The Hindu Business Line : Thursday, December 25, 2008

MONEY & BANKING

CREDIT MARKET: ICICI Bank to depend less on agents
To leverage network of 1,400 branches to expand business. Mumbai, Dec. 24 ICICI Bank, the largest private sector bank in the country, plans to curtail its dependence on direct sales agents (DSAs) for sourcing retail loans in order to bring down ...

CONSUMER FINANCE: Banks roll out red carpet to Govt employees, PSU staff
AUTO LOANS. Private sector job losses and stagnating salaries are propelling banks to go after the best bet to inflate their auto lending portfolio — Government employees. With a shaky job market, pink slips and salary cuts threatening the ...

INTERVIEW: Slowdown reflected more on deposit side: J.M. Garg
‘Deposit, lending rates heading southwards’. Mangalore, Dec.24 Corporation Bank is a 102-year- young and vibrant brand that can attract a wide spectrum of customers, says Mr J.M. Garg, Chairman and Managing Director of the bank. As ...

HOUSING FINANCE: SBT’s new housing loan schemes
State Bank of Travancore (SBT) has announced two new housing loan schemes. According to a press release, the first scheme is for home loans up to Rs 5 lakh. The interest rate on such loans will be 8.5 per cent a year. The required margin on ...

FOREX: Rupee gains on dollar selling
The rupee appreciated by 66 paise against the dollar, amidst low volumes, due to heavy dollar selling by exporters and corporates. The rupee opened at 48.80 and touched a low of 49.20 in intra-day trade. It ended at 48.07, against the earlier ...

GOVT BONDS: Bond prices up
Bond prices rose by Rs 1.11 on Wednesday, on expectations of lower inflation numbers. The markets are also expecting the announcement of the second stimulus package, along with another round of rate cuts, a dealer with a private bank said. ...

SHORT TERM INSTRUMENTS: Call rate ends lower
The inter-bank call rate closed lower at 6.00-6.15 per cent, as against the previous close 6.15-6.30 per cent. In the two-day repo auction under the first liquidity adjustment facility (LAF), there was no bids. In the two-day reverse repo ...

GOVT BONDS: Fertiliser bonds issued
The Finance Ministry has issued fertilizer bonds worth Rs 4,000 crore to 16 fertiliser companies. The bonds have been issued at par to these companies as compensation for the fertiliser subsidy during the current financial year (up to December ...

PEOPLE: Amas Bank appointment
Mr K.C. Reddy joins the Swiss bank Amas Bank Ltd as Head of Asset Management. Prior to Amas Bank, Mr Reddy was with ABN Amro Asset Management in Mumbai, Charlemagne Capital (London), Thames River Capital (London), Credit Agricole Asset ...

PEOPLE: New ED for Syndicate Bank
The Centre has appointed Mr R. Ramachandran as an Executive Director of Syndicate Bank. Prior to this appointment, Mr Ramachandran was General Manager at Indian Bank. — ...

FINANCIAL MARKETS: ‘Frame separate common insolvency code for banks’
New Delhi, Dec. 24 An advisory panel to the Government and RBI appointed Committee on Financial Sector Assessment (CFSA) has suggested that a separate common and comprehensive insolvency code be framed for banking institutions, irrespective ...

CREDIT CARDS & DEBIT CARDS: Credit card issues topped complaints to Ombudsman
Mumbai, Dec. 24 The Banking Ombudsman received 47,887 complaints in the financial year 2007-08, an increase of 24 per cent from the previous year, according to the annual report on Banking Ombudsman released by the Reserve Bank ...

LIFE INSURANCE: IDBI Fortis Life positive on assured return products
Bangalore, Dec. 24 IDBI Fortis Life Insurance Company has said that assured return products are unlikely to stress its ...