The Hindu Business Line : Thursday, November 09, 2006

FOREX
Rupee gains a tad
The rupee gained marginally but closed lower than the day's high. Dealers said the central bank was seen buying dollars, causing the rupee to weaken. The rupee opened at 44.65/66 and touched a high of 44.6350 before closing at ... More

CREDIT POLICY
On liquidity and interest rates
There could be a shortage of liquidity in the coming months, given the credit explosion and the Finance Minister cutting Government expenditure to reach his deficit goal. More

NBFCS
AP looking into Margadarsi Financiers affair, says Reddy
The Chief Minsiter, Dr Y.S. Rajasekhara Reddy, has said that the State Government was examining whether it could intervene in the controversy related to Margadarsi Financiers. Responding to queries at a press conference, Dr Reddy said, "The ... More

GENERAL INSURANCE
Sompo enters insurance venture
Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur and Sompo Japan Insurance on Wednesday executed a shareholders' agreement for the formation of a non-life joint venture insurance company. The company will be called ... More

PRIVATE BANKS
South Indian Bank to sell UTI MF products
South Indian Bank is all set to announce its tie-up with UTI Mutual Fund on Thursday for selling the latter's mutual fund products.The announcement is expected to come close on the heels of the bank's tie-up with other mutual fund companies such ... More

PUBLIC SECTOR BANKS
SBI Bengal circle raises profit target to Rs 450 cr
Adopts two-pronged strategy to achieve mark More

INTEREST RATES
Why gold prices and US interest rates move in tandem
Every time the Fed announces a decision on the US interest rates, gold prices also react. If interest rates are increased, gold prices go down, and vice-versa, indicating a negative correlation. The explanation offered is that when interest rates ... More

GOVT BONDS
Bond prices gain 20 paise
Bond prices jumped by almost 20 paise (yields dropped by about three basis points) on improved liquidity in the system. Total traded volumes on the order matching system also increased to Rs 8,305 crore (Rs 6,155 crore). ... More

CREDIT MARKET
RBI move to raise priority sector funding
Priority sector advances by commercial banks are set to rise with the RBI shifting the base for arriving at the quantum of loan funds. A RBI circular issued on Wednesday says, "the targets and sub-targets under priority sector lending would be ... More

SHORT TERM INSTRUMENTS
Call rates ease on improved liquidity
Call rates eased to 6.7-6.8 per cent (6.9-7 per cent) as liquidity improved from around Rs 8,000 crore to over Rs 10,000 crore on Wednesday. In the first one-day reverse repo auction under LAF, the RBI received five bids for Rs ... More

FIXED DEPOSITS
Karnataka Bank hikes NRE rates
Karnataka Bank Ltd has increased interest rates on its NRE and FCNR (B) deposit schemes with effect from November 1. A bank release said here on Wednesday that the interest rate on NRE deposits has been revised to 6.34 per cent (6.3 per cent) ... More

ALLIANCES & JOINT VENTURES
Bank of India, Union Bank, IDFC form lending alliance
Both banks to facilitate jt identification and underwriting of project finance More

EVENTS
Entrepreneurial summit in Mumbai next month
TiE (The Indus Entrepreneurs), a global non-profit organisation, plans to host an entrepreneurial summit to celebrate the "spirit of Indian entrepreneurs", in Mumbai from December 17-19. Mr K.V. Kamath, Managing Director and CEO, ICICI Bank, ... More

PEOPLE
Samir is ING Vysya country head
ING Vysya Bank has announced the appointment of Mr Samir Bimal as the Country Head - Private Banking, India. An ING Vysya Bank release said the move was in line with the bank's commitment to develop a strong private banking ... More