Banking and Finance
New Indian Bank ED
CHENNAI: Mr M.B.N. Rao has assumed charge as Executive Director of Indian Bank. Previously, he was General Manager of the bank. Mr Rao joined the bank as an officer in 1970. He headed Indian Bank's operations in Singapore for over four years and was inst rumental in Indian Bank, Singapore becoming the first SWIFT member from among banks in South Asia, according to a press release.

GTB launches mobile banking
GLOBAL Trust Bank has announced the launch of InTouch mobile banking in association with Tata Cellular.

HDFC `keen' on private banks
MR Deepak Parekh, Chairman, Housing Development Finance Corporation Ltd, has categorically stated that HDFC is not involved in acquiring any bank, but indicated that it would be interested in new private sector banks if the price was right.

`Vested interests blocking sound financial system'
IN a paper, `Banks, short-term debt, and financial crises: Theory, policy implications and applications', Prof. Raghuram Rajan, Joseph L. Gidwitz Professor of Finance, University of Chicago and Fischer Black Visiting Professor, MIT, Sloan School of Manag ement, says: ``A banking system can be made absolutely safe only by doing away with the business of banking.''

Good buying interest in long-term papers
THE continuing liquidity surplus in the financial markets has resulted in yields on long-dated securities falling. Security prices rallied with actively traded papers moving up by around 5-7 paise on account of some fresh buying interest. Dealers said th e markets were bullish today compared to the previous day.

Insurance
`Training for insurance agents must'
IN an open market situation, training of insurance agents is necessary to hone their skills to the needs of the industry, according to Mr N. Rangachary, Chairman, Insurance Regulatory Development Authority (IRDA).

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