The Hindu Business Line : Friday, June 19, 2009

MONEY & BANKING

MERGERS & ACQUISITIONS: LIC seeks nod to raise stake in public sector banks beyond 10%
Sees investment opportunities in infrastructure projects. Mumbai, June 18 Life Insurance Corporation of India has sought the permission of the Insurance Regulatory and Development Authority for raising its stake in public sector banks beyond 10 ...

PUBLIC SECTOR BANKS: Central Bank to focus on tech upgrade, new services
Creates large corporate vertical for quick decision-making. Mumbai, June 18 From appointing relationship managers to service large corporates, to creating dedicated silos for wholesale, mid-corporate, SME and retail banking, to expanding branch ...

FOREX: Re continues to be under pressure
The rupee continued to be under pressure due to global risk aversion and the negative domestic stock market. The rupee opened at 48.01 and touched a low of 48.32 during the day. It closed at 48.21, against the previous close of 48.14. “As ...

GOVT BONDS: Bonds up on G-secs buy
Bond prices rose on Thursday after the auction cut-offs announced by the Reserve Bank of India for the buyback were higher than market expectations, said dealers. The RBI bought back around Rs 4,600 crore of government securities at prices ...

FINANCIAL PERFORMANCE: DBS Bank India profits rise
DBS Bank India on Thursday announced a quadrupling of net profits for the financial year ended March 31, 2009. The bank’s net profits grew to Rs 259 crore in 2008-09 compared with Rs 65 crore in the previous fiscal. The strong performance ...

SHORT TERM INSTRUMENTS: Call rates unchanged
The inter-bank call rate closed at 3.20-3.30 per cent, as against the previous close of 3.25-3.30 per cent. Under the liquidity adjustment facility (LAF), there were no bids in the one-day repo auction. In the reverse repo auction, the Reserve ...

FINANCIAL SERVICES: Muthoot Finance looks at network expansion
Coimbatore, June 18 Muthoot Finance, the flagship company of The Muthoot Group, is looking at rapid expansion of its branch network and foraying into other business verticals such as wealth management services, railway ticketing and ...

FOREX: Laying the BRICs
Before the recent summit of the four BRIC (Brazil, Russia, India and China) economies at Yekaterinburg in the Urals, the Russian President’s economic adviser, Mr Arkady Dvorkovich, set off ripples when he announced that the leaders would ...

CORPORATE BONDS: Union Bank to raise Rs 1,700 crore
Chennai, June 18 Union Bank of India will raise Tier-II capital of Rs 1,700 crore through issue of long-term bonds, the bank’s Chairman and Managing Director, Mr M. V. Nair, said. He was here in connection with the launch of ...

TRADE & LABOUR UNIONS: Bank unions reject IBA’s revised wage offer
New Delhi, June 18 The wage revision talks between bank unions and the Indian Banks’ Association (IBA) have run into rough weather. Bank unions have rejected the IBA’s revised offer of 15 per cent increase in the wage bill, ...

PEOPLE: Bank of India, Syndicate Bank, PNB to have new chiefs
Mumbai, June 18 Bank of India, Syndicate Bank, Oriental Bank of Commerce and Punjab National Bank will soon have new ...