The Hindu Business Line : Friday, November 02, 2007

INSIGHT
Monetary Policy: Caught in a trap
It was no surprise. The Reserve Bank of India increased the cash to be kept by banks from 7 per cent to 7.5 per cent in its half-yearly review of Monetary Policy. This earns no interest and, therefore, indirectly pushes up their ... More

FOREX
Rupee ends flat
The rupee ended almost flat at 39.31 against the dollar on Thursday due to sustained intervention by the Reserve Bank of India. The home currency opened at a fresh nine-year high of 39.24/26 and remained at those levels for a brief period but ... More

INSURANCE
‘Insurance penetration has doubled in 6 yrs’
With per-capita income on the rise, insurance is now being seen not only as an instrument for risk coverage, but also for savings purposes, the Finance Minister, Mr P Chidambaram, has said.Addressing the Parliamentary Consultative ... More

CREDIT POLICY
Fed rate cut factored in: Chidambaram
New Delhi, Nov. 1 The Finance Minister, Mr P. Chidambaram, said on Thursday that it was “too early” to assess the impact of the US Fed’s quarter point rate cuton capital flows into the country, but indicated that this might ... More

LIFE INSURANCE
Max India doubles revenue
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RBI & OTHER CENTRAL BANKS
Fed cut: Marketmen expect more FII flow
Mumbai, Nov. 1 The 25 bps US Federal rate cut was in line with the expectations of most marketmen in the country. This cut followed a rate cut last month of half a percentage point, that is from 5.25 per cent to 4.75 per cent. The Fed rate cut ... More

World Bank site hacked
Websense Security Labs has detected a Trojan using real data from the World Bank. The captured sample of the data has revealed that the names and e-mail addresses were taken from the contact pages of the legitimate site. The e-mail contained the ... More

PRIVATE BANKS
TMB opens branch in Kancheepuram district
Madurai, Nov 1 Tuticorin-based Tamilnad Mercantile Bank (TMB)’s 195th branch with ATM facility was inaugurated by Ms Poongothai Aladi Aruna, Tamil Nadu Minister for Social Welfare at Sholinganallur in Kancheepuram district. On the ... More

New product from Karur Vysya
Karur Vysya Bank has introduced yet another variant of its multi-city current account product – KVB Economy.The other variants include KVB Standard, KVB Classic, KVB Premium, KVB Gold and KVB Platinum. The major difference in opting for a ... More

PUBLIC SECTOR BANKS
PSU Bank BEES makes debut
Mumbai, Nov. 1 PSU Bank Benchmark Exchange Traded Scheme (PSU Bank BEES), an open-ended scheme which is an Index tracking the CNX PSU Bank Index, on Thursday made its debut on the NSE. It opened at Rs 310, touching a high of Rs 332 during the ... More

INTEREST RATES
SBH reduces NRE interest rates
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GOVT BONDS
Bond prices fall as crude rises
The bond market was down as crude oil prices touched $ 96. Bond prices opened lower in the morning due to the high oil prices. They recovered later as concerns of excess liquidity coming down eased. However, they closed lower and there was an ... More

SHORT TERM INSTRUMENTS
Call rate closes at 6.05-6.20%
The interbank call rate closed at 6.05-6.20 per cent, against Wednesday’s close of 6.05-6.15 per cent. In the first one-day reverse repo auction under the Liquidity Adjustment Facility, the Reserve Bank of India received and accepted 10 ... More

FIXED DEPOSITS
Some banks trimming deposit rates
Mumbai, Nov. 1 After offering high interest rates on term deposits, some banks have now started reducing rates in order to ease the pressure on their margins. Centurion Bank Centurion Bank of Punjab today announced that it is cutting ... More

OUTLOOK
Interest rates poised for downward correction
Consumer credit growth down to 10%, says Kamath More