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Friday, August 25, 2006
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MONEY & BANKING

FOREX
Rupee flat against dollar
The rupee was dull against the dollar and closed at almost the same level as Wednesday. The rupee opened weaker at 46.54/55 and weakened further to 46.58 during the day. However, it recovered to close at 46.52/53, unchanged from ... More

LIFE INSURANCE
ICICI Prudential Life launches 2 new products
ICICI Prudential Life Insurance Co has launched two new products aimed at offering more security to investors, especially retired people. The first is a premium-guaranteed market-linked plan, which ensures that investors will gain from upsides ... More

GENERAL INSURANCE
IRDA to monitor solvency of general insurance cos
To be done on quarterly basis after free pricing of products takes effect on Jan 1 More

CREDIT RATING
Tata Steel's $750-m loan facility rated BBB by S&P
Standard & Poor's Ratings Services assigned its `BBB' rating on Tata Steel Ltd's $750-million equivalent, seven-year, senior, unsecured bank loan facility. Tata Steel plans to use the proceeds for meeting its capital expenditure programme for ... More

RBI & OTHER CENTRAL BANKS
Dig into the Guv's bulletin to stock your statistics quiver
Total `money stock' in the country comprises not only notes and coins, but also deposits with banks, both demand and time. More

PRIVATE BANKS
FIIs can buy up to 49 pc in UTI Bank
Foreign institutional investors can now purchase equity shares of UTI Bank Ltd, under Portfolio Investment Scheme, through primary markets and stock exchanges in India up to 49 per cent of its paid-up capital. The bank's board of ... More

PUBLIC SECTOR BANKS
PNB to raise Rs 1,000 cr
To augment capital base through upper, lower tier II bonds More

Cabinet nod for SBI Act amendment
The Union Cabinet on Thursday gave its approval to amend the existing State Bank of India (SBI) Act, 1955, to enable the bank to access funds from the capital market and also discharge its functions more efficiently. Briefing ... More

UCO Bank to focus on retail, small enterprises
UCO Bank has set a business target of Rs 1 crore per month for for the small enterprises segment and a target of Rs 60 lakh business for the retail segment, as part of its initiatives to focus on these segments. This strategy will help the ... More

INTEREST RATES
SBI board ratifies PLR hike
State Bank of India's board, which met on Thursday, ratified the hike in the Prime Lending Rate (PLR) by 25 basis points from 10.75 per cent to 11 per cent, said Mr T.S. Bhattacharya, Managing Director. SBI had announced the ... More

GOVT BONDS
Bond prices rise further
Bond prices gained for the second day in a row due to reasons such as likely pause in interest rate hike cycle, banks looking to buy more securities to meet their SLR requirements and fresh liquidity being infused into the system ... More

SHORT TERM INSTRUMENTS
Call rates marginally down
Call rates were between 6.00 and 6.10 per cent against Wednesday's rates of 6.05-6.15 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 18 bids amounting to Rs ... More

MERGERS & ACQUISITIONS
Barclays scouts for more buys
The UK-based Barclays Bank is looking for "a number of small acquisitions" in India, Mr Jason Nisse, Public Relations Director, told Business Line. These acquisitions will support "our mainly organic expansion in India," he said in an ... More

VENTURE CAPITAL
RBI revises norms on banks' exposure to VCFs
The Reserve Bank of India has revised the norms on prudential framework governing banks' exposure to venture capital funds (VCFs). Banks would have to obtain prior approval of the RBI for making strategic investment in VCFs, i.e. investments ... More

BONUS ANNOUNCEMENTS
SBH mulls bonus issue
Eyes price of about two times the adjusted book value More

OUTLOOK
SBH targets Rs 12,000-cr additional business
State Bank of Hyderabad (SBH), which registered a total business of about Rs 55,000 crore last year, has targeted a Rs 12,000-crore addition this fiscal, Mr Amitabha Guha said, adding that the aim is to record a 40 per cent increase in operating ... More

PEOPLE
Award for SBH official
Mr D. Virnichi, Assistant General Manager of State Bank of Hyderabad (SBH), has been awarded the `Jan Jagriti Seva Sadhbavana Puraskar Award-2006', by the Bharatiya Sanskriti Nirman Parishad, Hyderabad, a press release from SBH ... More






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