The Hindu Business Line : Thursday, July 02, 2009

MONEY & BANKING

NBFCS: Infrastructure loans: ECB policy for NBFCs simplified
Centre drops 3:1 norm for lenders; Approval route stays. New Delhi, July 1 The Centre has dispensed with what was being perceived as a “non-starter” condition for allowing non-banking finance companies (NBFCs) to avail themselves ...

RBI & OTHER CENTRAL BANKS: Monetary policy at the crossroads
The focus of most economic agents, policymakers and opinion makers is on Budget 2009. Expectations are that the Budget will be growth oriented and that there will be a further fiscal stimulus. The temporary fiscal stimuli could become the ...

FOREX: Rupee flat in range-bound market
The rupee was flat on Wednesday in a range-bound market. The domestic currency opened at 48.05 and strengthened to touch an intra-day high of 47.88. It closed at 47.90/92, same as the previous close. The rupee opened lower but gained tracking ...

PENSION PLANS: ICICI Pru Life’s pension plan
ICICI Prudential Life Insurance has launched a pension plan called LifeStage Assure Pension. The plan offers a guaranteed addition of up to 200 per cent of first year premium depending on the term of the product, said Mr Puneet Nanda, ...

GOVT BONDS: Bonds close higher
Bond prices opened at the same level as the previous close, but closed higher. As it is the beginning of the new quarter, there was no selling pressure. Also, dealers are building positions ahead of the Budget, said a bond dealer with a ...

LIFE INSURANCE: Unit-linked plan from SBI Life
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SHORT TERM INSTRUMENTS: Call rate unchanged
The inter-bank call rate closed at 3.25-3.30 per cent, same as the previous day’s close. There was no auction under the Liquidity Adjustment Facility on account of annual closing of the Reserve Bank of India. — ...

INFORMATION TECHNOLOGY: Central Bank launches SMS alert service
Mumbai, July 1 Central Bank of India on Wednesday launched an SMS alert facility for all its savings account holders for transactions of Rs 5,000 or more. The facility will be available at all the 1,200 core banking ...

LIFE INSURANCE: Extend tax sops to long-term savings
We would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the Rs 1 lakh deduction under Section 80C also includes short-term saving instruments such as mutual funds ...

TRADE & LABOUR UNIONS: Centre invites unions, SBI, associates for talks
New Delhi, July 1 The Centre has invited the bank unions and the management of State Bank of India (SBI) and its associate banks for conciliatory talks on ...

INTEREST RATES: Indian Bank cuts BPLR by 50 bps
Chennai, July 1 Indian Bank has informed the stock exchanges that it has reduced its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 12 per cent from 12.50 per cent with effect ...

CREDIT MARKET: Banks’ lending on the rise
Mumbai, July 1 Banks are pushing credit in a big way with scheduled commercial banks collectively lending Rs 13,090 crore in the fortnight ended June 15. Bankers attribute this push to quarter-end considerations whereby banks bulk up ...

BUDGET: Speed up reform process in insurance sector
The Government must speed up the long-awaited reform process in the insurance sector by passing the Comprehensive Bill on Insurance. Besides increasing FDI limits, the Bill also envisages a host of changes in the Insurance Act in the interest ...

CO-OPERATIVES: Co-op banks want tax waiver restored on retained earnings
Mumbai, July 1 Co-operative banks, under the aegis of the National Federation of Urban Cooperative Banks and Credit Societies, have moved the Union Finance Minister, Mr Pranab Mukherjee, to restore tax exemption on retained earnings. ...

PUBLIC SECTOR BANKS: SBI Day celebrated
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PUBLIC SECTOR BANKS: SBT celebrates Doctors Day
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