The Hindu Business Line : Wednesday, August 09, 2006

FARM CREDIT
Corpn Bank to centralise farm loan processing
Corporation Bank is planning to bring in a big process change with regard to processing of agriculture loans. The bank will soon introduce centralised processing of agriculture loans. Speaking to presspersons on the sidelines of a function to ... More

FOREX
AP tops in NRI remittances
Andhra Pradesh receives the highest amount of money remitted by Non-Resident Indians (NRIs) to India. It is followed by Maharashtra. According to Remit2India.com, the online money transfer portal for NRIs, Andhra Pradesh has excelled in many ... More

Rupee gains against dollar
The rupee gained marginally against the green back on Tuesday due to dollar selling by exporters. The rupee opened weaker at 46.60/62 and closed at 46.54, higher than Monday's close at 46.58/59. The rupee opened weak at ... More

SOFTWARE
Zurich Financial to use Infosys tool
Infosys Technologies on Tuesday announced that Zurich Financial Services, a financial service organisation in Europe, is implementing Finacle Universal Banking Solution. The Zurich Banking Business Unit was replacing its existing legacy ... More

LIFE INSURANCE
SBI Life to open more branches in eastern region
SBI Life Insurance, a subsidiary of State Bank of India, has set a target of achieving a business premium of Rs 2,500 crore in this fiscal by launching innovative products, opening more number of branches and increasing its sales force, the ... More

Tata AIG Life unveils micro-cover products
Products are as per IRDA's guidelines More

CREDIT RATING
Main thrust on rating: CARE
Credit Analysis & Research Ltd (CARE)expects considerable business to come its way, thanks to continued activity in the debt market. "Ratings will continue to be our main thrust, while advisory and information services will grow at its own pace," More

RBI & OTHER CENTRAL BANKS
FOMC: Pause on the cards
It is almost certain that the FOMC will put rates on hold at this meeting, reserving the option to raise if the inflation numbers worsen. A slowing economy would even justify a cut if the trend continues. More

Banking reforms slowing in emerging economies: BIS
Alternative approaches emerging; easy work is done More

PRIVATE BANKS
Karnataka Bank secures rating
The Chairman and Chief Executive Officer of Karnataka Bank Ltd, Mr Anantakrishna, has said that the bank secured the highest overall satisfaction score by a survey conducted by `Consumer Voice'. The Union Ministry of Consumer ... More

Idea Cellular raises Rs 4,224 cr in debt
7-year pact with IDBI Bank More

PUBLIC SECTOR BANKS
IOB to sell gold coins
The Thiruvananthapuram region of Indian Overseas Bank (IOB) is launching the sale of gold coins from the Main Branch situated on M. G. Road here. Mr T. K. Jose, Secretary, Local Self Government, will launch the programme at a ... More

FINANCIAL INSTITUTIONS
KFC to disburse loans worth Rs 32 cr
Kerala Financial Corporation will disburse loans to the tune of Rs 32 crore to the entrepreneurs in Thiruvananthapuram district during the current financial year. At a business meet here on Tuesday, Mr V.M. Gopala Menon, Managing ... More

INTEREST RATES
Sensex crosses 11,000 mark
On hopes of hold on interest rates' hike More

Finance Ministry Directive to PSBs — Making a mockery of Monetary Policy?
The Government asking public sector banks to keep in abeyance lending rate hikes reveals a muddled approach to Monetary Policy-making. If the Government wants the system to subserve its political interests it should be honest about it instead of m aking spurious claims about a deregulated banking environment, says A. SESHAN. More

PNB board to meet on Aug 12 in Bhopal
To ratify recent decision to hike PLR by 25 bps; fallout of Finance Ministry's advice to public sector banks More

GOVT BONDS
Bond prices rally post-auction
The bond market saw a rally after the auction of the 10-year and five-year government securities. The cut-off prices were slightly higher than expectations and the auctions were well bid, said dealers. Hopes of a pause in the ... More

G-Sec auctions fully subscribed
The auctions of the 9.39 per cent 5-year 2011 Government security and the 7.59 per cent 10-year 2016 G-Sec were fully subscribed, said a press release from RBI. The cut off prices were higher than expectations, said bond dealers. ... More

SHORT TERM INSTRUMENTS
Call rates unchanged
Call rates were between 6.00 and 6.10 per cent. In the first one day reverse repo auction under LAF, the Reserve Bank of India received and accepted 26 bids amounting to Rs 30,280 crore and in the second , 28 bids for Rs 14,670 ... More

CREDIT CARDS & DEBIT CARDS
Andhra Bank unveils e-rail ticketing
Andhra Bank, in association with Indian Railway Catering and Tourism Corporation Ltd (IRCTC), has announced the launch of `AB e-R@il', a facility to book Railway tickets online. Customers must use Andhra Bank debit cards for the purpose and ... More

FIXED DEPOSITS
FCNR, NRE deposit rates reduced
Bank of Rajasthan has decreased interest rates on NRE and FCNR (B) deposits, with effect from August 1. The revised interest rates on NRE term deposits of one year to less than two years is 6.54 per cent (6.70 per cent), on ... More

TRADE & LABOUR UNIONS
Bank staff want GO on retrenchment withdrawn
The Andhra Pradesh Committee of the All India Bank Officers' Confederation (AIBOC) has demanded the State Government to immediately withdraw the controversial GO No. 5, which was meant to retrench thousands of Government employees. AIBOC ... More