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

Business Standard

Microfinance institutions (MFIs) seem to have taken a leaf out of the banks&rsquo; debt recast programme for the sector to cap mounting bad loans in their own credit portfolio in Andhra Pradesh.

Micro finance cos take cue from banks on loan recast

Public sector Indian Bank today said it has revised upwards interest rates for the Foreign Currency Non-Resident (FCNR) and Non-Resident (External) accounts with immediate effect.

Indian Bank revises foreign currency rates

Press Trust of India

Standard Chartered has increased its minimum rate of lending by 25 basis points to 9.75% to become the second foreign bank to do so since Reserve Bank of India (RBI) raised its key policy rates in July.

StanChart hikes lending rate by 25 bps

The Reserve Bank of India (RBI) said on Saturday if inflation stayed beyond the threshold level of four-six per cent, it could hurt economic growth in the medium term.

Threshold level for inflation is 4-6%, says RBI

Top foreign lenders in India have started raising their lending rates aggressively in the wake of the rising cost of funds.

Foreign banks raise lending rates

Amid a strong broader market, the combined market capitalisation (m-cap) of the country's top nine firms increased Rs 89,339.66 crore last week, with the largest private firm RIL gaining the most.

Top 9 firms gain over Rs 89k cr in m-cap

The government has appointed Nupur Mitra as Chairman and Managing Director (CMD) of Dena Bank.

Nupur Mitra to be next CMD of Dena Bank

The meeting will discuss the progress of centrally-sponsored schemes, state-wise flow of credit to the agriculture sector, credit-deposit ratio and loan to weaker section of society among others, official sources said.

FM, bankers, CMs to discuss credit flow, fin inclusion

The stock market is expected to drop before some consolidation this week as it looks towards global peers for cues and fresh triggers ahead of the Reserve Bank's monetary policy review on September 16, analysts said.

Stock mkt to drop this week before consolidating: experts

SKS Microfinance, which is passing through rough weathers, may approach the Reserve Bank for a banking licence, according to sources.

SKS may approach RBI for bank licence

The south central zone (comprising Andhra Pradesh and Karnataka) of state-owned Life Insurance Corporation of India (LIC) will be recruiting 100,000 field workforce to give a push to its growth targets set for the current financial year.

LIC to hire 1 lakh agents in south central zone this fiscal

Investors have begun to choose top-rated corporate bonds over government securities, as there is no clarity on the course of yields on the latter. As a result, yields on corporate bonds have not moved in line with those on government securities over the past three months. Instead, the spreads over government securities have narrowed.

Corp bond spreads shrink on change in investor appetite

Treasury officials said even as the system remained in deficit &mdash; an outcome of the Reserve Bank of India stance to check inflation &mdash; the market would be able to meet any additional demand for funds.

Liquidity pressure to be manageable this week

The fixed-cum-floating rate scheme will have tenure of three and five years.

HDFC joins pricing war with dual home loan rate

Foreign banks in the country appear to bear the brunt of policy rate increases more severely than their domestic rivals. The cost of funds of foreign lenders surged last financial year, though state-run and private sector banks were able to reduce it.

Rate rises hit foreign banks harder 

The microfinance trio&mdash;Spandana Sphoorty Financial, SHARE Microfin and Asmitha Microfin&mdash;have proposed to merge their operations. This includes the setting up of three corporate entities, the waiver of capital adequacy ratio in one of the new entities and entry into new businesses, according to sources familiar with the development.

MFIs propose unique merger plan

Banks are raising funds through certificates of deposits (CDs) to tide over the tighter liquidity deficit expected on account of advance tax payments this month.

Banks step up CD issuances to tide over advance tax outflow

Sequoia Capital-backed Prizm Payment Services Ltd plans capital expenditure of Rs 1,000 crore over three years to scale up its network for electronic payment modes like Automated Teller Machine (ATM) and Point of Sale (POS) networks.

Prizm Payment plans Rs 1k-cr capex for ATM/POS network

In an attempt to capture the contemporary pulse of the country with respect to money, private lender Kotak Mahindra Bank has launched &lsquo;The Money Ka Matlab Diaries Campaign&rsquo; to reach out to the people of India and understand what money means to them.

Kotak launches pan-India campaign

Germany is divided over Europe&rsquo;s bailout fund. Finland may be jeopardising Greece&rsquo;s latest rescue. And Italy is suddenly backpedaling on austerity.

Euro zone leaders get warning from central bankers

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