The Hindu Business Line : Thursday, May 15, 2008

FOREX
Rupee ends lower on dollar demand
The rupee closed lower by about 35 paise in a volatile market, as the demand for the dollar continued to be strong. On Wednesday, the rupee opened at 42.20 and touched a low of 42.66/68, before closing at 42.44/45, against the previous close of ... More

INSURANCE
C.S. Rao demits office as IRDA Chairman
Hyderabad, May 14 Mr C.S. Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), completed his tenure as the regulator on Wednesday. In his near 5-year full term, Mr Rao, a career-bureaucrat, brought in efficiency and rule book ... More

TAXATION
Service tax on forex deals worries bankers
Mumbai, May 14 Bankers are worried that they will soon have to pay service tax on all foreign exchange transactions, which they say would significantly push up the transaction costs. As per a new notification, service tax will be ... More

PUBLIC SECTOR BANKS
‘Public sector banks must expand reach to facilitate financial inclusion’
Chidambaram inaugurates Punjab National Bank’s first micro finance branch More

FINANCIAL INSTITUTIONS
India to soon emerge as US Ex-Im Bank’s largest client
Free trade agreement with India too premature, says US Ambassador More

PFC signs MoU with US Ex-Im Bank
State-owned lending major Power Finance Corporation (PFC) on Wednesday announced the signing of a memorandum of understanding with Ex-Im Bank of the US, under which the latter will support US exports for power projects in India, including ... More

GOVT BONDS
Bonds fall by 5 paise
Bond prices fell by around 5 paise as traders remained concerned about tight liquidity conditions. Total traded volumes on the order matching system were at Rs 4,010 crore (Rs 6,460 crore). Dealers said that there was no buying interest in the ... More

SHORT TERM INSTRUMENTS
Call rate closes at 6.5-6.6%
Call rate closed at 6.5-6.6 per cent, slightly higher than the previous close of 6.4-6.5 per cent. In the first one-day reverse repo auction under the liquidity adjustment facility, the RBI received and accepted five bids for Rs 2,405 crore. ... More

CREDIT CARDS & DEBIT CARDS
ICICI Bank launches credit card variant
Mumbai, May 14 ICICI Bank on Wednesday launched the ‘Platinum Identity’ credit card. This variant has additional features and a nominal annual fee. “It is an upper variant of the platinum card. It targets ... More

FIXED DEPOSITS
Syndicate Bank to contain bulk deposits this year
Net profit rises 18.43% to Rs 848 crore More

PNB not to cut deposit rates for now
New Delhi, May 14 Punjab National Bank (PNB) has no plans to reduce deposit rates for now, its Chairman and Managing Director, Mr K.C. Chakrabarty, has said. He also said the bank would meet its profit target for 2007-08. PNB is to announce ... More

ALLIANCES & JOINT VENTURES
Same Deutz-Fahr to tie up with BNP Paribas, Rabobank arm
Will offer wholesale, retail financing More

ECONOMIC OFFENCES
Anti-money laundering readiness of Indian banks
More