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Saturday, February 25, 2006
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MONEY & BANKING

FINANCIAL SERVICES


IRDA cancels licence of Sage Insurance
The Insurance Regulatory and Development Authority (IRDA) has cancelled the broking licence of the New Delhi-based Sage Insurance Brokers Pvt Ltd for suppression of material facts pertaining to one of the promoters of broking company at the time ... More

FOREX


Forex reserves rise by $ 811 m
The foreign exchange reserves increased for the fourth week in a row, according to the Reserve Bank of India's Weekly Statistical Supplement. For the week ended February 17, 2006, the forex reserves increased by $811 million to touch $141.240 ... More

Rupee range-bound
The rupee was range bound against the US dollar and traded between 44.43 and 44.45 on Friday. Dollar demand by oil companies was met by ample supplies as custodian banks sold dollars, said dealers. The rupee opened at 44.40/42 ... More

NBFCS


Sundaram Fin wins appeal on arbitration cases
The Chennai-based Sundaram Finance Ltd, a non-banking finance company, has won an appeal in the Madras High Court establishing the Court's jurisdiction to try cases arising under the Arbitration & Conciliation Act where the value of the subject More

PRIVATE BANKS


South Indian Bank branch in M.P.
The South Indian Bank has opened its 434th branch and second branch in Madhya Pradesh. Archbishop Pascal Topno of Bhopal inaugurated the new branch. Dr V.A. Joseph, Chairman and CEO of the bank, presided over the function. ... More

PUBLIC SECTOR BANKS


SBI keen to expand overseas in a big way
Fundraising
Rs 2000 cr subordinated debt issue
Hybrid instruments at a later date
More

FINANCIAL INSTITUTIONS


IRFC to raise Rs 4,170 cr in 2006-07
After a long time, the Indian Railway Finance Corporation (IRFC) is slated to raise substantial monies from the market. The IRFC willbe mobilising Rs 4,170 crore during 2006-07, as against Rs 3,400 crore in the current fiscal. So far during ... More

GOVT BONDS


Bond prices fall
Bond prices fell, as there was no fresh buying ahead of the State loan auction of Rs 3,700 to be held on February 27. Though in the first-half bond prices appreciated by about 10 paise, there was sell off in the second session, ... More

CORPORATE BONDS


Canara Bank bond oversubscribed
Canara Bank's issue of bonds was oversubscribed and the bank has mopped up Rs 425 crore after exercising the green shoe option. The bank had priced its issue at 8.15 per cent. The pricing was for a tenure of 9 years and 2 months. ... More

NON-PERFORMING ASSETS


Deutsche Bank buys NPA receipts
Deutsche Bank has acquired 100 per cent of security receipts with respect to a portfolio of non-performing loans of Rs 75 crore from Asset Reconstruction Company (ARCIL). This is the first of its kind in India where the selling bank has got ... More

SHORT TERM INSTRUMENTS


Call rates ease
In the first three-day auction, the Reserve Bank of India did not receive any bids in the repo auction, but received and accepted 14 bids for Rs 7,585 crore in reverse repo. In the second auction, it received and accepted two bids for Rs 60 crore ... More

MERGERS & ACQUISITIONS


HSBC sells 7.19 pc in UTI Bank for Rs 638 cr
Trimming equity stake in accordance with RBI guidelines, HSBC Bank today sold two crore shares of UTI Bank in a bulk deal that also fetched it a handsome profit. The sale price was Rs 318.61 for shares originally bought at Rs 90 in June 2004 ... More

HSBC stake sale in tune with RBI norms
HSBC's divestiture of a 3.89 per cent stake is to be seen in the context of the regulatory requirement that no bank should have a shareholding of more than 5 per cent of the capital of any bank in India. All banks that have investment above ... More

CO-OPERATIVES


Kerala: Audit by CAs in co-op banks, societies urged
Mr Babu Abraham Kallivayalil, the new secretary of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India ICAI), has urged the Government to introduce audit by chartered accountants in cooperative banks, ... More

PEOPLE


BhOB board not to renew CEO contract — IPO scam cited as reason behind it
The board of directors of the Chennai-based Bharat Overseas Bank Ltd (BhOB) has decided not to renew the contract of its Chairman and Chief Executive Officer (CEO), Mr G. Krishna Murthy. His tenure is due to come to an end in ... More



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In Depth

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Feb. 12-Feb. 18
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Indian cos raise $10 b via ECB route in 9 months



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