1. The country’s forex kitty swelled by $3.568 billion for the week ended October 5, on the back of continuous intervention by the Reserve Bank of India in the forex market. The forex reserves had surged by a whopping $11.871 billion to touch $247.762 billion for the week ended September 28, 2007, said the Weekly Statistical Supplement from RBI.
2. HDFC Bank saw a rise of 33.4 per cent in its total customer assets (including advances, corporate debentures, and investments in securitised paper) to Rs 65,812 crore (Rs 49,326 crore) in the quarter ended September 30, 2007.
The bank is planning to maintain its share of low-cost deposits at 50 per cent this fiscal.
The bank is planning to maintain its share of low-cost deposits at 50 per cent this fiscal.
3. A healthy interest income from higher advances helped HDFC Bank post a 40 per cent increase in net profit for the quarter ended September 2007. It was also able to maintain its net interest margin at four per cent (3.8 per cent last year). The net profit rose to Rs 368.48 crore from Rs 262.94 crore in the corresponding quarter last year.
4. Asian Development Bank (ADB) sees scope for continued increase in its financial assistance to India in the coming years.
5. For the first time ever, bank unions are to submit a common charter of demands to the Indian Banks’ Association (IBA) for the next wage revision settlement.With the existing settlement, arrived about five years back, set to lapse on October 31, the nine bank unions are to meet in Mumbai on October 18 to finalise the charter of demands. The meeting would he held under the aegis of the United Forum of Bank Unions (UFBU).
6. Life Insurance Corporation of India (LIC) has said that it would complete the process of digitisation of all the policies in the next three years.
7. When the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) 2002, was brought in, the idea was to recover the Rs 75,000-odd crore of bank NPAs, half of which were of the large companies. But today, while the large borrowers “negotiate” for waivers and rebated repayments, banks seize the assets of micro units, alleges the newly formed All India Micro, Agro, Rural & Small Industries Association.
8. The Basel Committee on Banking Supervision is confident that its ongoing initiatives would help address the types of issues and risks arising from the recent financial market turbulence. In a statement issued at the conclusion of its 8-9 October meeting, the committee has said that it continues to assess the supervisory and risk management issues arising from recent financial market developments and, where appropriate, would consider supervisory responses that are pragmatic and proportionate.
9. Resident individuals can now book forward contracts based on self-declaration, without producing underlying documents up to a limit of $1,00,000.
10. The net profit of South Indian Bank dropped 14% in the second quarter of this fiscal ended September 30. However if the extraordinary gains made in the corresponding quarter of the previous year are removed, then the profit has grown by 90 per cent to Rs 35.69 crore (Rs 18.81 crore) during this second quarter. The extraordinary gains made in the previous year were from the sale of the bank’s stake in Bharat Overseas Bank.