The country's second-largest foreign lender HSBC India has posted a whopping 89% rise in net profit at Rs 1,528 crore for the fiscal ended March over Rs 810 crore in FY10 on a massive dip in bad loans.

HSBC India FY11 net soars 89% to Rs 1,582 cr

Press Trust of India

The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Siddharth Sahakari Bank Ltd as it had ceased to be solvent and all efforts to revive it had failed. The apex bank had also requested the registrar of co-operative societies, Maharashtra to issue an order for winding up the bank and appoint a liquidator for the bank.

Siddharth Sahakari Bank's licence cancelled 

Business Standard

Alarmed by inflated valuations of real estate properties for the purpose of loans, the Reserve Bank of India (RBI) has asked all banks to submit an action-taken report on the issue.

RBI warns banks on real estate valuation frauds

Batting for controls on capital flows, the Reserve Bank of India (RBI) on Thursday said capital inflows much above a country's absorptive capacity can pose problems other than currency appreciation.

RBI bats for controls on capital flows 

India Inc raised around $2.06 billion abroad in April through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), compared with $5.63 billion in March, according to data collected by the Reserve Bank of India (RBI).

India Inc raises over $2 bn abroad in April

Access to microfinance by itself cannot be taken as financial inclusion, as the latter idea requires having an individual bank account which brings the account holder into the national payment system and insures her deposit, according to Usha Thorat, director, Centre for Advanced Financial Research and Learning.

'Financial inclusion is more than access to microfinance'

&quot;The EPFO's apex decision-making body, the Central Board of Trustees (CBT), decided to extend the time line for appointment of multiple fund managers to August 31 from existing June 30 this year. Till then, SBI will manage its fund as an interim arrangement,&quot; a source said.

EPFO extends deadline to hire fund managers

In order to raise long-term resources for funding the infrastructure sector, the government today said Infrastructure Debt Fund (IDF) could be set up either as a company or trust.

Norms for infra debt fund cleared

Non-banking financial companies (NBFCs) should be allowed to raise funds through external commercial borrowings and foreign currency convertible bonds, which they would lend to infrastructure projects, Assocham today said.

Allow NBFCs to raise funds through ECBs: Assocham

Employees' Provident Fund Organisation (EPFO) has taken the measure to separate custodial services from the fund managers to bring further transparency in the management of its huge corpus of Rs 3.5 lakh crore.

EPFO to appoint custodians of investments other than AMCs

Pronouncing NSE guilty of abusing dominant market position, the Competition Commission has asked the bourse to pay a penalty of Rs 55.5 crore within 30 days and also immediately stop subsidising its services.

CCI asks NSE to pay Rs 55.5 cr penalty, stop unfair pricing 

During 2010-11, Sidbi's outstanding credit to the MSME sector increased by 22% to Rs 46,331 crore. Its asset portfolio crossed Rs 50,000 crore as at March 31, 2011. The net profit after tax increased by 22% to Rs 514 crore from Rs 421 crore.

Sidbi crosses Rs 2 lakh cr in cumulative disbursement

The Insurance Regulatory and Development Authority (Irda) has postponed implementation of portability of health insurance policies across non-life insurance companies to October 1.
Earlier, Irda had announced that it would implement health insurance portability, which allows a customer to shift from one insurer to another while retaining the policy, from July 1.
Irda has embarked upon providing a web-based facility for the insurers to feed in all relevant details on health insurance policies

Irda defers launch of health insurance portability to Oct 1

The Central Board of Trustees of the Employees&rsquo; Provident Fund Organisation (EPFO) on Friday decided to appoint an independent custodian to bank its securities worth Rs 4 lakh crore.

EPFO to appoint independent custodian of securities

Pune based, Suryoday Micro Finance Private Limited, a new generation non-banking finance company engaged in providing loans to women from economically weaker section is now entering the state of Gujarat and is planning to strengthen its base in Mumbai by opening five branches each in Gujarat and Mumbai.

Suryoday micro on expansion mode

The growing young population in India would lead the country to become the hub for global manufacturing, which is currently China. However, the challenge will be the quality of manpower, said RBI Deputy Governor Subir Gokaran.

'Mfg sector must safeguard livelihood security of workforce'

IDBI Capital has won the mandate to manage the initial public offer (IPO) of National Building Construction Corp Ltd (NBCC). Most of the other bankers were not willing to match the low fee it quoted.

IDBI wins NBCC mandate on low fee

Dwindling demand for loans, shrinking margins and higher provisioning requirements are likely to drag the earnings of banks in the coming quarters, industry analysts said, giving more credence to concerns of a slowdown.

Growth in banks' earnings may drop: Analysts

Portability allows a policyholder to transfer the policy offered by one insurer to the other, while retaining the terms and conditions of the cover.

Irda postpones health insurance portability

European countries like Spain, Greece and Italy are among the latest property buying destinations for Indians in the holiday home segment after prices have crashed there, according to industry analysts and consultants. Real estate assets in exotic locales around the world are often packaged and marketed as &ldquo;holiday homes&rdquo;.

Europe homes for aspiring Indians

With the addition, the branch network to go up to 4,000 by 2015, a senior official of ICICI Bank said.

ICICI Bank plans to open 1,500 branches in 4 yrs

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