The Hindu Business Line : Friday, March 02, 2007

REGIONAL RURAL BANKS
A boost to rural banking
The Economic Survey, released on the eve of the Budget, spoke of the high rate of credit growth. While the Budget does not spell out the precise steps to rein-in credit, the latent riskiness of certain sectors has been recognised by mentioning ... More

FOREX
Rupee flat against dollar
The rupee was flat against the dollar on Thursday as the supply of the greenback matched demand. The currency opened at 44.23/25 and touched an intra-day low of 44.29. It, however, closed the day at 44.26/27, almost the same as ... More

INSURANCE
`There could have been more for insurance sector'
"With economic growth firmly set in the 8 per cent plus range and a targeted annual growth rate of about 10 per cent for the 11th Five Year Plan period, the Union Budget for fiscal 2008 aims at sustaining the growth momentum while extending the ... More

STOCKS
Indian Bank debuts at premium
The stock of Indian Bank made its debut on a volatile note on the exchanges; on the BSE at a 15.38 per cent premium at Rs 105 against its issue price of Rs 91. The stock reached a high of Rs 105 and a low of Rs 77 before closing at Rs 98.30. On ... More

SOFTWARE
Israeli co tool for PNB
The Israel-based Aladdin Knowledge Systems said Punjab National Bank has selected Aladdin eToken to protect sensitive bank and customer data accessed by its employees. The company has deployed 2,500 eToken smart card devices ... More

DEBT MARKET
Bond prices gain 39 paise
Bond prices gained by around 39 paise and yields went down by five basis points. According to dealers, after the prices fell by over 70 paise yesterday, investors bought securities in the market. However, the volumes were low as ... More

RBI & OTHER CENTRAL BANKS
More leeway on CRR
Banks will not be required to maintain average Cash Reserve Ratio of 3 per cent on credit balances in Asian Clearing Union (US dollar) accounts, transactions in Collateralised Borrowing and Lending Obligation (CBLO) with Clearing Corporation of ... More

PRIVATE BANKS
South Indian opens branch in Guwahati
After ICICI Bank and HDFC Bank, South Indian Bank has the largest network of branches with Core Banking Solution (CBS), among all the private sector banks in the country. "The bank has got 15 CBS branches more than its nearest rival, ING Vysya ... More

INTEREST RATES
IOB, Union Bank trim FCNR rates
Indian Overseas Bank and Union Bank of India have lowered interest rates on FCNR deposits across maturities. The previous and revised rates of both the banks are identical. They are: 4.99 per cent (5.18 per cent previously) for US dollar deposits ... More

FIXED DEPOSITS
Karnataka Bank cuts rates on NRE, FCNR (B) deposits
Karnataka Bank Ltd has reduced interest rates on its NRE and FCNR(B) deposit schemes with effect from March 1. A bank release said here on Thursday that the interest rate on NRE deposits has been revised to 5.74 per cent (5.93 per cent) for ... More

MERGERS & ACQUISITIONS
Saraswat Bank ready to pump in Rs 50 cr in Suvarna Sahakari Bank
Saraswat Bank's director rules out contention for merger More

TRADE & LABOUR UNIONS
Call for 3-day bank strike
The United Forum of Bank Unions has called for a national three-day strike from March 28-30, demanding that the one-lakh job vacancies in various banks be filled, enforce pension schemes for employees, provide jobs for dependents ... More

ALLIANCES & JOINT VENTURES
OIC alliance meeting
The first general council meeting of the OIC (Oriental Bank of Commerce, Indian Bank, Corporation Bank) alliance was held in Bangalore on February 24-25. A Corporation Bank release said on Thursday that CMDs, EDs and General ... More

SOCIETY & DEVELOPMENT
Madras School of Economics gets Oriental Bank grant
Madras School of Economics on Thursday received a grant of Rs 30 lakh from Oriental Bank of Commerce. Dr D.K. Srivastava, Director, MSE, told Business Line that the funds would be used for building infrastructure — essentially for ... More

IPOS
General insurers seek banks' help for IPOs
Largely to trim underwriting losses More

CO-OPERATIVES
Kerala co-op banks hike interest rates
As per the revision, the maximum rates will be 6.50 per cent, 6.75 per cent and 7.50 per cent for periods between 91 days and 179 days on deposits in state, district and primary cooperative banks, respectively. For periods between 180 days and ... More

PEOPLE
Catholic Syrian Bank chairman quits
The Chairman of Catholic Syrian Bank, Mr N.R. Achan, has resigned from the bank. The Director Board that met at Thrissur on Wednesday accepted his resignation. Mr Achan's tenure as Chairman was to end in June. Poor health was cited as the ... More