The Reserve Bank of India (RBI) raised its bank rate to 9.5% from 6% with immediate effect, to align it with the marginal standing facility (MSF) rate, the central bank said.

RBI raises bank rate to 9.5%

Reuters 

A week after he took charge of Dhanlaxmi Bank, PG Jayakumar decided to cut costs to strengthen the financial position of the Thrissur-based private lender. The austerity drive would include salary cuts, reduction in travel expenses and decrease in discretionary spends.

Dhanlaxmi Bank on austerity drive, to cut staff salary

Business Standard

It is almost curtains to the 'Super Circle of Excellence', once a high-profile retail initiative at the State Bank of India. The country's largest lender met with limited success to obtain business growth, improve customer service and efficiency from this experimentation spanning four years.

State Bank of India set to scrap 'Super Circle of Excellence'

YES Bank has approached the World Bank group member, International Finance Corpor-ation (IFC), for a $75-million loan to augment its capital base and to prepare it for Basel-III implementation.

YES Bank seeks $75-mn debt from IFC  to augment capital base

The rupee is likely to undergo further correction as developments in the euro zone unfold this week, say market participants. Last week, the currency closed with a weekly loss of 1.67 per cent after gaining for five consecutive weeks against the greenback.

Rupee, bond yields seen down

Traditional cheques may soon be a thing of the past. In perhaps a world's first, a team of British researchers claims to have developed an electronic cheque which offers the advantages of the traditional system but cuts down much of the processing and transport costs to the bank.

And now, e-cheques that save paper, but look real

Press Trust of India

The survey is intended to collect comprehensive information relating to the nature, pattern and operation of the foreign collaboration agreements of companies, the RBI said in a statement.

RBI launches survey on foreign collaboration in industry

State Bank of India (SBI) plans to raise money from overseas markets under its medium-term-note programme (MTN) in the current year as interest rates are likely to turn attractive overseas, a top bank official said today.

SBI plans to raise funds abroad under MTN

Axis Bank has reappointed Shikha Sharma as Managing Director for a further period of 3 years.

Axis Bank reappoints Shikha Sharma as Managing Director

Continuing its investor friendly momentum, Orissa has attracted investments worth Rs 12.08 lakh crore across sectors till the end of 2011, grabbing 10.04 per cent share of the overall investment pie standing at Rs 120.34 lakh crore.

Orissa investment basket at Rs 12 lakh cr, says Assocham

The slowdown in 2009 saw many public sector organisations coming to the rescue of the Indian Institutes of Management (IIMs). This placement season may not paint a similar picture.

Public sector banks may not flock to IIMs

The government has allowed the Life Insurance Corporation (LIC) to increase stake in public sector entities beyond the 10 per cent cap. The move will help the insurance behemoth to meet the investment target for the financial year and support the government's efforts to fast-track disinvestment.

Govt wants its divestment sum assured, dials LIC

The Reserve Bank of India (RBI) on Monday realigned the bank rate to marginal standing facility (MSF) rate in one-time technical adjustment. The bank rate now stands at 9.5 per cent as against six per cent earlier.

While most non-banking finance corporations (NBFCs) continue to shy away from the micro-lending business, L&amp;T Finance is ready to take the leap and expand its microfinance operations.

L&T Finance to register microfinance arm

Robust growth in net interest income helped State Bank of India, the country&rsquo;s largest lender, to post a 16.4 per cent growth in consolidated net profit to Rs 4,318 crore in the financial year&rsquo;s third quarter, ended December 2011, as compared to Rs 3,710 crore posted in the same period of the previous year.

SBI net up 16.10% on high interest income

State Bank of India is likely to merge its factoring arm, SBI Global Factors Ltd, a company which posted loss of Rs 125 crore in 2010-11, due to higher provisioning on the back of mounting non-performing asset.

SBI may merge NPA- ridden factoring arm

Despite infusion of Rs 32,000 crore in January through a cut of 50 basis points in CRR, liquidity has continued to stay way above the comfort zone of the central bank.

RBI may cut CRR next month over tight liquidity concerns

The Union finance ministry has directed banks to set up &lsquo;ultra small&rsquo; branches in all villages under the financial inclusion scheme by March 31. The plan is to provide a wide range of banking services, including credit transactions, in villages where only cash transactions are being provided by banking correspondents.

Micro branches to cater to rural areas

Leading ratings agency Standard &amp; Poor's today said the rating for the State Bank of India (SBI) was not affected despite a significant slippage in the asset quality of the country's largest state-owned lender.

SBI's rating unaffected despite slippage in asset quality: S&P

The Reserve Bank of India (RBI) today announced that it will purchase government securities worth Rs 10,000 crore through open market operations (OMOs) on Friday to ease the current liquidity crisis.

RBI to buy govt securities worth Rs 10,000 cr

Every day, between 7.30 pm and 11 pm, a top official of a public sector bank gets text messages from 46 zonal managers. The messages contain details on recovery figures of respective zones, with additional information on ranking of centres, based on recoveries.

Banking on staff for recovery

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