28th October - Business Line

Santosh
Section- F
Money and banking
Union bank net down 40% on higher provision

Non-performing assets of u.b.i has decrease 40% to Rs 303 crore for the quarter ended September 30,2010 from Rs 505 Crore as compare to last quarter ended.NPA Provision increased to Rs 629crore as compare to Rs 102 crore. According to chairman and managing director of u.b.i Mr. M.V NAIR NPA provision was decreased Rs 417 crore due to Farm dept loan debt waiver and relief scheme and Rs 310 crore from some export oriented account.
CASH Recovery
Mr. nair said that he expect cash recovery of Rs 430 crore in second half against Rs 283 crore in the first half and increase NPA'S of Rs 373 crore as against Rs 203 crore.
The bank plan is decreased cost of deposit decreased 5.37%as compare to 6.29%The bank targeting 25% growth in credit and 3.1% Net margin and CASA ratio 33% in current fiscal year.
Corporation bank to offer marriage loan

Corporation bank launched three products-corp shubha vivah,corp ghar shobha and corp sb smile in manglore.
Executive director of bank said corp subh vivah related to marriage.in such se cheme loan paid five to seven years and interest rate of 12%(4.25%above the base rate).age between 25 to 65 years person can take the loan minimum 1,00,000 and max.10,00,000.
In corp ghar sobha scheme person can 10,00,000 for meteo cities and interest rate is 10%.
In corp Sb smile scheme is for made street vendor or hawker.in this scheme initial deposit of Rs 200 when balance touches Rs 6000 the system would automatically transfer in units of Rs 1000 to fixed deposit leaving min.bal.Rs in Sb account. This scheme are launched designed in mind specific needs of target segments.
RBI Tightens salary account opening Rule

RBI has gives order that if employer opening account in bank then bank require one additional proof such is kyc document for identity and address proof beginning required pass port,driving license,pan card , voter I.card and address proof.
IFC,NHB and Rajasthan govt to set up housing finance firm-
IFC ,national housing bank and rajasthan govt. plan to established a housing finance company in the state to provide home loan to low income house hold.
Ifc is the member of world bank group.ifc has own stake and this stake mobilization from stakeholder such as national housing bank,the govt.of rajasthan,and private sector bank will help now company has initial capital of $22million.
MARKETING
HUL GROWTH STRATEGY WILL BE VOLUME-DRIVEN :CEO

HUL cuts the price rate in the third quarter so the volume growth has increased so net profit increased 32% (Rs 566 crore).hul tries to decrease the price of inputs cost inflation through buying efficiency and cost saving pro-gramme .
Titan plans 400 eye plus stores

Chief operating officer Mr.s. Ravi kant said that titan industries plan to open 400 new stores across India in next three years under its titan eye plus brand to market eye care products.
The company mainly focusing on west.in last three years company expanded in business in 42 cities and towns.
Company's retail and design expertise offer a range of over 100 stylish products,with minimum warranty of six months.
COMMODITIES
Crude oil declines in as US supplies increase

The price of crude oil fell in the first time when US excess supply of crude oil and also dollar increase.
American petroleum institute said inventories of last week were 6.4 million barrels.supply of 1 million barrel oil the dollar climbed to a one week high against euro.The dollar increased 0.6%to $1.3771 per euro,the strongest level since oct 20 before trading at $1.3803 in new york,compared with $1.3859.so in such type ssss
Gold eases towards $1330/oz

Europe announced that the price of gold increased $1300 as the doller firmed versus the euro.
In India,price of gold has increased due to the demand of festival session as dhanteras this is one of the biggest festival for gold selling.
Among other precious metals palladium wast at $ 622.49 an ounce against $620.63,this price highest touches its highest since 2001 at 636.25 an ounce.