The Hindu Business Line : Tuesday, April 21, 2009

MONEY & BANKING

PEOPLE: Shikha Sharma is new MD and CEO of Axis Bank
P.J. Nayak quits in protest; bank posts 61% rise in net profit. Mumbai, April 20 The board of Axis Bank on Monday appointed Ms Shikha Sharma, Managing Director, ICICI Prudential Life Insurance Company, as the bank’s new Managing Director ...

CREDIT POLICY: Negative inflation may pose dilemma for RBI on key policy rates
New Delhi, April 20 With inflation likely to turn negative before the month-end, the question, say some economists, is no longer one of whether to reduce the reverse repo rate, but by how much. This crucial policy rate – which is what ...

RBI & OTHER CENTRAL BANKS: RBI survey lowers GDP growth forecast to 5.7%
Overall sentiment for all industries, except textiles, positive. Mumbai, April 20 The median forecast of real GDP growth, according to the Reserve Bank of India’s latest professional forecasters’ survey, for 2009-2010 has been ...

INSIGHT: Grey areas in debt recovery proceedings
The Madras High Court judgement in the Rajshree Sugars and Chemicals Ltd vs Axis Bank Ltd case raises interesting questions on certain provisions of the DRT Act, 1993 (Act). Can a borrower approach a court independent of a ...

FINANCIAL PERFORMANCE: Axis Bank Q4 net up 61% on growth in income
Mumbai, April 20 Axis Bank reported a growth of 61 per cent in net profit at Rs 581 crore for the fourth quarter ended March 31, against Rs 361 crore in the same quarter last year, aided by growth in its fee income and ...

LIFE INSURANCE: Star Union Dai-ichi Life plans to infuse Rs 850 cr
New Delhi, April 20 Star Union Dai-ichi Life Insurance Co, formed jointly by Bank of India, Union Bank and Dai-chi Mutual Life, plans to infuse Rs 850 crore in the next five years. The investment will be to expand its business operations ...

PEOPLE: Vishakha Mulye appointed chief of ICICI Venture
Mumbai, April 20 Ms Vishakha Mulye has been appointed the Managing Director and CEO of ICICI Venture Funds Management Company Ltd. The appointment comes after Ms Renuka Ramnath tendered her resignation at the Board meeting held on ...

FIXED DEPOSITS: OBC cuts deposit rates
New Delhi, April 20 Oriental Bank of Commerce has reduced its term deposit rates by 25-100 basis points across various maturities. The revised rates will be applicable from April 21, a bank official ...

CREDIT POLICY: Pre-Monetary Policy view
Indian banks are once again awash with liquidity. Their daily surplus is in the tens of thousands of crores, which is being simply deposited with the RBI to earn 3.5 per cent ...