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Friday, October 13, 2006
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MONEY & BANKING

INSIGHT
Tarapore Report II — Little light on deficit, gold
The Tarapore Committee II could have emphasised fiscal deficit reduction, suggested ways to bring idle gold stocks into the system and touched on modernising and strengthening the banking system. More

FOREX
Rupee gains against dollar
The rupee slightly appreciated against the dollar tracking gains on the BSE and easy crude oil prices. The domestic currency opened at 45.55/60 and dropped to close at 45.63. On Wednesday, the rupee closed at 45.65. Dealers ... More

SOFTWARE
SunTec banking tool
SunTec Business Solutions has launched the TBMS-F V4 billing software to address the demand from the banking sector for a solution that can be deployed across global markets to concurrently link various financial products. The ... More

MANPOWER
SBI exit policy for officers to close
State Bank of India is likely to be short by about 4,000 officers following the exit policy introduced last year. The number could go up by the time the exit policy closes next month, said a senior official of the bank. Considering the bank ... More

LIFE INSURANCE
Insurance Bill to lift FDI cap to 49 pc
The comprehensive Bill on insurance provides for an increase in the paid-up capital of Life Insurance Corporation of India to Rs 100 crore from the current Rs 5 crore. Mr G.C. Chaturvedi, Joint Secretary, Ministry of Finance, said that the Bill ... More

Max NY launches Life Invest
Max New York Life on Thursday launched Life Invest TM, a flexible unit linked investment plan. According to the company, the product provides the customer with the flexibility to manage their financial needs, ... More

GENERAL INSURANCE
IFFCO-Tokio to cover risks of infotech sector
Reinsurance support from Hiscox Plc of UK More

PRIVATE BANKS
IFC to buy HDFC Bank bonds
International Finance Corporation (IFC), the private sector arm of the World Bank Group, on Thursday announced that it would invest $100 million in Upper Tier-II subordinated bonds to be issued by HDFC Bank Ltd. Stating this as the first ... More

Karnataka Bank opens new branch
Karnataka Bank Ltd opened its 401st branch, its 12th in Chennai, at Mogappair on Thursday. A bank release said here that Mr M.V. Muthuramalingam, Chairman of Velammal Educational Trust, inaugurated the branch, and Mr K.N. ... More

FINANCIAL INSTITUTIONS
IFC picks up stake in Suguna Poultry for $11 m
Looking at medium-sized high growth companies More

GOVT BONDS
RBI sets cut-off rate
The RBI has set the cut-off rate for the auction of the 7.59 per cent -2016 paper at 1 paisa per Rs 100. For the 8.33 per cent - 2036 paper, the cut-off rate has been set at 1.79 paise per Rs 100. The auction will be held on ... More

Bond prices rise 16 paise
Bond prices rose by about 16 paise as world oil prices continued to stay below $60 per barrel. Traded volumes on the order-matching system were Rs 2,840 crore (Rs 2,620 crore). "Some of the nationalised banks were seen buying in ... More

CREDIT MARKET
HDFC Bank in tie-up with AP postal dept
HDFC Bank has tied up with Andhra Pradesh Circle of Department of Posts to offer loans against postal instruments such as National Savings Certificate (NSC) and Kisan Vikas Patra (KVC) in the State. Announcing this here at a press conference ... More

SHORT TERM INSTRUMENTS
Call rates down at 6.35- 6.45 pc
Call rates were at 6.35-6.45 per cent against Wednesday's 6.40-6.50 per cent. In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted eight bids amounting to Rs 16,210 crore. In the ... More

FIXED DEPOSITS
Andhra Bank hikes deposit rates
Andhra Bank has upwardly revised interest rates on domestic term deposits with effect from October 11. According to a bank press release, for senior citizens, the rate of interest is 0.5 per cent higher for all maturity ... More

MERGERS & ACQUISITIONS
Mandvi Co-op to merge with Saraswat Bank
Merger to help Saraswat Bank connect with Mandvi Bank's strong Gujarati clientele More

OUTLOOK
PNB sees improved net profit in Q2
Sets up 8th large corporate branch to process loan applications above Rs 25-cr More






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Top Stories
BHEL, Russian co to jointly upgrade UP power station

Expert panel on security may favour ranking of cos

IFFCO-Tokio to cover risks of infotech sector

Reliance introduces Re 1 STD card

DLF plans bigger IPO; more land acquired

Rs 5,200-cr plan for Mumbai airport unveiled

HLL brews a `live' hoarding idea

H1 cargo traffic up at major ports

Looking back
Oct. 1-Oct. 7
Interest rate must not be raised: CII survey

LIC registers 150-pc rise in new premium income

Flatter US yield curve ahead?

Standard Motors' payment buoys IOB recoveries in Q2

`Banks yet to obtain digital signatures in a big way'

Forex reserves fall over $1.2 b

Govt paper on PD books to be parent bank's SLRs

India on ING radar

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