The Hindu Business Line : Saturday, September 10, 2005

ICAI revises bank audit report format
COME April 1, 2006, the audit reports of nationalised banks and banking companies may turn more informative for users of financial statements of such banks. All the audit reports of nationalised banks issued on or after this date would have to ... More

FINANCIAL SERVICES

Cheque truncation system to begin from March 2006 — High service charge not desirable, RBI tells banks
THE Reserve Bank of India's cheque truncation system (CTS) is slated to begin operations by March-end 2006. Speaking at a seminar here on Friday on cheque truncation, jointly sponsored by the Indian Banks Association and IBM, the RBI Executive ... More

FOREX

Rupee tad weaker; bond prices fall
MUMBAI: The rupee marginally depreciated against the greenback on account of importer-related dollar demand. The rupee opened at 43.8050 and touched an intra-day low of 43.88. It, however, closed the day at 43.84, down from Thursday's ... More

HOUSING FINANCE

LIC Housing Fin to engage loan recovery agents
LIC Housing Finance Ltd (LICHFL) has decided to appoint recovery agents across the country in a bid to cut down accretion of non-performing assets (NPA). Speaking to newspersons here, LICHFL's Managing Director and Chief Executive, Mr S.K. ... More

Repco Home Fin loan camp in Thiruvananthapuram
THIRUVANANTHAPURAM: The Repco Home Finance, a subsidiary of the Repco Bank, a Government of India enterprise, is organising a daylong housing loan camp at the bank premise here on Sunday. Mr G. Ramalingam, Executive Director, will ... More

LIFE INSURANCE

Max NY Life aims to double business
MAX New York Life plans to double in size in the next three years, according to its Managing Director and CEO, Mr Gary R. Bennett, told mediapersons at the inauguration of a direct sales office in Chennai. He said the company had sold over six ... More

GENERAL INSURANCE

Cover for Maharashtra students dents insurers, post-floods — Death claims, replacing lost textbooks, repairs to schools
The cost of textbooks replaced so far is Rs 3.11 crore. The claims of the 95 children who died would add up to Rs 47.5 lakh. At Rs 1.22 per child, the premium collected is Rs 2.44 crore. More

RBI & OTHER CENTRAL BANKS

Debt revamp: SMEs get a leg up from RBI
TO improve the flow of credit to Small and Medium Enterprises (SME), the Reserve Bank of India has announced detailed guidelines to ensure the restructuring of debt of all eligible SMEs. This will be at terms that are as favourable as the ... More

RBI to approve opening, closing of bank branches, ATMs on annual basis
THE Reserve Bank of India will now give aggregate approvals on an annual basis for the opening, closing, or shifting of all categories of branches and offices, including ATMs. According to a notification issued by the central bank, the approval ... More

PUBLIC SECTOR BANKS

Pru ICICI MF to tie up with UCO Bank
Pru ICICI, whose asset base crossed the Rs 21,000-crore mark recently, plans to tap the bank's network to cater to new clients. UCO Bank, based in Kolkata, has a strong presence in the East, which is being increasingly billed as a growing ... More

GOVT BONDS

Govt issues oil bonds worth Rs 5,762.8 cr
THE Government of India on Friday announced the issue of `Seven per cent Oil Companies of India Special Bonds 2012'. According to an RBI release, the bonds have been issued for liquidating outstanding claims of oil companies aggregating Rs ... More

CO-OPERATIVES

Review norms governing co-op credit bodies: PM
THE Prime Minister, Dr Manmohan Singh, today suggested a relook at the regulatory structure under which co-operative credit institutions function to end the "regulatory impasse" that the sector is now facing. "The current regulatory impasse ... More

Chidambaram hopeful of Centre-States consensus
The Finance Minister said the Government was on course to achieve the target for rural credit disbursement More