The Hindu Business Line : Friday, February 29, 2008

FOREX
Rupee flat against dollar
The rupee was flat against the dollar on Thursday as oil companies bought dollars and also because the stock market was negative, according to forex dealers. Due to overnight weakness in the dollar, the rupee opened higher by five paise at ... More

INSURANCE
Survey suggests 49% FDI in insurance
Insurance penetration up from 2.32 in 2000 to 4.8 in 2006 More

Survey favours liberalising FDI in insurance, retail
100% FDI in pvt rural agricultural banks urged More

HOUSING FINANCE
LIC Housing to offer reverse mortgage loans
Mumbai, Feb. 28 LIC Housing Finance Ltd (LICHFL) will now offer reverse mortgage loans for senior citizens above 60 years. The loan will be given on single or on joint basis with the spouse, if the spouse is over 60 years.According to a ... More

LIFE INSURANCE
Kotak Life opens Mangalore branch
More

FOREIGN DIRECT INVESTMENT
Caution is the word on 100% FDI in agri banks
Restrict them to unbanked areas; beware corporate farming: Experts More

PUBLIC SECTOR BANKS
PNB opens 36th ATM in Kerala
Punjab National Bank has opened its 36th ATM in Kerala at Kuttipuram, making it the 1,386th in the country. Mr P.P.Mohammed Ashraf, Deputy Collector of the Malappuram District inaugurated the new ATM. Speaking on the occasion, Mr Krishnan Ramiah, ... More

INTEREST RATES
Dena Bank cuts PLR by 25 bps
Mumbai, Feb. 28 Dena Bank will reduce its benchmark prime lending rate by 25 basis points from 13.25 per cent to 13.0 per cent, with effect from March 3, said a press release from the bank.This will bring down the interest rates on the ... More

GOVT BONDS
Bond prices almost unchanged
Bond prices rose during the day but were almost unchanged from Wednesday’s close. Total traded volumes on the order matching system were at Rs 6,995 crore (Rs 5,020 crore). Dealers said that prices gained during the day as liquidity ... More

CREDIT MARKET
Bound to succeed
The world’s second-best micro-finance institution, according to Forbes, is the home-grown Bandhan Konnagar working among the poorest of poor in eastern India. More

Banks not happy with pace of corporate loan ratings
Higher risk weights on unrated exposures under Basel II More

SHORT TERM INSTRUMENTS
Call rates end lower
The inter-bank call rates closed lower at 7-7.25 per cent on Thursday, against the previous close of 7.75-8 per cent. In the first one-day reverse repo auction, the Reserve Bank of India received and accepted two bids for Rs 140 crore. In the ... More

OVERSEAS INVESTMENTS
ICICI UK opens branch in Frankfurt
Mumbai, Feb. 28 ICICI UK PLC, a wholly owned subsidiary of ICICI Bank, started operations in Germany, by opening its Frankfurt branch. The branch is a member of the Association of German Banks, said a press release from the bank.ICICI ... More

TRADE & LABOUR UNIONS
Bank union questions merger move
Coimbatore, Feb. 28 With the Indian Banks’ Association (IBA) clarifying that “there are no guidelines or directions from the Government to any public sector banks regarding merger”, the All India Bank Employees Association ... More

EVENTS
‘Innovation is the key to change’
Madurai, Feb. 28 Innovation is the key to change and a continuous process for betterment. Prospects emerge in life for those who are able to think out of the box and come up with an innovative idea under any given circumstances. Combined with ... More

SOCIETY & DEVELOPMENT
IOB launches village development scheme
Chennai, Feb. 28 The Chennai-headquartered Indian Overseas Bank (IOB) has launched ‘IOB Sampoorna’ — the total village development scheme at Kuthambakkam and Padur villages, about 40 km from here. Announcing the ... More

NEW PRODUCTS & SERVICES
New ULIP from LIC
Life Insurance Corporation of India has launched a new unit-linked pension product called ‘Market Plus’. It utilises the premium received to purchase units from a fund type chosen by the individual, after deduction of applicable ... More