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Friday, July 09, 2004

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MONEY & BANKING

FARM CREDIT
`Bold decisions taken on foreign investments'
THE Chairman and Managing Director of Corporation Bank, Mr Cherian Varghese, has said that the Union Finance Minister is creating "enabling environment" for agriculture lending in the country. Mr Varghese, who was in New Delhi, told ... More

FINANCIAL SERVICES
More bank finance for stock brokers
THE new private sector banks are a happy lot with the Finance Minister giving them more headroom for lending to the capital market. This move when passed into law by RBI is expected to increase banks' funding of brokers, and thereby increase the ... More

FOREX
Rupee volatile; bond prices crash
MUMBAI: The rupee closed at 45.84/86 against the dollar on Budget day - fairly unchanged from the previous levels on Wednesday of 45.8450/8600. The currency oscillated early in the day. During the first hour of the Finance Minister's ... More

INSURANCE
Insurance FDI limit raised to 49 pc
Divergent views have emerged on the proposed roadmap that companies will adopt for hiking the foreign partner's holding. While one segment feels the best way is a direct equity swap between the foreign and Indian partners, others feel that the foreig n partner might gradually infuse additional capital as and when required. More

LIFE INSURANCE
FDI limit hike has insurers smiling — Service tax on risk premium for life cover is a dampener
PRIVATE insurance companies have reason to celebrate with the lifting of the sectoral cap in the insurance sector to 49 per cent in the Union Budget 2004-05, as against 26 per cent earlier. However, to offset the excitement, there was also an ... More

FINANCIAL MARKETS
Steps initiated to integrate stock, commodity markets
AMONG the clutch of proposals to broaden and deepen the capital markets as well as to strengthen the regulatory regime enunciated by the Finance Minister in his budget, initiation of steps to integrate the commodities markets and the securities ... More

RBI & OTHER CENTRAL BANKS
RBI sees no Budget trigger for change in rate, inflation outlook
THE Budget provides no reason to the Reserve Bank of India for changing its outlook of either the interest rate or the inflation expectations, RBI's Deputy Governor, Dr Rakesh Mohan, said here today. "I don't see any change in the interest ... More

FINANCIAL INSTITUTIONS
IDBI gets Rs 9,000 cr to turn zero NPA
INDUSTRIAL Development Bank of India (IDBI) will be a zero NPA institution before it converts itself into a bank. The Finance Minister in his Budget presented today has set aside Rs 9,000 crore in order to clean up its balance sheet. The Rs ... More


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Top Stories
Budget 2004-05 — Strong step towards growth, stability and equity


A Common Minimum Budget

`Tax on transactions to affect market depth'

At your service, tax!

Mutual funds — Odds stacked against debt funds

Rs 2,000-cr cut in food subsidy

An effort to reflect mandate for change

New deal for farmers; more funds for States

Stress on moderation, stability in tax rates

Looking back
Jun. 27-Jul. 3
Forex reserves rise by $587 m

Bonds under pressure on forex outflows, inflation

Indian Bank channels credit direct to farmers

PSU insurers unhappy with TPAs — Mounting claims ratio, poor customer service

Fed rate could go up 50 bps

Current account surplus doubled last fiscal

Increased capital investment flows boost forex kitty

LIC targets Rs 11,500-cr premium income

Treasury operations to weigh on banks' Q1

PSU bank appointments: An archaic system


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