Gujarat SLBC report shows Rs 1200-crore growth during September quarter at Rs 23,990 crore over June quarter of this fiscal.

NRI remittances soar as rupee slides

Business Standard

RBI brings MFIs under direct control

Foreign exchange reserves hit a seven-month low to $304 billion for the week ended November 25, down $4 billion from the week before. According to the Reserve Bank of India (RBI), the dip was mainly due to a revaluation of the foreign currency assets, which declined $4 billion to $270 billion. Experts believe RBI&rsquo;s intervention in the forex market and the widening trade deficit are responsible for the fall.

Forex reserves at 7-month low

The Reserve Bank of India (RBI) was constantly assessing the liquidity situation, Deputy Governor H R Khan said on Friday in response to a question on whether the central bank would purchase more bonds through open market operations (OMOs).

RBI assessing liquidity for OMO bond buys: Khan

In order to reach out unbanked villages with population of more than 2,000 in the Northern region, public-sector lender Andhra Bank has written to lead bank of the respective state to allow banking services in these states through Business Correspondent(BC) model. Further, it is planning to strengthen its presence in the region by opening new branches.

Andhra Bank to expand its operations in Northern region

The Reserve Bank of India (RBI) on Saturday said it would use all tools available to arrest rupee fall if the currency&rsquo;s downward spiral escalates. The central bank also affirmed that it would take steps to ensure adequate liquidity though cut in reserve ratios is not an option as of now.

RBI will use all tools if rupee fall escalates: Gokarn

Bank of India on Saturday said it would have a majority stake of 51 per cent in its proposed asset management joint venture with AXA Investment Managers. French financial services firm AXA currently has 74 per cent stake in an asset management joint venture, Bharti Axa Investment Managers, with Indian telecom major Bharti. According to senior bank officials, AXA would acquire Bharti's 26 per cent stake in the firm and then transfer 51 per cent of its holdings to the bank. AXA will hold the remaining 49 per cent stake in the joint venture. Bharti Axa Investment Managers is currently the asset management company to Bharti AXA Mutual Fund.

Bank of India to have 51% stake in JV with AXA

Issues guidelines for developing multi-service centres.

Nabard planning interest-free loans

MSME advances up 28% (YoY), while agriculture credit lags behind.

Bank deposits, advances in Gujarat show steady growth

Bond yields may ease on improved liquidity.

Rupee seen up on hopes of intervention by central bank 

Despite rise in interest rates and deteriorating macroeconomic environment, private sector lender IndusInd Bank has said it is hopeful of 25-30 per cent growth in advances in the current financial year. &quot;We are hopeful of posting 25-30 per cent growth in credit in this fiscal.

IndusInd Bank hopeful of posting 25-30% credit offtake this fiscal

Press Trust of India

Stringent Reserve Bank of India (RBI) rules and a clampdown on profits have prompted a number of microfinance institutions (MFIs) to move out and/or move up the value chain. If some are devising innovative ways to come out of the MFI space, bigger players like SKS that plan to remain within are planning a &quot;strategic redirection&quot; to stay afloat.

MFIs change business model on strict RBI guidelines

Liquidity woes continue to haunt bankers, as overnight borrowings from the Reserve Bank of India (RBI) hover close to Rs 1 lakh crore for more than a week. Bankers expect RBI to address the issue by cutting the cash reserve ratio (CRR) by 50 basis points in the mid-quarter policy review on December 16. However, the absence of strong signs of moderation in inflation raises doubts on whether such a step would be taken. Currently, the CRR is six per cent.

Pressure for CRR cut mounts on RBI

Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty on Monday said there was adequate liquidity in the banking system. He was replying to a question on whether there was a possibility of a cut in the cash reserve ratio (CRR). He said appropriate measures would be taken to address liquidity issues.

'Liquidity is sufficient'

It may be the final nail in the coffin of small and mid-sized micro-lenders in Andhra Pradesh. These firms, already battling mounting losses and rising non-performing assets, say they will have to shut shop as higher provisioning needs, mandated by the Reserve Bank of India (RBI), will wipe out their net worth.

Small, micro lenders stare at zero net worth

Barely 12 days after SKS Microfinance founder and chairman Vikram Akula resigned from the company board in the wake of mounting losses, about 40 senior staff members put in their papers last week. These members, owing allegiance to Akula, are expected to join his new venture.

40 SKS Microfin staff set to join Akula's venture

Private sector lender IndusInd Bank is in talks with Aviva Life to acquire a minority stake in the company, said two people privy to the development. The Dabur Group, which holds 74 per cent stake in the life insurance company, would dilute three-five per cent stake if the deal works out.

IndusInd Bank may buy 3-5% in Aviva Life

The priority of the central bank is to keep inflation low and stable, said Reserve Bank of India (RBI) Deputy Governor Subir Gokarn. Certain measures by RBI to control inflation may have short-term impact on the growth of the economy, but this had to be accepted, as there was no long-term tradeoff between growth and inflation, he added.

Gokarn: Low inflation is RBI's priority 

The Federal Reserve, along with the 17 euro zone national central banks, may help provide the International Monetary Fund (IMF) with funds that could be used to aid debt-ridden states, a German newspaper said.

Fed may give loans to IMF to help euro zone

Reuters 

Standard Chartered Bank is set to acquire over half of Barclays Bank's credit card portfolio in India.

StanChart to buy majority of Barclays' India cards

The finance ministry and the Reserve Bank of India (RBI) will review developments on the rupee front at a meeting of the sub-committee of the Financial Stability and Development Council (FSDC) this Thursday, but extreme steps to arrest the fall are unlikely.

FSDC meet on Thursday to discuss rupee fall, state of markets

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