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MONEY & BANKING
RBI & OTHER CENTRAL BANKS:
RBI cuts key rates further
Repo, reverse repo trimmed by 100 bps each, CRR by 50 bps. Mumbai, Jan. 2 The Reserve Bank of India on Friday cut its key rates — repo and reverse repo by one percentage point each and dropped Cash Reserve Ratio by half a percentage point ...
CRR & BANK RATES:
Banks to benefit from latest fiscal and monetary measures
Window will allow NBFCs to raise money and stabilise business. In a move that may push banks to loosen their purse strings and invest less in safer options, RBI has cut the cash reserve ratio by 50 basis points and policy rates (repo and reverse ...
CRR & BANK RATES:
Analysts see execution as key to stimulus success
‘Rate cuts will have positive effect on markets’. Mumbai, Jan. 2 Execution of the stimulus package will be crucial, said market participants on Friday, when the Centre announced the much-awaited second ...
INSIGHT:
Micro-finance needs regulated growth
With about 180 million poor households in India, poverty alleviation commands a significant portion of our policy-makers’ attention. Financial inclusion is widely accepted as a crucial step in this direction. In the past few years, the RBI ...
CREDIT MARKET:
Bankers see credit offtake picking up
Impact on margins unlikely; treasury profits to be higher. Mumbai, Jan. 2 Bank deposits may soon lose their favoured status as an investment option, as banks get ready to cut deposit rates further. However, with lending rates also showing a ...
GOVT BONDS:
Bond prices rally
Bond prices rallied by Rs 1.84 after the RBI announcement. The markets had factored in a 50 bps cut in the repo and the reverse repo rates. The cut announced by the RBI far exceeded market expectations, said Mr K Ramkumar, Head of Fixed ...
PRIVATE BANKS:
Dhanalakshmi Bank’s micro-credit scheme
The Thrissur-based Dhanalakshmi Bank has registered impressive performance in micro-credit finance as it sanctioned Rs 211.97 crore till September 30, 2008 covering 5,49,200 beneficiaries. Mr Amitabh Chaturvedi, Managing Director and CEO, said ...
PUBLIC SECTOR BANKS:
UCO Bank opens 2009th branch
The Kolkata-headquartered UCO Bank opened its 2009th branch at Dankuni, Hooghly, in West Bengal on New Year’s Day. Mr B. Mahapatra, Regional Director, Reserve Bank of India, Kolkata, Eastern Zone, was the chief guest at the inaugural ...
INTERVIEW:
FINO sees break-even next year
‘Unlike micro finance bodies, we focus on savings, insurance’. Financial Information Network and Operations (FINO), a two-year technology-backed company, enables financial institutions to reach out to the un-banked customers. ...
OUTLOOK:
Banks to decide soon on follow-up measures
Jan 2 The Indian Overseas Bank will convene an asset-liability committee meeting shortly which would take the decision on a cutting the lending rates, according to its Chairman and Managing Director, Mr S.A. Bhat. When ...
GENERAL INSURANCE:
Insurers awaiting IRDA nod for customised products
Some plan to gauge market mood before adding features. Mumbai, Jan. 2 With regulations allowing product differentiation by general insurers from this year, insurance companies are queuing up in front of Insurance Regulatory and Development ...
LIFE INSURANCE:
Star Union Dai-ichi Life to focus on bancassurance
Mumbai, Jan. 2 Star Union Dai-ichi Life Insurance Company, the newest entrant into the life insurance business, plans to focus on bancassurance to establish a ...
LIFE INSURANCE:
Insurers can retain over 10% stake in firms: IRDA
Cap only on new investments. Hyderabad, Jan. 2 Here is some good news for insurance companies, including Life Insurance Corporation (LIC). They need not dilute their existing stake in individual companies to below 10 per cent in case they were ...
PUBLIC SECTOR BANKS:
Corp Bank launches current accounts drive in Kerala
Kochi, Jan. 2 The public sector Corporation Bank has chalked out plans to increase its total business in Kerala to Rs 2,500 crore by the end of current financial year, according to Mr M. Narayana Bhat, Deputy General Manager and Zonal ...
EVENTS:
Bankers meet
Assistance to SMEs: (from left) Mr George Joseph, Chairman and Managing Director, Syndicate Bank and Chairman of SLBC- Karnataka; Dr Shanthakumari Sunder, Additional Chief Secretary and DC, Karnataka Government; and Mr V.K. Nagar, ED, ...
INTEREST RATES:
Interest rates to soften further: O.P. Bhatt
Guwahati, Jan. 2 Interest rates will soften further and there will be a gradual pick-up in credit offtake, according to Mr O.P. Bhatt, Chairman, State Bank of India. “There is a southward bias on interest rates, they have been coming ...
FINANCIAL INSTITUTIONS:
Fitch gives national rating for AP financial corporation scheme
Hyderabad, Dec. 2 Fitch Rating has assigned Andhra Pradesh State Financial Corporation a national rating for its Rs 100-crore series III-2008 (including a greenshoe option of Rs 25 crore) long-term ...
HOUSING FINANCE:
NHB’s bewildering guidelines
The Finance Act, 2008 has pulled out all stops to make reverse mortgage of house property palatable from the taxation standpoint as far as the borrower is concerned: no tax at all either by way of capital gains tax nor by way of tax on the ...
PRIVATE BANKS:
Axis Bank opens new branch
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