The Hindu Business Line : Wednesday, October 29, 2003

Karvy opens branches
HYDERABAD: Karvy, an integrated financial services company, has opened two new branches at Ameerpet and Vanasthalipuram. With this Karvy's network has now increased to 169 offices in the country of which 13 branches are located in ... More

ECONOMY

Central bankers laugh off growth
Central banking philosophy was embedded in a former US Federal Reserve Chairman, William McChesney Martin's famous witty comment that his job was to remove the punch bowl just when the party got going. Translation: raise interest rates when the ... More

FOREX

Rupee up; gilts dip
MUMBAI: The rupee closed stronger at Rs 45.31/32 per dollar on Tuesday, staging an 8-paise recovery following a bout of aggressive dollar selling by State-run banks against Monday's close at Rs 45.39/40. Forex traders said, the domestic ... More

FINANCIAL PERFORMANCE

Chola Investment Q2 net rises 30 pc
THE Chennai-based non-banking finance company Cholamandalam Investment and Finance Company Ltd (CIFC) on Tuesday said its profit after tax for the second quarter grew 30 per cent, mainly on account of a higher asset base, saving in interest ... More

SBM net jumps to Rs 45 crore in Q2
STATE Bank of Mysore recorded a net profit of Rs 44.98 crore during the quarter ended September 30, up from Rs 8.1 crore in the previous year period on a rise in total income to Rs 338.86 crore (Rs 315.89 crore). For the half-year ended ... More

Karnataka Bank Q2 net up at Rs 69 cr
THE net profit of Karnataka Bank Ltd increased by 30 per cent in the second quarter compared with the corresponding quarter in the previous year. The bank registered a net profit of Rs 69.17 crore (Rs 52.97 crore). The gross income increased ... More

Andhra Bank H1 net rises to Rs 256 crore
ANDHRA Bank has reported a net profit of Rs 255.66 crore for the half-year ended September, against Rs 149.73 crore in the same period last year — a growth of 70.75 per cent. The bank's gross profit increased to Rs 524.01 crore, compared ... More

HOUSING FINANCE

`Print media most effective tool in marketing housing loans'
On the issue of the most effective tool for marketing, most of the respondents found ads in print media as the most effective and telemarketing as the least effective one. More

GENERAL INSURANCE

New India, Corpn Bank corporate agency agreement formalised
NEW India Assurance Co Ltd today formalised its corporate agency agreement with Corporation Bank. This agreement is a continuation to the memorandum of understanding signed by both parties earlier, officials said. "When we thought of ... More

PRIVATE BANKS

Federal Bank spikes take-over talk
THE Chairman of Federal Bank, Mr Padmakumar, has scotched take-over rumours saying that there was no question of ICICI Bank divesting Federal Bank stake to anybody else at the moment. He told presspersons on Tuesday that his talks with ICICI ... More

PUBLIC SECTOR BANKS

UCO Bank in talks with Rabo Bank — H1 net up 80% at Rs 292 cr
UCO Bank has started a dialogue with Rabo Bank for financing contract farming programmes as part of its plan to explore new business opportunities. It hopes to sanction more agricultural credit through what may eventually be a formal tie-up with ... More

Centralised banking solution for Syndicate Bank
KOCHI: Centralised banking solution, ATM and Central Accounts Office of the Syndicate Bank were inaugurated here on Tuesday by Justice V.R. Krishna Iyer. The Chairman and Managing Director of the bank, Mr Michael Bastian, who presided ... More

FINANCIAL INSTITUTIONS

Dabhol: IDBI, Rothschild make presentation
THE IDBI Chairman, Mr M. Damodaran, and representatives of NM Rothschild, advisors to financial institutions led by IDBI, today made a presentation to the Cabinet sub-committee headed by the Maharashtra Finance Minister, Mr Jayant Patil, on ... More

CORPORATE BONDS

ICICI Bank bond issue opens tomorrow
ICICI Bank is launching its fifth public offering of unsecured redeemable bonds in the nature of debentures aggregating Rs 400 crore shortly. The issue of `ICICI Bank Bonds-October 2003' will open for subscription on October 30 and will close ... More

FIXED DEPOSITS

As bank deposits growth decelerates — Post office saving schemes gain
IS there a flight of savings taking place from banks to the humble post office? On the face of it, this does seem to be the case. According to the Reserve Bank of India (RBI), aggregate deposits of scheduled commercial banks have grown by just ... More

REGULATORY BODIES & RULINGS

IRDA member appointed
KOCHI: Mr Mathew Varghese, former General Manager of the New India Assurance Co Ltd, has been appointed as a whole-time member of the Insurance Regulatory and Development Authority (IRDA). He will assume duties at IRDA headquarters at ... More

PEOPLE

Cabinet panel set to clear Damodaran as new IDBI chief
THE process of appointing the present UTI Chairman, Mr M. Damodaran, as the new Chairman of Industrial Development Bank of India (IDBI) is in its final leg with the Ministry of Finance having recently forwarded the papers proposing his ... More

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