|
Money market:
Rupee remains range bound
Mumbai:
The rupee is likely to remain stuck in a narrow range today with the central
bank determined to keep local exports competitive. Dealers suggest that the
movement is likely to remain in a narrow 43.68 to 43.75 range, at least till
the budget. The Indian central bank's intervention, which has now entered
the third week has come in the face of a widening trade gap.
On Wednesday, the rupee ended 0.06 percent firmer at 43.7250/7350 per dollar.
The rupee selling has pushed the rupee down by one percent since it struck
a five-year peak of 43.30 on Feb. 3, despite strong demand for rupees from
foreign funds buying stocks.
Back
to News Review index page Max
NY Life and YES Bank in bancassurance pact
New Delhi: Max New York Life Insurance Co (MNYL) has announced a bancassurance
partnership with YES Bank, under which Yes Bank will offer MNYL's products
to its customers. This is the second such distribution tie-up that MNYL has
entered into with a bank, the first one being with Thane Janata Cooperative
Bank.
While it would help expand the distribution network of MNYL, it would give
a sizable fee-based income to YES Bank.
Back
to News Review index page
LIC
first premium collections at Rs6,825.43 crore
Mumbai: The Life Insurance Corporation of India has sold more than
15.46 million individual policies during April 2004 to February 15, 2005,
and has collected more than Rs6,825.43 crore in first premium, posting a growth
of more than 35 per cent.
On the pension and group schemes, LIC has insured 2.39 million lives as on
January 31, 2005. With respect to Unit-Linked Insurance Plans (ULIPS), LIC
has posted a growth of 459 per cent in first premium income.
Bima Plus, LIC's capital market linked plan, has been its best selling policy.
LIC has so far settled 389 claims (345 individual claims and 44 group insurance
claims) amounting to Rs 3.25 crore towards tsunami disaster.
Back
to News Review index page IDBI
asked to extinguish stake in IDBI Bank
Mumbai: The Centre has asked IDBI to extinguish the 2.5 per cent stake
the institution holds in IDBI Bank, which originally was proposed to be held
in a separate trust following the merger between the two entities.
The institution had decided to transfer 2.5 per cent of its shareholding in
the bank to a trust in order to enhance shareholder value, and the Government's
stake in the merged entity would accordingly have come down to 51.4 per cent.
Once these shares are extinguished, the Government holding in IDBI Bank would
go up to 53 per cent.
J.N. Godbole, Director and acting Chairman, IDBI Ltd, said that IDBI Bank
will convene a shareholders' meeting on Friday, where existing shareholders
of the bank who wish to give up their holding will be given an exit option.
The amalgamation will be with retrospective effect from October 1, 2004, and
the entire process of integration, is expected to be completed in around three
years.
Back
to News Review index page Call
for bank strike on March 22
Chennai: The United Forum of Bank Unions has called for a one-day bank
strike on March 22. The All India Bank Employees Association, has said that
the strike is being called to protest the Union Government's proposal to allow
higher foreign direct investment in private banks and its proposal to merge
public sector banks.
Union officials said that the Government's announcement yesterday, granting
autonomy in acquiring new businesses was nothing but an indirect advice to
banks to merge and that they were protesting against this.
Back
to News Review index page
|
