The Hindu Business Line : Thursday, January 18, 2007

FINANCIAL SERVICES
Finerva Financial to expand network
Finerva Financial Solutions, which imparts training in finance, is set to expand its office network into Bangalore and Chennai by April. Its Director (Sales), Mr Pradeep Yuvaraj, told Business Line that the year-old company established ... More

FOREX
Rupee gains against greenback
The rupee gained against the greenback on Wednesday as corporates sold dollars in the forex market. The currency opened at 44.28/30 and stayed in range. Reports of a major corporate selling $200 million in the market aided the ... More

NBFCS
SU-UTI wants to divest 36.58 pc stake in Sicom
The Specified Undertaking of the Unit Trust of India (SUUTI) wants to divest 36.58 per cent stake in SICOM Ltd, the Maharashtra Government controlled non-banking financial company, which offers fund-based and non-fund based products and services ... More

HOUSING FINANCE
PNB Housing ties up with IFFCO-Tokio
PNB Housing Finance Ltd (PNBHF), a wholly owned subsidiary of Punjab National Bank, has entered into a tie-up with IFFCO-Tokio General Insurance (ITGI) to provide the latter's fire and personal accident insurance policy to its home loan ... More

CONSUMER FINANCE
OBC inks pact for auto financing
Oriental Bank of Commerce has inked a pact with International Cars & Motors Ltd and International Tractors Ltd for retail financing of multi-utility vehicles and sports utility vehicles. The bank would also offer credit ... More

GENERAL INSURANCE
Re-insurers insisting on stiffer terms
Few comfortable with the current free fall in premiums More

RBI & OTHER CENTRAL BANKS
`SLR Ordinance likely by month-end'
The Presidential decree to empower the Reserve Bank of India to lower Statutory Liquidity Ratio (SLR) below 25 per cent could be issued by month-end or latest by February 3, a top Finance Ministry official said. The official said that the ... More

PUBLIC SECTOR BANKS
Bank of Baroda SME loan factories
Bank of Baroda has launched three `SME loan factories' in Mumbai for "streamlined processing and timely sanctioning of SME loan proposals". "The loan factory comprises a centralised processing cell called `Credit Hub' for speedy ... More

FINANCIAL INSTITUTIONS
IFCI to sell 21 pc in ICRA
IFCI said on Wednesday that it would sell its holding of 21 per cent along with eight per cent holding of the Specified Undertaking of UTI in rating agency ICRA through the latter's IPO. IFCI stock closed up 6.59 per cent at Rs 26.70 on on the ... More

GOVT BONDS
Bond prices down 20 paise
Bond prices fell by almost 20 paise (yields went up by three basis points) on reports of a possible Presidential consent to an Ordinance allowing the Reserve Bank of India the flexibility to set the floor rate for the Statutory Liquidity Ratio of ... More

CREDIT MARKET
Rate cap on micro loans unlikely
The Government does not propose to cap the interest rates on loans extended by the micro-finance institutions (MFIs) to self-help groups (SHGs) or the unbanked segments of the population, a top Finance Ministry official said. "We are more or ... More

SHORT TERM INSTRUMENTS
Call rates remain unchanged
Call rates ruled at 8-8.2 per cent unchanged from Tuesday's close. In the first one-day reverse-repo auction under LAF, the RBI received and accepted one bid for Rs 20 crore and in the first one-day repo auction, it received and ... More

FIXED DEPOSITS
IDBI hikes deposit rates
IDBI has increased the interest rates on Suvidha fixed deposit, across all maturities, by 25-75 basis points, effective January 17. Deposits up to Rs. 15 lakh, with a maturity of 1-3 years under the scheme will carry an interest ... More

Canara Bank hikes deposit rates
Canara Bank has hiked term deposit rates by 50-100 basis points in a bid to accelerate deposit mobilisation efforts. According to a bank release, the revised rates for deposits of 180 days and above to less than one year, ... More

BONUS ANNOUNCEMENTS
Manappuram Fin posts Rs 3-cr net
Manappuram General Finance and Leasing Ltd. (MAGFIL), a non-banking finance company, has recorded a growth of 227 per cent in its net profit for the third quarter ended December 2006. Net profit amounted to Rs 3.13 crore, against Rs 0.96 crore in ... More

TRENDS
The return of brick and mortar
"Opening soon at a place near your home" is a banner from every bank that you are going to see more often at suburbs across the country. Customers, who may be jostling with each other while operating their accounts out of crowded branches ... More