The Reserve Bank of India (RBI) has divested its 71.5 per cent stake, aggregating to Rs 1,430 crore, in the National Bank for Agriculture and Rural Development (Nabard) to the government.

RBI divests stake in Nabard to government

Business Standard

Owing to strong growth in interest income, the country&rsquo;s third-largest private sector lender, Axis Bank, reported a net profit of Rs 735.14 crore for the second quarter of this financial year, a 38.28 per cent increase from Rs 531.64 crore a year ago.

Axis Bank net profit up 38%

LIC Housing Finance, the country&rsquo;s second-largest mortgage lender, recorded a net profit of Rs 234.21 crore during the quarter ended September, a 37 per cent increase compared to Rs 171.25 crore in the corresponding period last year.

LIC Housing Fin net up 37%

L&amp;T Infrastructure Finance Co Ltd, an arm of engineering and construction giant Larsen &amp; Toubro Ltd., plans to raise Rs 700 crore by issuing infrastructure bonds to retail investors.

L&T Infra to raise Rs 700 crore from infra bonds

ICICI Bank was considering barring senior executives who depart for competitors from starting their new jobs within six months of leaving, said a person with knowledge of the matter. The requirement for so-called gardening leave would apply to about 120 employees at the level of joint general manager or above, the person said, declining to be identified because the deliberations are private. ICICI has about 53,000 workers.

ICICI may consider six-month block on bankers' defections

in foreign exchange markets &mdash; possibly the first such instance this year.

RBI intervenes to stem unabated rise in rupee

Union Bank of India, today announced a revision of its base rate and the interest rates on retail term deposits. The base rate has been increased by 50 basis points (bps), and now stands at 8.5 per cent from the earlier 8 per cent.

Union Bank ups its base rate by 50 bps to 8.5%

The Reserve Bank of India (RBI) today announced constitution of a sub-committee to look into the functioning of Micro Finance Institutions (MFIs), as they have drawn flak for using strong arm tactics to recover loans.

RBI forms panel to examine functioning of MFIs

Press Trust of India

Financial services major Bank of America will hire more than 1,000 people in the US, to boost its presence in the small businesses segment.

BofA to hire over 1,000

Public sector lender State Bank of India (SBI) today said it expects to launch its Rs 20,000-crore rights before the culmination of this fiscal as only a few issues need to be ironed out with the government.

SBI eyes up to Rs 20,000-cr rights issue by March

Keeping a watch on the record $22 billion foreign institutional investors (FII) investments in the booming Indian stock markets this year, the Reserve Bank of India (RBI) today said it will &quot;intervene if the inflows are lumpy and volatile&quot;.

RBI to intervene if FIIs inflows are lumpy: Subbarao

The country's foreign exchange reserves went up by $1.63-billion to $295.79-billion on the back of a healthy jump in foreign currency assets, making it the fourth consecutive weekly rise in the kitty.

Forex reserves swell $1.63 bn to $295.79 bn

In what could affect home and auto loan buyers, State Bank of India (SBI) today said it plans to hike its base rate by December as also other lending rates due to an increase in its cost of deposits.

SBI likely to up base rate, other lending rates by Dec

Coal India&rsquo;s upcoming initial public offering cast a long shadow over India&rsquo;s financial markets today. The country's largest IPO at Rs 15,400 crore, opening on Monday, prompted investors and brokers to stock up on cash by shedding other shares, pushing the Sensex down by 1.8 per cent on Friday, its third decline this week.

Markets slide ahead of mega IPO

HSBC Holdings Plc, Europe&rsquo;s largest bank, abandoned a bid to buy a $7.3 billion controlling stake in South Africa&rsquo;s Nedbank Group Ltd, less than three weeks after replacing its chairman and chief executive officer. The London-based lender had been in talks for eight weeks to buy as much as 70 percent of Nedbank, including a 52 per cent stake owned by Old Mutual Plc, Africa&rsquo;s biggest insurer. HSBC didn&rsquo;t say why the talks broke down in a statement today. HSBC sought to acquire Nedbank, South Africa&rsquo;s fourth- largest lender, to help it expand in emerging markets.

HSBC abandons talks to acquire Nedbank

State Bank of India (SBI) sees a rise in its lending rates &mdash; including the base rate &mdash; shortly, prompted by tight liquidity conditions and rising cost of funds.

Cost of funds prompts SBI volte-face on rates

SKS Microfinance Ltd, India&rsquo;s largest microfinance institution, says it can reduce lending rates from the present 26 per cent to 24 per cent but not more.

Can cut rates by just two percentage points, says SKS chief

The Andhra Pradesh government today issued an ordinance to stem the alleged abusive practices adopted by microfinance institutions (MFIs) operating in the state. One of the key steps the ordinance has proposed is setting up of fast-track courts in every district for MFI-related issues.

Andhra MFI ordinance mandates fast-track courts

The Reserve Bank of India (RBI) has formed a sub-committee to look into the functioning of microfinance institutions (MFIs) and what bearing they have on its policy to take further action.

RBI forms panel to look into MFIs' activities

State Bank of India (SBI) will raise up to Rs 1,000 crore through a lower Tier-II bond issue, primarily being hawked to retail investors.

SBI to raise Rs 1,000 crore via Tier-II bonds

The recovery of loans by the banks operating in Orissa has been far from satisfactory. By the end of 2008-09, the average recovery rate of all the banks- PSU banks, private sector banks, cooperative banks and Regional Rural Banks (RRBs) has been only 50.3 per cent.

Loan recovery rate of banks in Orissa at 50.3%

Finance News: Latest investing news and finance headlines straight from Business Standard.

Page 2529 - Finance News