Wednesday, July 06, 2011

Economic updates from newspapers-2

v  State Bank of Travancore raised its Base Rate & BPLR  by 25 bps to 9.75% and 14.50% respectively.(FE)

v  Bank of Maharashtra paid a dividend of Rs 105.93 crore to the Government for the 2011 fiscal.(BL)

v  RBI asked Banks to increase credit flow to SMEs.(BS)

v  UCO Bank plans 5 SME loan hubs this year.(FE)

v  IOB plans to set up an IT subsidiary by tying up with an IT company to develop banking technology.(BS)

v  IOB has appointed consultants Deloitte Haskins and Sells to explore prospects of expanding business to 14 more centres abroad.(BL)

v  South Indian Bank Ltd has appointed JM Financial Consultants, SBI Capital Markets and JP Morgan to manage its up to 400 million share sale to institutions.(BS)

v  Banks with investments in excess of 10 per cent of their net worth in liquid and short-term debt schemes will get six months to bring exposure in line with the ceiling.(BS)

v  RBI has cautioned banks about the increasing number of frauds that were perpetrated by the use of forged documents that had been certified by professionals i.e valuers, advocates and chartered accountants.(BL)

v  United Stock Exchange has appointed SBI as its clearing and settlement bank.(BS)

v  Consumer Price Index (CPI) works better than Wholesale Price Index (WPI) in capturing market dynamics and arriving at a more realistic inflation forecast, says Governor of RBI.(BS)

v  SEBI will impose penalty on trading members for modifying client codes for non-institutional trades.(BS)

v  Government will stick to the fiscal deficit target of 4.6% of GDP for 2011-12, says Finance Minister.(ET)

v  Indian companies raised $2.65 billion through ECBs and FCCBs in May — a rise of $590 million, or 28.6 per cent, over $2.06 billion in April.(BS)

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