MONEY & BANKING
INSIGHT
Public sector banks caught in a bind
The Finance Ministry asking public sector banks to keep in abeyance their prime lending rate hikes can affect the independence and efficacy of the PSBs. Hopefully, the Ministry will withdraw the letter and permit banks to function as before.
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FOREX
Selling pressure on dollar to help gold
Weak physical demand poses risk
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Forex reserves up by over $1.7 b
Rises for the third consecutive week
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Rupee weak on terror warnings
The rupee weakened by around 10 paise against the dollar on Friday due to security threats in the country. The currency opened weak at 46.48/50, touched an intra-day high of 46.45/46 to close at 46.52/53, lower than Thursday's ...
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Re depreciation impact on pharma cos likely
May result in higher interest burden on funds raised thru FCCBs
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NBFCS
`Nidhi cos must put in place self-regulation mechanism'
Nidhi companies must put in place a self-regulation mechanism and disclose all performance details, according to Mr R. Anand, Member of the expert group on nidhis. Addressing a meeting organised by the Chamber of Nidhis on Friday, he said ...
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AGRICULTURAL INSTITUTIONS
Nabard expects demand for refinancing to double
Fund-raising to be a challenge, says MD
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LIFE INSURANCE
Bajaj Allianz Life posts 236-pc growth in Q1
Bajaj Allianz Life Insurance has reported a 236 per cent growth in its Q1 new business premium to Rs 623 crore, compared to Rs 185 previous year. According to the company's release, 47 per cent of the business is from its satellite offices in ...
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GENERAL INSURANCE
Shriram group to exit Armour Consultants
Broking may clash with insurance plans
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RBI & OTHER CENTRAL BANKS
RBI transfers surplus profit
The Reserve Bank of India's board approved the transfer of Rs 8,404-crore surplus profit to the Government for the year ended June 30, 2006, said a press release. ...
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PRIVATE BANKS
BoR to sell Prudential ICICI MFs
Bank of Rajasthan has tied up with Prudential ICICI Asset Management Company to sell their mutual funds, said a press release from the bank. Initially, Bank of Rajasthan will distribute the product at select branches in Mumbai, Delhi, Jodhpur, ...
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FINANCIAL INSTITUTIONS
Two Indian cos in pact with World Bank
To promote energy saving building technology
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GOVT BONDS
Bond volatile, end lower
Bond prices were volatile ahead of the Rs 8,000 crore auction to be held on August 18. Prices moved in a band of 30-35 paise and ended lower, said dealers. Volumes were over Rs 2,500 crore on the negotiated dealing system. A ...
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CREDIT MARKET
Non-food credit up Rs 13,712 cr
Gross bank credit increased by Rs 11,833 crore and stood at Rs 15,56,917 crore for the fortnight ended July 28, according to the Reserve Bank of India's Weekly Statistical Supplement. The gross bank credit was inclusive of food credit, which ...
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SHORT TERM INSTRUMENTS
Call rates remain at 6-6.10%
Call rates were between 6 per cent and 6.10 per cent. In the first three-day reverse repo auction under LAF, the RBI received and accepted 18 bids amounting to Rs 21,740 crore and in the second, 19 bids for Rs 9,250 crore. There ...
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FIXED DEPOSITS
Banks see deluge of short-term bulk deposits
Fall-out of insurers mopping up heavy ULIP premiums
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Karnataka Bank's new schemes
Karnataka Bank Ltd has launched two new tax-saving term deposit schemes — `KBL Tax Planner-FD' and `KBL Tax Planner-ACC'. A bank release said here the schemes provide dual benefits of high returns and tax exemption under ...
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TRADE & LABOUR UNIONS
Insurance staff federation meet begins today
The 29th General Conference of the South Zone Insurance Employees' Federation begins on Saturday. The four-day event is to be inaugurated by the Kerala Education Minister, Mr M.A. Baby. Over 3,000 employees from Tamil Nadu, Kerala and the ...
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ALLIANCES & JOINT VENTURES
Dhanalakshmi Bank to offer MoneyGram remittances
UAE Exchange has announced its sub agency alliance with Dhanalakhsmi Bank for offering MoneyGram international remittance service at the branches of the bank on a pan India basis. The bank officially announced the launch of the service at a ...
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