MONEY & BANKING
FOREX
`Rising rupee will dent home textile exports'
Exporters of home textiles from the handloom town of Karur fear that the strengthening rupee will severely dent shipments of made-ups, which are a key value-earner in the country's textile export ...
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India now a trillion-dollar economy
India has become the twelfth country in the world to become a trillion-dollar economy, said a report from Swiss investment firm Credit Suisse. With the Gross Domestic Product (GDP) at Rs 41 trillion and the rupee appreciating to below 41 ...
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Rupee ends flat
Rupee ended flat on Thursday at 40.90/91 against the previous close of 40.89/90. "The domestic currency was volatile. It opened at 40.79, saw an intra - day high of 40.73 on FII inflows and a low of 40.96 on strong demand from ...
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STOCKS
Banking funds gain
Banking funds have clearly gained from the surging bank stocks, as the latest figures suggest. These funds have topped one-week charts with 5.56 per cent (as on April 25), according to Value Research, beating index funds that have come a close ...
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FINANCIAL PERFORMANCE
United Bank net rises 30.7%
United Bank of India (UBI) has posted a 10.9 per cent increase in deposits and a 9.6 per cent increase in advances for the quarter ended March 31, 2007, at the close of which its total business stood at nearly Rs 60,000 crore. The bank, which ...
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State Bank of Bikaner net zooms
State Bank of Bikaner & Jaipur (SBBJ) has posted a net profit of Rs 305.80 crore for the fiscal 2006-07. This is more than double the net profit of Rs 145.03 crore recorded in the previous year. A release issued by the bank said
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GENERAL INSURANCE
PSU general insurers book profits for 2006-07
Stock market boom helps offset underwriting losses
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CREDIT RATING
Govt's support vital for ratings, says Crisil
Crisil has said the Government's support is important to its ratings methodology though a bank's own financial and business risk profile plays a far more significant role in arriving at a rating. "Against the background of heightened investor ...
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RBI & OTHER CENTRAL BANKS
KYC norm: Penalty for SBI Commercial
The Reserve Bank of India has imposed a penalty of Rs 10 lakh on SBI Commercial and International Bank Ltd for violation of KYC norms. A penalty of Rs 5 lakh was imposed for non-adherence to know-your customer norms while opening ...
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PRIVATE BANKS
TMB camp for financial inclusion
The Tuticorin-based Tamilnad Mercantile Bank (TMB) organised recently a financial inclusion camp in all its 183 branches to provide banking facilities to sections of the disadvantaged and low-income groups, under its newly formulated `TMB Janatha ...
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PUBLIC SECTOR BANKS
Basel II: Punjab National Bank needs Rs 3,000 cr
Awaits regulator's clearance for the insurance venture
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Canara Bank, ICRA sign MoU
Canara Bank has signed a memorandum of understanding with the ICRA Ltd for credit rating small and medium enterprises. A bank release said here that the MoU would facilitate extending comprehensive rating services to all the ...
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GOVT BONDS
Bond yields gain
Bond yields rose by about nine basis points on expectations of tighter liquidity with the second phase of the CRR hike kicking in from April 28. "An auction of Rs 6,000 crore will also take place on Friday and drain out ...
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CRR & BANK RATES
Inflation target is only a `self-imposed, informal mandate'
It is not like we are aiming for the moon, it is something we have achieved on an average in the last four years. Now, what I am trying to do is remind ourselves not to be content with 5 per cent this year. — DR Y. V. REDDY, RBI GOVERNOR
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CREDIT MARKET
Credit demand has dropped: Union Bank chief
The Chairman and Managing Director of Union Bank of India, Mr M.V. Nair, has said that there has been a drop in credit demand. Speaking to newspersons, he said the rising interest rates had not impacted the rural sector much and that big ...
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BoI records highest credit deposit ratio
Bank of India's Karnataka zone recorded one of the country's highest credit deposit ratio at 130 per cent for the year ended March 31, 2007, said Mr A.A. Badshah, Zonal Manager, Bank of India. Advances grew by 39 per cent to Rs 2,768 crore and ...
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SHORT TERM INSTRUMENTS
Call rates close higher
Call closed higher at 9 - 9.25 per cent on Thursday against the previous close of 8 - 8.50 per cent. The RBI lent to banks Rs 8,720 crore through the repo window while banks parked Rs 115 crore under the reverse repo with the ...
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FIXED DEPOSITS
Karnataka Bank trims NRE deposit rates
Karnataka Bank Ltd has reduced interest rates on its NRE and FCNR (B) deposit schemes with effect from April 25. A bank release said here the interest rate on NRE deposits has been reduced to 5.22 per cent (5.72 per cent) for a tenure of one ...
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MERGERS & ACQUISITIONS
LKB merger: Centurion Bank of Punjab awaits HC ruling
Centurion Bank of Punjab expects the Kerala High Court to pass a judgment in May in the case concerning the merger of Lord Krishna Bank. The merger will still require an RBI approval, which, subject to the court order, is expected to come in ...
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