1. Dhanalakshmi Bank's net profit has grown 70% and touched Rs 16.14 crs (Rs 9.52 crs) for the year 2006-07. The operating profit has, meanwhile, grown 67% to Rs 38.64 crs (Rs 23.09 crs).
2. Private sector non-life insurers have expanded their share in 2006-07 (FY07) to 35 per cent in an intensely competitive domestic market.Private sector share in the non-life insurance market in 2005-06 was 26 per cent, according to figures released by the Insurance Regulatory and Development Authority. Non-life insurers' gross premium flow was Rs 25,002.45 crore in FY07 against Rs 20,431.82 crore, a growth of 22.37 per cent.
3. The Lok Sabha cleared the decks for the seven subsidiary banks of SBI to approach the capital market for raising resources to fund business growth and also meet the Basel-II norms on capital adequacy. The House cleared the State Bank of India (Subsidiary Banks Laws) Amendment Bill, 2007, that seeks to lower the minimum shareholding of SBI in its seven subsidiary banks to 51%, provide more autonomy to the boards of these banks, allow these banks to issue preference shares and ensure the presence of a RBI nominee on their boards.
4. Franklin Templeton Investments has signed a MOU with Central Bank of India for distributing its products. One-third of Franklin Templeton's assets in India comes from the banking segment.
5. Karnataka Bank Ltd has opened its fifth service branch at Mangalore.This is the first non-metro service branch of the bank. The service branch will help in providing quick inter-branch services.
6. SBI, India’s biggest lender, plans to raise Rs 15,000 crs within the current financial year to bolster capital and meet the growing credit demand. The funds will be raised through a mix of debt and equity. SBI is in discussions with six to seven investment bankers to decide the right mix and timing for raising the funds. The bank plans to raise as much as Rs 6,000 crs through share sale.
2. Private sector non-life insurers have expanded their share in 2006-07 (FY07) to 35 per cent in an intensely competitive domestic market.Private sector share in the non-life insurance market in 2005-06 was 26 per cent, according to figures released by the Insurance Regulatory and Development Authority. Non-life insurers' gross premium flow was Rs 25,002.45 crore in FY07 against Rs 20,431.82 crore, a growth of 22.37 per cent.
3. The Lok Sabha cleared the decks for the seven subsidiary banks of SBI to approach the capital market for raising resources to fund business growth and also meet the Basel-II norms on capital adequacy. The House cleared the State Bank of India (Subsidiary Banks Laws) Amendment Bill, 2007, that seeks to lower the minimum shareholding of SBI in its seven subsidiary banks to 51%, provide more autonomy to the boards of these banks, allow these banks to issue preference shares and ensure the presence of a RBI nominee on their boards.
4. Franklin Templeton Investments has signed a MOU with Central Bank of India for distributing its products. One-third of Franklin Templeton's assets in India comes from the banking segment.
5. Karnataka Bank Ltd has opened its fifth service branch at Mangalore.This is the first non-metro service branch of the bank. The service branch will help in providing quick inter-branch services.
6. SBI, India’s biggest lender, plans to raise Rs 15,000 crs within the current financial year to bolster capital and meet the growing credit demand. The funds will be raised through a mix of debt and equity. SBI is in discussions with six to seven investment bankers to decide the right mix and timing for raising the funds. The bank plans to raise as much as Rs 6,000 crs through share sale.
