The Reserve Bank of India (RBI) has allowed banks and non-banking financial companies (NBFC) to sponsor infrastructure debt funds (IDF), which can be set up as mutual funds and NBFCs.

Banks, NBFCs allowed to sponsor infra debt funds

Business Standard

With an aim to increase its customer base in the country, Fiserv India- a wholly-owned subsidiary of Fiserv Inc is planning to strengthen its focus on financial services like banks, credit unions and investment services.

Fiserv India to streghten its focus on financial services

The depreciation in the value of rupee was expected to an extend and could be temporary, said Prime Minister&rsquo;s Economic Advisory Council Chairman C Rangarajan. He added the entities, which have a foreign exchange commitment must always hedge themselves from against the trends in the value of rupee.

Rupee depreciation expected: Rangarajan

However, both have said MSCB, which is under the administrator&rsquo;s rule since May 7, has come out of the provisions of Section 11(1) of the Banking Regulations Act, 1949, as its net worth has turned positive.

MSCB accounts: Nabard, statutory auditors differ

The Reserve Bank of India (RBI) governor Duvvuri Subbarao said there is a bigger risk that the recession in the US and the sovereign debt crisis in European nations may materialise simultaneously, which can hit emerging market economies through several channels like exports, capital flows and confidence.

We are rapidly running out of time: Subbarao

Equities are expected to stay volatile because of turbulent global markets and the expiry of derivative contracts for September this week, say experts.

Stock market to stay volatile this week

Press Trust of India

The falling value of rupee may impact hard the profitability of Indian companies, which have tapped overseas loans, and the bottom lines this year are likely to take a hit of over $2 billion this year.

Rupee fall to inflate India Inc's foreign loan bill by $2 bn

European policymakers faced mounting pressure from foreign counterparts and investors to step up efforts to prevent their sovereign debt crisis from further roiling the world&rsquo;s financial markets and economy.

Europe faces Geithner, Soros pressure to defuse debt turmoil

While self-help groups and women beneficiaries of microfinance are being seen as a success story, a group of illiterate women in Medak district have not only secured their livelihoods within agriculture but are reaching for greater autonomy in work and life.

Growing autonomous at the grassroots

Even as bank finance seems to be getting costlier with rising interest rates, more and more consumers have started turning towards loan against gold to meet their short term financial requirements. It is evident from the fact that leading gold loan player Muthoot Finance Limited is looking to increase its presence in Gujarat market from the current 115 branches to 130 soon.

Muthoot to strengthen its presence in state despite market volatility

The International Monetary Fund (IMF) said it was ready to &ldquo;strongly support&rdquo; European nations in their efforts to resolve the region&rsquo;s sovereign debt crisis.

IMF stands ready to 'strongly support' euro area recovery from debt crisis

After witnessing huge movements triggered by global jitters, the rupee may continue to witness volatility tomorrow, albeit on a lesser scale.

Rupee to stay volatile this week too, believe observers

Amid volatile trading that reflected the concern over the European debt crisis and the demand from importers, the rupee fell further against the dollar, albeit marginally.

Debt crisis, demand from importers weigh on rupee

Edelweiss Tokio Life, the newest entrant in the Indian life insurance sector, has firmed up plans to rope in 6,000 agents and set up 44 branches over the next two years.

Edelweiss sets ball rolling on life insurance business

Rural Electrification Corporation will raise $200 million (Rs 990 crore) through Swiss franc-denominated bonds. The roadshow for these bonds, with a maturity of five years, will be next month.

REC to raise funds via Swiss bonds in Oct

Euro zone banks need at least euro 150 billion ($202 billion) of capital provided through a Europe-wide Troubled Asset Relief Program (TARP) akin to the US plan, according to a report by JPMorgan Cazenove.

Euro zone banks need $202 bn in capital, says JP Morgan

German Chancellor Angela Merkel said euro region leaders must erect a firewall around Greece to avert a cascade of market attacks on other European states that would risk breaking up the currency area.

Merkel says Greece needs 'barrier' to stave off default

European Central Bank (ECB) policymakers are likely to next week debate restarting their covered-bond purchases along with further measures to ease monetary conditions, a euro-region central bank official said.

ECB to consider new crisis tactics

Central bankers from three Southeast Asian nations signalled that global financial market turmoil will diminish inflation pressures in their economies, making interest-rate increases unlikely in coming months.

Asian central banks signal rate rises off table

China&rsquo;s yuan dropped the most in four months as concern Europe&rsquo;s debt crisis will worsen curbed demand for emerging market assets.

Yuan falls most in four months

The Securities Appellate Tribunal (SAT) has upheld the order passed by the Securities and Exchange Board of India (Sebi) against Axis Bank, where the bank was asked to pay a penalty of Rs 2,00,000 for failing as a debenture trustee.

SAT upholds Sebi order against Axis Bank

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