The Hindu Business Line : Thursday, October 19, 2006

PREFERENTIAL ALLOTMENTS
YES Bank to issue shares to Swiss Re
YES Bank will raise Rs 120 crore by issuing one crore equity shares on a preferential basis to Swiss Reinsurance Company, forming 3.57 per cent of the bank's expanded share capital. Swiss Re's investment will have a one-year lock-in period. An ... More

FOREX
Rupee slips against dollar
The rupee slipped against the dollar on Wednesday on demand for the greenback. The domestic currency opened at 45.24/26 and ended the day at 45.37, against Tuesday's 45.2750. Dealers said the rupee opened higher trailing the ... More

FINANCIAL PERFORMANCE
Higher income boosts Union Bank net 218 pc
Posts increase in interest income, recovery More

ING Vysya net leaps 110 pc in Q2
ING-Vysya Bank Ltd reported a 110 per cent increase in its net profit at Rs 41.39 crore for the second quarter of the current financial year 2006-07. An ING-Vysya press release said here on Wednesday that the gross income during the current ... More

LVB posts profit of Rs 3.83 cr
Total income up by over 24 pc to Rs 117 cr More

State Bank of Mysore Q2 net up
State Bank of Mysore reported a net profit of Rs 59.40 crore for the second quarter (Q2) of this financial year, 2006-07 (FY07), up a modest 15 per cent from the last year. A bank release said that the operating profits ,rose to Rs 106.78 crore ... More

Vijaya Bank Q2 net rises 36% on credit growth
Hopes to reach Rs 60,000-crore biz target More

Bank of Rajasthan net surges
Bank of Rajasthan Ltd has reported a net profit of Rs 55.23 crore for the quarter ended September 30 against Rs 5.25 crore in the corresponding quarter previous year, posting a 952 per cent growth. Total income of the bank has increased by 98 ... More

GENERAL INSURANCE
SIA ties up with ICICI Lombard
Singapore Airlines has joined hands with ICICI Lombard to provide travel insurance to its passengers travelling to Australia and New Zealand. In a statement the airline has said that the tie-up would enable passengers having a ... More

FINANCIAL POLICY
Govt talking to Left on Banking Regulation Bill
The Government has initiated the process of consulting various political parties, including the Left, to evolve consensus on removing 10 per cent cap on voting rights for concerned stakeholders to facilitate consolidation among private banks and ... More

PUBLIC SECTOR BANKS
Solar power for rural branches
Faced with severe power shortages in the rural areas, Vijaya Bank has kicked off a project for installing solar power units in all its rural branches. Speaking about the project, Vijaya Bank's Executive Director, Mr T. Valliappan, said: "The ... More

PNB gold coin scheme
PAMP CERTIFICATION: Mr S.C. Gupta, Chairman and Managing Director, Punjab National Bank, at the launch of `Gold Coin Scheme' in the Capital on Wednesday. Gold coins weighing 5 gm, 8 gm, 10 gm and 20 gm would be made available at the 267 ... More

GOVT BONDS
Bonds under pressure
Bonds were lacklustre as traders were wary of taking large positions ahead of the Credit Policy. Total traded volume on the order matching system was Rs 1,595 crore (Rs 1,360 crore). Dealers said tight liquidity due to the ... More

CORPORATE BONDS
ICICI Bank debt issue pricing
ICICI Bank has priced its five-year Medium Term Note (MTN) at 73 basis points over LIBOR, said a press release from the bank. The $400-million debt issue was raised through its Singapore branch and subscriptions were put at $1.1 ... More

CREDIT MARKET
Why financial system must legitimise moneylenders
It is important to recognise moneylenders as legitimate agents of economic activity. They have extensive network and substantial credibility. Banks must treat them as channel partners and provide them with credit. Importantly, moneylenders should hav e the flexibility to access the deposits from the public, as any other financial institution, says R. VAIDYANATHAN. More

The banking pyramid
As of June 2006, 100 of the 34,513 banked centres (i.e. 0.2 per cent) accounted for 77 per cent of outstanding advances of all banks put together; and about 68 per cent of total deposits. Half of the advances and deposits in these 100 towns ... More

SHORT TERM INSTRUMENTS
Call rates unchanged
Call ruled unchanged between 6.75-6.85 per cent on tight liquidity. In the first one-day reverse repo auction under LAF, the RBI received and accepted three bids amounting to Rs 420 crore and in the second one-day reverse repo ... More

T-bills fully subscribed
The auctions of 91-day treasury-bills were fully subscribed. The MSS amount was Rs 1,500 crore. The RBI received 45 competitive bids, amounting to Rs 2,585.50 crore. The cut off price was Rs 98.37 (6.64 per cent YTM). The RBI ... More

CREDIT CARDS & DEBIT CARDS
Canara Bank cashback scheme
Canara Bank has launched a cashback scheme for the festival season for its 2.5 million ATM-cum-debit card customers. The scheme, operational all over the country, will remain open during the period between October 15 and ... More

EVENTS
`India needs world class payment systems'
Modes of payment must be secure, have risk mitigation measures More