The Hindu Business Line : Saturday, June 20, 2009

MONEY & BANKING

MERGERS & ACQUISITIONS: State Bank of Indore to be merged with SBI
Bank boards give the go-ahead for consolidation process. New Delhi, June 19 Less than a fortnight after the Finance Minister, Mr Pranab Mukherjee, endorsed the consolidation process among State-owned commercial banks, State Bank of India (SBI) ...

TRADE & LABOUR UNIONS: State Bank of Indore staff to strike work
New Delhi, June 19 The merger process of State Bank of Indore with the State Bank of India may face stiff opposition from the employees and officers of ...

MERGERS & ACQUISITIONS: ‘Associates’ response matters more than size’
Mumbai, June 19 The merger of associate banks with State Bank of India will depend more on the response of the leadership of the associate concerned than its size, said Mr O. P. Bhatt, ...

NON-PERFORMING ASSETS: Banks prefer to invite bids for selling NPAs
Not keen on high discounting rates, staggered payments. Bangalore, June 19 Banks have taken the bid route for selling their non-performing assets so as to obtain ...

LIFE INSURANCE: Future Generali eyeing sales via malls
Future Generali India Life Insurance Company Ltd will focus on selling insurance products through malls of Future Group as bancassurance tie-ups are difficult to arrange for a new entrant in the present regulatory framework, according to Mr ...

FOREX: Rupee gains marginally
The rupee gained marginally by 11 paise against the dollar on Friday, in a volatile market. The domestic currency opened at 48.20 and weakened to touch an intra-day low of 48.27. It closed at 48.10, as against the previous close of 48.21. The ...

SHORT TERM INSTRUMENTS: Call rate unchanged
The inter-bank call rate closed at 3.25-3.30 per cent, as against the previous close of 3.20-3.30 per cent. Under the first liquidity adjustment facility (LAF), there was one bid for Rs 500 crore in the three-day repo auction. In the reverse ...

LIFE INSURANCE: Life insurers selling more ULIPs may have to infuse extra capital
IRDA to bring out risk-based capital norms. Kolkata, June 19 Life insurance companies that sell more of unit linked insurance policies (ULIPs) may soon have to infuse additional capital to meet ...

FINANCIAL SERVICES: Muthoot Finance looks at expansion of network
Coimbatore, June 19 Muthoot Finance, the flagship company of The Muthoot Group, is looking at rapid expansion of its branch network and foraying into other business verticals such as wealth management services, railway ticketing and ...

PUBLIC SECTOR BANKS: SBI move will improve synergies, say analysts
Mumbai, June 19 Having tasted success in assimilating its wholly-owned subsidiary — State Bank of Saurashtra — last year, State Bank of India has initiated yet another consolidation move by announcing that it will acquire ...

FIXED DEPOSITS: Vijaya Bank plans to raise NRI deposit base
Mangalore, June 19 The public sector Vijaya Bank plans to increase its NRI (non-resident Indian) deposit base four-fold during the current financial year, according to Mr S.C. Kalia, Executive ...

NEW PRODUCTS & SERVICES: SIB product for women
Coimbatore, June 19 South Indian Bank has launched ‘SIB Mahila’, a savings bank product for women. The product, which is linked with recurring deposit, provides 10 technological products/services for free including ...

FOREX: Forex reserves rise by $2.4 b
Mumbai, June 19 The country’s foreign exchange reserves increased by $2.427 billion to $263.644 billion for the week ended June 12, according to data released in the Reserve Bank of India’s weekly ...

INTEREST RATES: UCO Bank plans to trim lending rate by 50 bps
Kolkata, June 19 The Asset-Liability Committee of UCO Bank has proposed a 50 basis points reduction in the Prime Lending Rate (PLR) effective from June 27, subject to ratification by its ...