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Friday, October 21, 2005
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MONEY & BANKING

FOREX


Rupee slips further; bonds bearish
MUMBAI: The rupee further slipped against the greenback on Thursday ,sparking demand from importers. The domestic currency opened at 45.16/17 and touched a low of 45.20/21. It then appreciated to 45.13/14 but closed the day at 45.23/24. ... More

CREDIT POLICY


RBI Governor confers with Chidambaram
AHEAD of the mid-term review of the monetary and credit policy next week, the Reserve Bank of India (RBI) Governor, Dr Y.V. Reddy on Thursday called on the Finance Minister, Mr P. Chidambaram. Indications are that the contours of the proposed ... More

FINANCIAL PERFORMANCE


IDBI net profit at Rs 132 cr
OTHER income has enabled IDBI Ltd to post a net profit of Rs 131.84 crore for the quarter ended September 30. The results are not comparable with that of the corresponding quarter last year as the amalgamation of IDBI Bank Ltd with IDBI Ltd was ... More

SOFTWARE


Finacle at Karnataka Bank
MANGALORE: The Chief General Manager of Karnataka Bank Ltd, Mr P. Jayarama Bhat, inaugurated the implementation of Finacle core banking solution at Kattingeri branch in Udupi district recently. Quoting Mr Bhat, a bank release said on ... More

HOUSING FINANCE


Commercial property loans: NHB may hikerisk weightage
THE National Housing Bank is exploring the possibility of increasing risk weightage for loans for commercial property to 125 per cent from 100 per cent now. The proposal is based on the recent move of the Reserve Bank of India on this front. ... More

LIC to grow income from properties
LIFE Insurance Corporation of India has set its sights on developing its real estate portfolio, targeting a growth of 40 per cent in its net income. Mr K. Sridhar, Managing Director, LIC, said with around 70 per cent of LIC's properties coming ... More

CREDIT RATING


SMERA to rate SBI clients
THE SME Rating Agency of India Ltd (SMERA) has signed a memorandum of understanding with State Bank of India for rating the SME clients of the bank. The organisation expects other commercial banks to follow the example of SIDBI in considering ... More

SBI signs pact with Crisil
STATE Bank of India and Crisil have signed a memorandum of understanding under which the latter will assign ratings to small-scale industries (SSIs) that are borrowers of SBI. These ratings will be carried out under the NSIC-Crisil performance ... More

PUBLIC SECTOR BANKS


Indian Bank eyes insurance broking
INDIAN Bank has set in motion a series of initiatives to optimise its manpower and infrastructure resources and simplify banking procedures to the best advantage of the customer. The bank also plans to foray into insurance broking, to transit ... More

Guard shoots at UCO Bank manager, kills himself
A TREASURY guard of UCO Bank, Nariman Point branch, shot at a Chief Manager following an altercation about absenteeism. The guard then shot himself dead, police said. The incident occurred at 10.30 a.m. on Thursday. According to the senior ... More

FINANCIAL INSTITUTIONS


FDI in telecom: Foreign holdings in PSBs, FIs not part of 74 pc cap
THE Union Cabinet today made it clear that the foreign holdings in public sector banks and financial institutions, having a stake in telecom companies, will not be considered as foreign direct investment in the telecom sector. The matter had been ... More

FIs urged to design model that allows community collateral
PROF Yoginder Kumar Alagh, former Union Minister of Power and Planning and a noted economist, has asked the financial institutions to design structures that allowed community collateral for taking loans for viable projects. Delivering the ... More

INTEREST RATES


`Rate hike on the cards'
BANKERS are bracing for a hike in reverse repo rates when the Reserve Bank of India announces its peak season Credit Policy next week. This would pave the way for higher interest rates in the economy, top-level bankers said. Reverse repo is the ... More

CREDIT MARKET


SIDBI, Srei tie up to lend to SMEs
KOLKATA: The Small Industries Development Bank of India (SIDBI) has signed an agreement with Srei Infrastructure Finance Ltd for joint financing of small and medium enterprises (SMEs). SIDBI currently funds the working capital needs of ... More

SBI's Hubli-Dharwad loan mela
MANGALORE: The Hubli Zonal Office of SBI will organise a three-day `Hubli-Dharwad Loan Utsav' from October 21. A bank release said on Thursday that Mr Narayan R. Nadamani, Commissioner of Police of Hubli-Dharwad, would inaugurate the ... More

TRADE & LABOUR UNIONS


SBT union to hold seminar at Thiruvananthapuram
THIRUVANANTHAPURAM: The State Bank of Travancore (SBT) Staff Union, affiliated to the Bank Employees Federation of India (BEFI), is organising a one-day seminar on `Bank mergers - A short cut to class banking.' To be held on Friday, ... More



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