The Hindu Business Line : Saturday, May 17, 2008

FOREX
Forex reserves rise to $312.7 b
Mumbai, May 16 The country’s foreign exchange reserves rose by $200 million to $312.7 billion for the week ended May 9, according to the RBI’s Weekly Statistical Supplement.In the previous week, the reserves had fallen by ... More

Re closes higher in volatile market
The rupee closed higher in a market that saw volatile movement. The supply came from the overseas NDF market as well as from exporters, who sold dollars when it moved close to 43, said forex dealers. On Friday, the rupee opened at 42.64/66 and ... More

INFORMATION TECHNOLOGY
‘S. Asian countries need to move towards electronic payments’
Mumbai, May 16 Development of the retail payment system is crucial for the development of financial markets in South Asia. But currently, the SAARC region countries are way behind their counterparts in Latin American and European countries ... More

TAXATION
Rs 100 service fee for $10,000 forex deal
Mumbai, May 16 Banks started charging a service fee of Rs 100 for every forex transaction of $10,000 and above and Rs 50 on transactions of less than $10,000 from May 16, following the notification by the government to levy service tax. Banks ... More

FINANCIAL PERFORMANCE
Muthoot Capital net up
Kochi, May 16 The net profit of Muthoot Capital Ltd grew by 96 per cent to Rs 4 crore (Rs 2.04 crore) for the fiscal 2007-08. The turnover of the company grew by 53 per cent to Rs 12.25 crore (Rs 8.02 crore), a press release issued here ... More

LIFE INSURANCE
LIC to push sale of traditional policies
In line with commitment to invest in infrastructure, says MD More

GENERAL INSURANCE
ECGC, United India tie up to offer free marine cover
Chennai, May 16 Export Credit Guarantee Corporation (ECGC) on Friday entered into an agreement with fellow-public sector insurance company, United India, to offer free marine cover to its exporter-customers.The marine cover will be an ... More

PRIVATE BANKS
‘ICICI Bank circular discriminatory’
A circular from ICICI Bank to its customers, informing the need to maintain a minimum quarterly average balance of Rs 10,000 in the savings account, effective from July 1, is felt to be discriminatory by the small retail investors in the city. ... More

LVB opens technology centre
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GOVT BONDS
Govt likely to issue Rs 35,000 cr of oil bonds
Sale of holdings by refineries results in widening of spreads More

Bond prices fall
Bond prices fell by around 45 paise on concern over higher inflation numbers and tight liquidity conditions. Total traded volumes on the order matching system were at Rs 5,220 crore (Rs 4,260 crore). Dealers said that domestic inflation, which ... More

SHORT TERM INSTRUMENTS
Call rate closes at 6-6.25%
The inter-bank call rate closed lower at 6-6.25 per cent, against the previous close of 7.7-7.85, though it touched a high of 8 per cent during the day. In the four-day reverse repo auction under the liquidity adjustment facility, the RBI ... More

STANDARDS & BENCHMARKS
ISO for SKS Microfinance
SKS Microfinance has become the first microfinance institution in the world to get an ISO certification for its 200-plus strong ‘Internal Audit Department’. The ISO 9001:2000 certification has been awarded by leading certifying body ... More

PEOPLE
Centre appoints EDs in 3 banks
New Delhi, May 16 The Centre has appointed executive directors in three public sector banks — Oriental Bank of Commerce, Indian Overseas Bank (IOB) and Andhra Bank.All the three appointments are elevations from the General ... More