The Hindu Business Line : Thursday, August 06, 2009

MONEY & BANKING

TRADE & LABOUR UNIONS: Bank strike stands despite IBA’s revised offer
A revised package offer by the Indian Banks’ Association (IBA) notwithstanding, the bank unions have decided to go ahead with their two-day strike from ...

GENERAL INSURANCE: Aviation risk premium rates increase by 50%
Fallout of reinsurance rate hikes since July. Bangalore, Aug. 5 For the beleaguered Indian aviation industry, there is one more difficulty to contend with — the hardening of aviation risk premiums. The rates are up 50 ...

FIXED DEPOSITS: SBT trims NRE short-term rates
State Bank of Travancore (SBT) has cut the interest rates for NRE deposits with effect from August 2. The new rate for deposit for periods from one year to less than two years is 3.25 per cent (old rate 3.36 per cent); two years to less than ...

FOREX: Rupee gains tracking equities
The rupee strengthened against the dollar on Wednesday, tracking the positive domestic equity market and gains made by other major currencies against the greenback. The rupee opened at 47.65 and closed at 47.52, higher by 23 paise from the ...

OUTLOOK: Vijaya Bank growth target at 22%
Vijaya Bank has set a 22 per cent growth target for the current year. A press release quoting the Chairman and Managing Director of the bank, Mr Albert Tauro, said the bank plans to achieve the target of Rs 1.1 lakh crore under aggregate ...

SHORT TERM INSTRUMENTS: Call rates unchanged
Inter-bank call rates closed at 3.3 – 3.2 per cent, unchanged from the previous close. Under the Liquidity Adjustment Facility conducted by the Reserve Bank of India, there were no bids in the one-day repo auction. In the one-day reverse ...

CREDIT MARKET: Dena Bank to route SME loans via NBFCs
Looking to expand reach. Mumbai, Aug. 5Dena Bank is looking to increase its lending to the unorganised small and medium enterprises sector, for which it will work closely with non-banking financial ...

CORPORATE BONDS: Banks urged to create contingent capital
Mumbai, Aug. 5 Banks could weather crisis situations by creating room for contingent capital within the overall capital, Dr Raghuram G Rajan, Economic Adviser (Honorary) to the Prime Minister, ...

EMPLOYMENT: State Bank of Mysore set to hire 500
State Bank of Mysore (SBM) is set to hire over 500 employees to cash in on a resurgent market for the housing and ...

REGIONAL RURAL BANKS: SKS Microfinance to scale up non-financial products distribution
Hyderabad, Aug. 5 SKS Microfiance is increasingly looking at selling non-financial products in addition to core lending to leverage its ...

GENERAL INSURANCE: Share Microfin to offer low-cost health insurance
Hyderabad, Aug. 5 Share Microfin Ltd has diversified into micro health insurance with an offering at an annual premium of ...

FINANCIAL SERVICES: Now, banks can charge fee for ASBA service
Mumbai, Aug. 5 SEBI has clarified payment of commission to brokers through the “application supported by blocked amount” (ASBA), which will be the same as for applications made through the non-ASBA process. This means banks now ...

DERIVATIVES MARKETS: SC ruling on forex derivative contracts hailed
Coimbatore, Aug. 5 The Forex Derivative Consumers’ Forum, Tirupur, was relieved with the apex court’s ruling that cases pertaining to foreign exchange derivative contracts “cannot be transferred to the Debt Recovery ...

PRIVATE PLACEMENT: Axis Bank to raise additional equity capital
Mumbai, Aug. 5 Axis Bank on Tuesday said it plans to raise 20 per cent of its present paid-up capital, by issuing not more than 7.14 equity shares through GDRs, QIP issue or preferential issue to promoters of the ...

CORPORATE BONDS: Corporation Bank bond issue
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PEOPLE: ING Vysya Bank gets new MD
Bangalore, Aug. 5 ING Vysya has announced the appointment of Mr Shailendra Bhandari as Managing Director and Chief Executive Officer of ING Vysya Bank, following the Reserve Bank of India’s approval this ...

PEOPLE: Alok Misra is CMD of Bank of India
New Delhi, Aug. 5 The Centre has appointed Mr Alok Kumar Misra as the Chairman and Managing Director of Bank of India. The 56-year-old Mr Misra took charge in Mumbai ...

PRIVATE BANKS: Axis Bank plans to capitalise on easing liquidity conditions
Fresh share issue to increase equity base by 20%. In a move to further enhance the tier-1 capital of Axis Bank, the company’s board on Wednesday approved equity fund raising through issue of 7.14 crore shares via GDR or qualified ...

TRADE & LABOUR UNIONS: RBI staff to support strike
The employees of RBI will observe a one day token strike on August 6 to express solidarity with employees of commercial banks who will stay away from duty on August 6 and 7, according to a joint statement issued by Reserve Bank ...