Page 1301 - Finance News
Plastic money grew 2.1% in September
RBI data shows credit cards outstanding grew 2.1% in September compared with 21.8% a year ago
 "Plastic money grew 2.1% in September")
ICICI Bank's net profit up 20%
Higher interest income, better margins; NPAs still a challenge; total advances rise 16%
 "ICICI Bank's net profit up 20%")
Forex reserves jump $1.9 billion to $281 billion
Gold reserves unchanged at $21.765 billion
 "Forex reserves jump $1.9 billion to $281 billion")
No approval for foreign investment in Federal Bank
Bank says foreign investment supported by required shareholders and regulatory approvals
JM Fin's Rs 22-cr warrant issue to Vikram Pandit gets FIPB nod
The proposal was approved by FIPB, headed by Economic Affairs Secretary Arvind Mayaram
 "JM Fin's Rs 22-cr warrant issue to Vikram Pandit gets FIPB nod")
RBI sets up advisory panel for national bill payment system
A nine-member group headed by Umesh Bellur - professor at IIT Bombay - will submit its report by Dec end
 "RBI sets up advisory panel for national bill payment system")
Nod to urban co-op banks for specialised branches
The approval would be subject to certain norms-these branches should be fully computerised
 "Nod to urban co-op banks for specialised branches")
Now, open a bank account through Aadhaar without paperwork
Similar arrangement on cards for pension schemes, says Nilekani
 "Now, open a bank account through Aadhaar without paperwork")
Reserve Bank of India faces a difficult choice
Experts expect the rupee to have a stable-to-positive bias over the near term-likely at 61/$ through the next 3-6 months
 "Reserve Bank of India faces a difficult choice")
Oil firms' dollar window could be narrowed
Wary of rupee volatility, RBI may not make an announcement
 "Oil firms' dollar window could be narrowed")
RBI asks RRBs to ensure service providers adhere to regulatory needs
Central bank says both NABARD and it should have access to all information resources consumed by RRBs
 "RBI asks RRBs to ensure service providers adhere to regulatory needs")
Crisil cuts rating on Allahabad Bank's tier I & II bonds
It also revised rating outlook on Allahabad Bank's lower tier II bonds to 'negative' from 'Stable' and reaffirmed rating at AA+
 "Crisil cuts rating on Allahabad Bank's tier I & II bonds")
HDFC Bank raises $500 mn from overseas bonds
Funds were raised by offering a coupon of 3%
 "HDFC Bank raises $500 mn from overseas bonds")
Federal Bank gets FIPB nod to raise foreign shareholding
Bank will also require clearance of CCEA, since the proposal involves foreign investments of about Rs 1,400 cr
 "Federal Bank gets FIPB nod to raise foreign shareholding")
Bank of America found liable in US mortgage fraud trial
A top manager at BofA's Countrywide Financial unit found liable on one fraud charge of having opted for quantity over quality
 "Bank of America found liable in US mortgage fraud trial")
Kotak Mahindra Bank Q2 cons net up 16% at Rs 583 cr
Consolidated net interest margin at 4.9% vs 4.6% y-o-y.
 "Kotak Mahindra Bank Q2 cons net up 16% at Rs 583 cr")
CRISIL downgrades Allahabad Bank's tier I & II bonds
Says bank's profitability will continue to be adversely impacted given the asset quality challenges
Govt to give Rs 14,000 cr to PSBs
Banks could raise another Rs 10,000 crore from the market depending on their requirements
 "Govt to give Rs 14,000 cr to PSBs")
HDFC Bank to raise up to $500 mn abroad
S&P assigned a 'BBB-' rating to the bank's proposed issue
 "HDFC Bank to raise up to $500 mn abroad")