With a total first premium collection of Rs 92 crore as on August 31, 2004, Life Insurance Corporation of India (LIC)'s Ernakulam division has notched the top spot among the 100 divisions in the

Ernakulam division posts 200% growth

Business Standard

The representatives of federations of urban and rural co-operative banks in a meeting with the Reserve Bank of India (RBI) governor Yaga Venugopal Reddy yesterday urged the central bank to design a

Urban co-op bankers seek roadmap from RBI

Yes Bank today formally announced the commencement of its banking business after the Reserve Bank of India included its name in the second schedule of the Reserve Bank of India Act, 1934 today. 


Yes Bank kicks off operations

Citibank will introduce private banking services some time in October where the threshold limit will be to look after individual wealth in excess of $5 million.


Private banking services launch in October

Axis Bank has deployed 500 cash deposit machines in various branches in over 300 cities across the country, said a press release issued by the bank on Wednesday

Axis Bank deploys 500 cash deposit machines

The RBI said it could limit gold imports by banks in 'extreme circumstances', as the world's biggest consumer of gold battles a record-high current account deficit.

RBI considers more gold import curbs

The Reserve Bank of India (RBI) on Wednesday said that there is a need to improve the declining capital adequacy ratio of gold loan Non-Banking Finance Companies (NBFCs).

Need to improve declining CAR of gold loan NBFCs: RBI

The All India Bank Employees Association (AIBEA) today said that around 10 lakh bank employees and officers working in Banks in various segments would join its two day nationwide general strike on February 20 and 21, 2013.

10 lakh employees to join two-day banking strike: AIBEA

BS Reporter

Over 50 million subscribers of retirement fund body Employeesâ€™ Provident Fund Organisation (EPFO) might get 8.5 per cent returns on their investment during 2012-13, against 8.25 per cent provided in the last financial year.The body's proposal is likely to come up for discussion during its apex decision making body Central Board of Trustee (CBT)â€™s scheduled meeting on February 15, a source said. "The EPFO has worked out 8.5 per cent rate of return for the current financial year. It will not leave any deficit. However, the proposal has not been finalised as yet," the source added.The Employeesâ€™ Provident Fund Organisation had paid 9.5 per cent interest in 2010-11, before scaling it down to 8.25 per cent in 2011-12. EPFO will place the proposal regarding the interest rate before its advisory body Finance and Investment Committee (FIC) at its meeting on February 14. Once approved by the FIC, it will go to the labour minister-headed CBT for  approval.

PF organisation likely to propose 8.5% interest for 2012-13

Press Trust of India

UBS AG, Switzerlandâ€™s biggest bank, posted a fourth-quarter loss after booking a fine for trying to rig global interest rates and costs tied to job cuts.The net loss amounted to 1.89 billion Swiss francs ($2.08 billion), compared with a profit of 323 million francs a year earlier, the Zurich-based bank said today. That compares with the 2.16 billion-franc mean loss estimate of 12 analysts surveyed by Bloomberg.CEO Sergio Ermotti is cutting 10,000 jobs over three years and exiting most debt-trading businesses to focus on money management and boost return on equity, a measure of profitability, to at least 15 per cent in 2015. Ermotti and Chairman Axel Weber said today that risks surrounding Europeâ€™s sovereign-debt crisis and global economic growth remain a concern.â€œThe big plus is deleveraging,â€ said Christopher Wheeler, a London-based analyst at Mediobanca SpA.â€œThatâ€™s going really well. On the negative side, thereâ€™ll be downg

UBS posts quarterly loss

Bloomberg

Increased capital inflows, sustained selling of dollar by exporters, banks affects rupee

Rupee gains 16 paise at 52.97/dollar

The ministry for non-resident Indian (NRI) affairs has sought the easing of restrictions on arbitrage opportunities for NRIs.


Easier NRI norms sought

The hottest financial product in the market today is the unit-linked insurance plan (ULIP), which promises all the upside of market-linked returns and the benefit of life insurance.


Unit-linked plans top MFs in the long run

Corporation Bank has revised the interest rates offered on FCNR (B) deposits with effect from 30 June. 


Corp Bank revises FCNR (B) rates

The chiefs of four state-owned banks are believed to be in the reckoning for the top position at Union Bank of India even as incumbent chairman &amp; managing director V Leeladhar is tipped to take

Four in race for Union Bank top slot

Bank of Baroda (BoB) today reduced interest rates on foreign currency non-repatriable - B (FCNR-B) deposits w.e.f June 30, 2004. 


BoB cuts FCNR (B) rates

The turnaround in the steel sector and improved working performance of private sector companies assisted by the Industrial Development Bank of India (IDBI) has pushed up the net profit of this group

IDBI-assisted firms report good growth

Strong consumer sentiment coupled with higher credit card penetration in non-metro cities has pushed up spending via credit cards in India by nearly 35 per cent in the first six months of the year,

Spending via credit cards up 35%

Strong consumer sentiment coupled with higher credit card penetration in non-metro cities has pushed up credit card spends in India by nearly 35 per cent in the first six months of the year, according

Credit card payments move up by 35 per cent

The National Bank for Agriculture and Rural Development (Nabard) has asked co-operative banks and regional rural banks to double the agricultural credit in Rajasthan in the next three years and

Banks asked to double farm credit in Rajasthan

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