The Hindu Business Line : Wednesday, February 15, 2006

Karnataka Vikas Grameena Bank enters insurance business
MANGALORE: Karnataka Vikas Grameena Bank — a regional rural bank sponsored by Syndicate Bank — formally launched its entry into the insurance business on Monday. The bank, which has entered into an agreement with Bajaj ... More

FOREX

2006 could see significant yuan revaluation
The yen and Indian rupee too will move up in the wake of the yuan's revaluation. The US dollar is a good sell against Asia. More

Rupee firms up; securities weak
MUMBAI: The rupee gained marginally against the dollar on Tuesday. But the market was wary of the central bank buying dollars to induce rupee liquidity, if the rupee breaches the 44.20 level, said a dealer. The rupee opened at 44.23 and ... More

Tourists may be able to use rupee in Mauritius
"The idea behind the proposal is to ensure that tourists do not have to constantly convert foreign exchange that they are carrying on their visits." More

STOCKS

Canara Bank hits FII limit
MUMBAI: Foreign institutional investors and non-resident Indians cannot buy shares of Canara Bank, without permission of the Reserve Bank of India. In a press release issued on Tuesday, the central bank said the foreign investment in ... More

AGRICULTURAL INSTITUTIONS

Nabard rate hike irks coop banks
THE latest hike in refinance rates announced by the National Bank for Agricultural and Rural Development (Nabard) is "feared to deliver a mortal blow" to apex State-level cooperative lending banks and their farmer borrowers. According to Mr K. ... More

LIFE INSURANCE

Max NY Life opposes EET, fringe benefit tax
LIFE insurance industry should not be subjected to the Exempt-Exempt-Tax (EET) form of taxation and the existing regime of taxation should be retained, the Managing Director and CEO of Max New York Life, Mr Gary R. Bennett, has urged the Union ... More

Unit-linked policies are growth drivers — Insurers find it capital-efficient
Only a few insurers are encouraging traditional covers, especially group plans. The bulk of the growth in traditional covers, including group plans, was from ICICI-Prudential Life Insurance. More

LIC sells 2.18 pc stake in Dr Reddy's
DR Reddy's Laboratories Ltd has informed the stock exchanges that Life Insurance Corporation of India has sold 16,67,144 shares aggregating to 2.18 per cent of share capital of Dr Reddy's Labs on January 30. The mode of sale is market sale. ... More

GENERAL INSURANCE

For States: IFFCO-Tokio claims settlement under BBY plan
IFFCO-TOKIO General Insurance Company Ltd (ITGI), a joint venture promoted by the Indian Farmers Fertiliser Cooperative (IFFCO) and the Japanese insurance major Tokio Marine and Nichido Fire, has announced a 100 per cent claim settlement ratio ... More

PUBLIC SECTOR BANKS

SBH gets ad film award
HYDERABAD: The State Bank of Hyderabad (SBH) has been selected for a special jury prize for corporate ad film, which dwells on the history of the bank and the facilities it extends. The award given by the Public Relations Society of ... More

INVESTOR GRIEVANCES

Scrap drop-box system in banks: Consumer body
A REQUEST to the Finance Minister, Mr P. Chidambaram, to instruct the banks to scrap the practice of asking customers to drop outstation DDs/cheques and even instruments drawn on the same branch into the collection boxes kept inside branches, has ... More

MERGERS & ACQUISITIONS

Win-win for Bharat Overseas stakeholders, IOB
INDIAN OVERSEAS Bank's proposal to increase its stake in Bharat Overseas Bank (BhOB) from 30 per cent to 100 per cent at Rs 155 per share offers the other shareholders of the bank a reasonable exit price. At this price, the bank's valuation works ... More

Federal Bank, Ganesh Bank merger case hearing adjourned
THE Bombay High Court on Tuesday adjourned the hearing in the case filed against the merger of Federal Bank Ltd with Ganesh Bank of Kurundwad for February 15, said a lawyer associated with the case. On January 9, the Bombay High Court in an ... More

TRADE & LABOUR UNIONS

Union Bank employees to go on strike today
AT the call of All India Union Bank Employees Association (AIUBEA) and All India Union Bank Employees Federation (AIUBEF), the Union Bank employees would observe full day stay-out strike on Wednesday with a view to register their opposition to ... More

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Pick a Winner Stock Market Contest

Air Sahara strike withdrawn; Normal flights from today

Reliance Private Equity picks up 44 pc stake in DTDC for Rs 70 cr

Unit-linked policies are growth drivers — Insurers find it capital-efficient

Weather concerns worry shrimp exporters — Arrivals likely to be delayed by a month

The on-again, off-again nuclear deal

HLL back in the driver's seat

In Focus

Infrastructure woes stare IT sector

IPO Scams

FDI in retail sector