Tides of 7.09.2008

ICICI Bank to help in child education
UTVi News - 5:4 hr ago
MUMBAI: Leading private lender ICICI Bank has joined hands with NGOs to reach out to children in ten states helping them have better access to education.The bank, on World Literacy Day tomorrow, has...Israeli Cabinet discusses West Bank evacuation plan
DDI News - 56 minutes ago
The Israeli Cabinet on Sunday discussed an initiative proposing voluntary evacuation of and compensation for settlers living in West Bank under any future peace agreement with Palestinians, even as...'No-frill' bank accounts cross 1 cr-mark
UTVi News - 2:28 hr ago
MUMBAI: 'No frill' accounts, which brought banking to the doorsteps of poor, has crossed the one crore-mark, according to latest figures made available by the Reserve Bank.

Tides of 6.09.2008

Union Bank launches Gift, Payroll cards
State-owned Union Bank of India today launched two prepaid cards - Gift and Payroll.
Text book independence for RBI is dangerous: Reddy
The outgoing RBI governor Yana Venugopal Reddy today cautioned that text book independence for the central bank is dangerous in the Indian context.
US Dollar sharply dearer against rupee
The U.S. Dollar sharply dearer against the rupee at Rs.44.64/65 per dollar but the Pound Sterling turned lower to Rs.78.64/66 per pound at the interbank Foreign Exchange (Forex) market here today.
CS Bank launches 'unique' gift card
With the festival season round the corner, Kerala based private Catholic Syrian Bank launched a unique user friendly Gift card 'CSB Uaphaar' here.
ING Vysya Bank gets RBI nod for expansion
Private sector bank ING Vysya Bank has received the approval from the Reserve Bank of India (RBI) for opening 56 new branches and 100 ATMs across the country during the current fiscal.
Subbarao takes over as RBI Governor
Duvvuri Subbarao today took charge as the new RBI Governor and said his immediate priority would be to contain inflation and pursue financial sector reforms.
D Subbarao takes charge as Reserve Bank Governor.
Priority is to manage inflation, anchor inflationary expectations: Subbarao.
Banks need to raise Rs 5,70,000 cr
The Reserve Bank report on Currency and Finance has projected that banks in India will need to raise a whopping Rs 5,70,000 crore over a five year period starting 2007-08 to maintain capital adequacy of 12 per cent.
'No M&A games between big banks'
Reserve Bank said that consolidation in the system should be among smaller and weaker banks as mergers among bigger players could undermine competition.
Rupee steady at 44.36/37 a dollar in early trade
The Indian rupee traded around its last closing levels after opening weak against the greenback in early trade today on some dollar selling amid a sharp fall in Asian equity markets.
Rupee recovers by eight paise to 44.35/36 a dollar
Snapping its four-day falling streak, the Indian rupee today gained eight paise at 44.35/36 against the US currency on dollar selling by banks amid sluggish equity markets.
'Pay windfall, crude, loan waiver may hurt'
The Reserve Bank of India (RBI) today warned that finances of the Central Government may come under pressure this fiscal due to implementation of recommendations of the Sixth Pay Commission, higher oil prices, fertiliser subsidies and farm-loan waiver.
RBI hints at continuing with hawkish monetary policy
Reserve Bank today indicated that there would be no softening of its hawkish monetary stance to contain inflation, which is 12.34 per cent, as volatile food and energy prices remained a challenge.
Prepare for full float of rupee: RBI
Reserve Bank of India today said Indian banks should gear themselves to face the risks of full float of rupee which is expected to happen by 2011.
Stanchart gets spooked by defaulters
Foreign banking major, Standard Chartered Bank, today said it has decided to be 'selective' in choosing its customers in the face of rising defaults in the country's retail banking sector.
Manappuram to receive Rs 108 cr capital infusion
The Kerala-based NBFC Manappuram Group of Companies will receive fresh capital infusion of Rs 108 crore from UK and US based private equity firm, which will be used for expansion purposes to add about 200 more branches this year, a top company official said.
Syndicate Bank hikes term deposit rates
Syndicate Bank has revised the rates of interest upwards on domestic term deposits for the tenor 180 days to less than two years from tomorrow.
Exporters were aware of risks: Bankers
Amid allegations by exporters that some banks "trapped" them into buying forex derivatives that led to huge losses, bankers said investors were fully aware of the risks.
HDFC Bank customers suffer ATM, Net crash
Private sector lender, HDFC Bank on Wednesday said it has restored operations in its ATM, Internet Banking divisions that were disrupted on Tuesday due to a technical snag.
Rupee eases by two paise against dollar
The Indian rupee today moved down by two paise to 44.45/46, against the greenback due to fall in equity markets amid dollar buying by some banks.
'Banks mis-selling to exporters'
Small and medium exporters today charged some leading banks with "trapping" them into buying forex derivatives and pushing them into losses of around Rs 2,000 crore on mark-to-market basis and asked the Government and RBI to intervene in the matter.