Insurance firms and non-banking finance companies (NBFCs) are heaving a sigh of relief as the revised draft of the Direct Taxes Code (DTC) has suggested that book profits rather than gross assets be used to calculate the minimum alternate tax, or MAT, for both groups.

Insurers, NBFCs heave sigh of relief

Business Standard

The Federal Reserve Bank of New York, which carried out central-bank rescues of money markets and Wall Street firms, is poised to have its powers expanded even more &mdash; at the risk of reduced independence.

New York Fed's enhanced powers may come with reduced autonomy

Public sector lender Indian Bank today said it plans to implement the financial inclusion programme in 5,563 villages in 19 states.

Financial inclusion plan to be implemented in 5,563 villages

Press Trust of India

A British regulatory body has launched a probe into global consultancy Ernst and Young's audit of the Lehman Brothers' financial statements in the months prior to the collapse of the US investment bank.

Probe launched into E&Y audit of Lehman Brothers

The life insurance industry witnessed a steady growth in 2009-10 financial year, with an 18 per cent increase in total premium received during the year to Rs 2,61,025 crore over the previous fiscal.

Life insurance ind total premium up 18% in FY10

Public sector lender Andhra Bank today said its retail loan book would grow by around 45-50 per cent this fiscal on the back of a healthy demand from home and gold segments.

Andhra Bank sees 50% growth in retail loan book

The Royal Bank of Scotland (RBS) today said it will sell off its Pakistan unit to Faysal Bank for euro 41 million, as part of plans to divest its overseas assets.

RBS to sell Pak unit to Faysal Bank for euro 41 mn

Credit growth of banks stood at 19 per cent during the one-year period ending June 4, up from 15.10 per cent a year ago, the Reserve Bank of India (RBI) said today.

Banks credit offtake up 19%

The Reserve Bank of India (RBI) today set up a committee under the chairmanship of former Sebi chairman M Damodaran to suggest ways for improving customer services at banks.

RBI sets up panel to improve customer service at banks

State Bank of India, the country&rsquo;s largest lender, plans to offer wealth management services to its affluent clients, chairman Om Prakash Bhatt said at the bank&rsquo;s annual meeting of shareholders.

SBI plans wealth management services for rich clients

According to the latest data by the Reserve Bank of India (RBI), bank credit grew by 19.12 per cent on a year-on-year basis. The outstanding credit stood at Rs 32,88,074 crore.

Bank credit spikes on demand from telcos

There is good news for investors looking at unit-linked insurance plans (Ulips). The Insurance Regulatory &amp; Development Authority (Irda) is likely to put a ceiling on charges even during the middle of an Ulip policy term.

Irda may cap charges during Ulip term

Housing finance companies (HFCs) grew their mortgage portfolios at a faster rate than banks in the year up to March 31, thereby increasing their market share to 31 per cent, according to a study by Icra.

HFCs increased share of mortagages last year

Public sector lender Andhra Bank on Wednesday said its retail loan-book would grow by around 45-50 per cent in 2010-11 on the back of a healthy demand from the home and gold segments. In 2009-10, the bank saw its retail loan-book grow by 48 per cent.

Andhra Bank's retail loan-book to grow 50% in 2010-11

The repurchase will be funded from the current account surplus of the government.

RBI to buy back Rs 20,000 cr bonds to inject liquidity

Dhanlaxmi Bank, one of the smallest private sector ones, has appointed IDFC-SSKI Securities and JM Financial Services as advisors for its Rs 350-crore qualified institutional placement of shares next month, its managing director and chief executive officer, Amitabh Chaturvedi, said in an interview on Wednesday.

Dhanlaxmi Bank appoints QIP advisors

You just need to SMS &lsquo;Unhappy&rsquo;; state HQ does the rest. It&rsquo;s now an ISB case study.

SBI makes grousing easy in AP

The country&rsquo;s second-largest public sector lender, Punjab National Bank (PNB), is on an international expansion spree to increase foreign revenue earnings.

PNB aims to earn foreign revenue by expanding globally

Shriram Transport Finance Corporation (STFC) is planning to raise Rs 500 crore through retail non-convertible debentures (NCDs). This will be company's third NCD since July 2009. The company wants to bring down its exposure on floating credit, towards which it is planning for one more NCD, according to a senior official of the company. Speaking to Business Standard on the sidelines of the company's 31st AGM here on Thursday, R Sridhar, managing director, STFC said that in July 2009, the company had offered NCDs to the public, raising around Rs 1,000 crore. Another issue was undertaken in May this year in which the company had raised Rs 500 crore.

STFC to raise Rs 500 cr through debentures

The Reserve Bank of India (RBI) has asked all banks to go back to their boards and re-work their plans on financial inclusion.

Financial inclusion: RBI asks banks to review plans

Public sector lender Punjab National Bank (PNB) would pick up 64 per cent stake in JSC Dana Bank in Kazakhstan, according to Chairman and Managing Director K R Kamath.

PNB to buy stake in Kazak bank

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