The Hindu Business Line : Thursday, January 31, 2008

FARM CREDIT
Indian Bank to step up finance for tea sector
Coonoor, Jan. 30 Indian Bank has launched schemes to finance the small scale tea sector in the Nilgiris. “Before March 31, we intend to improve our presence in the Nilgiri tea sector. Our package covers all players – ... More

REGIONAL RURAL BANKS
CCEA approves release of Centre’s share for RRBs recapitalisation
New Delhi, Jan. 30 The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its nod for release of the Centre’s 50 per cent share for recapitalisation of Regional Rural Banks (RRBs) with negative networth. Currently, ... More

CREDIT POLICY
RBI’s current priority: Containing inflation
No news is perhaps good news is how the banking circles here summed up their reactions to the maintenance of status quo by the RBI in the third quarter review of credit policy. Perhaps the monetary authorities, as the ... More

Bankers see some movement in interest rates in near term
Mumbai, Jan 30 Mr Neeraj Swaroop - Regional Chief Executive, India & South Asia, Standard Chartered Bank“The Reserve Bank of India has kept policy rates unchanged which is in line with our expectations. The ... More

FINANCIAL PERFORMANCE
IOB’s profit up 25% on growth in core income
Chennai, Jan. 30 Indian Overseas Bank (IOB) has reported a net profit of Rs 308.14 crore for the third quarter of the year compared with Rs 246.78 crore in the corresponding period of last year, a growth of 25 per cent. The profits came ... More

Max India Q3 net rises 5-fold to Rs 21 crore
New Delhi, Jan 30 Having almost tripled capacity of speciality products business last year, Max India is reaping benefits with a five-fold increase in its standalone net profits at Rs 21 crore for the quarter ended December 31, 2007, as ... More

Bank of Baroda Q3 net grows 52% at Rs 501 cr
Robust growth seen in other income More

Rise in interest income lifts IndusInd Q3 net
Mumbai, Jan. 30 IndusInd Bank has reported a 16 per cent jump in Q3 net profit at Rs 25 crore, against Rs 22 crore in the corresponding quarter of the previous year, spurred by interest income.Net interest income was up 58 per cent at ... More

Andhra Bank Q3 net profit up 17%
Rise in credit, fee-based income key to growth More

Oriental Bank Q3 net falls 24%
Oriental Bank of Commerce (OBC) on Wednesday reported 24 per cent decline in net profit for the quarter ended December 31, 2007 at Rs 138.48 crore compared with Rs 182.42 crore in the same period in the previous year. Total income of the bank for ... More

DEBT MARKET
Regulations for debt instruments okayed
Mumbai, Jan.30 SEBI on Wednesday approved regulations for the public issue of securitised debt instruments (SDI). As per the regulations, the entity issuing SDI will be a trust and the trustees will require registration from SEBI. ... More

FOREIGN DIRECT INVESTMENT
49% foreign investment in credit info cos allowed
New Delhi, Jan. 30 Foreign investment up to 49 per cent will now be allowed in credit information companies (CICs) with prior approval of the Government and regulatory clearance from the Reserve Bank of India (RBI).Within the overall ... More

PUBLIC SECTOR BANKS
Union Bank to add eight branches in Vizag region
Visakhapatnam, Jan. 30 Eight more branches will be opened during the year by the Union Bank of India in Visakhapatnam region, taking the total to 40, according to Mr L.N.V Rao, General Manager.At a press meet here on Wednesday after ... More

SBH opens 500th ATM

FOREIGN BANKS
StanChart to sell its AMC soon; launches mobile banking
Mumbai, Jan. 30 Standard Chartered Bank is looking to close the deal of the sale of its asset management company very soon, said Mr Neeraj Swaroop, Regional Chief Executive, India and South Asia, Standard Chartered Bank.“We plan ... More

FINANCIAL INSTITUTIONS
GE Money India seeks partners for personal loans, mortgage biz
GE Money India is scouting for a strategic partner for its wholly-owned personal loans and mortgage businesses, the newly appointed CEO and President, Mr Iqbal Singh has said. “My priority would be to find a strategic partner for ... More

OVERSEAS INVESTMENTS
Andhra Bank to open its office in New Jersey
Andhra Bank will be going global by opening a representative office in New Jersey, US. The Hyderabad-based bank is currently finalising the location of its office in Jersey City, Dr K. Ramakrishnan, Chairman and Managing Director, Andhra Bank, ... More