The Hindu Business Line : Thursday, September 29, 2005

`Be innovative on farm credit' — As rural income rises, so does credit need, says Rakesh Mohan
BANKS need to change their strategy towards agriculture lending, from `directed' credit to one that is business opportunity-led. As the agriculture sector becomes more commercial, there would be higher need for credit, said Dr Rakesh Mohan, ... More

FOREX

Rupee in range; bonds recover
MUMBAI: The rupee was range-bound on Wednesday and ended unchanged from Tuesday's close. The rupee opened at 44.05/06 against the US dollar and closed at 44.04/05 on Wednesday, the same as the previous level. It touched an intra-day low ... More

LIFE INSURANCE

ICICI Pru Life asset base at over Rs 5,000 cr
ICICI Prudential Life Insurance's funds under management has crossed the Rs 5,000-crore mark. Of this, Rs 1,200 crore was added in the current financial year. According to the company, this is the largest asset base among all private life ... More

CREDIT RATING

S&P leaves Indian bank ratings unchanged — `Fiscal position of Govt not strong'
STANDARD & Poor's (S&P) ratings services said today that it has revised its assessment of Government support for important banks in Asia. While S&P raised its counter-party credit ratings and issued credit ratings of 18 banks in Korea, Ma More

PRIVATE BANKS

Kotak Mahindra to issue 1.5 cr shares
KOTAK Mahindra Bank Ltd on Wednesday announced a fresh issue of 1.5 crore equity shares either in the domestic or international market. In a notice to the stock exchanges, the bank said that this constitutes around five per cent of the current ... More

UTI opens two outlets at Warangal and Nizamabad
HYDERABAD: UTI Bank has announced the inauguration of two branches, one each at Warangal and Nizamabad, on Wednesday. The bank currently has 284 branches, 89 extension counters and 1,734 automated teller machines (ATMs) across the country. ... More

TMB to distribute UTI MF products
MADURAI: The Tuticorin-based Tamilnad Mercantile Bank (TMB) has entered into a memorandum of understanding with UTI Asset Management Company for the distribution of the entire range of UTI Mutual Fund products, as part of its strategy to ... More

SHORT TERM INSTRUMENTS

91-day paper undersubscribed
THE auction of the 91-day treasury bill was under-subscribed while the 364-day treasury bill was over-subscribed on Wednesday, according to an RBI press release. The notified amount for the 91-day T-bill was Rs 4,000 crore, of which Rs 3,500 ... More

MERGERS & ACQUISITIONS

Central Bank of India merges three RRBs in Maharashtra
CENTRAL Bank of India has amalgamated three sponsored regional rural banks (RRBs) in Maharashtra with effect from September 12. The newly formed bank is called the Vidharbha Kshetriya Gramin Bank and will be headquartered in Akola. The banks ... More

PUBLIC OFFER

Andhra Bank to offer 8.5 crore shares to public
THE board of directors of Andhra Bank at its meeting on Wednesday decided the equity size of its second public issue at Rs 85 crore (face value). The board has approved a resolution to increase the paid-up capital to Rs 485 crore from the ... More

CO-OPERATIVES

AP Mahesh co-op bank to focus on advances
THE AP Mahesh Cooperative Urban Bank Ltd, the Hyderabad-based multi-State scheduled co-operative bank, plans to go aggressive on its advances portfolio to improve profitability. Addressing shareholders at the annual general meeting here on ... More

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