The Hindu Business Line : Friday, October 07, 2005

Janakalyan Sahakari Bank `totally solvent'
THE Finance Ministry today clarified that there was "no problem" with the Mumbai-based Janakalyan Sahakari Bank Ltd. The Ministry was reacting the reports that RBI has found irregularities in the bank for which it has been penalised. Top ... More

INSIGHT

Exchange rate mechanism — A new talking point at the WTO
ECONOMISTS in the US in the past year or two have been stressing the imperative need for a significant depreciation of the US dollar against the other major currencies of the world. This, it has been repeatedly pointed ... More

FOREX

Rupee firm; gilts recover
MUMBAI: The rupee remained almost unchanged on Thursday as the US currency weakened against other major currencies on the one side and there has been local demand for dollars from importers, resulting in an overall neutral impact. The ... More

Lahiri moots Pan-Asian structure for exchange rate co-ordination
DR Ashok Lahiri, Chief Economic Advisor, Union Ministry of Finance, suggested the idea of a Pan-Asian Organisation to shoulder the task of exchange rate co-ordination between Asian countries in order to take care of the fluctuations in their ... More

FINANCIAL PERFORMANCE

Karnataka Vikas Grameena net profit at Rs 39 cr
MANGALORE: The Karnataka Vikas Grameena Bank - which was formed recently after amalgamating Malaprabha Grameena Bank, Bijapur Grameena Bank, Netravati Grameena Bank and Varada Grameena Bank - recorded a net profit of Rs 39.60 crore ... More

HOUSING FINANCE

HDFC expects to maintain 30 pc growth in loans
On a year-on year basis, the company has been growing at 30 per cent for the past nine years, said Mr Keki Mistry, Managing Director, HDFC Ltd. He said home loan rates are attractive and there is still plenty of demand for residential housing. ... More

LIFE INSURANCE

Max New York Life rules out IPO for now
MAX New York Life Insurance Co (MNYL) has ruled out any immediate plans to come out with an initial public offer but hinted that the company could be ready to list on the stock exchanges in a couple of years. "We would like to go to the ... More

FOREIGN DIRECT INVESTMENT

Raise insurance FDI cap to over 50 pc, remove tariff curbs: Mulford
THE US Government today strongly advocated a further liberalisation of the Indian insurance sector by hiking the foreign direct investment cap to over 50 per cent and removing all tariff controls. Addressing a conference on insurance here on ... More

RBI & OTHER CENTRAL BANKS

World Bank to raise lending for water-related projects to $4 b
THE World Bank on Thursday announced it would lend $4 billion for water related projects in the next four years. "The World Bank will increase lending to India from $200 million a year to about $1 billion a year for the next four years," the ... More

PRIVATE BANKS

UTI Bank ties up with UAE Exchange Centre
UTI Bank plans to set up a representative office in the UAE and hopes to garner a good portion of the sizeable remittance market in the Gulf through a new tie-up with the UAE Exchange Centre. Mr P.J. Nayak, Chairman and Managing Director of UTI ... More

GOVT BONDS

RBI rejects all bids in Rs 6,000 cr auction
THE Reserve Bank of India on Thursday rejected all the bids it received for the Rs 6,000 crore auction of the 11.83 per cent 2014, 9-year paper. According to market players, the yields quoted were higher than RBI's expectation and the central ... More

REGULATORY BODIES & RULINGS

IRDA for smooth transition to detariffed regime
THE Chairman of Insurance Regulatory and Development Authority, Mr C.S. Rao, today said that the insurance regulator would try to ensure that the transition to a detariffed insurance market would be smooth and orderly. The IRDA recently ... More

PEOPLE

The golden lining...
K.P. Padmakumar, who successfully turned around the fortunes of Federal Bank, believes that in this gold-loving country the future lies in making your investments in gold work for you. More

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