The Hindu Business Line : Tuesday, May 05, 2009

MONEY & BANKING

FINANCIAL PERFORMANCE: HDFC net down at Rs 733 cr in Q4
Rise in interest, other charges. Mumbai, May 4 Housing Development Finance Corporation’s net profit fell by 4.5 per cent to Rs 733 crore in the fourth quarter of 2008-09, as against Rs 768 crore in the corresponding period ...

FOREIGN BANKS: No action taken by Govt in 5 years on money laundering issue: PIL
Supreme Court to hear illicit funds case on July 28. New Delhi, May 4 The Supreme Court on Monday allowed the former Union Law Minister, Mr Ram Jethmalani, and other petitioners in the PIL (public interest litigation) on illicit funds stashed ...

NBFCS: FIPB asks Barclays Investments to seek RBI views on new biz
Company had sought nod for collection, recovery services. The Foreign Investment Promotion Board (FIPB) has asked Barclays Investments & Loans (BILL) to seek the Reserve Bank of India’s views on whether or not certain proposed ...

PUBLIC SECTOR BANKS: Car cos push for loans on vehicles for commercial use
Rope in financing arms, public sector banks. New Delhi, May 4The reluctance among private sector banks to finance vehicles for commercial purposes has compelled auto companies to turn to their private financing arm or ink separate ...

FINANCIAL PERFORMANCE: Allahabad Bank net dips 21% on higher provisioning
Kolkata, May 4 Allahabad Bank reported 21 per cent drop in net profit at Rs 768 crore (Rs 974 crore as on March 31, 2008) for the year ended March 31, 2009, on account of higher provisioning for investment depreciation and income tax at Rs ...

PUBLIC SECTOR BANKS: Canara Bank unveils SME Sulabh
Canara Bank has launched ‘SME Sulabh’ a new business model for increasing credit flow to the Micro, Small and Medium Enterprises (MSME) sector. SME Sulabh centralised processing centres are established initially at seven places ...

FOREX: Marginal rise in rupee
The rupee gained marginally against the dollar on Monday, after giving up most of the gains in day trade. The rupee opened stronger at 49.60 and fell to close at 49.91, against the previous close of 50.04/05. The rupee opened with a positive ...

FINANCIAL PERFORMANCE: PNB Housing Finance net up 32%
PNB Housing Finance Ltd (PNBHFL), a wholly owned subsidiary of Punjab National Bank, has reported a 32 per cent increase in net profit for the fiscal year 2008-09 at Rs 53.41 crore (Rs 40.59 crore). For the period under review, the company ...

FINANCIAL PERFORMANCE: Decline in advances pulls down KVGB net
The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB) has recorded a net profit of Rs 37.68 crore for 2008-09 as against Rs 72.13 crore in the previous fiscal. The lesser net profit during 2008-09 has been attributed to the decrease ...

FINANCIAL PERFORMANCE: United India Insurance net profit down 25%
Chennai, May 4 United India Insurance has reported a 25 per cent decline in net profits to Rs 476 crore for 2008-09 compared with Rs 631.6 crore the previous year due to a fall in investment income. The public insurer managed to cut down ...

FINANCIAL PERFORMANCE: HDFC’s life, non-life ventures post higher losses
Mumbai, May 4 Housing finance major HDFC’s life and non-life insurance ventures reported higher losses in FY09 vis-À-vis ...

GENERAL INSURANCE: Micro insurance should be more affordable: IRDA chief
There is a need for making micro insurance more affordable to the poorer sections of the society, according to Mr J. Hari Narayana, Chairman, Insurance Regulatory and Development ...

PEOPLE: Rakesh Mohan quits as RBI Deputy Governor
Mumbai, May 4 Dr Rakesh Mohan has relinquished his position as the Deputy Governor of the Reserve Bank of India, nearly eight months ahead of the completion of ...