The Hindu Business Line : Thursday, October 27, 2005

Reforming IMF/World Bank — G-20's narrow but understandable agenda
By limiting the scope of reform to only the World Bank/IMF, the G-20 has skipped the examination of the International Monetary and Financial System. This is understandable, perhaps, because the group, representing systemically important countries, w ould be averse to agreeing to a reduction in its voting strength. However, it could have spent some energy on the issue of corporate governance of the two multilateral agencies to improve their credibility, says A. Vasudevan. More

FOREX

Rupee unchanged, bond prices up
MUMBAI: The spot rupee was volatile on against the dollar on Wednesday on fears of a hike in interest rate, but it ended unchanged as compared to Tuesday's close. The rupee opened at 44.97/99 and touched a low of 45.07 and a high of ... More

CREDIT POLICY

Boost to textile exports, says FIEO
THE Federation of Indian Export Organisations (FIEO) has welcomed the Mid-Term Review of the Credit policy by the Reserve Bank of India. According to the FIEO, the Review would provide great impetus for export of textile products as it proposed ... More

RBI takes banking to the masses
THE Reserve Bank of India has, in its Mid-Term Review of the Credit Policy, initiated a number of customer-oriented measures towards the financial inclusion of the weaker sections. The central bank has urged all banks to make available basic ... More

FINANCIAL PERFORMANCE

IndusInd Bank net drops 47 pc in Q2
INDUSIND Bank's net profit declined 46.5 per cent to Rs 31.49 crore during the quarter ended September 30, from Rs 58.91 crore during the corresponding quarter last year. The decline is mainly due to lower net interest margin and higher ... More

IOB net rises 25 pc in Q2
INDIAN Overseas Bank has reported a net profit of Rs 198.49 crore for the quarter ended September 30, 2005, up from Rs 158.33 crore in the same quarter last year, an increase of 25.36 per cent, despite a shortfall of Rs 25 crore in treasury ... More

J&K Bank posts net profit of Rs 55 cr in Q2
JAMMU and Kashmir Bank Ltd has posted a net profit of Rs 54.98 crore for the quarter ended September 30, as against loss of Rs 50.03 crore in the year ago quarter. Last year, the bank suffered losses because of a fall in profit from trading ... More

Cholamandalam to expand retail business with DBS — Net nearly doubles in Q2
CHOLAMANDALAM Investment and Finance Company Ltd (CIFCL) will focus on retail business along with its new partner, DBS Bank of Singapore, with which it plans to have a 50:50 joint venture. DBS's open offer to acquire 20 per cent of the equity ... More

GENERAL INSURANCE

Chakrabarti, CMD of New India Assurance
THE Government has appointed Mr B. Chakrabarti as the new Chairman and Managing Director of New India Assurance Co. Mr Chakrabarti, who is now CMD of National Insurance, will take over on October 31, after the incumbent, Mr R. Beri, retires. ... More

PUBLIC SECTOR BANKS

Franklin Templeton ties up with OBC
NEW DELHI: Franklin Templeton (India) has signed a memorandum of understanding with Oriental Bank of Commerce (OBC) for the distribution of its mutual fund products through the bank's branches. The Franklin Templeton India President, Mr ... More

TRENDS

Banks see good biz in retail sale of gold coins
GIVEN Indians' love for the yellow metal, banks are increasingly looking at retail gold coins as an avenue for additional income. Banks are also considering extending loans against these coins and offering buyback facilities. Customers need ... More

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