Public sector lender Allahabad Bank today said it will raise Rs 2,600 crore in tier 2 capital this quarter to meet the growing need for funds as credit demand has massively overtaken deposit growth.

Allahabad Bank to raise Rs 2,600 cr in Jan-Mar

Press Trust of India

Public sector Bank of Maharashtra (BoM) is banking on retail credit for growth in Uttar Pradesh and Uttarakhand.

Bank of Maharashtra banks on retail credit growth in UP

Business Standard

Buoyed by the response in Haryana, Nabard&rsquo;s Punjab Regional Office is all set to popularise joint liability groups (JLGs) in Punjab, which primarily consist of tenant farmers and small farmers cultivating land without possessing proper title of their land.

Nabard to promote JLGs in Punjab

The National Bank for Agriculture and Rural Development (Nabard) has estimated the priority sector credit potential for Andhra Pradesh during 2011-12 at Rs 70,849 crore, an increase of 16.3 per cent over the current year.

Nabard pegs AP credit potential at Rs 70,849 cr

SBI also raises its deposit rates by 50-100 basis points.

Loans dearer on SBI, ICICI rate hike

The Reserve Bank of India (RBI) has initiated a probe into the Rs 300-crore fraud at Citibank&rsquo;s Gurgaon branch and will issue a detailed statement on this later.

RBI starts probe into Citi fraud

A day after the Gurgaon police arrested Shivraj Puri, a relationship manager of Citibank on charges of duping wealthy clients of the company for more than Rs 300 crore, it questioned three executives to help detail the fraud.

Gurgaon police questions Citibank CFO

Aided by higher trade deficit and lower net invisibles, India&rsquo;s current account deficit in the September quarter widened to a record $15.8 billion, Reserve Bank of India (RBI) data showed.

Current account deficit widens to $15.8 bn in Q2

India&rsquo;s external debt increased 12.8 per cent to $295.8 billion at the end of September 2010 from $262.3 billion at the end of March, on account of rise in overseas borrowings by companies and strengthening of the Indian currency. The long-term debt increased by 9.5 per cent to $229.8 billion, while short-term debt showed an increase of 25.8 per cent to $66 billion.

External debt up 12.8% between March and Sept

Having already adopted 75 unbanked villages in the country to be developed as &lsquo;model villages&rsquo;, the Reserve Bank of India (RBI) is planning to adopt as many villages as possible. RBI has already told banks they must provide basic banking services in all the villages with a population of 2,000 and more by March 2012. This was disclosed by G Gopalkrishna, executive director, RBI who was in the city.

RBI to develop unbanked villages as model villages

The government today voiced concern over artificial devaluation of currencies and said it could hurt the competitiveness of Indian companies.

FSDC worried over artificial devaluation of currencies

The credit-deposit ratio (CD) of commercial banks and regional rural banks (RRBs) in Tamil Nadu declined to 109 per cent as of March 31, 2010, from 114 per cent a year ago. However, the CD ratio of the co-operative banks has increased to 141 percent from 107 percent.

Credit-deposit ratio declines in TN banks

As of October, the outstanding amount stood at Rs 2,098 crore, or 16.42% of the total.

Now, SHGs delay payments to banks

After two days of investigations in the multi-crore financial fraud at Citibank, the Gurgaon police have found that the main accused, Shivraj Puri, who was working as the relationship manager, had opened 18 bank accounts in his and his family members&rsquo; name.

Citibank fraud: Puri and family had 18 bank a/cs

A key question in the minds of people who have been defrauded, including the Hero group, is why Citibank went to police when the matter was close to being resolved? Companies discovered the fraud around a month back and &lsquo;the matter was almost resolved&rsquo;, with Puri undertaking to return the money, say people in the know.

Corporate clients puzzled why Citi went to police

The Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011, which aims at curtailing coercive practices by microfinance institutions, has come into effect from on Saturday.

Andhra law to curb microfinance firms comes into force

Punjab National Bank is planning a foray into the insurance business. The Delhi-based bank has invited expressions of interest (EoI) for strategic partnership in life insurance and non-life insurance business from Indian and international companies interested.

Punjab National Bank plans insurance foray

Treasuries rose as the 9.8 per cent unemployment rate, record low inflation and Europe's deepening sovereign-debt crisis stoked demand for safety.

Treasuries rally on 9.8% jobless rate, low inflation, European crisis

RBI has given banks one more month to put in place an extra layer of security -- one-time user password -- for credit card transactions over phone.

Banks get more time for extra security layer

Banks, which of late are seeing lower repayments from microfinance institutions, are facing a similar problem again. This time, it&rsquo;s from the government-nurtured self-help groups (SHGs).

Self help groups delay payments to banks

Bank to argue with the Reserve Bank that new norms don&rsquo;t apply to floating rate schemes.

SBI to seek lower provisioning for special home loans

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