MONEY & BANKING
INSIGHT
Myths, old and new, of Indian banking
A number of propositions about the banking sector have failed the empirical test. Myths abound about the sector, and Asuri Vasudevan examines a few of them, both in the pre- and post-nationalisation eras.
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FOREX
Rupee range-bound; securities decline
MUMBAI: The rupee closed at 45.0650/0750 against the dollar on Wednesday after a volatile trade. On Tuesday, the domestic currency had ended at same levels. Dealers said that the rupee was trading in narrow range in the early trade after ...
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BANKING
Indian banks to open branches in Pak soon
The two sides have decided to set up banks in each other's country on a reciprocal basis. Disclosing this, the Foreign Secretary, Mr Shyam Saran, told reporters that the central bank of the two countries would take the follow-up action to give ...
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LIFE INSURANCE
Birla Sun Life hopes to double premium income
BIRLA Sun Life Insurance Company expects to earn a premium income of Rs 800 crore this year compared to Rs 462 crore last year. Till the end of October, the company earned a premium income of over Rs 300 crore - new business premium ...
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GENERAL INSURANCE
`To lure more to opt for VRS' — PSU insurance staff wage hike at 8.5%
THE wage hike in the public sector general insurance companies has been restricted to only 8.5 per cent in line with the recommendations of the consultants for restructuring the insurance sector. The consultant, A F Ferguson,was appointed in ...
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FOREIGN BANKS
Purchase of bank's units — HCL Tech board okays pref issue to Deutsche Bank
HCL Technologies Ltd on Wednesday said its board of directors has decided to issue 1.93 crore equity shares to Deutsche Bank. The shares, which have a par value of Rs 2 per share, will be issued at Rs 361 each. HCL's proposed issue is as per ...
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FINANCIAL INSTITUTIONS
ECGC to seek more leeway in investments
THE Export Credit Guarantee Corporation (EGGC) will ask the government to allow it a little more flexibility in handling its Rs 1,700-crore investment portfolio. "Yes, it is a matter of concern to us," Mr P.K. Dash, Chairman and Managing ...
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CREDIT MARKET
Retail finance to fuel sector growth
AT $200 billion (around Rs 9 lakh crore), Indian retail is definitely sizable, but the concern is that only 2 per cent of this falls under the organised sector. Recent studies indicate that the organised portion of the country's retail ...
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SHORT TERM INSTRUMENTS
Call rates have `settled', says RBI Governor
THE Reserve Bank Governor, Dr Y.V. Reddy, today said the overnight call rates have `settled' with the easing of pressures on liquidity in the domestic debt market. Call rates, which settled at around 4.75 per cent levels today, were ruling at ...
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CREDIT CARDS & DEBIT CARDS
Signature-based debit card launched
HDFC Bank and MasterCard International have together launched a signature-based online debit card. The HDFC Bank MasterCard debit card, has been launched in addition to the PIN-based Maestro debit card, currently being offered in India. The ...
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FIXED DEPOSITS
OBUs pursue NRI deposits
WITH the imminent possibility of a liquidity crunch and hardening interest rates in the domestic market, several offshore banking units (OBUs) of Indian banks have begun canvassing for NRI deposits with renewed vigour. "While Indian banks are ...
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TRADE & LABOUR UNIONS
Bank unions happy with wage accord
BANK unions and associations have welcomed the wage settlement accord decided upon at the eighth bipartite wage agreement meeting on Tuesday. The Indian Banks' Association (IBA) and representatives of workmen unions and officers' associations ...
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Cross Currency Rates
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