1. SBICAP Securities Ltd has obtained licence from the RBIto offer portfolio management services and the product would be available to investors by September. The company plans to expand its branch network to 50 by the end of the current fiscal and would have 15 franchisees offering its bouquet of services.When the company began its operations, it focussed on institutional players. In the last two years, it has been turning towards retail players and has opened 34 branches across the country.
2. LIC Housing Finance Ltd will be foraying into the reverse mortgage segment within a month. It "sees huge potential in the reverse mortgage segment in view of the changes in the social and economic fabric of the country.
3. PNB has decided not to extend its `PNB Mahabachat' scheme beyond June 30. This is a special fixed deposit scheme launched by the bank early this calendar year to boost its deposits base and fund the surge in credit growth.PNB Mahabachat scheme, which has already been extended twice, is to end on June 30. It offered 9.5% interest per annum to individuals on minimum deposit of Rs 25,000. Senior citizens were offered an additional interest rate of 0.25%.
4.UCO Bank is examining the possibility of providing stock broking services in order to add value to the services it currently provides to its customers.The bank, which will need to tie-up with a broking firm to meet this objective, is aware that a section of its clients are increasingly taking to broking services, given their need to transact in the stock market.
5. Standard & Poor’s Ratings Services on Monday assigned a BB rating to State Bank of India’s (SBI’s) proposed $225-million hybrid tier-I perpetual notes under its $5-billion medium term notes (MTN) programme. BB in the S&P rating scale means inadequate safety.
6. The Indian banking sector, had assets worth $600 billion, which is one-tenth the size of China’s $6 trillion. Indian banks must participate in the growth story. India Inc is investing $500 billion in the next four-five years. If banks have to partner in that process, Banks in India need to grow in size. India was a large market, but to reach economies of scale, technological consolidation should be a priority.
7. The Securities and Exchange Board of India on Tuesday asked 15 stock broking firms, including Indiabulls, and ten other entities to desist from violating SEBI code on futures and options (F&O) trading.
8. The Reserve Bank of India on Monday launched a multi-lingual site, carrying information in 13 languages. The site includes recent instructions of the RBI on customer service, frequently asked questions, lending rates of banks, banking ombudsma n scheme, right to information Act and links to commercial banks’ websites.
9. In the run up to the largest ever share sale by an Indian entity at home and abroad, ICICI Bank on Saturday announced a price band of Rs. 885 to Rs. 950 for its upcoming domestic public offer to mop up Rs 8,750 crs.This is part of the combined offer, wherein India's largest private sector bank would issue American Depository Receipts to raise an identical amount after getting necessary clearances. The bank has an option of retaining an additional 15 per cent bids both from the domestic and international market.
10. An investor protection fund to save gullible investors from defaulting member brokers will be set up by early July, Securities and Exchange Board of India (SEBI) Chairman M Damodaran said on Wednesday.He, however, said the SEBI Act needs to be amended ahead of setting up such a fund. Indications were that the changes will be carried out by July.Investor protection fund will be a consolidated fund that will be created from the money collected through fines and penalties, as per the announcement made by Finance Minister P Chidambaram in his budget speech early this year, Damodaran said.
11. Canara Bank today announced the launch of a new retail loan scheme called 'Canara Guide' to finance Tax Return Preparers (TRPs) selected by Union Ministry of Finance.TRP was a novel scheme introduced by the Centre recently to provide self-employment opportunities to unemployed or partially employed graduates all over the country, a bank release here said.Under the scheme, upto Rs 60,000 would be sanctioned at an interest rate of one per cent less than the Benchmark Prime Lending Rate of the Bank, which is at present 12.25 per cent. The loan was returnable within 60 months.
12. Stock markets continue to remain a key route for corporates' to raise funds for expansion, with the worldwide IPOs space posting a record net proceeds of $246 billion in 2006, a new study shows.
2. LIC Housing Finance Ltd will be foraying into the reverse mortgage segment within a month. It "sees huge potential in the reverse mortgage segment in view of the changes in the social and economic fabric of the country.
3. PNB has decided not to extend its `PNB Mahabachat' scheme beyond June 30. This is a special fixed deposit scheme launched by the bank early this calendar year to boost its deposits base and fund the surge in credit growth.PNB Mahabachat scheme, which has already been extended twice, is to end on June 30. It offered 9.5% interest per annum to individuals on minimum deposit of Rs 25,000. Senior citizens were offered an additional interest rate of 0.25%.
4.UCO Bank is examining the possibility of providing stock broking services in order to add value to the services it currently provides to its customers.The bank, which will need to tie-up with a broking firm to meet this objective, is aware that a section of its clients are increasingly taking to broking services, given their need to transact in the stock market.
5. Standard & Poor’s Ratings Services on Monday assigned a BB rating to State Bank of India’s (SBI’s) proposed $225-million hybrid tier-I perpetual notes under its $5-billion medium term notes (MTN) programme. BB in the S&P rating scale means inadequate safety.
6. The Indian banking sector, had assets worth $600 billion, which is one-tenth the size of China’s $6 trillion. Indian banks must participate in the growth story. India Inc is investing $500 billion in the next four-five years. If banks have to partner in that process, Banks in India need to grow in size. India was a large market, but to reach economies of scale, technological consolidation should be a priority.
7. The Securities and Exchange Board of India on Tuesday asked 15 stock broking firms, including Indiabulls, and ten other entities to desist from violating SEBI code on futures and options (F&O) trading.
8. The Reserve Bank of India on Monday launched a multi-lingual site, carrying information in 13 languages. The site includes recent instructions of the RBI on customer service, frequently asked questions, lending rates of banks, banking ombudsma n scheme, right to information Act and links to commercial banks’ websites.
9. In the run up to the largest ever share sale by an Indian entity at home and abroad, ICICI Bank on Saturday announced a price band of Rs. 885 to Rs. 950 for its upcoming domestic public offer to mop up Rs 8,750 crs.This is part of the combined offer, wherein India's largest private sector bank would issue American Depository Receipts to raise an identical amount after getting necessary clearances. The bank has an option of retaining an additional 15 per cent bids both from the domestic and international market.
10. An investor protection fund to save gullible investors from defaulting member brokers will be set up by early July, Securities and Exchange Board of India (SEBI) Chairman M Damodaran said on Wednesday.He, however, said the SEBI Act needs to be amended ahead of setting up such a fund. Indications were that the changes will be carried out by July.Investor protection fund will be a consolidated fund that will be created from the money collected through fines and penalties, as per the announcement made by Finance Minister P Chidambaram in his budget speech early this year, Damodaran said.
11. Canara Bank today announced the launch of a new retail loan scheme called 'Canara Guide' to finance Tax Return Preparers (TRPs) selected by Union Ministry of Finance.TRP was a novel scheme introduced by the Centre recently to provide self-employment opportunities to unemployed or partially employed graduates all over the country, a bank release here said.Under the scheme, upto Rs 60,000 would be sanctioned at an interest rate of one per cent less than the Benchmark Prime Lending Rate of the Bank, which is at present 12.25 per cent. The loan was returnable within 60 months.
12. Stock markets continue to remain a key route for corporates' to raise funds for expansion, with the worldwide IPOs space posting a record net proceeds of $246 billion in 2006, a new study shows.
13. India's IPO market emerged as the eighth largest with $7.23 billion (Rs30,000 crs) in net proceeds through 78 public issues, global research and consultancy firm Ernst & Young said in its Global IPO report released on Wednesday.Across the world, the companies raised $ 246 billion, up from $167 billion in 2005, through a total of 1,729 IPOs, led by Chinese companies at the top with net proceeds of $56.6 billion.However, the biggest number of IPOs came from the US with 187 offerings, followed by Japan with 185 and China with 175 IPOs.
