India&rsquo;s largest life insurance company, Life Insurance Corporation (LIC), on Wednesday signed a memorandum of understanding (MoU) with the Unique Identification Authority of India (UIDAI) to become a registrar for delivery of the unique 12-digit identity number to the people of India.

To share its database with UIDAI

Business Standard

Global investors support US legislation that would raise capital requirements for banks and strengthen consumer financial protection, even as they oppose the so-called Volcker Rule to ban proprietary trading by financial institutions, a Bloomberg News survey shows.

Investors back Obama bill without ban on proprietary trading

Banco Santander SA, Spain&rsquo;s largest bank, agreed to pay $2.5 billion in cash to buy a stake in its Mexican unit that it sold to Bank of America Corp.

Santander pays $2.5 bn for stake in Mexico unit

With Fortis Healthcare getting ready to raise a war chest of over Rs 10,000 crore (including internal resources ) to counter Khazanah&rsquo;s bid to take control of Parkway Holdings, bankers are gearing up to participate in this endeavour.

Bankers gear up for Fortis-Khazanah face-off

The board of Punjab &amp; Sind Bank (PSB) on Wednesday approved a proposal to rework its initial public offer (IPO) plan in line with the recently-introduced government rules on a minimum 25 per cent public shareholding.

PSB expands IPO size to meet new public holding norms

Reserve Bank of India has revised the norms for urban cooperative banks for giving loans to the housing and real estate (RE) segment.

New real estate exposure norms for urban co-op banks

The insurance Regulatory &amp; Development Authority (Irda) has banned over 4,261 corporate agents out of the total 7,000 in the country.

Irda bans 4,261 corporate agents

Bank employees are planning for a nationwide strike to protest the proposed takeover of Bank of Rajasthan by ICICI Bank, said senior representatives of All India Bank Employees&rsquo; Association (AIBEA).

Bank staff plan strike over BoR takeover

Has already raised 25 bps on loans that are coming up for revision.

Upward bias in interest rates expected: Bhatt

The ongoing turbulence in the Eurozone can lead to a second banking crisis due to the weakness in the financial sector of Europe and the US, an expert said today.

'Eurozone crisis may lead to another banking upheaval'

Press Trust of India

Bengal Chamber of Commerce &amp; Industry is organising Outreach 2010, a forum organised by its finance, banking and insurance committee on June 12, 2010. The programme will attempt to bring stakeholders and institutions namely banks, financial institutions, MFIs insurance companies, NBFCs, technology providers, business correspondents and NGOs together with the government, academia and industry to discuss and appreciate the collaborative model to deliver comprehensive financial services. The inaugural session would be attended by Rajat M Nag, managing director, Asian Development Bank, Manila, K G Karmakar, managing director, Nabard and S K Mitra, president, Axis Bank.

BCCI to organise Outreach 2010

American International Group may still receive $35.5 billion for an Asia division after a purchase agreement with Prudential collapsed last week, the US Treasury Department said.

AIG can still get $35.5 bn from AIA

India story, pressure to invest are driving spurt in PE activity.

Large deals back with a bang

The country&rsquo;s largest private sector lender ICICI Bank plans to increase its presence in rural and semi-urban areas.

ICICI Bank to increase focus on rural areas

Public sector lender Allahabad Bank is planning to strengthen its merchant banking arm, AllBank Finance Ltd, by expanding to cities beyond the eastern region.

Allahabad Bank to expand merchant banking arm

The government is due to borrow Rs 11,000 crore next week .

PDs see devolvement in coming week

Plan panel wants insurers to put in Rs 25,000 cr in infrastructure over the next 5 yrs.

Irda may ease core project norms

Moving beyond the realm of collating credit information for banks, Credit Information Bureau (India) Limited, (Cibil) is looking at expanding its client base to telecom companies, auto insurance firms and micro finance institutions.

Cibil eyes client base expansion

The Finance Ministry is likely to recommend freezing and closure of bank accounts found suspicious during the ongoing exercise by banks to collect information under the 'Know Your Customer' (KYC) norms.

Govt mulling freezing of suspicious bank accounts

Morgan Stanley Asia has informed the Singapore Stock Exchange that one of its UK-based associates, Front Point Management, has purchased 75,000 shares in Parkway Holdings, the company that runs Asia&rsquo;s largest hospital chain.

Morgan Stanley associate buys Parkway shares

Bankers say liquidity will start easing by mid-July.

Cash crunch: Banks start to raise short-term deposit rates

Finance News: Latest investing news and finance headlines straight from Business Standard.

Page 2652 - Finance News