Total loan outstanding of micro finance institutions are likely to be around Rs 23,000 crore by the end of March 2011, a 78 per cent rise over the corresponding period last year.

Outstanding for MFIs to touch Rs 23,000 cr in FY10

Business Standard

Financing of solar projects under the Centre&rsquo;s ambitious national solar mission has hit a major roadblock as banks have argued that the current structure of the power-purchase agreement (PPA) was not bankable due to the credibility of many states.

Banks say PPA structure for solar projects not bankable

Global investment bank, Nomura, on Monday announced the appointment of Indraneil Borkakoty as head of equity capital markets (ECM), India. In this role, he would report to its head of investment banking for India, Nipun Goel and head of ECM for Asia (excluding Japan), Mark Williams, a press release issued here stated.

Nomura appoints Borkakoty as head of equity markets

Press Trust of India

Once new regulations kick in from tomorrow, the biggest challenge for life insurance companies will be to cut costs to prop up margins, which experts say are likely to fall as much as 25-30 per cent for new business.

Business model to see a paradigm shift

Non-banking financial company (NBFC) Magma Fincorp&rsquo;s plans to foray into non-life insurance space may take longer than expected. The Insurance Regulatory and Development Authority (Irda) has sought more information on the financial statement of 2009-10 submitted by the NBFC.

Irda seeks more info from Magma Fincorp

The public sector general insurer, The New India Assurance Company, has set a target to double its business from overseas in the next two-three years. The company said it would conclude an acquisition in a foreign country to support its business target.

New India Assurance to double overseas business in 2-3 years

After a gap of two years, mortgage leader HDFC today increased its retail prime lending rate (RPLR) by 50 basis points to 14.25 per cent.

HDFC ups lending rate by 50 bps on home loans

Buoyed by 28.4 per cent jump in net profit, Punjab National Bank (PNB), aims at raising deposits by 20 per cent during 2010-11 besides launching micro insurance products in six months.

PNB aiming at raising deposits by 20%

The Insurance Development and Regulatory Authority's (Irda) new guidelines protecting unit-linked insurance product (Ulips) holders from mis-selling by dealers and onerous commissions will come into effect from tomorrow and are likely to make the equity-linked instruments more investor-friendly.

Investor-friendly Ulips from tomorrow

Taking a step towards paperless 'Green Banking' for deposit, withdrawal and remittance transactions, State Bank of India (SBI), the country&rsquo;s largest public sector Bank launched its &lsquo;Green Channel Counter&rsquo; facility today to mark its 204th birthday. The newly rolled out facility would ease transactions for customers at SBI branches.

SBI launches green channel counter facility at 51 branches

The decision was taken at the 12th Annual General Meeting (AGM) chaired by CMD R M Malla.

SIDBI  posts 25% dividend

Bangalore-based public sector lender, Vijaya Bank today announced that its base rate would be between 8 per cent and 8.5 per cent. &ldquo;We have worked out our base rate as per the guidelines of Reserve Bank of India. It would be around 8-8.5 per cent,&rdquo; Vijaya Bank chairman and managing director Albert Tauro said.

Vijaya Bank launches online trading platform

Leading private sector banks have more or less matched state-run banks in fixing their base rates, with ICICI Bank and Axis Bank setting their rates at 7.5 per cent, the same as State Bank of India. HDFC Bank, the second largest private sector bank, has fixed a lower rate of 7.25 per cent.

Pvt banks match SBI in base rate

Private sector lender Lakshmi Vilas Bank has decided to float a subsidiary company for undertaking housing finance business.

Lakshmi Vilas Bank to float housing fin firm

Munich Re&rsquo;s primary insurance unit, Ergo Versicherungsgruppe, will exceed a premium forecast for its international business and said it&rsquo;s in advanced talks to sell life policies in India and China. &ldquo;We are well under way to reach about &euro;4 billion ($4.9 billion) in total premiums this year,&rdquo; said Jochen Messemer, management board member responsible for the insurer&rsquo;s international operations.

Ergo to finalise life policies sale in India

Rs 1,366-crore sale will help the bank meet new promoter shareholding norm.

Kotak to sell 4.5% to Sumitomo

With the base rate regime kicking off from tomorrow, banks are looking at allowing customers to switch to this new loan pricing system from the existing one within a specific time-frame.

Banks want timeline for base rate switch by customers

Commercial papers, the money market instruments to raise funds of less than a year, are set to gain popularity with banks shifting to the new base rate regime.

New lending system to make CPs popular

The Sundaram Finance (SFL) board has decided in principle to acquire 49.4 per cent stake from BNP Paribas Asset Management in both Sundaram BNP Paribas Asset Management Company and Sundaram BNP Paribas Trustee Company, subject to necessary agreements and regulatory approvals.

Sundaram Fin to buy out BNP from AMC

State Bank of India (SBI) on Wednesday extended its eight per cent concessional home loan scheme for another three months till September, which is 0.5 per cent higher than its minimum lending or base rate. SBI fixed its base rate, the minimum lending rate, at 7.5 per cent which would replace its benchmark prime lending rate from tomorrow.

SBI extends teaser loans till September

Banks will not lend below the minimum or base interest rate from today as directed by RBI, but may continue to give cheaper credit to some preferred clients as per their discretion under existing agreements.

Banks to dole out discounted loans despite base rate regime

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