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Wednesday, January 25, 2006
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MONEY & BANKING

PENSION PLANS


`New pension system to have sizeable subscriber base'
THE PENSION Fund Regulatory and Development Authority (PFRDA) has pegged the number of people interested in joining the new pension system in the near term at 20-30 million. With an almost equal number keen to sign up in the next couple of ... More

INSIGHT


Third Quarter Review of Monetary Policy — Soft now, but can get tough
While the Governor's latest Credit Policy stance indicates no change, tougher actions may be in store depending on developments on the demand front. Hopefully, the Governor will avoid a repeat of the mid-1990s episode of untimely tightening that chok ed growth, says S. Venkitaramanan. More

FOREX


Securities bearish; rupee declines
MUMBAI: The hike in the reverse repo rate and repo rate took the bond market by surprise and there was a 60-paise fall in the 10-year benchmark security. The 10-year yield, which is currently at 7.21/7.22 per cent, is expected to harden ... More

CREDIT POLICY


RBI ascribes cash crunch to frictional liquidity
THE cash crunch in the system is only a case of frictional liquidity and the central bank would intervene if the situation arises. This is the stance RBI has adopted in the quarterly review on the monetary policy. Dr Y. Venugopal Reddy, ... More

RBI move to hike repo rates pre-emptive: Chidambaram
THE FINANCE Minister, Mr P. Chidambaram, on Tuesday termed the Reserve Bank of India's (RBI) move to hike the reverse repo and repo rates as "pre-emptive" action to keep inflation under check and indicated that the rate hikes could be reversed as ... More

`Emphasis on price stability'
Mr Y.M. Deosthalee, Whole-time Director & CFO, L&T: Through its current policy, the central bank has maintained its emphasis on price stability with a view to anchoring inflationary expectations. By hiking the repo and ... More

India Inc welcomes apex bank's move
The apex bank's announcement on Tuesday to hike the repo rate to 6.5 per cent and the reverse repo rate to 5.5 per cent and leaving the Bank Rate and the Cash Reserve Ratio (CRR) unchanged is in line with expectation, according to the Federation ... More

FINANCIAL PERFORMANCE


IDBI Q3 net at Rs 119 cr
INDUSTRIAL Development Bank of India Ltd (IDBI) reported a Q3 net profit of Rs 119 crore this fiscal. The Q3 financial results are not comparable with those of the year-ago period on account of the merger. In the nine-month period, IDBI ... More

Corpn Bank net down at Rs 115 cr
CORPORATION Bank has reported a 28.83 per cent decline in net profit at Rs 115.07 crore for the third quarter ended December 31, 2005 against Rs 161.69 crore for the quarter ended December 31, 2004. The total income increased 1.41 per cent ... More

Allahabad Bank net rises 41 per cent
FOR the quarter ended December 31, 2005, Allahabad Bank's net profit amounted to Rs 224.30 crore compared with Rs 159.25 crore in the same period last year, posting a growth of 41 per cent, even after absorbing increased establishment costs ... More

FINANCIAL POLICY


New instruments can help raise Rs 1 lakh crore more
THE new hybrid instruments will enable banks to raise additional Rs 1,00,000 crore, said Dr Y. V. Reddy, Governor, Reserve Bank of India, said on Tuesday. The guidelines are likely to be released within three to four days and would include ... More

RBI & OTHER CENTRAL BANKS


Banks' role in IPO scam — Risk control systems under RBI scanner
THE Reserve Bank of India said it would assess whether banks were meeting the Know Your Customer norms and other guidelines related to opening of accounts, in the light of the recent IPO scam. RBI would also examine the risk and control ... More

PRIVATE BANKS


TMB unveils `Kids RD scheme'
TAMILNAD Mercantile Bank (TMB) Ltd has launched a new savings scheme "KIDS Recurring Deposit". The scheme is suitable for students/parents in meeting the growing cost of higher education to be incurred by them by saving small amounts every ... More

Catholic Syrian Bank launches students savings scheme
THE Catholic Syrian Bank Ltd (CSB) is launching a Students Support Savings Scheme (SSSS) that enables the account holders to draw money at any VISA co- branded ATMs across the country. While there is no charge for using the bank's ATMs for ... More

PUBLIC SECTOR BANKS


Syndicate Bank ATM at Thoppumpady
KOCHI: Mr N. Kanthakumar, Chairman and Managing Director of Syndicate Bank, inaugurated the bank's 282nd ATM at its Thoppumpady branch on Tuesday. He also declared open the introduction of core banking solutions at this branch. The ... More

Maars Soft pref shares for BoI
CHENNAI: Maars Software International Ltd will issue convertible preference shares to Bank of India to the extent of Rs 7.72 crore at the face value of Rs 10 (convertible into equity shares at a later date) as part settlement of its dues. ... More

INTEREST RATES


RBI raises reverse repo rate `to stabilise inflationary pressures' — Bank rate, CRR left unchanged
GDP growth estimate put at 7.5-8 per cent up from 7-7.5 per cent earlier More

Banks' cost of funds may go up
BANKS are expected take a decision on increase in lending and deposit rates, following the Reserve Bank of India's move to increase the reverse repo and repo rates by 25 basis points. The hike in repo rates would lead to an increase in banks' ... More

A signal to high interest rate regime?
IS RBI reverting to a high interest regime? Has RBI made the choice between growth and inflation? If one's memory holds, the RBI in 1994 or thereabouts pushed up interest rates for the economy to get set on a climb down. Will the Indian ... More

Banks may hike lending, deposit rates
THE possibility of an upward movement in lending and deposit rates cannot be ruled out in the wake of the Reserve Bank of India's move to increase the reverse repo and repo rates by 25 basis points, bankers said. As the hike in reverse repo and ... More

GOVT BONDS


JGBs: The world's most expensive financial asset?
JGBs — short for Japanese Government Bonds — are among the most widely-traded debt papers. They also happen to be the most expensive bonds in the world. As Japan embarked on its rate-cutting spree in the 90s, JGB yields followed. ... More

MERGERS & ACQUISITIONS


Federal Bank set to take over Ganesh Bank
HAVING obtained the necessary clearances from the Government, Federal Bank is all set to take over the Ganesh Bank of Kurundwad on Wednesday. With this acquisition, Federal Bank will make inroads into the sugarcane growing and predominantly ... More

TRADE & LABOUR UNIONS


SIB association office-bearers
THIRUVANANTHAPURAM: Mr E. John Joseph has been elected President of the South Indian Bank Employees' Association (SIBEA) for the 2006-2008 term, a spokesman for the association said here. The 34th biannual conference of the association ... More

Canara Bank workers meet
MANGALORE: The Canara Bank Workers' Organisation (CBWO), affiliated to Bharatiya Mazdoor Sangh (BMS) and the National Organisation of Bank Workers (NOBW), will hold its fourth all-India conference in Mangalore on January 25 and 26. ... More




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