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Tuesday, July 04, 2006
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MONEY & BANKING

FARM CREDIT
SBI plans to expand seaweed farming to coastal States
Helps SHGs to tie up with Pepsico India More

INSIGHT
Banks refuse discounting of bills sans ECGC cover
Exporters' argument for `with recourse' funding rejected More

FOREX
Rupee ends at 46.06/07
The rupee took a dramatic turn during the day but ended unchanged. It opened at 45.96/98 and even appreciated to 45.94 during the day but slid down to close at 46.06/07. On Friday, the rupee ended at 46.05. Dealers said that ... More

GENERAL INSURANCE
UI move to shift a/cs to private banks opposed
The employees' unions of the public sector United India Insurance Company have opposed the management move to shift its bank accounts to the foreign banks and new generation banks in the private sector. Alleging that the new generation banks ... More

DEBT MARKET
Bond market bearish
In the bond market, traded volumes were low at around Rs 150 crore. However, there was some selling during the second half of the day, said dealers. "The market continues to be bearish. There is very little buying interest for ... More

RBI & OTHER CENTRAL BANKS
Banks told to do periodic stress tests
Capital adequacy assessment More

PRIVATE BANKS
Centurion Bank plans more branches
Centurion Bank of Punjab plans to open eight new branches which would offer wealth management products, like life and general insurance, through its partners and select mutual funds, apart from a range of services. The branches ... More

PUBLIC SECTOR BANKS
Corpn Bank plans more branches, ATMs
Corporation Bank has plans to increase the number of branches to 1,000 from the current level of 840 in the next 16 months. The bank also plans to add around 100 new ATMs by March 2007. The bank opened its 905th online ATM at Kuthethur branch ... More

FINANCIAL INSTITUTIONS
IFC clears $150-m loan to Cairn for Rajasthan project
To alleviate energy shortage in India, Bangladesh More

INTEREST RATES
`Rates set to move up'
Following the hike in global interest rates, pressure will be on for Indian interest rates to move northwards, said Mr Deepak Parekh, Chairman, HDFC Ltd, at the sidelines of a press conference. "However, the pressure will not be felt by actual ... More

SHORT TERM INSTRUMENTS
Call rates remain flat
Call rates remained unchanged between 5.75 per cent and 5.85 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 25 bids amounting to Rs 27,085 crore and in the second ... More

FIXED DEPOSITS
Deposit scheme from SBI
SBI has introduced the Super Saver Term Deposit Scheme, which is for a period of 6-10 years, offering a rate of interest of 7.5 per cent and eight per cent for senior citizens. SBI officials said that they expect good response ... More

Banks hike FCNR, NRE deposit rates
ICICI Bank said it has raised the interest rates on rupee and foreign currency-denominated deposits held by non-residents. The new rates take effect immediately, the bank said in a statement. It didn't say what prompted the revision in rates. The ... More

PEOPLE
DBS Chola AML Chief Executive
DBS Cholamandalam Asset Management Ltd has announced that Mr Rajnish Narula will be the company's new Chief Executive, with effect from June 23. DBS Chola AML, a subsidiary of Cholamandalam DBS Finance Ltd, a joint venture ... More






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