The Hindu Business Line : Friday, July 24, 2009

MONEY & BANKING

FINANCIAL PERFORMANCE: Union Bank net soars 94% on high non-interest income
To raise Rs 1,500 crore from Tier-II bonds. Mumbai, July 23 Union Bank of India’s net profit surged 94 per cent to Rs 442 crore for the quarter ended June 2009, against Rs 228 crore in the corresponding quarter last year. The rise in net ...

FIXED DEPOSITS: A case against reducing deposit rates
It has become fashionable to raise a clamour that bank lending rates are too high and are hurting the business climate. The Government is pressuring public sector banks to reduce lending rates. To achieve this, banks have started ...

LIFE INSURANCE: PAN must for premium over Rs 1 lakh
The Insurance Regulatory and Development Authority has made PAN card mandatory for all policies where annual premium is more than Rs 1 lakh. It has issued a circular to all life insurance companies in this regard, said a life insurance ...

FINANCIAL PERFORMANCE: Indian Bank Q1 profit rises 52% on growth in income
Chennai, July 23 Growth in net interest income and trading profits catapulted Indian Bank’s net profits by 52.4 per cent to Rs 331.6 crore in the first quarter of 2009-10, compared with Rs 217.6 crore for the same period ...

PUBLIC SECTOR BANKS: Andhra Bank charts growth plan in Kerala
Kochi, July 23 Andhra Bank has formulated an aggressive growth strategy in Kerala and aims to cross Rs 750 crore in business by March ...

CREDIT RATING: Crisil upgrades 8 public sector banks
Mumbai, July 23 Rating agency Crisil has upgraded the ratings of eight public sector banks, expecting stronger ...

NBFCS: L&T Finance plans insurance, asset management foray
Mumbai, July 23 L&T Finance Ltd (LTF), the wholly-owned financial services subsidiary of engineering and construction giant L&T, is mulling entry into the general insurance and asset management space by floating ...

CONSUMER FINANCE: Honda Motorcycle, Muthoot Capital Services tie up
Kochi, July 23 Honda Motorcycle and Scooter India Pvt Ltd has tied up with Muthoot Capital Services Ltd (MCSL), a division of Muthoot Pappachan Group, to offer instant “need-based financial services” for its two-wheeler ...

CONSUMER FINANCE: Yamaha India finance arm eyes 33% rise in disbursals
Chennai, July 23 Bussan Auto Finance India Private Ltd, the finance arm of India Yamaha Motor Private Ltd, is set to increase its loan book by 33 per cent to Rs 100 ...

NBFCS: Shriram Transport Finance to set up subsidiary
The equipment financing company will finance small segments players in buying crushers, loaders and tippers in the price range of Rs 5 lakh to Rs 25 ...

VENTURE CAPITAL: Lightspeed invests Rs 40 cr in Itz Cash
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