The Hindu Business Line : Saturday, August 09, 2008

MONEY & BANKING

IPOS: Cabinet nod for Punjab & Sind Bank equity rejig
New Delhi, Aug. 8 Punjab & Sind Bank (PSB) may soon be able to tap the capital market through an initial public offering (IPO) at a reasonable premium, with the Union Cabinet on Friday giving its nod for restructuring its equity capital. ...

AUDITING: Banks face audit burden on farm loan reimbursement
IBA takes up issue with Government. Mumbai, Aug. 8 Even as the Government is gearing up to disburse the first tranche of farm loan reimbursement by September 30, banks are facing a new problem, which could delay the entire ...

INTEREST RATES: Interest rates on credit cards set to go up
No alternative as cost of funds has gone up, say banks. Hyderabad, Aug. 8 If you are a frequent user of credit card, you better think twice before swiping it. ...

FOREIGN BANKS: FirstRand Bank plans coal trading desk
Awaits RBI approval for branch licence. Mumbai, Aug 8 FirstRand Bank of South Africa, which is awaiting the Reserve Bank of India approval for a branch licence, plans to tap the potential for structured debt finance and investment banking in ...

GOVT BONDS: Bond market steady
The bond market was steady as the cut-off yield for the 10-year benchmark security was lower than expected and as oil prices eased, bond dealers said. The cut-off yield for the 8.24 per cent 10-year benchmark security, which was reissued, ...

FOREX: Rupee recoups early lossses

FIXED DEPOSITS: TMB hikes deposit rates
Tuticorin-based Tamilnad Mercantile Bank has hiked the interest rates on domestic term deposits, effective from August 8. The interest rates for deposits with a maturity period of one year have been hiked by 25 basis points, from 9.75 per cent to ...

SHORT TERM INSTRUMENTS: Call rates almost unchanged

FOREX: Forex reserves down for third consecutive week
Mumbai, Aug. 8 The foreign exchange reserves fell by $1.13 billion to touch $305.474 billion for the week ended August 1, according to figures released by Reserve Bank of India’s Weekly Statistical Supplement. ...

CREDIT MARKET: Banks act tough on 2-wheeler inventory funding
New Delhi, Aug. 8 Banks are not going slow just on retail financing of two-wheeler loans, but are also being tough with dealers on inventory funding. ...

PUBLIC SECTOR BANKS: Maruti shares sold at profit, says Corporation Bank
Mangalore, Aug. 8 Corporation Bank, which was one of the highest bidders for the shares of Maruti Udyog Ltd (MUL) in May 2007, has earned a profit of around Rs 16 crore by selling the shares. ...

DERIVATIVES MARKETS: RBI panel for STT waiver on trades in interest rate futures
Mumbai, Aug. 8 An RBI technical committee has suggested waiver of Securities Transaction Tax (STT) for trades in Interest Rate Futures. ...

GENERAL INSURANCE: Apollo DKV, MakeMyTrip team up
New Delhi, Aug 8 Apollo DKV Insurance Company, a health insurance company, has tied up with MakeMyTrip, a travel company, to introduce a domestic travel insurance solution for travellers within the country. ...

PUBLIC SECTOR BANKS: Andhra Bank likely to raise tier II capital
Andhra Bank is likely to approach markets to raise tier II capital within a week, according to Mr R.S. Reddy, the newly appointed Chairman and Managing Director. ...

RBI & OTHER CENTRAL BANKS: IOC allowed to use Paradip refinery credit line
New Delhi, Aug. 8 In a move that would allow Indian Oil Corporation Ltd (IOC) to tide over its liquidity crunch, the Reserve Bank of India has allowed the company to use its Paradip refinery allocated credit line for meeting its working ...

LIFE INSURANCE: Max NY Life’s premium up 81%
New Delhi, Aug. 8 Max New York Life Insurance has announced that the company had clocked Rs 2,100 crore in collected premium for January-July 2008. This represents an 81-per cent increase over the same period last ...

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