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Wednesday, November 01, 2006
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MONEY & BANKING

OVERSEAS BORROWINGS
Banks can borrow more from overseas branches
Limit hiked to 50% of tier I capital including ECBs, export credit More

INSIGHT
RBI's mid-term review of credit policy — Striking an internal-external balance
The RBI Governor, Dr Y. V. Reddy, has negotiated carefully between controlling inflationary expectations and disturbing the behaviour of economic agents. While the Policy has made significant relaxations on the external funds front, Mint Street and N orth Block will have to work closer together at home, if India is to maintain its robust rate of growth with price stability, says S.VENKITARAMANAN. More

Nudging economy in right direction
The RBI has reiterated the strong growth momentum in the economy and the robust growth prospects across both the services and industrial sectors. The policy statement marks another step in the opening of the Indian market to foreign capital ... More

Only sparklers, no fireworks
The message that the central bank has conveyed is that the economy is doing well and nothing should be done to affect the healthy growth momentum. More

A tightening still
In a clever move, the Reserve Bank of India has left the reverse repo rate — the rate at which banks can place funds with the central bank — unchanged while increasing the repo rate — the cost ... More

Not really comprehensive
Given India's growing role in financial markets, a more comprehensive package of measures would have been welcome. More

Optimism, caution and gradualism
Since central banking is as much about wordplay as interest rate fixing, it is time we instituted a mini Booker-type prize for the policy texts. For this category the wordsmiths on Mumbai's Mint Street would surely be strong contenders for a ... More

Treading a middle path
The Indian economy is going through a `Goldilocks' phase, given the high growth rate, manageable inflation rate and booming stock market. At the same time, there are signs of a slowdown in the US economy and rate worries in the EU and Japan. ... More

Will hint of a hike help?
Macroeconomic inflation and a overheated retail credit market, especially the mortgage segment, were the two well-identified, indeed well-articulated, concerns of the RBI as it went into its review of the Credit Policy. The backdrop to this ... More

Continuity and change
The Credit Policy Review is welcome as it effectively addresses the concerns of price stability, credit expansion and financial stability. Against the backdrop of buoyant industrial growth, surge in bank credit, trade deficit and inflationary ... More

Complements fiscal policy
On the whole, the sustenance of growth momentum is concern of the regulator More

FOREX
Exporters to retain 100% earnings in EEFC a/cs
Outward remittance cap raised to $50,000 a year More

More flexibility in overseas deals
Machinery movement easier; surplus cash can be retained abroad More

Rupee falls; forwards spurt
The rupee fell against the dollar on Tuesday on the back of demand for the greenback. The domestic currency opened at 44.98 and closed at 45.02, lower than Monday's 44.97/98. Dealers said nationalised banks were buying ... More

CREDIT POLICY
Banks get more time for Basel II
Banks have got a breather on Basel II norms with the Reserve Bank of India extending the original deadline of March 31, 2007 to March 31, 2008 for foreign banks operating in India and Indian banks with overseas branches. Other commercial banks ... More

MFs to gain from higher overseas investment
RBI guideline will encourage Indian funds to diversify risks More

RBI not for lending rate hike: SBI chief
Hike in repo rate suggestive of tightness in liquidity More

Commitment to growth: CII
The 25 basis point rise in the repo rate will sound a note of caution on the liquidity front, but leaving the bank and reverse repo rates unchanged signalled RBI's commitment on growth continuity, said Mr Jayakumar Ramdass, Chairman of the ... More

TEA draws comfort from unchanged interest rates in RBI's credit policy
Tirupur Exporters Association (TEA) has drawn comfort at the status quo maintained by the RBI on bank/reverse repo rates and the cash reserve ratio in its mid-term review of its annual policy announced on Monday, despite the .25 per cent hike ... More

`Credit policy encouraging'
The Indian Chamber of Commerce has said the RBI's mid-review of credit policy for 2006-07 is an encouraging announcement. It says there has been a concrete move towards full capital account convertibility — the establishment of a panel ... More

FINANCIAL PERFORMANCE
KVB net rises 55%
Karur Vysya Bank's Q2 net profit is up by 54.76 per cent at Rs 42.56 cr against Rs.27.50 cr during the corresponding quarter of the earlier fiscal. Its total interest income swelled to Rs 208.95 cr (Rs 161.92 cr). Interest on advances grew ... More

IDFC net rises 35%
Infrastructure Development Finance Company Ltd (IDFC) has recorded a 35.42 per cent rise in net profit to Rs 141.40 crore for the quarter ended September 30 against Rs 104.41 crore for the same quarter in the previous year, on a stand-alone ... More

CUB net up 31 pc
The Kumbakonam-headquartered City Union Bank (CUB) has reported an all-round growth resulting in higher top-line and bottom-line improvements this quarter. Its net profit increased by 31 per cent to Rs 16.31 crore (Rs 12.44 crore), while the ... More

Dhanalakshmi Bank H1 net doubles
The net profit of Dhanalakshmi Bank has risen by 195 per cent to Rs 7.02 crore (Rs 2.38 crore) for the first half of the current year. The gross profit grew by 27 per cent to Rs 18.02 crore (Rs 14.19 crore). The total income of the bank grew by ... More

SREI clocks 73-pc rise in Q2 net
SREI Infrastructure Finance Ltd has registered 56 per cent growth in net profit before taxes (PBT) for the half-year ended September. PBT rose to Rs 44.03 crore from Rs 28.20 crore in the corresponding previous period. Net profit grew 53 per ... More

GENERAL INSURANCE
Insurance staff hail Centre's stand
The General Insurance Officers All India Association has welcomed the Union Government's stand that the Kerala health insurance scheme for Below Poverty Line (BPL) families should be implemented through the public sector insurance companies. It ... More

DEBT MARKET
Bond market sees booster shot
FII investments in g-secs raised More

RBI & OTHER CENTRAL BANKS
RBI eases forex reserves use
Key interest rates unchanged; measures to facilitate more capital flows More

GOVT BONDS
Bond prices fall 9 paise
Bond prices dropped around nine paise, reacting to the Reserve Bank of India's mid-term credit policy. Total traded volume on the order matching system was Rs 3,610 crore (Rs 1,950 crore). "The RBI has increased the repo rates ... More

SHORT TERM INSTRUMENTS
Call rates stable
Call ruled unchanged between 6.80 per cent to 6.90 per cent. In the first one-day reverse-repo auction under LAF, the RBI received and accepted one bid amounting to Rs 50 crore. There were no repo bids. In the second one-day ... More






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Top Stories
More flexibility in overseas deals

MFs to gain from higher overseas investment

RBI's mid-term review of credit policy — Striking an internal-external balance

Steel cos may hike prices from today

Glenmark Q2 profit more than doubles

Buddhadeb justifies land acquisition for Tata project

VSNL Q2 net rises 18 pc

Bond market sees booster shot

Looking back
Oct. 22-Oct. 28
`Special' deposits get good response

Higher volumes on retail assets boost ICICI Bank's growth

PFs selective about bank bond investments

Inflation targeting goes popular

State Govts' investments in treasury bills rise

Forex reserves rise $1.2 b

Bank of India net rises 61 pc on higher interest income

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