Public sector lender Canara Bank registered 79 per cent growth in net profit to Rs 899 crore in the fourth quarter of 2010-11, on the back of increased net interest income and lower provisioning along with sound recovery from non-performing asset (NPA) accounts.

Higher core earnings push Canara Bank net up 79%

Business Standard

Kotak Mahindra Bank on Thursday said its consolidated net profit for the quarter ended March rose 17 per cent to Rs 491 crore from Rs 419 crore in the corresponding period of the previous year. The earnings growth was driven by higher profits from life insurance, car financing, banking and investment banking businesses.

Kotak Bank net rises 17%

Andhra Bank has reported 30 per cent growth in net profit to Rs 312.78 crore for the quarter ended March 31, 2011, from Rs 240.26 crore in the same period last year. The public sector bank&rsquo;s total income was Rs 2,662.47 crore, up 34.66 per cent over Rs 1,977.05 crore in the corresponding quarter a year ago.

Andhra Bank net up 30%

Joining the rate hike bandwagon, state-run lender Indian Bank on Thursday raised its lending rates by 50 basis points, within days of the Reserve Bank of India (RBI) announcing an increase in its short-term lending and bank savings rates.

Indian Bank raises base rate, BPLR 

Press Trust of India

State-owned Indian Overseas Bank (IOB) today raised its base rate by 50 basis points (bps) to 10%, within days of the Reserve Bank of India (RBI) announcing an increase in its short-term lending and bank savings rates to tackle inflation.

IOB hikes minimum lending rate by 50 bps

China today refuted reports that it suffered $271.1 billion loss since 2003 due to dollar depreciation, saying that ratio of the returns on its reserves was much higher than the inflation in US, EU and Japan, where the funds were invested.

No loss to forex reserves over depreciating dollar: China

Two banks including State Bank of Travancore (SBT) today raised lending rates by 50 basis points which will make auto, home and other loans from the lender costlier to existing as well as new borrowers.

State Bank of Travancore raises lending rate by 50 bps

The existing interest rates for 15-29 and 30-45 days period has not been raised from the present 3.25 and 3.75%, respectively for both regular and senior citizens.

Lakshmi Vilas Bank revises term deposit interest rates

The State Registrar of Cooperative Societies, on the recommendations of Reserve Bank of India (RBI), has superseded the board of directors of Maharashtra State Cooperative (MSC) Bank.

Maha Co-op bank board superseded

The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.

UCO Bank moves court against I-T fine

State-owned Punjab &amp; Sind Bank (PSB) plans to raise Rs 600 crore during the current fiscal from bonds to fund business growth.

Punjab & Sind Bank to raise Rs 600 cr in 2011-12

The Reserve Bank is likely to make it mandatory for foreign banks in the country to operate as wholly-owned subsidiaries, in line with the international practice, so that the central bank can have better control over their working.

Soon, WoS route may be mandatory for foreign banks

Bank account holders' cheers after the RBI hiked the rates on saving accounts could be short-lived, as the banks are likely to make them pay for a slew of services to offset the costs, bankers and analysts have said.

Savings rate deregulation may push up costs for a/c holders

Microfinance Institutions (MFIs) in Andhra Pradesh are in a state of confusion as some of the recommendations made by the Reserve Bank of India (RBI) for the sector are contradicting the rules prescribed by the State Government in its Microfinance Act.

MFIs caught between RBI and AP Govt norms

To tap the high-growth potential in the small-and-medium-enterprises (SME) sector, public lender UCO Bank plans to open 37 SME hubs pan-India in FY12 to facilitate single window clearance for loans.

UCO Bank to open 37 SME hubs pan-India in FY12

Public sector lender Indian Bank is looking to hire merchant bankers to advise it on a proposed Rs 61 crore follow-on public offer (FPO).

Indian Bank to appoint merchant bankers on FPO

Indonesia's central bank has barred Citigroup from opening new branches in that country for one year besides slapping a slew of sanctions amid findings that the global banking major has violated various regulations in the country.

Indonesia bars Citi from opening new branches for 1 year

The Bangalore-based public sector lender, Canara Bank, is hopeful of seeing its advances grow over 25 per cent during the present financial year on the back of its focus on retail business.

Can Bank targets credit growth of 25% FY'12

State-run Indian Bank is expected to mop up over Rs 1,300 crore from its follow on public offer, which may hit the market in August.

Indian Bank may mop up Rs 1,300 cr through FPO in Aug

The Reserve Bank of India (RBI) today raised housing loan limit to up to Rs 25 lakh against the existing Rs 20 lakh to be eligible for classification as priority sector lending.

Rs 25 lakh housing loans come under priority sector lending

Private sector lender Development Credit Bank (DCB) today said it has hiked both its base rate and benchmark prime lending rate (BPLR) by 0.5%.

Development Credit Bank ups base rate, BPLR by 0.5%

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