The Hindu Business Line : Thursday, September 01, 2005

Govt transactions: Banks unhappy over revision in commission rates
THE revision in the agency commission rates on Government transactions has irked bankers. Banks feel that the rates should be based on the value of the transaction and not on number. The Reserve Bank of India has in a recent circular notified ... More

INSIGHT

IMF-World Bank Annual Meet: Will it be exciting or a damp squib?
At the IMF/World Bank annual meetings about a month away, the Finance Minister will have to tread carefully when such key issues as the world economic outlook, the nature and scope of IMF's surveillance, aid to poor countries, and the `strategic dire ction' for the Fund are discussed, says A. Vasudevan. More

It's risky not to measure risk
Kuntal Sur on risk-adjusted performance measurement in banks More

FOREX

Rupee touches 8-month low
THE rupee fell against the dollar for the third day in a row and touched a new low that was seen last in December 2004, as demand by oil companies pushed up the dollar. The rupee opened at 44.05/07 and rose to 44.03/04 as there were good ... More

LIFE INSURANCE

LIC offers Rs 6,000-cr cover to Infosys staff
LIFE Insurance Corporation of India (LIC) said that it has offered the largest group term life insurance cover to employees of Infosys Technologies Ltd, for a total sum assured close to Rs 6,000 crore. The policy offers graded insurance cover ... More

GENERAL INSURANCE

Insurers competing for State health cover schemes
The State Government insurance schemes involve large number of policies worth crores of rupees. More

National Insurance offers cover for educational loans
THE National Insurance Company (NIC) has submitted a proposal to the Kerala Government for providing insurance cover to those students who avail themselves of educational loans. This comes at a time when sanctioning and repayment of ... More

PRIVATE BANKS

Manoj Adlakha joins Yes Bank
YES Bank on Wednesday announced the appointment of Mr Manoj Adlakha as Group Executive Vice-President and Country Head, Retail Banking. Mr Adlakha will join the bank on September 1 and will be based at New Delhi. Prior to joining Yes Bank, ... More

Karnataka Bank's new branch
BANGALORE: The Karnataka Bank opened its new branch in Vidyaranyapura, Banglore. With this, the bank now has a network of 386 branches. Inaugurating the branch, the bank's Chairman Mr. Ananthakrishna, said that focus would be towards ... More

PUBLIC SECTOR BANKS

IOB to distribute Tata Mutual products
IOB on Wednesday announced its alliance with Tata Mutual Fund for distributing the latter's schemes. The tie-up, Mr Narayansami said, will enable the bank to shore up its fee-based income. Mr Ved Prakash Chaturvedi, Managing Director, Tata MF, ... More

Restriction on holding stakes in other banks — IOB seeks exemption from RBI norm
INDIAN Overseas Bank, a 30 per cent shareholder in Bharat Overseas Bank, has sought exemption from the RBI norm which restricts banks from holding stakes in other banking entities beyond a certain limit. IOB would like to continue its ... More

Tech advancement a challenge to banks, says Maran
THE Communications and IT Minister, Mr Dayanidhi Maran, on Wednesday said advancement in information technology and communication pose a great challenge to banks. "Technology advancements in the area of communications and information ... More

Bank chiefs welcome move to include more whole-time directors
Most bank chiefs feel the move would allow for faster decision-making and also give more promotion opportunities. More

SBI to collect Central excise, service tax in Mangalore
THE Union Government has authorised State Bank of India to collect central excise and service tax in Mangalore Commissionerate of Central Excise. Addressing newspersons here on Wednesday, Mr K. Venkatachalapathy, Assistant General Manager, ... More

FOREIGN BANKS

TCS, Infosys likely to bag $1.2 b ABN Amro outsourcing deal
Global IT giants Accenture Ltd and IBM were among the front-runners as primary vendors for the infrastructure part of the mega services contract. This mega deal is said to be one of the largest in Europe from a major bank in recent years. More

GOVT BONDS

Securities bearish
MUMBAI: The bond market continued to be weak as crude oil prices touched $70 a barrel. Though bond prices opened at more or less the same levels as the earlier close, they went down gradually during the day, dealers said. The 7.37 per ... More

CREDIT MARKET

Get the equipment on loan and bid for interest rates
SREI Infrastructure Finance Ltd has brought the third edition of `Paison ki Nilami' (auction of interest rates) to Hyderabad, offering finance to buyers of construction equipment at an interest rate that can be bid by them. "Participants can ... More

SHORT TERM INSTRUMENTS

T-bills auction fully subscribed
THE auctions of the 91-day and 364-day Treasury bills were fully subscribed, according to a press release from Reserve Bank of India. The notified amount for the 91-day T-bills was Rs 4,000 crore, out of which Rs 3,500 crore is MSS amount. ... More

REGULATORY BODIES & RULINGS

Change in functioning of IRDA's tariff advisory panel on cards
TAC in its new incarnation would only recommend tariffs/premiums for various risk products. More

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