The US Government, through the US Treasury and Federal Reserve, stepped in to save the Fannie Mae and Freddie Mac; refused to do anything about Lehman Brothers, let Bank of America help Merrill Lynch save itself and threw AIG a lifeline.
Archive for September, 2008
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SBI introduce 1000-days deposit scheme
Posted by Tushar Mathur on September 30th, 2008
State Bank of India (SBI), from October 1 will be increasing its deposit rates in certain maturities.
According to SBI press release the bank has introduced a 1000-days fixed deposits scheme in which bank is offering 10.5 per cent interest to depositors.
Why is Rupee depreciating then?
Posted by Tushar Mathur on September 30th, 2008
The US Economy is weakening, why is Rupee depreciating (as compared to dollar) then?
The rupee slumped to a five-year low of 47.10 in spite of the slowdown in the US Economy.
UTI Mutual Fund to open 200 branches across the country by next fiscal
Posted by Tushar Mathur on September 29th, 2008
UTI Mutual Fund is all set to open around 200 branches across the country by March, next fiscal.
The company aims to further expand its distribution network from 97 UTI Financial centers to 200 centers covering around 422 districts.
According to the company, it will open new UTI Financial Centre in Anantnag, Baramulla, Doda, Jammu, Kathua, Kupwara, Kargil, Ladakh, Poonch, Pulwama, Rajouri, Srinagar and Udhampur, to focus on service sector in Jammu and Kashmir.
The latest move is in line with company’s strategy of making its products and services easily accessible to its clients.
UTI Mutual Fund is a SEBI registered mutual fund whose sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
UTI Mutual Fund has assets under management of Rs 46,947.32 crore under its 95 domestic plans as of August 31, 2008.
Religare Aegon gets nod for India mutual fund unit
Posted by Tushar Mathur on September 26th, 2008
India’s stock market regulator has allowed the joint venture between Dutch insurer Aegon and Indian financial services firm Religare Enterprises to start fund operations, a top executive said.
‘We have got our approval,’ Saurabh Nanavati, chief executive of Religare Aegon (nyse: AEG – news – people ) Asset Management, told Reuters on Thursday.
‘Next week we will file for the first offer document and are looking at a launch in November,’ he added.
Nanavati said his firm would launch at least seven funds in the first year of operations and plans to have 15 branches at the time of the launch and 30 in over 25 cities by March 2009.
The firm joins the likes of French insurer AXA, JPMorgan, South Korea’s Mirae Asset and Edelweiss Capital who have started operations in the fiersely competitive Indian asset management industry in the last 18 months.
‘Over the next 2-3 years, the AMC will focus on creating wide reach across India especially in Tier II and Tier III cities, with an initial target of opening at least 100 branches in the first two years of operations,’ Nanavati said.
The Indian fund industry has 35 members, who managed about 5.4 trillion rupees ($118 billion) at the end of August, data from the Association of Mutual Funds in India showed.
