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Rate,
CRR cuts not enough to spur frowth: fund managers
Mumbai: The Reserve Bank of India’s (RBI)
cut in the bank rate as well as repo rate and a reduction
in cash reserve ratio by 25 basis points may not be enough
to spur growth in the economy, fund managers said while
reacting to the mid-term credit policy announcements.
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Sensex
up; but analysts doubt credit policy effect
Mumbai: The monetary policy 2002-03 seems to have
gone down well with the equity markets. The benchmark
BSE Sensex ended the day with a handsome 51-point gain
in contrast to the US markets which had ended lower on
Monday.
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Jalan
drops rates to fuel growth
Mumbai: The Reserve Bank of India yesterday dared
to bankroll economic growth with a 25-basis point cut
in bank rate to 6.25 per cent. The central bank tagged
it to a cut in repo rate from 5.75 per cent to 5.5 per
cent and a drop in the cash reserve ratio from 5 per cent
to 4.75 per cent, releasing Rs 3,000 crore into the financial
system.
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It's
progressive: Jaswant
Mumbai: The Finance Minister, Jaswant Singh, yesterday
said that the Reserve Bank of India's mid-term review
of the Credit Policy for 2002-03 would benefit the people.
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More
fillip to farm sector
Mumbai: The Reserve Bank of India (RBI) has increased
the limit on advances granted to dealers in drip irrigation
and sprinkler irrigation system and agricultural machinery
from Rs 10 lakh to Rs 20 lakh.
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Commercial
vehicles boom boosts Sundaram Fin net to Rs 13.5 cr
Chennai: The net profit of Sundaram Finance Ltd
for the second quarter ended September 30, 2002 has increased
by 57 per cent over the same period last year, due to
rise in the commercial vehicles segment.
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Corpn
Bank home loan fairs
Mangalore: The Mangalore-based public sector Corporation
Bank is planning to organise `home loan fairs' in several
cities across the country.
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Move
to privatise mediclaim policy servicing opposed
Kochi: The General Insurance Officers All India
Association (GIOAIA) has described the decision of the
four public sector insurance companies to introduce third-party
administrators for servicing mediclaim policies as anti-labour
and a prelude to privatisation of public sector insurance
companies.
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Securities
buoyant on cut in rates
Mumbai: Bond prices moved up by 40-50 paise for
the medium-term papers and up to Re 1 on the long end
yesterday, followed the credit policy announcing cut in
bank rate and repo rates. The benchmark ten-year paper
2012 dipped to a yield of 6.98 per cent as against the
previous close of 7.06 per cent. The paper opened at Rs
102.40 and closed at Rs 102.90. The 11.50 per cent 2011
paper closed at a yield of 6.98 per cent. The paper opened
at Rs 129.50 and closed at Rs 130.
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RBI
looking into `problem' banks
Mumbai: The Reserve Bank of India has been consulting
with Centurion Bank and Nedungadi Bank to find medium-term
(three to five years) solutions to some problems that
the banks are facing.
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ICICI
Bank in talks for unit in Dubai
Mumbai: ICICI Bank is in talks with Dubai authorities
to set up an offshore banking unit at the newly established
Dubai International Financial Centre, DIFC. The bank has
also applied for permission to set up a representative
office in the UAE, according to sources.
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Drop
in provisions helps GTB net rise marginally to Rs 6.5
cr
Hyderabad: GlobalTrust Bank (GTB) has registered
a drop in its total income and net operating profit, even
while showing a marginal increase in net profit for the
second quarter of fiscal 2002-03.
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More
provisioning pulls down SBM net to Rs 7 crore
Bangalore: The net profit of State Bank of Mysore
(SBM) dropped to Rs 7.11 crore for the second quarter
of this financial year. During the first quarter, the
net profit was Rs 23.42 crore.
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Banks
may lower PLR
Mumbai: The lowering of bank rate should stir the
banks into considering a reduction in their prime-lending
rate (PLR) and also take measures to bring down the cost
of deposits.
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Refer
insurance clients and earn some extra bucks
Mumbai: The Reserve Bank of India has permitted
a few banks to enter into referral arrangements with insurance
companies, subject to certain conditions to protect the
interest of the customer.
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Play
safe, cos will have to hedge forex exposure
Mumbai: The Reserve Bank of India has warned corporates
that maintaining unhedged foreign currency commitments
could severely impact their finances if conditions in
the currency markets were to change.
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Go
easy on return gifts, co-op banks told
Mumbai: RBI has urged urban co-operative banks
(UCBs), regional rural banks (RRBs) and local area banks
(LABs) to reduce the interest rates offered on saving
and current accounts in order to rationalise rates in
the banking sector.
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Blame
it on poor rains, GDP growth will fall to 5.5%
Mumbai: The monsoons seem to be playing spoil-sport.
The Reserve Bank of India (RBI) has scaled down GDP estimates
for ’02-03 by 1% from 6-6.5% to 5-5.5% on account
of uncertainties in the outlook for agriculture due to
inadequate rains in many parts of the country.
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UCB
street, better guarded
Mumbai: RBI has once again made a pitch for a separate
regulator for the UCBs, even as the committee headed by
the minister of state for finance recommended that RBI
should be vested with full powers for regulation and supervision
of the UCBs.
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