The rupee completed its best week since 2009, gaining 2.6 per cent against the dollar in the wake of the debt deal agreement reached between euro zone leaders. The Indian currency posted intraday gains of 1.5 per cent on Friday, as domestic markets cheered the package. It closed at 48.77 against the dollar, higher by 74p as compared to the previous close of 49.50 on Tuesday.

Rupee gains 74p, jumps 1.5% as risk appetite improves

Business Standard

Despite the uncertain economic environment globally, foreign direct investment (FDI) in India surged 50 per cent to $20.76 billion from January-August, according to the industry ministry&rsquo;s latest data.

FDI inflows up 50% during Jan-Aug

Press Trust of India

India&rsquo;s foreign exchange reserves rose by $858 million to $ 318.35 billion in the week ended October 21, mostly on fluctuation in value of international currencies.

India's forex reserves up $858 mn

With mobile banking steadily gaining pace, the service providers are gearing up to make the most out of it. Obopay, a mobile payment service provider, is all set to expand across the country on the back of a tie-up with handset manufacturer Nokia. The company had earlier joined hands with Union Bank of India and YES Bank.

Obopay rolls out mobile payment service for Nokia users 

Indian Overseas Bank (IOB) has posted an increase of 0.64 per cent in net profit for the quarter ended September 30 at Rs 207.46 crore as against Rs 206.15 crore in the same period of the previous year. The total income for the quarter stood at Rs 4,822.56 crore during the second quarter of current fiscal compared to Rs 3,074 crore during the corresponding period of previous fiscal, an increase of 56.84 per cent.

Indian Overseas Bank Q2 up at Rs 207.46 cr

Indian Overseas Bank (IOB) posted a marginal increase in net profit for the quarter ended September 30, 2011 to Rs 207.46 crore as against Rs 206.15 crore in the same period last year. Total income for the quarter stood at Rs 4,822.56 crore, an increase of 56.84 per cent from Rs 3,074 crore.

IOB net rises marginally

To offer 6% on deposits above Rs 1 lakh, 5.5% for up to Rs 1 lakh.

Kotak Mahindra raises savings deposit rate

Indian Overseas Bank (IOB) has planned a major global expansion initiative. The government-owned bank, with its head office in this city, has identified 14 centres in the US, Australia and African countries to establish its presence, according to company officials.

IOB readies foreign expansion plan

Central bank unhappy with North Block&rsquo;s EMI diktat to banks, asks for more provisioning.

Banks caught in RBI-finance ministry divide

However, total income of the lender rose to Rs 8,442.73 crore during the quarter from Rs 6,077.06 crore in the same period last year, Canara Bank said in a filing to the BSE.

Canara Bank Q2 net down 16% at Rs 852 cr

Private sector lender IndusInd Bank has hiked interest rates on savings accounts by up to 200 basis points, offering clients a return of as much as 6% on their deposits.

IndusInd Bank hikes rates on savings a/c by 2% to 6%

Public sector Indian Bank proposes to raise funds through follow-on public offer (FPO) next year, according to a bank official.

Indian Bank proposes to raise funds through FPO

Higher provisioning and capital adequacy norms, as recommended by the working group of the Reserve Bank of India (RBI) on non-banking finance companies (NBFCs), may affect the profitability and non-performing asset (NPA) norms of these companies.

RBI draft norms to dent NBFCs' profitability: Crisil

The Small Industries Development Bank of India (Sidbi) is to provide equity and quasi-equity assistance to micro, small and medium enterprises in the form of subordinated debt.

Sidbi revamps loan schemes for MSMEs

This Monday, two documents were released which would have a long and deep impact on India&rsquo;s financial services industry.

Banking admission only for steadfast

Standard &amp; Poor&rsquo;s (S&amp;P) is giving a higher rating to securities backed by subprime home loans, the same type of investments that led to the worst financial crisis since the Great Depression, than it assigns the US government.

Now, S&P rates subprime mortgages higher than US

Lower cost a plus for these small-ticket borrowings in today&rsquo;s macroeconomic uncertainty.

India Inc takes to foreign loan syndication

State Bank India (SBI) today said its Rs 20,000 crore rights issue proposal was on track and the bank was not looking at any other options to raise capital.

Rights issue is on track, says SBI chief

Life Insurance Corporation of India (LIC) is looking at a huge jump in premium collected through bancassurance, amid increasing competition from private players.

LIC eyes 5% sales from bancassurance

India&rsquo;s largest lender, State Bank of India and its associates, fell behind other banks operating in India in efficiency in 2010-11, with a fall in both profit per employee and return on assets, compared to the previous year.

SBI group's efficiency falls, other banks on a high

The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.

US set to sue a dozen big banks over mortgages

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