed on the stocks of most banks in recent months. The March numbers show that while new private banks have reported higher non-performing assets, PSU ...

INSURANCE: IRDA closely monitoring finances of insurance cos
Seeks details of appointments of statutory auditors. Hyderabad, May 1 The Insurance Regulatory and Development Authority (IRDA) has asked insurance companies to keep the authority updated on all appointments/ reappointment of statutory ...

INSIGHT: Tax holiday for banks in SEZs
Section 80LA of the Income-Tax Act confers a 10-year tax holiday for banks located in Special Economic Zones (SEZs) with the first five years begetting them tax immunity on 100 per cent of such profits and the next five years on 50 per cent of ...

FIXED DEPOSITS: SBT cuts deposit rates
State Bank of Travancore (SBT) has cut domestic and non-resident (ordinary) deposit interest rates with effect from May 1. The revised rates are applicable to deposits of less than Rs 1 crore, including unit deposit, capital gains account ...

CORPORATE BONDS: Srei to raise Rs 1,000 cr thru NCDs
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FOREIGN BANKS: Citibank trims lending rate
Citibank has reduced its prime lending rate by 25 basis points to 14.75 per cent with effect from May 1. It had last revised its PLR in November 2008, when the rate was lowered from 15.50 per cent to 15 per cent. — ...

LIFE INSURANCE: Private life insurance cos rationalising branch network
Fallout of slowdown in new premium accretions; more bancassurance tie-ups. Bangalore/ Chennai, May 1 Faced with a slowdown in new premium accretions, private sector life insurers have begun rationalising their ...

LIFE INSURANCE: Future Generali Life plans rural market push
Future Generali India Life Insurance Co Ltd (FGILI) is in talks with cooperative banks in several States including Maharashtra and Andhra Pradesh to distribute its ...

EVENTS: Muthoot group’s annual business meet today
The Muthoot group, an M George Enterprise with 16 business verticals and over 1,100 branches, is holding its annual business conference here on May 2. Over 1,300 managers and senior executives of the group from all over the country ...

FOREX: Forex reserves rise by $631 m
Mumbai, May 1 The country’s foreign exchange reserves rose by $631 million to $253.091 billion for the week ended ...

FIXED DEPOSITS: LVB reduces term deposit rates
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FINANCIAL PERFORMANCE: Reliance Capital Q4 net down 15%
Mumbai, May 1 Reliance Capital’s consolidated net profit for the fourth-quarter ended March 2009 dipped 14.7 per cent as profits across its operations – excepting brokerage — ...