The Hindu Business Line : Wednesday, April 29, 2009

MONEY & BANKING

CREDIT MARKET: SBI cuts education loan rates by up to 200 bps
Mumbai, April 28 State Bank of India has decided to reduce the interest rate on education loans, which will be sanctioned to students pursuing higher studies from May 2009 to September 2009, by up to 200 ...

FINANCIAL PERFORMANCE: Central Bank Q4 net falls 51% on higher provisioning
To focus on recovery in a big way this fiscal: CMD. Mumbai, April 28 Central Bank of India’s net profit fell by 51 per cent to Rs 62 crore for the quarter ended March 31, 2009, from Rs 127 crore in the same period last year, due to lower ...

LIFE INSURANCE: Max New York Life to launch universal life policy
Product would be a hybrid between traditional policies and ULIPS. Max New York Life Insurance Company Ltd (MNYL) is to launch by the middle of this year a universal life policy for the first time in India, said the CEO and Managing Director, Mr ...

GOVT BONDS: Bonds fall, reverse earlier gains
Bond prices opened higher, but gave up intra-day gains, as investors sold securities. The yields on the 10-year benchmark were between 6.12 and 6.2 per cent, said bond dealers. “The market is on the paying side, but yields on the 10-year ...

FOREX: Rupee declines in choppy trade
The rupee depreciated by 26 paise against the dollar on Tuesday amidst choppy trade. The rupee opened weak at 50.38/40 and fell to touch an intra-day low of 50.56. It closed at 50.52, against the previous close of 50.26. The rupee opened weak as ...

SHORT TERM INSTRUMENTS: Call rate unchanged
The inter-bank call rate ended at 3.20-3.30 per cent, same as the previous day’s close. In the first liquidity adjustment facility (LAF), there were no bids in the one-day repo auction. In the reverse repo auction, there were 27 bids for ...

PUBLIC SECTOR BANKS: Canara Bank’s micro-finance unit
Canara Bank has opened a specialised micro-finance branch on North Masi Street in the city. According to Mr K. Bhaskar, Deputy General Manager, Madurai Circle, the branch is the 117th in the circle and 32nd in Madurai district. The bank would ...

FINANCIAL PERFORMANCE: Syndicate Bank net rises to Rs 914 cr
Gross NPA reduced to 1.93% in 2008-09. Bangalore, April 28 Public sector Syndicate Bank restructured Rs 3,382 crore of advances in 2008-09 in a bid to contain ...

FINANCIAL PERFORMANCE: Vijaya Bank net declines 27% last fiscal
Bangalore, April 28 Public sector Vijaya Bank made a cash recovery of Rs 311 crore for the financial year ended 2008-09, though net profit dropped 27 ...

INSURANCE: ‘Micro insurance has not grown as much as micro finance’
Chennai, April 28 Distribution is by far the greatest retarding factor in the growth of micro insurance in India as well as most developing countries, says Mr Mosleh Uddin Ahmed, CEO of the UK-based Microinsurance Research ...

FINANCIAL PERFORMANCE: ING Vysya Bank net increases 20%
Bangalore, April 28 The ING group remains committed to its banking operations in India though it is not prepared to commit any capital for ...

AWARDS & HONOURS: FLO award
...

PUBLIC SECTOR BANKS: ‘PNB may cut deposit, lending rates’
New Delhi: Punjab National Bank (PNB) is likely to cut lending and deposit rates by 50-100 basis points, its Chairman and Managing Director, Dr K.C. Chakrabarty, has said. When asked if he saw lending rates coming down further, ...

FOREIGN BANKS: StanChart expanding call centre operations
Chennai, April 28 Standard Chartered is expanding the call centre operations of its outsourcing hub Scope International in India. The staff strength in the call centre operations of Bangalore and Chennai together could double over the year ...

PRIVATE BANKS: Karnataka Bank sets triple targets
Karnataka Bank has focused its targets on mobilising CASA (current account savings account), reducing NPA and marketing of credit, according to Mr Ananthakrishna, Chairman and Chief Executive Officer of the ...

PUBLIC SECTOR BANKS: SBT in pact with Sundaram BNP Paribas
Thiruvananthapuram, April 28 State Bank of Travancore (SBT) has joined hands with Sundaram BNP Paribas Asset Management Company Ltd for marketing the latter’s mutual fund products through the 726 branches of the bank across ...

SOFTWARE: Accenture looks at providing cost-cut solutions to banks
New Delhi, April 28 With high performance efficiency becoming a mantra for most banks in India in the current slower growth environment, Accenture sees a huge scope for providing “cost reduction” strategies and solutions to banks ...

FINANCIAL SERVICES: Give asset management a mis(s)
Wealth management. Private banking. Portfolio management. They are the buzz words promising better returns than on risk free investments. The US, for example, has the 401(k) plans, which channel savings into financial assets ...

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Markets (April 28)

Nifty (at close)	3,362.10(-108)
US Dollar (Buy/Sell)	50.51/52
Brent crude (a bbl) Rs	2,476
Gold (a gram) Rs	1,364
Silver (a kg) Rs	22,250

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