MONEY & BANKING
OVERSEAS BORROWINGS
ICICI Bank to raise $1 b yen loan
ICICI Bank will borrow $1 billion yen equivalent in three tranches under its loan syndication agreement in Geneva on December 20. "Twenty-six banks participated in the syndication facility, which is the widest participation for any Indian bank ...
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PENSION PLANS
Pension fund investments: CMs' meet soon
The Centre may soon convene a meeting of Chief Ministers of States to get everybody on board over the issue of how the funds that have been collected under the new pension scheme (NPS) be invested. "States that have switched over to NPS (15 to ...
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INSIGHT
Mobilising resources — Banking by innovation
A multi-pronged approach will be needed to meet the challenges of resource mobilisation by the banking system. A fast growing economy will need adequate bank credit to oil various sectors.
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FOREX
Rupee gains on dollar inflows
The rupee strengthened by about 10 paise on strong dollar inflows. The rupee was helped by FDI-related inflows and lack of speculative buying, said dealers. "The rupee's gain was totally dollar-supply driven," said a dealer. ...
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INSURANCE
PG diploma course in insurance
The Institute of Insurance and Risk Management (IIRM) here has decided to start post-graduate diploma courses in insurance through the distance learning mode from March 2007. Admissions would be open up to January 31, for the ...
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NBFCS
AP orders probe into Margadarsi
The Andhra Pradesh Government today appointed former Chairman of the Insurance Regulatory Development Authority (IRDA), Mr N. Rangachary, to examine the affairs of Margadarsi Financiers. Through a Government Order (GO), the State Government ...
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LIFE INSURANCE
Bank of India, Union Bank, Dai-Ichi sign MoU for life insurance venture
Bank of India (BoI), Union Bank of India (UBI) and Dai-Ichi Mutual Life Insurance Co on Thursday forged an alliance to form a new life insurance joint venture company. While Bank of India would hold 51 per cent stake in the three-way life ...
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`Most Indians lack cover against critical illnesses'
Indians are less financially protected against major illnesses than their counterparts in other South East Asian countries. According to "Health Matters Index 2006," a survey conducted by Tata AIG Life, around 71 per cent of Indians are not ...
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RBI & OTHER CENTRAL BANKS
`RBI will aim to contain inflation at 5-5.5 pc '
The Reserve Bank of India Deputy Governor, Dr Rakesh Mohan, on Thursday said the central bank would aim at containing inflation in the 5-5.5 per cent range till the year-end. This will be in line with the RBI's stated objectives. Dr Mohan, ...
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PUBLIC SECTOR BANKS
Central Bank to distribute Tata Mutual's products
Tata Mutual Fund has signed a marketing agreement with Central Bank of India (CBI) for distributing its mutual funds. Initially, CBI will distribute various schemes of Tata Mutual Fund through 300 branches across the country. The branches ...
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FINANCIAL INSTITUTIONS
Kerala Power Finance pays 20% dividend
The Kerala Power Finance Corporation (KPFC) has paid 20 per cent dividend to the State Government and Kerala State Electricity Board (KSEB), joint promoters of the company. KPFC recorded an income of Rs 98.94 crore and a net profit of Rs 1.98 ...
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INTEREST RATES
HDFC Bank hikes prime rate to 13.5%
HDFC Bank has hiked its benchmark prime lending rate by 1.5 percentage point cent to 13.5 per cent effective December 20, the bank said on its Web site. The bank last raised its PLR in June. It has also raised deposit rates by 50-75 basis ...
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GOVT BONDS
Bond prices fall by 12 paise
Bond prices fell by around 12 paise (yields rose by almost one basis point) on tight liquidity. Total traded volumes on the order matching system were at Rs 2,040 crore (Rs 2,225 crore). "The market was range-bound throughout the ...
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CREDIT MARKET
IDBI, LIC to co-finance infrastructure projects
Bank gets queries for Rs 55,000-cr funding
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CREDIT CARDS & DEBIT CARDS
Co-branded card for truck owners
Shriram Transport Finance Company Ltd has announced the launch of a co-branded credit card in association with UTI Bank. The Shriram-UTI Bank credit card will be launched formally by the Union Finance Minister, Mr P. ...
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FIXED DEPOSITS
Kotak Mahindra deposit plans
Kotak Mahindra Bank on Wednesday launched "Twin win term deposit offer", under which a customer can avail an interest rate of 8.5 per cent for deposits with a maturity of 1001 days (3 years and one week) and 8 per cent for 299 ...
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