The Hindu Business Line : Tuesday, November 08, 2005

PNB wins Golden Peacock award
PUNJAB National Bank (PNB) has won the Golden Peacock National Training Award for 2005. The Human Resource and Development Minister, Mr Arjun Singh, presented the award to the bank's CMD, Mr S.C. Gupta. ... More

FOREX

Rupee plunges; bonds decline
MUMBAI: The rupee slumped to a fresh low against the greenback sparked by panic buying as all major currencies fell against the dollar. The rupee opened at a gap at 45.69/70, down from Friday's close at 45.53/54. It then fell further to ... More

STOCKS

Block deals in HDFC Bank
SOME 4.04-per cent stake in HDFC Bank changed hands today in a number of block deals, executed on the BSE and NSE. Merrill Lynch Capital Markets Espana S.A.S.V. sold little over 45.62 lakh shares of HDFC Bank to Crown Capital Ltd in a block ... More

SOFTWARE

Oracle gains 400 more clients — Claims 80 pc market pie of core banking applications
ENTERPRISE software major Oracle added nearly 400 new clients in the financial services and insurance sector in the last one year and now claims to command nearly 80 per cent market share of core banking applications in India. The important ... More

LIFE INSURANCE

Aviva Life in bancassurance tie-up with 11 co-op banks
AVIVA Life Insurance Company is targeting an annualised new business premium of Rs 320 crore by the end of the fiscal, a growth of 105 per cent from the previous year. The company also plans to infuse additional capital of about Rs 80 crore ... More

GENERAL INSURANCE

Tally offers free insurance cover for small businesses
TALLY Solutions Pvt. Ltd, an accounting software company, has come up with a free insurance offer to its customers in the small businesses purchasing the Tally 7.2 version. It has tied up with ICICI Lombard General Insurance to extend the limited ... More

RBI & OTHER CENTRAL BANKS

India, Pakistan agree to open bank branches
THE central banks of India and Pakistan have agreed to grant permission to two branches of commercial banks to start services in each other's country, on a reciprocal basis. A press release issued by the Reserve Bank of India said the specific ... More

PRIVATE BANKS

Rating on ICICI Bank notes
MUMBAI: Standard & Poor's ratings services on Monday assigned BB+ rating to the proposed $300 million five-year fixed-rate senior unsecured notes issue by ICICI Bank. The notes will mature in 2010. The rating assigned on the bank's ... More

PUBLIC SECTOR BANKS

Bank of Baroda keen to expand retail credit
BANK of Baroda said it intends to increase its retail credit to 25 per cent of the total credit, from the current level of 17 per cent, said Dr A.K. Khandelwal, Chairman and Managing Director, of the bank. "We have aspirations to match the ... More

Sharp rise in banks' lending to infrastructure sector
Lending to infrastructure is expected to increase in the rest of the fiscal, as most projects have long gestation periods and as credit disbursal is done in stages. More

INTEREST RATES

`Review prime lending rate system'
Dr Rakesh Mohan said the RBI has asked the Indian Banks Association (IBA) to review the benchmark prime lending rate (BPLR) system and issue transparent guidelines for appropriate pricingof credit. He said at present the proportion of lending ... More

MERGERS & ACQUISITIONS

Differences over valuation — Federal Bank, Lord Krishna call off merger plan
THE managements of Federal Bank and Lord Krishna Bank have decided to call off the merger of the two banks as they could not agree on the issue of valuation. Mr M. Venugopalan, Chairman of Federal Bank, said that there was considerable ... More

SBI acquires Indonesian bank
STATE Bank of India has announced that it is picking up 76 per cent stake in an Indonesian bank, PT Bank IndoMonex. SBI will have management control of the bank, which is registered in Jakarta. This is SBI's third overseas acquisition. The ... More

VENTURE CAPITAL

Bharath Nirman Fund launched
CANBANK Venture Capital Fund (CVCF) launched its Bharath Nirman Fund with a corpus of Rs 55 crore. The prime contributors to the fund's corpus are Canara Bank, Oriental Bank of Commerce, Indian Overseas Bank, Corporation Bank, Vijaya Bank, ... More

PEOPLE

Shome is Citigroup's corporate banking head for India
CITIGROUP on Monday announced the appointments of Mr Surojit Shome as Corporate Banking Head, India and Sub-Continent, and Mr Sanjiv Vohra as Citigroup Country Officer and Corporate and Investment Bank Head, the Philippines, with effect from ... More

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