The Hindu Business Line : Tuesday, June 23, 2009

MONEY & BANKING

INTEREST RATES: Union Bank cuts lending rate by 25 bps; others may follow suit
IDBI Bank reduces deposit rates by 25-50 basis points. Mumbai, June 22 The Finance Minister’s fiat to public sector banks, to lower lending rates, seems to be having the desired effect as banks have started cutting their benchmark prime ...

IPOS: United Bank plans IPO in Dec to mobilise Rs 300-400 cr
Kolkata, June 22 United Bank of India plans to hit the capital market by December-end with an Initial Public Offering to mobilise Rs 300-400 crore, according to its Chairman and Managing Director, Mr ...

PUBLIC SECTOR BANKS: Andhra Bank aims at national presence
Unveils new mascot, corporate slogan. Andhra Bank aims to gain nationwide presence as part of its growth strategy to become a large bank by August ...

RBI & OTHER CENTRAL BANKS: World Bank paints grim picture on recovery, capital flows
New Delhi, June 22 The World Bank today hoisted alarm signals over “unsettled” global financial markets and “dim prospects” for capital flows to the developing world, pouring cold water on the hope of an early recovery ...

FOREIGN DIRECT INVESTMENT: Increase FDI limit in insurance sector
A higher foreign direct investment (FDI) will unshackle the insurance industry and drive growth and long-term development, enrich the business by bringing world-class business practices and processes, expand distribution capabilities and ...

FOREX: Rupee weakens on global cues
The rupee weakened by about 50 paise on global cues and dollar demand by importers. The rupee’s negative trend was a reflection of Asian currencies and other major currencies such as euro which were weak against the dollar, said a forex ...

GOVT BONDS: Bond prices flat
Bond prices were flat on Monday amidst low trading volumes. The total traded volumes on the order matching system were lower at Rs 4,975 crore. The demand was only for short term papers, said a dealer with a private bank. Investors were vary ...

GENERAL INSURANCE: ESIC Act may be amended
The Minister for Labour and Employment, Mr Mallikarjun Kharge, said that the benefits of the Employees State Insurance Corporation (ESIC) scheme will be extended to the unorganised workers. The Minister was speaking at the inauguration ...

SHORT TERM INSTRUMENTS: Call rates stable
The inter-bank call rates were stable at 3.25-3.3 per cent, against the previous close of 3.2-3.3 per cent. Under the liquidity adjustment facility (LAF), there were no bids in the one-day repo auction. In the reverse repo auction, the Reserve ...

RBI & OTHER CENTRAL BANKS: World Bank pats India for improving investor sentiment
Says country’s IT industries vulnerable to downturn. New Delhi, June 22 The World Bank says the reform agenda of the newly-elected Indian Government has already improved investor sentiment and could yield an even stronger recovery ...

FINANCIAL INSTITUTIONS: IFCI still open to idea of strategic investor
New Delhi, June 22 The country’s oldest financial institution, IFCI Ltd has not abandoned the idea of inducting a strategic investor, the CEO and Managing Director, Mr Atul Kumar Rai, told Business Line ...

PUBLIC SECTOR BANKS: Union Bank thrust on higher than industry growth rates
Mumbai, June 22 Union Bank of India plans to fire on all cylinders to notch up at least 5 per cent higher business growth than the banking sector’s average every year, beginning this fiscal. According to the bank’s Chairman ...

CREDIT MARKET: Indian Bank keen to promote micro finance
Mr Subramanian said the bank would open 100 more branches during the current financial year and already 50 licences had been obtained. "Last year, we opened 101 branches. We are reaching out to even remote rural areas. All our branches are ...

INVESTMENT BANKING: Indbank opens Vizag branch
Indbank Merchant Banking Services Ltd, the subsidiary of the Indian Bank, is planning to set up ten more branches in addition to the existing 20, according to Mr A. Subramanian, the Chairman. He was speaking to the reporters after ...