Rating agency Fitch on Tuesday downgraded Dhanlaxmi Bank's subordinated debt (Rs 17 crore) to 'BBB-' from 'BBB' as the old-generation private lender posted a net loss in the third quarter.

Fitch cuts Dhanlaxmi Bank rating

Business Standard

Muthoot Capital Services Ltd (MCSL), a Non Banking Finance Company (NBFC) arm of Muthoot Pappachan Group focusing on automobile financing, is planning to infuse around Rs 700 crore, by end of fiscal 2012-13, targeting a total Asset Under Management (AUM) of around Rs 1,000 crore by the time. As part of this, the company is expecting to expand its operations to four more states during the period along with expansion of product offerings.

Muthoot targets Rs 1,000 cr AUM

State-owned Punjab National Bank (PNB) today said it proposed to raise Rs 1,590 crore by selling about 15.8 million shares to LIfe Insurance Corporation of India (LIC).

PNB to sell stake to LIC for Rs 1,590 cr

Press Trust of India

The Reserve Bank of India (RBI) today announced that it would purchase government securities worth Rs 12,000 crore through open market operations (OMOs) on Friday to ease the current liquidity crisis.

RBI to buy govt securities worth Rs 12,000 cr

Only five Indian companies would be in a position to choose most available redemption options for their foreign currency convertible bonds (FCCBs), due for redemption this year, according to a report by Fitch. The rating agency said of the $7 billion FCCBs, 20 per cent were likely to face a default, owing to the stressed liquidity position of the companies.

'Few FCCB re-pay options for India Inc'

Fitch cut Greece&rsquo;s long-term ratings today to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden. It said Greece would be designated as having technically defaulted after the bond exchange is formalised, but the new bonds would be give and new rating.

Fitch downgrades Greece to 'C'

Reuters 

State Bank of India (SBI), the country's top lender, will issue shares to the government at Rs 2,191.69 a piece to raise about Rs 7,900 crore, the state-run lender said on Thursday.

SBI sets price for issuing shares to govt

With early signs of improvement in the market sentiments and talks of a likely cut in the Cash Reserve Ratio (CRR), public sector lender Canara Bank is now hoping to get back to a Credit Deposit Ratio (CDR) of around 72 per cent from the present 69 per cent. This apart, the bank is anticipating a rise in net interest margin (NIM) to 2.9 per cent from the current 2.6 per cent next fiscal.

Canara Bank hopes to improve credit growth, NIM next fiscal

To increase the retail lending and give thrust to the home loan portfolio, Vijaya Bank has launched a special campaign by reducing the rate of interest on home loans by 0.25 per cent and 50 per cent concession on processing charges from February 1 to April 30, 2012. The minimum rate of interest offered to the customers is 10.75 per cent per annum and processing charges have been reduced by 50 per cent.

Vijaya Bank cuts home loan rates

The Insurance Regulatory and Development Authority (Irda) is set to revamp product designing practices in the life insurance industry to protect consumer interest.

Irda set to revamp packaging of life insurance products 

The slowdown in the life insurance industry has taken a toll on individual agents. According to data collected by Life Insurance Council, around 331,000 agents lost their jobs in the April-December period, resulting in a 34 per cent drop in new premium collection from agency channels.

Slowdown in insurance sector hits agents hard

Rating agencies on Wednesday warned against more exposure to debt-ridden Kingfisher Airlines, saying more debt may hit banks&rsquo; credit profiles and add to the burden of provisions.

Rating agencies caution against more exposure to Kingfisher

Punjab National Bank (PNB) on Wednesday said it proposed to raise Rs 1,590 crore by selling about 15.8 million shares to LIC.

Kingfisher Airlines&rsquo; cup of woes is brimming, with lenders declining to extend further loans. The tough stand by the airline&rsquo;s consortium of 16 lenders came on a day the State Bank of India (SBI) stock tanked 7.9 per cent on the Bombay Stock Exchange, the most in over three months, following media reports the bank had decided to throw a lifeline to the airline.

Bankers refuse lifeline to troubled Kingfisher 

Reserve Bank of India Governor Duvvuri Subbarao is not interested in carrying on in his present job after his term ends in September next year.

Subbarao not keen to continue after present term

Citigroup Inc, which last week admitted breaking Federal Housing Administration rules and paid a fine, also violated regulations for home loans sold to Fannie Mae and Freddie Mac, according to a whistle-blower's complaint.

Citigroup 'defrauded' Fannie, Freddie 

This year, Spain&rsquo;s banking sector looks set to shrink to about 10 lenders from more than 40 before the economic crisis, as the government forces banks to recognise steep losses from a housing crash.

Spain's banking sector set to shrink to about 10 lenders

Five states &mdash; Tamil Nadu, Uttar Pradesh, Gujarat, Andhra Pradesh and Maharashtra &mdash; account for the highest value of NPA properties sold in 2011-12, according to a study by NPAsource.com.

Banks put Rs 9,800-cr NPAs for sale

Profits in the Standard &amp; Poor&rsquo;s 500 Index are rising faster than its price, leaving the gauge nine per cent cheaper than it was in April even after American equities climbed within 6 points of last year&rsquo;s peak.

S&P 500 gets 9% cheaper as record profit restores $3.2 tn to stocks

For the second time in as many months, SBI Caps is in the line of fire from bankers for approaching them with a raw deal.

Bankers fret over SBI Caps' Kingfisher loan proposal

State Bank of India (SBI) will issue equity shares to the Union government on a preferential basis at Rs 2,191.69 a share. This includes a premium of Rs 2,181.69 on a share with a face value of Rs 10 each.

SBI to issue equity to govt

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