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Tuesday, September 05, 2006
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MONEY & BANKING

INSIGHT
Report on Fuller Capital Account Convertibility — Will the rupee balloon go up?
Though the latest CAC report reads like a travelogue of India's financial sector and government finances reforms to date, it is a valuable guide to the subject of convertibility. Changes will come organically, as a result of political expediency beca use coalition politics does not give policymaker the freedom to float the currency like a balloon, says ASHOAK UPADHYAY. More

FOREX
Rupee touches 2-month high
The rupee gained as the US currency weakened globally and a dollar-selling mood hit the market. The rally in the domestic stock market, fall in oil prices and expectations of the US Federal Reserve keeping quiet helped the ... More

INFORMATION TECHNOLOGY
Syndicate Bank awarded
The Institute of Development and Research in Banking Technology established by the Reserve Bank of India has conferred the public sector Syndicate Bank with a special award for use of information technology for customer service ... More

STOCKS
Bank stocks up on move to revive UWB
"Banks such as Federal Bank will get a ready-made network in the State through the amalgamation." More

LIFE INSURANCE
LIC launches `New Bima Gold'
The Life Insurance Corporation of India has launched `New Bima Gold'. According to a press release, Mr T.S. Vijayan, Chairman, LIC, said there is a growing demand for Bima Gold. The Corporation had sold over one crore policies under the close ... More

New legislation on actuaries
A new legislation on actuaries has come into force, with the President, Mr A.P.J. Abdul Kalam giving his assent to the Actuaries Bill 2006 passed by Parliament. Under the Act, the Institute of Actuaries of India would be set up to regulate the ... More

PRIVATE BANKS
Some relief
WITH CASH IN HAND: Depositors coming out of the United Western Bank at Dadar branch in Mumbai on Monday.

More

PUBLIC SECTOR BANKS
`Indian Bank must support rural growth'
Can contribute to the establishment of PURAs, says Kalam More

Indian Bank places orders for 400 VSATs
Indian Bank has placed an order for 400 Very Small Aperture Terminals to link-up as many villages, the bank's Chairman and Managing Director, Dr K.C. Chakrabarty, told Business Line on Monday. It is learnt that the order was recently ... More

GOVT BONDS
Bond prices rally
Bond prices rallied by more than a rupee, following the Tarapore Committee report on full convertibility. The traded volume stood at Rs 11,895 crore on the order matching system. Dealers expect huge dollar inflows in the event of ... More

SHORT TERM INSTRUMENTS
Call rates unchanged
Call rates were unchanged between 6 and 6.1 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 17 bids amounting to Rs 21,475 crore and in the second one-day reverse ... More

FIXED DEPOSITS
SBI, Syndicate Bank revise NRE rates
State Bank of India and Syndicate Bank have revised the interest rate on NRE term deposits on varying maturities and FCNR deposits for different currencies with immediate effect. The revised rate for both banks on NRE term ... More

MERGERS & ACQUISITIONS
All eyes on UWB branch network
Seven banks express interest in takeover; UCO Bank, Corpn Bank may join fray More

Canara Bank files EoI for acquiring United Western Bank
Seeks RBI nod to carry out due diligence for amalgamation More

Andhra Bank joins the race
Board approves proposal for submission of EoI to the RBI More

LKB, Centurion Bank merger ratio fixed at 5:7
Regulatory approvals may be completed by year-end; no staff retrenchment More






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