The Hindu Business Line : Tuesday, October 14, 2008

MONEY & BANKING

CRR & BANK RATES: Call rates drop below 10% as CRR cut brings cheer to money market
Mumbai, Oct. 13 The inter-bank call rates came down below 10 per cent on Monday from the high of 22 per cent on Friday, as the liquidity condition eased with Rs 60,000 crore of funds coming into the system, post the 150 basis points cut in ...

OUTLOOK: ‘Liquidity better, but not comfortable yet’
More steps needed, more RBI measures coming: IBA. New Delhi, Oct. 13 The liquidity problem in the banking system has slightly eased after the recent cut in cash reserve ratio (CRR), but this cannot be read as a comfortable situation, the Indian ...

CREDIT MARKET: Continue lending to SMEs, RBI tells banks
Mumbai, Oct. 13 The Reserve Bank of India on Monday asked banks not to defer disbursement of working capital to small and medium ...

INSIGHT: A not-so-capital sermon
God alone can save the City! That was possibly the pervasive feeling in much of the Western world last week as the global — more appropriately, the Anglo-Saxon — financial world seemed to be collapsing with many a high priest of ...

GOVT BONDS: PSU bond issues may get repo status
RBI open to suggestions by bankers. Bangalore, Oct.13 Bond issues of public sector undertakings (PSU) are likely to become eligible for repurchase operations (repo) to ease the current tight liquidity situation. Many of the banks have already ...

PRIVATE BANKS: ICICI Bank seeks thorough probe into ‘erroneous’ SMS
Complaint filed with economic offences wing in Mumbai. Mumbai, Oct. 13 ICICI Bank has sought a detailed investigation into messages posted on some Internet blogs and Web sites, which it said had circulated false rumours and wrong information ...

FOREX: Rupee recovers
After crossing the 49-mark last week, the rupee recovered against the dollar on Monday, though the intra-day movement was range-bound. The Sensex surged by over 780 points following comments by the Finance Minister that the Government would ...

SHORT TERM INSTRUMENTS: Call rate ends at 9.75-10%
The inter-bank call rate ended at 9.75-10 per cent, against the previous close of 9.50-10 per cent. With the 150 basis points CRR cut coming into effect from Saturday, liquidity in the system has eased after the injection of Rs 60,000 crore. ...

ALLIANCES & JOINT VENTURES: Insurance-linked CUB savings plans
City Union Bank has, in association with Life Insurance Corporation of India, introduced two new insurance linked savings scheme. Of the two, CUB Excel is a savings scheme offering a maximum life cover of Rs one lakh under the group insurance ...

FINANCIAL MARKETS: ‘Global crisis will hit SMEs badly’
While banking circles and a section of the media have painted a neutral picture of the possible impact of the global economic crisis on small and medium enterprises (SMEs), the emerging scenario is far more grim, the Institute of ...

HOUSING FINANCE: Real estate developers see easing of home loan rates
Fall-out of Cash Reserve Ratio cut. Kolkata, Oct. 13 While banks do not anticipate an immediate decrease in lending rates after the 150 basis-point cut in Cash Reserve Ratio by the Reserve Bank of India, real estate developers expect the ...

DERIVATIVES MARKETS: Derivatives: Norms for off-balance sheet exposure tightened
NPA tag after 90 days. Mumbai, Oct. 13 Overdue receivables representing positive mark-to-market (MTM) value of a derivative contract should be treated as a non-performing asset, if these remain unpaid for 90 days or ...

PRIVATE BANKS: Coimbatore police registers case
Coimbatore, Oct. 13 The Coimbatore police have registered a case against “unknown accused” relating to the spreading of rumours about the financial health of ICICI Bank, the shares of which witnessed huge selling pressure in ...

OVERSEAS INVESTMENTS: Union Bank plans more overseas offices
Thiruvananthapuram, Oct. 13 Union Bank of India is gearing up to expand its global presence and has finalised plans to open representative offices or subsidiaries in a few more countries over the next ...

PEOPLE: Rajesh Sud to head Max NY Life
New Delhi, Oct. 13 Max New York Life Insurance Ltd on Monday announced that Mr Rajesh Sud has been named Chief Executive Officer and Managing Director of the joint venture company effective ...

DERIVATIVES MARKETS: ‘Banks can trade in interest rate futures’
Mumbai, Oct. 13 Banks can now take trading positions in interest rate futures (IRFs), said the Reserve Bank of India in a notification issued on Monday. These guidelines will also be applicable to overseas branches of Indian banks, the RBI ...

PUBLIC SECTOR BANKS: PNB opens 132nd branch in Kerala
Punjab National Bank has opened its 132nd branch in Kerala at Kothamangalam. Ms Nimmy Nasser, Chairperson of Kotamangalam Municipality, inaugurated the branch. Mr T.S.Panicker, Asst General Manager, PNB, said on the occasion that all ...