Tuesday, August 23, 2011 

Top Stories

Soon, education loan to have tenure of 15 years
Student-borrowers may soon have something to cheer about. Banks are likely to allow extended repayment period of upto 15 years for education loans, against 5 to 7 years now. The extended period, according to Mr K. Unnikrishnan, Deputy Chief Executive, Indian Banks' Association, is along the lines of the education loan scheme in the UK.

Indian banks operating abroad are safe: IBA chief
Banks' loans to State Electricity Boards (SEBs) are standard assets as State Governments have been making good any shortfall in repayments from their budgetary allocations, said Mr M.D. Mallya, Chairman, Indian Banks' Association, and the Chairman and Managing Director, Bank of Baroda.
Indian Financial Institutions

One borrower, multiple beneficiaries
Imagine if you have the convenience of getting a single loan that benefits not just you but also your parents, wife, children, siblings, or even a friend in case of a contingency. Saraswat Co-operative Bank, India's largest urban co-operative bank, plans to introduce a loan like this for retail customers.

Pallavan Grama Bank starts e-transfer of funds
Pallavan Grama Bank, a regional rural bank (RRB), serving northern Tamil Nadu, has started Electronic Funds Transfer facility with Indian Bank.
Insurance

AUMs' of life insurers cross Rs 15 lakh crore
Despite a difficult year, life insurance industry's assets under management (AUM) have increased by 11.38 per cent, though the new business premium incomes have declined.
Spotlight

Rising gold price brings cheer to borrowers too
The recent surge in gold prices is bringing some cheer not only to investors but also to the borrowers. As a result of increasing value, some borrowers are now able to get at least 20 per cent higher loans than what they used to get about two to three months ago, say experts.“The increasing price of gold is helping both the borrowers as well as the lenders,” Mr George Alexander Muthoot, Managing Director of Muthoot Group, told.

Snippet

New Managing Director for SBT
Mr P. Nanda Kumaran has taken over charge as Managing Director of State Bank of Travancore (SBT). Mr Kumaran started his banking career in 1975 as a probationary officer in State Bank of India.
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23.8.2011
Currency Rate (Rs.) Change
USD 45.68 0.26
Euro 65.77 0.24
GBP 75.29 0.47
Yen (100) 59.54 0.34


23.8.2011 16.00
  Index Change
NIFTY 4948.9 50.1
SENSEX 16498.47 156.77


Market Updates

Sensex ends 157 points up
After a shaky start and a subsequent weak spell, the market staged a smart rally this afternoon thanks to a firm trend on the Asian and European bourses and signed off on a firm note. Bargain hunting after a series of setbacks and short-covering ahead of expiry of near month contracts too aided the surge.