Bank Withdrawal Info for Normal Customers using Paypal

• Author: abhisheak
• Filed under: Bank, order news
• Date: Mar 2,2010

No more confusions of if you need Import Export Code , You don’t need that any more if you are not doing that business , No Paypal has decided to introduce a new field called Purpose Code which is something they have asked us to give info of when we ask for the bank withdrawal request.
So starting on 3rd March you can request a new withdrawal to your local bank account, and you will need to select the Purpose Code relevant to your business.

Q. I run a charity, and I am based in India. I don’t see the purpose code for donations and charities

A. PayPal can currently be used only as a gateway for payments of goods and services into India. We cannot process payments for charitable donations at this time.

Q. My account says I am not allowed to withdraw. I see my balances are restored but I am unable to provide a withdrawal instruction

A: We may have suspended withdrawals from your account as we work to incorporate changes in the withdrawal process. We will be requiring additional verification regarding the nature of the transactions you are performing.

Q. I used to use PayPal for Personal Inward Remittance to India. Now, my balances are stuck in PayPal

A. We are no longer able to complete these withdrawals to your bank account in India. You do have the option to complete your withdrawals by check. If you have any questions, we urge you to contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page.

How to get Import Export Code for Putting it in Paypal India

• Author: Geetha
• Filed under: Bank, order news
• Date: Feb 27,2010

As you saw my previous post about Paypal asking for Exporter code if you want to use Paypal for transaction or remittance of money in india.Was about to research how to get the Exporter Code and kind of psot the same here, my friend Amit from Labnol has already done it and rather than me doing it i will give some info from there.
The Importer Exporter Code, or IEC in short, is normally required by manufacturers and companies for international trade but with this new RBI ruling, the hundreds and thousands of freelancers, programmers, web designers and small companies who depend on PayPal for foreign payment will also have to apply for an IE code.
>Application to get IEC code can be downloaded from here.
>Director General of Foreign Trade Website : http://dgft.gov.in/

Source:Info was sourced from this site

United Bank of India IPO Allotment – Will be Lottery Based

• Author: Geetha
• Filed under: Bank, IPO, IPO Allotment Details
• Date: Feb 27,2010

United Bank of India IPO which was open from Feb 23rd 2010 to Feb 25th 2010 was fully Subscribed by 33.38 times.They have received bids for 1,66,88,50,900 shares as against issue size of 5,00,00,000 shares.
Over subscription Details

>Qualified Institutional Buyers (QIBs) 47.0824
>Non Institutional Investors 39.1525
>Retail Individual Investors (RIIs) 9.8038
>Employee Reservation 0.5301

United Bank of India IPO Allotment Status Can be Found Here.

Paypal Finally Approves Local Bank Withdrawal to India

• Author: Subramanian
• Filed under: Bank, order news
• Date: Feb 27,2010

PayPal sent a email to everyone saying that they have approved local bank withdrawal to India but not for everyone but only for those who have a export code.They have told that RBI has allowed them to continue local bank withdrawals for settlements for exports of goods and services.
They will make changes to comply with Indian regulations for settlements for exports of goods and services, and they anticipate that, as of Wednesday,March 3rd, customers will be able to use our bank withdrawal service.Personal remittances to India is still banned by RBI through PayPal and they have allowed to use the service , however if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and service, they have to use the Export Code and in fact able to get the export related benefits you seek.
Read more from here.

Infrastructure Bond – India Infrastructure Bond

• Author: Lalitha
• Filed under: Bank, Budget, Fixed Deposit, order news
• Date: Feb 26,2010

After Budget 2010 , Infrastructure Bond is somethign that will get more popular , as Mr Pranab Mukerji has allowed extra Twenty thousand in Infrastructure Bond , as additional investment over and above Rs 1 lakh in 80C.
What are Infrastrucure Bonds ?

Infrastructure bonds are available through issues of ICICI Bank and IDBI, brought out in the name of ICICI Safety Bonds and IDBI Flexibonds. These provide tax-saving benefits under Section 88 of the Income Tax Act, 1961, up to an investment of Rs.1,00,000, subject to the bonds being held for a minimum period of three years from the date of allotment.

MAHA e-trade – Bank of Maharashtra launches Online Share trading

• Author: Subramanian
• Filed under: Bank, Stock Brokers
• Date: Feb 10,2010

Bank of Maharashtra has informed the market that the company in collobaration with various broking houses has launched its own online share trading service called MAHA e-trade service, This is specifically for the for the Bank’s customers w.e.f. February 08, 2010.The various broking house that has tied up with the bank for this service are as follows.

> Religare Securities Ltd. (RSL)
> Enam Securities Direct Pvt. Ltd. (ESDPL)
> Munoth Capital Market Ltd. (MCML).

CRR hiked by 75 basis points – RBI Announced

• Author: Subramanian
• Filed under: Bank, Economic Data, Interest Rates, economy growth
• Date: Jan 29,2010

Credit policy meeting outcome has come out and they have raised the CRR by 75 basis points , RBI has increased cash reserve ratio by 75 bps to 5.75 Percent , the hike would happen in two stages, the first stage of hike of 50 bps will be effective from February 13 and the next 25 bps from February 27. RBI has not touched the the reverse repo rate which is at 3.25 percent and repo rate which is at 4.75 percent.

Inflation at 7.31 Percent , Food Inflation at 17.40 Percent

• Author: Geetha
• Filed under: Bank, Economic Data, Inflation, economy growth
• Date: Jan 28,2010

Food inlfation which is of worry for us is at 17.40 Percent which was down for 3 consecutive weeks, While the Fuel inlfation was at 5.70 percent.While the annual Inflation was at 7.31 percent in December 2009, compared with 4.78 percent in November and 6.15 percent a year ago.

Sensex crashes by 490 points

• Author: Ganapathy
• Filed under: Bank, BseIndia, Stock Market Crash, World Market
• Date: Jan 27,2010

When the market opened today i almost heard 2 to 3 FII saying indian market is safe not much of downside is not there atleast compared to other world market , i was like ya they say this all the time and on the back they sell the stock to have the market crash , same thing happened today again this doesnt have anything to do with FII statements but , today the market was like battered across all the segment.

In the above image you can see , i had taken this from capitalmarket website , the market was fully in red there was no chance for recovery.The worst hit in todays market was those which has something to do with bank interest rates like realty, auto and banks ahead of Reserve Bank of India’s policy meet.
Index and Forex Rate

SENSEX 16289.82 -490.64
NIFTY 4853.10 -154.80
RS/$ 46.18 0.01

Sector Wise Indices Data sorted from low hit sector on top

Index Current Value Change (%)
FMCG 2,783.74 -0.71
OIL&GAS 9,848.10 -1.66
CD 3,780.59 -1.74
IT 4,991.76 -2.54
TECk 3,185.35 -2.61
CG 13,001.16 -2.82
POWER 3,002.68 -2.88
HC 4,690.29 -3.01
PSU 9,346.92 -3.81
BANKEX 9,296.34 -4.19
AUTO 6,897.71 -4.78
METAL 16,050.57 -5.82
REALTY 3,357.25 -7.97

Market crashes by 423 points – DisAppointing Results

• Author: Ganapathy
• Filed under: Bank, PSU, Sector
• Date: Jan 21,2010

Sensex closed at 17,051 down by 423.35 or 2.42 Per Cent , the market was volatile until 10 or so and after that the results started pouring in and the market started going down from there after market started hearing Disappointing Q3 results from main company like Larsen Toubro , Icici Bank ,there was also profit booking happening in Banking stocks and most of the PSU stocks .Shipping stocks where hammered after the government announced there is no news of sale in shipping corporation of india to public.

>ICICI Bank net profit declines 13.45 per cent in the December 2009 quarter
>Larsen & Toubro net profit declines 50.09 per cent in the December 2009 quarter
>Kingfisher Airlines reports net loss of Rs 419.96 crore in the December 2009 quarter

City Union Bank Rights Issue

• Author: Lalitha
• Filed under: Bank, BookClosure, Record Date, Rights Issue
• Date: Dec 17,2009

City Union Bank Ltd has informed the marke that they have infromed that the Rights issue which had the record date of November 13th and , issue date between December 02, 2009 and December 16, 2009 has been closed.
Rights Issue Details

Issue of 8,00,00,000 Equity Shares of Re. 1/- each for cash at a premium of Rs. 5/- per share (i.e. at a price of Rs. 6/- per share) aggregating to Rs. 48 crs on Rights Basis.

SBI and State Bank of indore Swap Ratio

• Author: Subramanian
• Filed under: Bank, Business, india
• Date: Nov 3,2009

State Bank of India has informed the market that they have decided on the Stock Swap ratio for SBI takeover of State bank of Indore . For every 100 shares held in its smallest subsidiary State Bank of Indore , the shareholder will get 34 shares of the SBI.This was after they decide on October 31st that SBI will acquire State Bank of Indore on stock Swap Ratio.

RBI hiked SLR by 1 Percent – What is SLR Rate

• Author: Subramanian
• Filed under: Bank, Economic Data, economy growth
• Date: Oct 27,2009

Reserve Bank of India (RBI) which came out with quarterly monetary policy review today on october 27th 2009 , has decided to keep all the key rates like repo or reverse repo and the CRR steady and has hiked the statutory liquidity ratio (SLR) to 25% from 24%.
What is SLR (Statutory Liquidity Ratio) : This is infact to protect us , RBI demands that there should be certain amount that Bank needs to keep in the form of cash or or gold or govt. approved securities (Bonds) and the ramining is only they have to give it to customers either as credit in any form , as loan or mortgage or something .This will really help RBI to control the expansion of Bank Credits.Now RBI has increased the rate by 1 percent , which means that the banks have to either invest in gold or government securities , this is something like repayment for the money that RBI let out to the banking system , This percentange comes to effect from from 7 November 2009.This means that the cash reserve in banks hand will go down by 1 percent or so .

DCB offering Home Loan below 8 percent

• Author: Subramanian
• Filed under: Bank, Interest Rates
• Date: Oct 2,2009

DCB – Development Credit Bank which is a publicly listed private bank said that they are going to offer home loan rate below 8 percent , which is one of kind and think one of the lowest in the market but wait you knw how below 8 percent its just .05 percent down , anyway they are offering for 7.95 percent for the first year for loan amount upto 5 crore and after 1 year it will be back to floating interest rate that will be prevailing at that time.

SBI revises Depost Rates

• Author: Subramanian
• Filed under: Bank, Fixed Deposit, Interest Rates
• Date: Oct 2,2009

state bank of india revises deposit rates down by 25 basis points from october 5th 2009 on all its term deposits, this is for all domestic deposit rates below 1 crore.

HCL Infosystem Bags order worth 40 crore from State Bank of India

• Author: Subramanian
• Filed under: Bank, Technology, Telecom, order_news
• Date: Aug 4,2009

HCL Infosystems informed the market today that they have bagged an order worth Rs 40 crore from State Bank of India and its associated banks to deploy, maintain and service over 1000 automated teller machines (ATMs) and cash dispensers across the country.

Credit/Debit Card transactions need Extra Security from August 1 2009

• Author: Subramanian
• Filed under: Bank
• Date: Aug 1,2009

This is a extract from a PDF file that i got through Email from RBI , This kind of states that from August 1 2009 , All Online transaction kind of need extra security measures.

RBI/2008-2009/387
RBI / DPSS No. 1501 / 02.14.003 / 2008-2009 February 18, 2009
The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /.
District Central Co-operative Banks

Madam / Dear Sir

Credit/Debit Card transactions- Security Issues and Risk mitigation measures

The use of Credit/Debit Cards has been increasing in the country. We have been reviewing
various options to enhance the security of online card transactions. After extensive
consultations with banks/card companies, it has been decided as under:

2. It would be mandatory to put in place with effect from August 01, 2009:
i) A system of providing for additional authentication/validation based on information not
visible on the cards for all on-line card not present transactions except IVR transactions (for
which separate instructions will follow).
ii) A system of “Online Alerts” to the cardholder for all ‘card not present’ transactions of the
value of Rs. 5,000/ and above.
3. Banks are advised to strictly adhere to the instructions and time discipline indicated in this
circular. Non-adherence to the directives shall attract penalties prescribed under the
Payment and Settlement Systems Act 2007 (Act 51 of 2007).
4. This directive is issued under section 18 of Payment and Settlement Systems Act 2007,
(Act 51 of 2007).
5. Please acknowledge receipt.

Yours faithfully
(G. Padmanabhan)
Chief General Manager

Visa Card can use this link to get that extra verification process.
Master Card can use this link to get that extra verification process.

Reserve Bank keeps all the Key Interest Rates Unchanged

• Author: Subramanian
• Filed under: Bank, Interest Rates
• Date: Jul 28,2009

Reserve Bank of India informed today that Central Bank after the Policy review today have kept all the 3 Key interest rates unchanged .
Reserve Bank of India (RBI) which took several mesaure starting almost from october 2008 have lowered all the Key Inetrest rates.

>Repo rate, or its key short-term lending rate, was cut by 4.25 Percent to 4.75 Percent.
>Reverse-repo rate was cut by 2.75 Percent since early December 2008 >Cash reserve requirement (CRR) (the proportion of deposits that banks set aside), was cut by 4 percent to 5 Percent .

Bank Paying Highest Interest for Fixed Deposit as of July 26th 2009

• Author: Subramanian
• Filed under: Bank, Fixed Deposit
• Date: Jul 26,2009

Almost a year back in august 2008 i had the same type , the highest interest paid at that time was like 10.25 for Normal citizen and 10.75 for Senior Citizen , now almost after 1 year the the highest interest paid is 8.5 and 8.75 for Normal and Senior Citizen.I have listed both together Normal rate and what is Senior citizen interest rate , I have taken Interest as the criteria and went by banks and searched for which gave the highest interest in the possible minimum lock in period of money.

Oracle Fianancial services bags Flexcube Order

• Author: Subramanian
• Filed under: Bank, Technology, order_news
• Date: Jul 14,2009

Oracle Fianancial services originally known as iFlex has bagged order from International Bank of Azerbaijan for Oracle FLEXCUBE Universal Banking.International Bank of Azerbaijan has selected Oracle’s Flexcube, a universal banking system for its core-banking platform.This will help the bank to be more agile and responsive to more rapdily changing market condition.

Budget 2009 -2010 – Central Plan Outlay by Sectors

• Author: Subramanian
• Filed under: Bank, Budget
• Date: Jul 7,2009

Budget planned for 2009-2010 outlayed here by sector , it also has what was planned for 2008-2009 and how mich it either exceeded or on target.

	2008-2009      Budget Estimates	2008-2009      Revised Estimates	2009-2010        Budget Estimates
Agriculture and Allied Activities	10074	9969	10629
Rural Development*	23831	48884	51769
Irrigation and Flood Control	411	367	439
Energy	93815	98877	115574
Industry and Minerals	28836	27193	35740
Transport **	84177	78269	94306
Communications	21937	20237	16731
Science Technology & Environment	9283	8547	11207
General Economic Services	6052	5277	6270
Social Services***	95919	89692	103856
General Services	1150	766	1400
Grand Total	375485	388078	447921

Budget 2009-2010 – Indian Govenrment Expenditure

• Author: Subramanian
• Filed under: Bank, Budget
• Date: Jul 7,2009

We have given some figure of indian government’s planned and unplanned expenditure for 2008-2009 and estimate for 2009-2010

	2008-2009      Budget Estimates	2008-2009      Revised Estimates	2009-2010        Budget Estimates
1. NON-PLAN EXPENDITURE
A. Revenue Expenditure
1. Interest Payments and Prepayment Premium	190807	192694	225511
2. Defence	57593	73600	86879
3. Subsidies	71431	129243	111276
4. Grants to State and U.T. Governments	43294	38421	48570
5. Pensions	25086	32690	34980
6. Police	15562	20711	25390
7. Assistance to States from National	1800	3265	2500
Calamity Contingency Fund
8. Economic Services	17987	22055	23840
(Agriculture, Industry, Power,
Transport, Communications,
Science & Technology etc.)
9. Other General Services	11498	15898	18729
(Organs of State, tax collection,
external affairs etc.)
10. Social Services (Education,	10385	28126	33491
Health, Broadcasting, etc)
11. Postal Deficit	958	3825	5395
12. Expenditure of Union	2269	3092	3162
Territories without Legislature
13. Amount met from National Calamity	-1800	-3265	-2500
Contingency Fund
14. Grants to Foreign Governments	1482	1435	1611
Total Revenue Non-Plan Expenditure	448352	561790	618834
B. Capital Expenditure
1. Defence	48007	41000	54824
2. Other Non-plan Capital Outlay	10567	13694	21056
3. Loans to Public Enterprises	673	788	637
4. Loans to State and U.T. Governments	89	89	89
5. Loans to Foreign Governments	4	815	125
6. Others	-194	-180	124
Total Capital Non-Plan Expenditure	59146	56206	76855
Total Non-Plan Expenditure	507498	617996	695689
Note: Issue of Special Securities in lieu of subsidies.
(i) Oil Marketing Companies	…	75942	10306
(ii) Fertilizer Companies	…	20000	…
	2008-2009      Budget Estimates	2008-2009      Revised Estimates	2009-2010        Budget Estimates
2. PLAN EXPENDITURE
A. Revenue Expenditure
1. Central Plan	151417	171633	200290
2. Central Assistance	58350	70023	78108
for State & Union
Territory Plans
State Plan	56205	68199	74362
Union Territory Plan	2145	1824	3746
Total-Revenue Plan Expenditure	209767	241656	278398
B. Capital Expenditure
1. Central Plan	28537	32495	39550
2. Central Assistance	5082	8806	7201
for State & Union
Territory Plans
State Plan	3947	7109	5705
Union Territory Plan	1135	1697	1496
Total Capital Plan Expenditure	33619	41301	46751
Total – Plan Expenditure	243386	282957	325149
Total Budget Support for Central Plan	179954	204128	239840
Total Central Assistance	63432	78829	85309
for State & UT Plans
TOTAL EXPENDITURE*	750884	900953	1020838
DEBT SERVICING
1. Repayment of debt**	335230	337316	342891
2.  Total Interest Payments	190807	192694	225511
3.  Total debt servicing (1+2)	526038	530010	568402
4.  Revenue Receipts	602935	562173	614497
5.  Percentage of 2 to 4	31.60%	34.30%	36.70%

Union Budget 2009-2010 – Receipts

• Author: Subramanian
• Filed under: Bank, Budget
• Date: Jul 7,2009

Here is some info on what we estimated as receipts when we started 2008-2009 and what we received and whats the current estimate for 2009-2010.

	2008-2009      Budget Estimates	2008-2009      Revised Estimates	2009-2010        Budget Estimates
REVENUE  RECEIPTS
1.  Tax Revenue
Gross Tax Revenue	687715	627949	641079
Corporation tax	226361	222000	256725
Income tax	138314	122600	112850
Other taxes and Duties	325	400	425
Customs	118930	108000	98000
Union Excise Duties	137874	108359	106477
Service Tax	64460	65000	65000
Taxes of the Union Territories	1451	1590	1602
Less- NCCD transferred to the National Calamity Contingency Fund	1800	1800	2500
Less States’ Share	178765	160179	164361
Net Tax Revenue	507150	465970	474218
2. Non -Tax Revenue
Interest Receipts	19135	19036	19174
Dividend and Profits	43204	39736	49750
External Grants	1795	2748	2136
Other Non-Tax Revenue	30836	33934	68465
Receipts of Union Territories	815	749	754
Total Non-Tax Revenue	95785	96203	140279
Total Revenue Receipts	602935	562173	614497
3. CAPITAL RECEIPTS*
A. Non-debt Receipts
1. Recoveries of Loans & Advances@	4497	9698	4225
2. Miscellaneous Capital receipts	10165	2567	1120
Total	14662	12265	5345
B. Debt Receipts
3. Market Loans	100571	261972	397957
4. Short term borrowings	12429	57500	…
5. External assistance (Net)	10989	9603	16047
6. Securities issued against Small	9873	1324	13256
Savings
7. State Provident Funds (Net)	4800	4800	5000
8. Other Receipts (Net)	-12600	-38668	-31264
Total	126062	296531	400996
Total Capital Receipts (A+B)	140724	308796	406341
4. DRAW-DOWN OF CASH BALANCE	7225	29984	…
Total Receipts (1+2+3+4)	750884	900953	1020838
Financing of Fiscal Deficit (3B+4)	133287	326515	400996
Receipts under MSS (Net)	29806	-81781	-38773
@ excludes recoveries of short-term loans and advances from States and   loans to Government servants, etc.	1495	1495	1495

Budget 2009 -2010 – Indian Government Account Book

• Author: Subramanian
• Filed under: Bank, Budget
• Date: Jul 7,2009

We are presenting some info on india’s account book of what they had in 2008-2009 and what is in plan for 2009-2010

	2007-2008 Actuals	2008-2009 Budget  Estimates	2008-2009 Revised  Estimates	2009-2010 Budget  Estimates
1.    Revenue Receipts	541864	602935	562173	614497
2.    Tax Revenue (net to Centre)	439547	507150	465970	474218
3.    Non-tax Revenue	102317	95785	96203	140279
4.    Capital Receipts (5+6+7)$	170807	147949	338780	406341
5.    Recoveries of   Loans	5100	4497	9698	4225
6.    Other Receipts	38795	10165	2567	1120
7.    Borrowings and other	126912	133287	326515	400996
Liabilities*
8.    Total Receipts  (1+4)$	712671	750884	900953	1020838
9.    Non-plan Expenditure	507589	507498	617996	695689
10.   On Revenue Account  of	420861	448352	561790	618834
which,
11.   Interest  Payments	171030	190807	192694	225511
12.   On Capital Account	86728	59146	56206	76855
13.   Plan Expenditure	205082	243386	282957	325149
14.   On Revenue Account	173572	209767	241656	278398
15.   On Capital Account	31510	33619	41301	46751
16.   Total Expenditure (9+13)	712671	750884	900953	1020838
17.   Revenue Expenditure	594433	658119	803446	897232
(10+14)
18.   Capital Expenditure	118238	92765	97507	123606
(12+15)
19.   Revenue Deficit (17-1)	52569	55184	241273	282735
	-1.1	-1	-4.4	-4.8
20.   Fiscal Deficit	126912	133287	326515	400996
{16-(1+5+6)}	-2.7	-2.5	-6	-6.8
21.   Primary Deficit (20-11)	-44118	-57520	133821	175485
	-0.9	-1.1	-2.5	-3

SBI Ezee – Cheapest Car loan scheme from State Bank of India

• Author: Subramanian
• Filed under: Auto, Bank
• Date: Jun 28,2009

State Bank of India informed the market that they have launched a car loan scheme called “SBI Ezee” from july 1 2009 , This scheme looks the same way as the home load that they had offered which has like a fixed low interest rate for the first year , like that SBI Ezee has these peculiar structure.
Loan Details

>Reduced rates of 8 per cent per annum which will be fixed for the first year .
>10 per cent will be fixed for the second and third year.

So for like a loan of 1 lakh EMI will be as low as Rs. 1,559 in the first year and Rs. 1,647 in the second and third year.The interest rate will be reset from the fourth year at the card rate contracted as on the date of sanction, depending on the tenure of the loan.

Inflation still in Negative range (- 1.14) Percent

• Author: Subramanian
• Filed under: Bank, Inflation
• Date: Jun 25,2009

Inflation data came out today , stil we are in deflation state and we have not come our of it ,calculated on point-to-point basis , Inflation stood at -1.14 percent for the week ended 13 June 2009 as compared to -1.61 percent for the previous week and 11.80 percent during the corresponding week of the previous year.

State Bank Of india cuts Interest Rate

• Author: Subramanian
• Filed under: Bank, Fixed Deposit, Interest Rates
• Date: Jun 25,2009

State Bank of India yeaterday announced that it will be cutting benchmark prime lending rate by 50 basis points to 11.75 per cent with effect from June 29.This is the second bank after Union bank of india , and im sure more banks will follow this .They did cut deposit rate by 25 basis point on june 15th 2009 .

Union Bank cuts Interest rate by 25 basis points

• Author: Subramanian
• Filed under: Bank, Fixed Deposit, Interest Rates
• Date: Jun 23,2009

Union Bank of India informed the market yesterday that they have announced a 25-basis-point reduction in PLR to 11.75 per cent, and that will be effective from July 1st 2009 , think Union Bank of india is the first to do it after a long time and this is infact the first bank to do it after the Finance Minister’s meeting with PSU bank chiefs on June 10 2009 .

Reserve Bank of India Cuts Repo and Reverse Repo Rates

• Author: Subramanian
• Filed under: Bank, Interest Rates
• Date: Apr 22,2009

Reserve Bank of India (RBI) informed yesterday that it has , cut its key short-term rates by 25 basis points each on Tuesday, 21 April 2009, to prop up growth amid global economic slowdown.
The repo rate, at which the RBI lends to the banks, was cut to 4.75%, and the reverse repo rate, at which the RBI absorbs excess cash from banks, was reduced to 3.25%.

HDFC cuts Lending Rate by 50 basis Points

• Author: Lalitha
• Filed under: Bank, Housing Loan, Real Estate
• Date: Mar 25,2009

One of my friend called me that he was happy yesterday that his loan rate was cut by 1/2 percent then i saw the news that Housing Development Finance Corporation (HDFC), infromed the market after the it closed that it has announced a 50 basis points cut in retail prime lending rate (RPLR) to 14% effective today, 25 March 2009 due to reduction in its cost of funds. If im going for a new loan today to HDFC , the effective floating interest rate would be 9.5 percent for a loan of up to Rs 30 lakh, and 10.5 percent for loans above Rs 30 lakh.

BGR Energy Raises Credit Lines for 3850 Crore Rs

• Author: Lalitha
• Filed under: Bank, Power Sector, order_news
• Date: Mar 23,2009

BGR Energy Systems Ltd has informed the market that it has signed up credit lines to fund its project that they are exepcting capital requirements for execution of EPC contract for 2 x 600 MW Thermal Power Project at Kalisindh of Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL). They have come out with a estimate of Rs 3850 Crores and mandated IDBI Bank Ltd to arrange the financing facilities.

Reserve Bank of India Cuts 50 Basis Points on Repo and Reverse Repo Rate

• Author: Subramanian
• Filed under: Bank, Interest Rates
• Date: Mar 5,2009

RBI announced after the market closed yesterday that it will go ahead and cut repo rate, reverse repo rate by 50 basis points each with immediate effect.After the cut the Repo Rate stands at 5 percent and the reverse Repo Rate stand at 3.5 percent.The GDP figure which came out well below expectation had made them to reduce the rate.

Tata Nano to be launched on March 23 2009

• Author: Lalitha
• Filed under: Auto, Bank
• Date: Feb 27,2009

Tata Motors informed the market that the much awaited car of the Year “Tata Nano” will be launched on March 23 .They also confirmed that it will be available for booking from April Month.
From first week of April the car will be available on display in the Dealerships and bookings may start from second week of April.The total amount for booking and what is the booking process will also be announced on march 23rd 2009.The booking money is likely to be between Rs 50,000 and Rs 70,000. As we already know that SBI has put a deal with Tata Motors for being Sole Booking agent for Tata Nano.

Stocks Pledged Starting January 2009

• Author: Lalitha
• Filed under: Bank, pledging
• Date: Feb 17,2009

Stocks Pledged This year due to financial constraint, the way how its going one day all the company will be in some banks hand or some financial companies hand.

Jain irrigation , Gujarath NRE coke and Kamat Hotel Pledged Stocks yesterday

• Author: Lalitha
• Filed under: Bank, pledging
• Date: Feb 10,2009

These companies pledged stocks yesterday

Jain Irrigation promoters pledged 5.13% stake
Gujarat NRE Coke promoters pledged 15.96% stake
Kamat Hotels promoters pledge 47.09% stake

Company that pledged Equity – Torrent power,Shyam telecom,UTV Software and LG Balakrishnan

• Author: Lalitha
• Filed under: Bank, pledging
• Date: Feb 6,2009

Company that has pledged equity for the purpose of fund to use for the company

> Torrent power promoters pledge 11.07% stake
> Shyam Telecom promoters pledge 19.52% stake to SBI
> LG Balakrishnan promoters pledge 4.28% stake via associate companies
> UTV Software promoters have pledged 22.68% stake

TATA Capital NCD -Tata Capital NCD to offer 12 percent interest

• Author: Lalitha
• Filed under: Bank, Fixed Deposit
• Date: Feb 5,2009

Tata Capital NCD
Tata Capital informed the market that they are raising Rs 500 crore through a non-convertible debenture issue,which has already opened on February 2nd 2009 and it will be open till February 24th 2009 .they will be allowed to retaining up to 1000 crore if it get over subscribed by more then 500 crore.
Open Date : February 2 2009
Close Date : February 24, 2009
Interest : 12 Percent Varies based on the Monthly or Quarterly Interest.
Redemption : In 5 years,put and call options offered to investors at the expiry of 36 months and 42 months.
Minimum Amount : 10,000
The minimum application amount is Rs 10,000 for the quarterly, annual and cumulative interest payment options (coupon rate of 12 per cent an annum); and Rs 1 lakh for the monthly interest payment option (coupon rate of 11.25 per cent an annum).
Fund Usage :
Tata group in turn will use the proceeds of the issue for its business growth and a repay existing costlier debt, this is good for the tata group and not sure for the tata capital how they will repay.
Credit Rating
High credit rating of “LAA+” by ICRA and “CARE AA+” by CARE
Final Highlights

• Interest at the rate of 12% per annum is offered for the annual and cumulative interest payment options.
• Quarterly interest payment option to offer a coupon rate of 11.25% per annum with an annualized yield of 11.73%.
o For the quarterly, annual and cumulative interest payment options the minimum application size is Rs 10,000 and additional investments in multiples of Rs 1,000.
• Monthly interest payment option to offer a coupon rate of 11% per annum with an annualized yield of 11.57%. The minimum application size is Rs 100,000 and additional in multiples of Rs. 100,000
• Interest on application money at the rate of 8% p.a. to be paid from the date of realization of the cheque or 5 days after the date of application, whichever is later, upto one day prior to the deemed date of allotment.

SBI reduces Home loan interest rate to 8 percent

• Author: Lalitha
• Filed under: Bank, Housing Loan, Interest Rates, Real Estate
• Date: Feb 1,2009

SBI informed the market yesterday that it has reduced the home loan rate at 8 percent compared to what it is now , the catch is its only for the first 1 year from the date of approval after that it will change to normal rate whatever it is at that time .This scheme again is not all the time if you have the loan bought between February 2 and April 30, 2009 then you can avail this offer.

Citgroup breaks into Citicorp and Citi Holdings after 8.3 Billion Dollar QTR Loss

• Author: Lalitha
• Filed under: Bank, Stock Market Crash, World Market
• Date: Jan 17,2009

Citgroup announced larger than expected loss of 8.3 billion dollars in the December ending 2008-2009 QTR living way to put a full stop for this single financial supermarket and split into 2 company called Citicorp and Citi Holdings .They are kind of following now Good and Bad Company policy.Now we will talk about what is good company and what is bad company.
Citicorp – Good Company or Good Bank
Citicorp – company’s private and investment bank as well as its credit card and consumer banking business, with about $1.1 trillion in assets.
Citi Holding – Bad Company or Bad Bank
Citi Holdings would incorporate its so-called non-core businesses, including its Smith Barney brokerage which they hold only 49 percent after they sold 51 percent to Morgan Stanley for 2.7 billion dollar and a pool of troubled assets that have made them to show loss all the year.They will also have the $301 billion in assets that the government gave as package and , the government has also injected $45 billion into the company in exchange for preferred shares.

Axis Bank announces Results for Qtr Ending December 2008-2009 results

• Author: Subramanian
• Filed under: Bank, Results
• Date: Jan 11,2009

Axis Bank net profit rose 63.24% to Rs 500.86 crore in Qtr ending december 2008 for the financial year 2008-2009 compared to Rs 306.83 crore in qtr ending december 2007. Total operating income rose 65.61% to Rs 2984.77 crore in Qtr ending december 2008 for the financial year 2008-2009 compared to Rs 1802.34 crore in qtr ending december 2007.

Second Stimulas Package for India Inc – IIFCL to raise 30,000 crore

• Author: Lalitha
• Filed under: Bank, Infrastructure, order_news
• Date: Jan 3,2009

It was one month before that the government approved that IIFCL can borrow up to 10000 crore in Tax free bonds which will be lend to infrastructure projects that are public and private partnership , As these projects are having high time getting long term loan from banks , Because Banks are also in need of money IIFCL might recapitalise banks through this .So they did not even fully get the 10000 crore now Indian Government has approved for the second stimulus package that India Infrastructure Finance Company Ltd (IIFCL) to raise Rs 30,000 crore for refinancing projects mainly in the highway and port sectors.
This will really help in financing big projects in turn will help the industry grow and also bring very good number of Job openings.

Reserve Bank of India Cuts CRR Rate , Repo Rate and Reserve Repo Rate

• Author: Subramanian
• Filed under: Bank, Fixed Deposit, Inflation, Interest Rates
• Date: Jan 2,2009

In order to cope up with the Global recession all the country are doing this almost every month and India which was not really into recession is trying to take all the measure to kepp away from it , But its kind of deeper that expected , Out of the various cuts that Reserve bannk of india has did this is the latest
Repor Rate cut
To reduce the repo rate under the liquidity adjustment facility (LAF) by 100 basis points from 6.5 per cent to 5.5 per cent with immediate effect.
Reserve Repo Rate
To reduce the reverse repo rate under the LAF by 100 basis points from 5.0 per cent to 4.0 per cent with immediate effect.
Cash Reserve Ratio – CRR Rate
To reduce the cash reserve ratio (CRR) of scheduled banks by 50 basis points from 5.5 per cent to 5.0 per cent from the fortnight beginning January 17, 2009.
The CRR cut is not immdiate but atleast its happening this si the only gfactor that will put some money in banks hand which in turn can be used by banks for various purpose , So this cut will release 20,000 crore.We can expect more rate cuts in lending loansfrom various banks.

PNB Special Housing Loan Scheme – Lowest interest offered for Housing Loan

• Author: Lalitha
• Filed under: Bank, Housing Loan, Real Estate
• Date: Dec 29,2008

Punjab National Bank informed the market that they have started new scheme called “PNB Special Housing Loan Scheme”Through which for any new housing loan that they are going to offer from January 01, 2009 till June 30, 2009.
>Interest would be at 8.5 percent will be charged under fixed housing loan upto Rs 5 lacs for maximum period upto 20 years and
>9.25 percent interest for fixed rate housing loans of above Rs 5 lacs to Rs 20 lacs for a maximum period upto 20 years. The interest rate will be subjected to reset on July 01, 2014 for the scheme.

SBI reduces Home loan rate

• Author: Lalitha
• Filed under: Bank, Fixed Deposit, Interest Rates
• Date: Dec 21,2008

State bank of india announced over weekend that they have cut the BPLR by .75 percent , This means that the BPLR which governs the Home loan lending rate is also cut and now it stands at
Loan Rates

>9 per cent for loans up to Rs 30 lakh for a period of five years.
>For loans that are between period of 5 to 15 years the revised interest rate is 9.25 per cent.
>For Loan above 15 and below 25 years rate will be 9.5 per cent.

This will come into effect from January 1.

Fed Cuts Rate in the range of 0 to 25 basis points

• Author: Lalitha
• Filed under: Bank, Interest Rates, World Market
• Date: Dec 17,2008

Fed which doesnt want to have the rate to be at 0 said today that it will cut the rate in the range of 0 to .25 percent which is the first time they have come to this range ever .This is like 10th time they are cutting the rate in 15 months.This federal funds rate is overnight lending rate which is used as a benchmark to set rates for a variety of loans, including adjustable rate mortgages, credit cards, home equity lines of credit and business loans. So after this move we can see lot of banks lowering the interest rate for the above said instruments.

Corporate Actions Until December 20 2008

• Author: Lalitha
• Filed under: Bank, BookClosure, Dividend, Ex-Bonus/Split/Dividend, Record Date
• Date: Dec 7,2008

Company record date for various purpose like dividend, bonus split and rights issue until december 20th 2008

Scrip Code	Scrip Name	Ex-Date	Purpose	Rs.
521167	APEEGO LTD	5-Dec-08	BONUS 1:1	-
532191	ST BK TRAVAN	5-Dec-08	Stock Split from Rs. 100/- to Rs. 10/-	-
523842	SUPER TANN I	5-Dec-08	BONUS 1:1	-
531602	KOFF BR PICT	8-Dec-08	Stock Split from Rs. 10/- to Re. 1/-	-
505533	DHANPRAYOG	10-Dec-08	BONUS 79:1	-
505533	DHANPRAYOG	10-Dec-08	Dividend	1.5
509079	GUFIC BIOSCI	11-Dec-08	Dividend	0.05
532612	INDOCO REM	11-Dec-08	Interim Dividend	3.25
500155	GARDEN SILK	12-Dec-08	Dividend	1.5
532926	JYOTHY LAB	12-Dec-08	Stock Split from Rs. 5/- to Re. 1/-	-
521192	NEPC TEXTILS	12-Dec-08	Reduction of Capital	-
511726	VIPUL LTD	12-Dec-08	Dividend	0.35
532482	GRANULES IND	15-Dec-08	Dividend	1.25
532717	INDOTECHTR	15-Dec-08	Interim Dividend	8.5
531312	SANRAA	16-Dec-08	BONUS 1:1	-
532919	ALLIED COMP	17-Dec-08	Stock Split from Rs. 10/- to Re. 1/-	-
532813	C & C CONSTR	18-Dec-08	Dividend	2.75
501150	CENTRUM CAP	18-Dec-08	Final Dividend	1
514034	JBF.IND.LTD	18-Dec-08	Dividend	1.5
532356	TRIVENI ENGI	18-Dec-08	Final Dividend	0.6
532788	XL TEL ENE	18-Dec-08	Dividend	1.5

ICICI Bank Cuts Interest Rate on Home Loan

• Author: Subramanian
• Filed under: Bank, Interest Rates
• Date: Dec 7,2008

So After RBI news on cut in Lending rate to banks i ment the Repo Rate , Banks came out with news on lending rate cut , Im not sure if ICIC bank has done any Cuts before this but now thay have announced that ICICI Bank has cut interest rates on new home loan below Rs 20 lakh by 1.5% to 11.5%.

Reserve Bank of India Cuts Repo Rate and Reverse Repo Rate

• Author: Subramanian
• Filed under: Bank, Interest Rates
• Date: Dec 7,2008

Reserve Bank of India Cuts Repo Rate and Reverse Repo Rate , RBI cuts repo rate by 100 basis points to 6.5 percent and cuts reverse repo rate by 100 basis points to 5 percent and there is no change this time to CRR, SLR. The rate cut to Repo and Reverse Repo Rate will come into effect from December 8.
What is Repo Rate ?

Repo rate is the rate at which the banks can borrow money from a central bank of the country in order to avoid scarcity of funds.For eg, whenever the banks have any shortage of funds they can borrow it from Reserve Bank of India (RBI).

So RBI is sending signals to Banks to have the lending rate to public cut down .We will soon see a lot of banks announcing more lending rate cut .

State Bank of Mysore approves Stock Split

• Author: Subramanian
• Filed under: Bank, Stock Splits
• Date: Dec 5,2008

State Bank of Mysore informed the market that the Board of Directors of the Bank at its meeting held on May 17, 2008, have approved for a Stock Split from face value of Rs 100/- per share to Rs 10/- per share.

Bank of China Slashes Lending and Borrowing Interest Rate

• Author: Subramanian
• Filed under: Bank, World Market
• Date: Nov 27,2008