The Hindu Business Line : Friday, October 31, 2008

MONEY & BANKING

GENERAL INSURANCE: Insurers move into T-bills, certificates of deposits
Pull out from equities to prevent erosion of investments. Bangalore, Oct. 30 With the downturn in the equity market, insurance companies have shifted investments to certificates of deposits and short-term Treasury ...

FOREX: Orchid suffers Rs 40-cr loss in Q2
Rs 81.57-cr hit on restatement of foreign currency loans. Chennai, Oct. 30 Due to an Rs 81.57-crore hit on account of restatement of foreign currency loans, Orchid Chemicals and Pharmaceuticals reported a loss of Rs 40.66 crore for the ...

INSIGHT: Why weren’t the rating agencies up to grade?
Never before has any single industry come under the scanner in recent times as the ratings industry now with financials institutions falling like nine pins. Investors have always derived comfort from external assurance such as professional audit ...

FINANCIAL PERFORMANCE: Higher provisioning dents IOB net in Q2
Chennai, Oct. 30 Due to a huge increase in provisioning for bad debt — Rs 179 crore during the second quarter of 2008-09 compared with Rs 8.3 crore previously — Indian Overseas Bank posted lower net profit growth at 12.30 per ...

SOCIETY & DEVELOPMENT: SBH donates van to service centre
Ms Renu Challu, Managing Director, State Bank of Hyderabad (SBH), has donated a pick-up van as part of the bank’s community services initiative to the Centre for Social Service. The centre is providing free food, shelter, clothing ...

PEOPLE: Chola DBS Finance MD quits
Cholamandalam DBS Finance has informed the stock exchanges that its board of directors has accepted the resignation of Mr Atul Pande as Managing Director of the company with immediate effect.— ...

LIFE INSURANCE: LIC targets growth via bancassurance
Kolkata, Oct. 30 Life Insurance Corporation of India is eyeing business growth through the bank-delivery route as its bancassurance partners are expected to push harder third-party insurance products to its customers when loan disbursements ...

CO-OPERATIVES: More autonomy for co-op banks welcomed
Coimbatore, Oct. 30 The Tamil Nadu Cooperative Bank Employees Association (TNCBEA) has hailed the amendment brought to Section 136 of the Tamilnadu Cooperative Societies Act 9183, providing autonomy for the Short Term Agricultural ...

PUBLIC SECTOR BANKS: SBI chief renews plea for advisors
New Delhi, Oct. 30 The SBI Chairman, Mr O.P. Bhatt, has renewed his request to appoint two retired SBI officials as advisors. The move has annoyed the Reserve Bank of India as well as the Finance Ministry. The request has been turned ...

OVERSEAS BORROWINGS: $2.83 b raised via ECBs
A total of 50 companies raised $2.83 billion through overseas borrowings in September, according to the Reserve Bank of India’s data on external commercial borrowings (ECBs) and foreign currency convertible borrowings ...