Life after junk grade: we are like this only! 
A day after Standard & Poors downgraded the countrys local currency debt ratings to junk, first reactions have been typical, if anything. That it is unjustified. 
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Unrated paper: all caught in a cleft stick 
Mumbai: It is vintage Catch-22. The Reserve Bank of Indias move to make bank investments norms a notch stricter has not been operationalised yet. 
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Traders evince interest in short-term securities
Mumbai: Despite the rising liquidity, traders are staying away from the long-end of the market and focusing trades to the shorter end. In fact, the preference is for securities within 10 years. The reason is that these securities are generally treated as mor e liquid than the long-end securities. 
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United Bank posts Rs 91-cr operating profit in 5 months
Mumbai: In the first five months of the current financial year, United Bank of India posted an operating profit of Rs 91 crore as against Rs 36 crore (after taking into account the VRS cost) in the same period of last year. 
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Counter for note exchange
Hyderabad: Andhra Bank has announced the opening of a special counter at its Narayanaguda branch here for providing note exchange facility. 
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Firm up bank conversion plan, IDBI told
Mumbai: Industrial Development Bank of India has made a pitch with the Government for its conversion into a bank as part of the restructuring exercise. The restructuring is to be initiated after the IFCI package is finalised. 
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AP urban co-op banks sick due to mismanagement: Panel
Hyderabad: An expert committee set up by the Andhra Pradesh Government to analyse the co-operative banking sector in the State has submitted a report that points to how much the rot has set in the sector.
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Bank credit rises Rs 5,719 crore
Mumbai: Bank credit rose by Rs 5,719 crore for the fortnight ended September 6 and touched Rs 6,58,239 crore. This is inclusive of food credit which dipped by Rs 223 crore and non-food credit which rose by Rs 5,942 crore. 
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Debt swap scheme fund to retire high-cost debt 
New Delhi: The finance ministry is likely to use Rs 25,000 crore, which is expected to accrue from the proposed debt swap scheme for the states, to pre-pay small savings debt.
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Seamless TPA services to take time 
New Delhi: Public sector insurers are likely to offer Mediclaim customers a differential rate, once the third party administrator mechanism is put in place. 
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Iffco-Tokio hopes to enter life insurers club 
Mumbai: IFFCO-Tokio General Insurance Company Ltd, one of the two profitable private sector players in the general insurance sector apart from Reliance Insurance, is actively looking at the possibility of entering the lucrative life insurance arena.
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UTI Ordinance to be sent to law ministry soon 
New Delhi: The finance ministry will soon send the draft ordinance for repealing the Unit Trust of India Act to the law ministry. 
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