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IOB bullish on domestic market
With an aim to increase credit growth by at least 20 per cent and maintain a capital adequacy ratio of 12 per cent over the next two-three years, Indian Overseas Bank (IOB) has recently submitted a capital requirement plan for nearly Rs 1,400 crore to the government. In an interview with Namrata Acharya, S A Bhat, chairman and managing director of IOB says while the bank is bullish on the domestic market, it hopes its growth to be good, if not extraordinary, overseas due to regulatory issues in certain geographies, such as Hong Kong. Excerpts:

Govt lifts ban on wheat export
India today lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.

News of the day

Dharavi bid submission deadline extended again
The Maharashtra government has deferred the submission and opening of financial bids for Dharavi Redevelopment Projects for a further date, a key government official said. The new date has not been fixed yet, he said.
Public Relations

Europe seeks 'social' tax on banks worldwide

Europe today urged the IMF to introduce a "social" tax on banks, insurers and markets to repay taxpayers" support during lean years with a slice of boom-time profits. - Taro tells shareholders to keep Sun at bay - "US, European firms quoting higher prices for nuclear equipment" - Strides Arcolab ends court process for merger - Nagarjuna Agrichem to invest Rs 250 crore - EU leaders" side summit may not change much - NYSE Euronext leads US IPO market with $19 bn proceeds Leaders of the European Union backed a fresh call by British Prime Minister Gordon Brown, supported by French President Nicolas Sarkozy, for the International Monetary Fund (IMF) to examine a global so-called "Tobin" tax. The 27 member states said that an "economic and social contract" needs renewing "between financial institutions and the society they serve... Ensuring that the public benefits in good times and is protected from risk. "The European Council encourages the IMF to consider the full range of options including insurance fees, resolution funds, contingent capital arrangements and a global financial transaction levy in its review." While the language of a two-day EU summit"s draft conclusions erred on the side of caution, the inclusion of the idea -- which has been kicking about since the 1970s -- represents alignment between Europe"s three core powers. German Chancellor Angela Merkel already sought support from fellow EU leaders in September for such a proposal to be taken to a summit of the Group of 20 countries in Pittsburgh, although they refused to back her then. But Brown sees an "urgent need" for a new deal between banks and society and fleshed out a range of ideas in an article penned with French President Nicolas Sarkozy, aimed at American policy makers.


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