1. The leather industry, which has sustained an annual export growth of about 15 per cent in 2006-07, could take a drastic hit in the current year due to the strengthening rupee, according to the Council for Leather Exports (CLE). Briefing reporters after a review with representatives of the Council for Leather Exports, the Union Minister of State for Commerce, Mr Jairam Ramesh, said that the CLE has sought the Commerce Ministry's assistance in bringing down transaction cost to offset the impact of rupee's appreciation against the dollar.
2. The `impossible' trinity, it is called - you cannot simultaneously control the interest rate and exchange rate and have full currency convertibility. Complete freedom in any one of these restricts your freedom of action on the others. Ambiguity and ambivalence are part of the Hindu way of life and existence. Even in economic (and political) decision-making, we postpone difficult decisions till the very end - often till it is too late. Thus, it is not surprising that we gamely continue with the impossible act of finding the right balance of interest rates, exchange rates and capital mobility.
3. Targeting a 30% jump in the sales of its `Ape' range of three-wheelers this year, Piaggio Vehicles Pvt Ltd has tied up with SBI for extending finance options to the customers. As part of the tie-up, SBI would offer finance to customers on both commercial and passenger vehicles of Ape range of three-wheelers in all branches across the country. "The finance schemes are being offered with an interest rate of Rs 11.5%. However, if one sees the market terminology of flat rates, the interest would work out to around 8% and there are no hidden charges.
4. April 2007 is a landmark month in the history of Cholamandalam MS General Insurance Company, because that is the month the company cleaned up all the red in its balance sheet. The company earned premium income of Rs 315 crore in 2006-07 and made a net profit of Rs 13 crs. In April, it made a net profit of Rs 5 crs. With this, it has wiped off the entire accumulated losses of Rs 16 crs. The company expects at least 60% growth in premium income in the current year.
5. Oriental Bank of Commerce is opening two branches in Garia and Baruipur (South 24 Parganas district) as part of its plan to expand its branch network in Kolkata region. Right now the bank has 40 branches, one extension counter and 28 ATMs in the region. It has plans to open more branches in Kolkata region as also in North Eastern states.
6. Eyeing an untapped segment of customers, school kids, Andhra Bank will be launching a campaign in schools across the country to mobilise Kiddy Bank accounts from next month. Its branches across the country will go to schools in their respective regions to mobilise Kiddy Bank accounts. It is re-launching Kiddy Bank accounts for children. As per the re-launched scheme, children in the age group of one month to 18 years (only minors) are eligible to open accounts.
7. The Government of India has increased Exim Bank's authorised capital to Rs 2,000 crs. The existing authorised capital of the bank is Rs 1,000 crs and has been fully subscribed by the Government. The bank's Capital to Risk Assets Ratio was 16.38% as on March 31, 2007 and the total assets were over Rs 26,000 crs. Key areas of the bank's lending include project exports, export lines of credit, export capability-creation finance, finance for Indian ventures overseas and for agri-business and small and medium enterprises.
8. Several indicators currently point to the boom in the Indian economy. Both aggregate GDP growth rates and investment rates have been increasing; the foreign exchange reserves keep on increasing, to almost embarrassing levels; and despite this, the exchange rate has been appreciating, largely because of capital inflows.
9. In a major setback to state-run insurers, the finance ministry has struck down their request to access the capital market with equity issues. GC Chaturvedi, joint secretary (banking & finance) in the finance ministry, said that the government did not have any plan to allow public sector insurance companies to raise money in the equity market for meeting capital requirements and expansion plans.
10. India has yet again shown its credibility as the world's most preferred BPO (Business Process Outsourcing) destination as three of its leading companies - Wipro, Airtel and Bank of India - have bagged the prestigious Outsourcing Excellence Award.The 'Best Offshore' award was bagged by Wipro-Nortel Networks for their 15 years of partnership that brought about many achievements for the offshore industry.The 'Best IT Infrastructure' award was given to Bank of India-Hewlett Packard combine for their efforts to implement a core banking solution. Bharti Airtel-Nortel Networks India won the 'Best First Steps' award for representing best practices in outsourcing.
2. The `impossible' trinity, it is called - you cannot simultaneously control the interest rate and exchange rate and have full currency convertibility. Complete freedom in any one of these restricts your freedom of action on the others. Ambiguity and ambivalence are part of the Hindu way of life and existence. Even in economic (and political) decision-making, we postpone difficult decisions till the very end - often till it is too late. Thus, it is not surprising that we gamely continue with the impossible act of finding the right balance of interest rates, exchange rates and capital mobility.
3. Targeting a 30% jump in the sales of its `Ape' range of three-wheelers this year, Piaggio Vehicles Pvt Ltd has tied up with SBI for extending finance options to the customers. As part of the tie-up, SBI would offer finance to customers on both commercial and passenger vehicles of Ape range of three-wheelers in all branches across the country. "The finance schemes are being offered with an interest rate of Rs 11.5%. However, if one sees the market terminology of flat rates, the interest would work out to around 8% and there are no hidden charges.
4. April 2007 is a landmark month in the history of Cholamandalam MS General Insurance Company, because that is the month the company cleaned up all the red in its balance sheet. The company earned premium income of Rs 315 crore in 2006-07 and made a net profit of Rs 13 crs. In April, it made a net profit of Rs 5 crs. With this, it has wiped off the entire accumulated losses of Rs 16 crs. The company expects at least 60% growth in premium income in the current year.
5. Oriental Bank of Commerce is opening two branches in Garia and Baruipur (South 24 Parganas district) as part of its plan to expand its branch network in Kolkata region. Right now the bank has 40 branches, one extension counter and 28 ATMs in the region. It has plans to open more branches in Kolkata region as also in North Eastern states.
6. Eyeing an untapped segment of customers, school kids, Andhra Bank will be launching a campaign in schools across the country to mobilise Kiddy Bank accounts from next month. Its branches across the country will go to schools in their respective regions to mobilise Kiddy Bank accounts. It is re-launching Kiddy Bank accounts for children. As per the re-launched scheme, children in the age group of one month to 18 years (only minors) are eligible to open accounts.
7. The Government of India has increased Exim Bank's authorised capital to Rs 2,000 crs. The existing authorised capital of the bank is Rs 1,000 crs and has been fully subscribed by the Government. The bank's Capital to Risk Assets Ratio was 16.38% as on March 31, 2007 and the total assets were over Rs 26,000 crs. Key areas of the bank's lending include project exports, export lines of credit, export capability-creation finance, finance for Indian ventures overseas and for agri-business and small and medium enterprises.
8. Several indicators currently point to the boom in the Indian economy. Both aggregate GDP growth rates and investment rates have been increasing; the foreign exchange reserves keep on increasing, to almost embarrassing levels; and despite this, the exchange rate has been appreciating, largely because of capital inflows.
9. In a major setback to state-run insurers, the finance ministry has struck down their request to access the capital market with equity issues. GC Chaturvedi, joint secretary (banking & finance) in the finance ministry, said that the government did not have any plan to allow public sector insurance companies to raise money in the equity market for meeting capital requirements and expansion plans.
10. India has yet again shown its credibility as the world's most preferred BPO (Business Process Outsourcing) destination as three of its leading companies - Wipro, Airtel and Bank of India - have bagged the prestigious Outsourcing Excellence Award.The 'Best Offshore' award was bagged by Wipro-Nortel Networks for their 15 years of partnership that brought about many achievements for the offshore industry.The 'Best IT Infrastructure' award was given to Bank of India-Hewlett Packard combine for their efforts to implement a core banking solution. Bharti Airtel-Nortel Networks India won the 'Best First Steps' award for representing best practices in outsourcing.