Indian economy not be impacted by short term rise in rates: Montek
Hyderabad: Montek Singh Ahluwalia, deputy chairman, Planning Commission said the recent hike in short term interest rates would not put any adverse pressure on the Indian economy. He said long term interest rates actually have a detrimental impact on the economy and the recent rise was in short term interest rates he said on the sidelines of an ADB function here.
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BoR to distribute mediclaim policies
New Delhi: Bank of Rajasthan (BoR) has tied up with United India Insurance Company (UIICL) to distribute mediclaim policies to corporates and individuals through its offices. The bank, which is also UIICL's corporate agent for distributing non-life insurance products to its customers, would now be distributing the mediclaim policy 'Raj Bank Arogya Nidhi Scheme', the bank said in a release here.
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HSBC: no decision to hike interest rates
Hyderabad: Multinational banking giant HSBC said it has not taken any decision to hike interest rates, despite several commercial banks in the country raising lending rates starting this month.

Naina Lal Kidwai, country head and CEO, HSBC, speaking on the sidelines of an Asian Development Bank seminar here said there was no upward pressure on interest rates in the economy because of ample liquidity in the system. So far as HSBC India is concerned, it has not taken any decision on revising interest rates on the lines of some major PSU banks she said.
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DeAM launches DWS investments
Bangalore: Deutsche Asset Management (DeAM), the global asset management arm of Deutsche Bank, has launched its leading retail brand -- DWS Investments -- in India.

"With this, DWS India joins the DeAM's retail operations in Europe and America as part of a unified mutual fund business under the DWS name," said Thomas Gerhardt, head of Global Emerging Markets Equities for DWS. Out of DeAM's investment of 14 billion euros in the emerging markets, over two billion has been invested in India because of its "tremendous growth potential", he said.

India is the second country for DWS to pursue in its strategy for Asia, after Singapore. DeAM's new strategy for growth in the retail market is to pursue further DWS brand and product roll outs in the region across 18 months, he said.

Through various distribution partners DWS is focused on providing retail investors with access to top performing global and alternative investment products, Gerhardt said.
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Central Bank unions to go on strike
Mumbai: The All India Central Bank Federation has decided to go on strike and hold demonstrations to protest against the management of the bank. The union charges the bank management for violating settled policies in postings, placements and transfers, `unbearable' pressure on officers and `indiscriminate' disciplinary actions.
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ICICI Bank starts operations in Belgium
Mumbai: ICICI Bank UK Ltd has entered mainland Europe by opening a branch in Belgium.

The ICICI bank branch is located in the diamond district in Antwerp, and will offer corporate banking products according to the bank. ICICI Bank UK Ltd is a locally incorporated UK bank with an asset base in excess of $2 billion as on March 31, 2006. Set up in November 2003 as a wholly owned subsidiary of ICICI Bank Ltd, it currently has a network of five branches in the UK, the release said.
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