The employees of public sector general insurance companies and Life Insurance Corporation (LIC) are set to get a 17.5 per cent wage hike with the government nod to this effect likely in September. &ldquo;The four public sector insurance companies have submitted the report to the finance ministry on August 17 asking for a 17.5 per cent across the board wage hike.

PSU insurance employees to get 17.5% wage hike

Press Trust of India

State Bank of Bikaner and Jaipur (SBBJ), the largest associate bank of the SBI Group, today raised its lending rate by 50 basis points and deposit rates by 25-50 basis points across various maturities.

SBBJ raises lending, fixed deposit rates by up to 50 basis pts

State-owned IDBI Bank plans to open 280 branches across the country in the next 12 months to help increase its retail business.

IDBI Bank to open 280 branches in a year

Financial institution Industrial Finance Corporation of India (IFCI) today launched its first ever series of tax-free infrastructure bond for retail investors.

IFCI floats tax-free infrastructure bonds

State Bank of India (SBI) said it is yet to make any headway in its investigations into five cases of fraudulent ATM withdrawals here during the last one week, which have created a panic among customers about the safety of their money.

SBI yet to make headway in 'cloned' ATM card cases

Hospital chain Fortis Healthcare, which reportedly plans to foray into insurance business, today said Indian insurance products need to be realigned according to the market.

Insurance products need to be market-aligned: Fortis MD

The amount of money flowing into bond funds is poised to exceed the cash that went into stock funds during the internet bubble, stoking concern fixed-income markets are headed for a fall.

Bond funds gain cash like stocks in dotcom era: Credit markets

Business Standard

Karur-headquartered Lakshmi Vilas Bank (LVB) on Monday said it planned to launch a housing finance subsidiary (HFC) to grow its retail loan book.

LVB to float housing finance subsidiary

Crucial changes to the foreign direct investment (FDI) policy announced by the Ministry of Commerce &amp; Industry on March 31 have been stalled, with the Reserve Bank of India (RBI) asking the ministry to furnish a &ldquo;rationale&rdquo; for the amendments before they are notified under the Foreign Exchange Management Act.

RBI stalls proposed changes to FDI policy

The regulator assures it will approve new Ulips on time.

No plans to cap charges on traditional products: Irda

Royal Bank of Scotland (RBs) Group is selling its fifth series of UK structured notes with returns based on proprietary indices, which have fallen more than 12 per cent this year.

RBS issues more 'emotion-free' notes

Venture Capital firm Sequoia Capital, is planning to invest around Rs 165 crore in Chennai-based country&rsquo;s first standalone health insurer Star Health and Allied Insurance Company (Star Health). It may be noted recently ICICI Venture had also infused Rs 100 crore into the company.

Sequoia to invest Rs  165 crore in Star Health

Germany-based Deutsche Bank has set a target to grow by 30 per cent in India. The bank, which mainly focuses on deposits and mortgage lending currently, said it will look at small and medium enterprises (SMEs) and personal banking in the next two years and planning to open three branches every year and focus will be on Tier-II &amp; III cities.

Deutsche Bank targets 30% growth in India

When most commercial banks and big micro finance (MF) institutions are reluctant to enter into MF business in North-East, a local NGO &ndash; Nightingale Charitable Society (NCS) is showing the way.

Local NGO boosts MF business in North-East

Public Sector Andhra Bank is going ahead with its plans to financially include 1144 villages in different states including Orissa by March 2012. These villages have population of over 2000 each.

Financial inclusion plan of Andhra Bank on track

The shares of three associate banks of State Bank of India (SBI) hit their upper limit of 20 per cent today on news about rights issue and speculation of a possible merger with the parent.

Three SBI associate banks zoom 20%

The Federal Reserve plans to cut American International Group&rsquo;s credit line by about $3.6 billion in a sign of confidence the insurer can reduce reliance on taxpayer funds, said a person with knowledge of the proposal.

Fed plans to cut AIG's credit line by $3.6 bn

IDBI, UCO Bank, OBC and Vijaya Bank get the directive.

Government tells four banks to increase Casa deposits

Indian Bank plans to raise around Rs 1,000 crore in December 2010. The proposed fund raising would help the bank to increase its credit portfolio by Rs 8,000 crore, said a senior bank official. Recently, the bank has raised Rs 1,000 crore, the proposed fund raising would be the second round of fund raising.

Indian Bank to raise Rs 1,000 cr by December

State-run Dena Bank plans to enter the syndication business. For this, the bank has set up a team in Mumbai and fixed a revenue target of Rs 25 crore for 2010-11. Besides, the bank has appointed an agency to identify the potential countries and business model for its overseas foray.

Dena Bank to foray into syndication

The rupee today weakened by 11 paise to Rs 46.75 a dollar at the Interbank Foreign Exchange market in early trade due to increased dollar demand from importers.

Rupee depreciates 11 paise/$ in early trade

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