The Hindu Business Line : Friday, June 29, 2007

PENSION PLANS
RBI issues norms for banks to manage pension funds
Mumbai, June 28 The Reserve Bank of India on Thursday said that banks can undertake pension funds management only through subsidiaries (set up for the purpose) with which the banks will maintain an ‘arm’s-length’ relationship ... More

FOREX
Re gains 16 paise on good supplies
The rupee strengthened by 16 paise against the greenback backed by good supplies and closed at 40.83 on Thursday up from the previous close of 40.99/41. The domestic currency opened a bit weaker at 40.95 and saw an intra-day low of 41 before ... More

FINANCIAL PERFORMANCE
Citifinancial Consumer Finance net up
Mumbai, June 28 Citifinancial Consumer Finance India Ltd (CCFIL) has reported a net profit of Rs 218 crore for the fiscal ending March 2007, a growth of 27.4 per cent against Rs 171 crore in the previous year, according to provisional numbers ... More

LIFE INSURANCE
Tata AIG Life announces expansion plans
Kochi, June 28 Tata AIG Life Insurance Company Ltd has announced major expansion plans in Kerala by opening seven new full service branches in the State. The seven new offices will be in Pathanamthitta, Thrissur, Kollam, Kozhikode, ... More

GENERAL INSURANCE
Insurance body working on common market wording
Will help IRDA to decide on advancing detariffing phase II More

RBI & OTHER CENTRAL BANKS
Lower denomination notes
The notes of lower denominations of Re 1, Rs 2 and Rs 5 will continue to be a legal tender and will not be withdrawn from circulation. “Though the printing of Re 1, Rs 2 and Rs 5 notes have been discontinued, the notes of these ... More

World Bank okays $600-m loan
New Delhi, June 28 The World Bank has approved a blend of loan and concessional credit of $600 million to India for beefing up its rural cooperative credit structure to transform access to financial services for the country’s poorer ... More

Four-days LAF from today
The Reserve Bank of India will conduct the Liquidity Adjustment Facility (LAF) on June 29, for a period of four days with the reversal on July 3, said a press release from RBI. The four-days LAF will be conducted on June 29, on account of the ... More

PUBLIC SECTOR BANKS
Changes in 3Ps essential for growth, says Sambamurthy
Mangalore, June 27 Bringing in changes in 3Ps (people, products and processes) will help place a bank in higher growth path, according to Mr Sambamurthy, Chairman and Managing Director of Corporation Bank. Addressing the shareholders at ... More

GOVT BONDS
Bond prices rise 35 paise
The bond prices rose about 35 paise and the yields fell by five basis points. “The surplus cash has been sucked out leaving the liquidity in the system at a low level and under such a situation, the central bank might not announce a Market ... More

NON-PERFORMING ASSETS
SBI expects rise in home loan defaults due to higher EMIs
‘As of now, there are no plans to raise interest rates’ More

RESTRUCTURING
SBI plans holding co for insurance, asset management
It will be listed for unlocking the value in subsidiaries More

CREDIT MARKET
Sagar Cements seeks IFC funding for expansion
Sagar Cements Ltd plans to source debt of $19 million from IFC, the World Bank arm, to part finance its Rs 300 crore expansion project in Nalgonda district of Andhra Pradesh.The Hyderabad-based company has planned Rs 100 crore equity ... More

SHORT TERM INSTRUMENTS
Call closes higher at 7.5-8%
The inter-bank call rates closed at 7.5-8 per cent on Thursday higher than the previous close of 6.75-7 per cent. The call rates were ruling at a low of 2.75-3.25 per cent on Monday. “The system has turned into a deficit mode,” said a ... More

MERGERS & ACQUISITIONS
IDBI sells 2% in NSE for $50 m
Mumbai, June 28 IDBI has sold 9 lakh equity shares constituting 2 per cent of the issued and paid-up capital of National Stock Exchange of India Ltd to MS Strategic (Mauritius) Ltd for $50 million. The deal is subject to approval from ... More

TRADE & LABOUR UNIONS
SBI staff body opposes stake transfer move
Kolkata, June 28 The All India State Bank of India Staff Federation has decided to organise a country-wide tiffin-time demonstration on June 29 near all branches and offices of the bank, protesting against the Government’s reported ... More

PEOPLE
M.B.N. Rao is new IBA chairman
Mr M.B.N. Rao, Chairman and Managing Director, Canara Bank, took over as the Chairman of Indian Banks’ Association for the term 2007-08, from Mr V.P. Shetty, Chairman and Managing Director, IDBI Ltd, who is superannuating this month end, ... More