Lower base and income from core operations helped state-owned Bank of India post a 60.8 per cent increase in net profit to Rs 653 crore for the quarter ended December. The figure in the third quarter of the previous financial year was Rs 406 crore.

Loan growth, low base lift BoI profit 61%

Business Standard

Corporation Bank on Friday reported a 25.4 per cent increase in third quarter net profit to Rs 382 crore compared to Rs 305 crore in the same period of the previous year. The rise comes on the back of healthy loan growth. As a result, the bank&rsquo;s net interest income grew 40.5 per cent to Rs 842 crore. The net interest margin was 2.7 per cent as compared to 2.5 per cent during the same period of the previous year.

Loan growth pushes Corp Bank net up 25%

The Reserve Bank of India (RBI) has come out strongly in support of a subsidiary-led model for foreign banks operating in India, instead of the existing branch mode of expansion.

RBI backs incentives for foreign bank subsidiaries

The Reserve Bank of India (RBI) has entered into an agreement with the Jammu &amp; Kashmir government to act as the sole agent for investment of government&rsquo;s funds and will carry out general banking business of the state government. The agreement would come into effect from April 1, RBI said today.

RBI to be sole agent for J&K's investments

In a move to strengthen the information technology architecture of banks, the Reserve Bank of India (RBI) has asked the institutions to form an policy approved by the board.

RBI wants banks to beef info security

Indian Overseas Bank (IOB) is planning to increase its branches to 3,000 and touch an equal number in ATMs, across the country by the next financial year (FY), a top official said here.

IOB plans to rise to 3,000 branches by next FY

Press Trust of India

State Bank of India, the largest lender in the country, today said its special home loan schemes did not fall under the &ldquo;definition&rdquo; of teaser loans provided by the Reserve Bank of India (RBI), and hence it had not made any higher provisions for these loans.

SBI's special loan schemes don't fall under teaser loans: Bhatt

The bank&rsquo;s consolidated net profit in the third quarter of 2009-10 was Rs 3,354.94 crore.

SBI net profit up 13.4%

Fails to utilise funds for public awareness in the year that it brought sweeping changes in industry
The Insurance Regulatory and Development Authority (Irda) has so far spent Rs 2.3 crore, or 15 per cent, of the Rs 15-crore budgetary provision for public awareness and advertising between December 2009 and March 2011. In fact, the regulator has spent Rs 6.5 crore on public awareness and Rs 33.75 crore on advertising since 2002.
In response to a query by Pune-based Vivek Velankar under the

Irda uses 15% of allocated ad spend

Karur Vysya Bank (KVB) has got Foreign Investment Promotion Board (FIPB&rsquo;s) approval to issue shares, worth Rs 107.50 crore to foreign investors.

Karur Vysya Bank set to raise fresh funds

Says a thrust to the sector in the Budget can help absorb excess farm labour.

RBI pushes for manufacturing boost

Market players expect a hit to the bond market only if the Reserve Bank of India (RBI) raises policy rates by more than 25 basis points in the third quarter monetary and credit policy review on Tuesday.

Aggressive rate rise may push yields up

The wait for a chairman at Punjab &amp; Sind Bank (PSB) may get longer, as the Prime Minister&rsquo;s Office (PMO) has sought an explanation from the finance ministry on its choice for the bank chief&rsquo;s post.

PMO seeks explanation on PSB CMD's selection

The public sector lender, Bank of India (BoI) aims to cross the total business of Rs 30,000 crore by March, 2011 with its focus on the segments including SME, retail and agriculture in Gujarat. The bank has also laid out ambitious plan to achieve a total business mix (including advances and deposits) of Rs 90,000 crore in state by 2015, informed top bank officials.

BoI eyes Rs  90,000 cr business in Guj by 2015

The Bank Employees&rsquo; Federation of India (BEFI), a pan-India organisation of employees of public sector banks in the country, has stressed on the need for a unified movement and concerted efforts of the employees to subvert the Centre&rsquo;s alleged move to deregulate and disinvest the PSU banks and financial institutions.

BEFI for unified movement against deregulation

State Bank of India (SBI) is planning to open 500 new ATMs in Andhra Pradesh during the next financial year. Of this, operations of about 146 ATMs would be outsourced, said Shiva Kumar, its deputy managing director.

SBI to outsource new ATM operations in AP

Citibank has started refunding money to those who had invested in the fraudulent scheme run by its relationship manager at Gurgaon, Shivraj Puri. Many entities of the Munjal family, victims in this regard, got back their money in recent days. The refund in all such cases has been only of the principal amount invested and follows a legal representation made by the clients.

Citi starts refunding money in Gurgaon fraud

ICICI Bank today said it expects 20 per cent credit growth in the next financial year, 2011-12, which would be a tad higher than the current fiscal.

ICICI expects 20% credit growth in 2011-12

Amid indications of another hike in key policy rates by the RBI in its quarterly review tomorrow, industry body Assocham today said any increase in rates will adversely impact the country's growth momentum.

Rate hike to derail growth momentum: Assocham

Cautioning that high current account deficit cannot be sustained in the long run, the Reserve Bank of India (RBI) today said it would monitor closely the external sector as well as the global developments.

High current account deficit cannot be sustained: RBI

Better-than-expected quarterly results boost sentiment.

Bank stocks stage rally despite rate rise fears

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