The Hindu Business Line : Friday, December 30, 2005

Delay in exchange rate revision irks importers
IMPORTERS are upset that the Government notification announcing revised exchange rate for the following month has not been issued despite the current month nearing an end. Normally, the Government notifies the exchange rate for the following ... More

Rupee tad weaker; bond prices flat
MUMBAI: The rupee was a tad weaker against the dollar on Thursday on the back of some demand for dollars. The domestic currency opened at 45.16/17 and touched an intra-day low of 45.10. It, however, closed the day at 45.16/17, lower than ... More

IMD redemption process smooth; cheques dispatched
THE redemptions for the $5.5-billion India Millennium Deposits went off according to schedule, said officials from State Bank of India. "The cheques have been dispatched and they will be presented to our New York, London or Frankfurt branches, ... More

LIFE INSURANCE

Kotak Mahindra OM Life sees bounce back in Q4
KOTAK Mahindra Old Mutual Life expects to bounce back in the last quarter of the current fiscal. About 60 per cent of the company's business would come from the fourth quarter of the fiscal since high net worth individuals constitute the bulk ... More

GENERAL INSURANCE

Wockhardt Hospitals in pact with US insurer
THE Wockhardt Hospitals group in India has established a formal agreement with Philadelphia-based CIGNA Insurance to accept direct payments from the insurer for CIGNA International Expatriate Benefits (CIEB) health plans. CIGNA covers 32 ... More

Wake-up call for firms to go for terrorism cover
DESPITE repeated warnings on terrorist strikes from central intelligence agencies, several domestic information technology companies have not opted for terrorism risk cover. Sources said only the multinational companies and a handful of ... More

RBI & OTHER CENTRAL BANKS

RBI issues draft norms on PD business of banks
BANKS that wish to apply for primary dealership are required to have minimum net owned funds of Rs 1,000 crore, a minimum capital adequacy ratio of nine per cent and net NPA level of less than three per cent at the end of the previous financial ... More

PRIVATE BANKS

KVB plans term deposits drive
KARUR Vysya Bank plans to commence the New Year with a one-month special campaign on term deposits. During the campaign, the bank intends to offer 50 basis points more (over and above the regular interest rate) on deposits with tenure of ... More

PUBLIC SECTOR BANKS

Andhra Bank, SBH join hands with APSFC to finance small units
ANDHRA Bank and State Bank of Hyderabad (SBH) have entered into an agreement with Andhra Pradesh State Financial Corporation (APSFC) to co-finance small and medium enterprises, service sector and infrastructure projects. While the APSFC would ... More

Andhra Bank keen on more tie-ups with SFCs
ANDHRA Bank has decided to explore opportunities in joining hands with `healthy' SFCs (State Financial Corporations) to replicate the model it evolved in Andhra Pradesh with APSFC and State Bank of Hyderabad (SBH). Taking a cue from the Union ... More

CREDIT MARKET

Union Bank to focus on mid-size cos
IN order to diversify its credit portfolio, Union Bank of India is planning to focus on the mid, or medium segment, separately from small and medium enterprises, said Mr Cherian Varghese, CMD. "This segment offers more growth potential and ... More

FIXED DEPOSITS

Deposit mobilisation by Dakshina Kannada banks
MANGALORE: Banks in Dakshina Kannada district crossed a business level of Rs 11,044 crore as on September 2005. As many as 350 branches of 45 banks in the district mobilised deposits of Rs 7,061 crore and advanced Rs 3,983 crore during ... More

MERGERS & ACQUISITIONS

UTI AMC plans to buy tech firm — Sponsor-banks to lend marketing support too
FUND house UTI Asset Management Company on Thursday announced plans to buy controlling stake in a technology company, set up its own call centre and own a distribution company as part of an aggressive strategy to grow its assets under management ... More

SECURITY

ATM throws up forged note — AITUC puts up note to PM for inquiry
There are serious lacunae in the distribution system and sometimes "even less than the recorded amount" is delivered to the bank with regard to high denomination notes. More

PUBLIC OFFER

Union Bank public issue likely before Budget
UNION Bank of India's second public issue to raise Rs 450-500 crore could hit the market before the 2006 Union Budget, said Mr Cherian Varghese, Chairman and Managing Director. The bank is waiting for approval from the Securities and Exchange ... More

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