RBI favours freeing savings rates

Business Standard

In sweeping changes to financial regulation since then, the watchdog will be wound down and replaced by three bodies over the next two years, the chancellor said. A Prudential Regulatory Authority will be created as a subsidiary of the central bank. Osborne will also set up a Financial Policy Committee at the bank and establish a consumer protection and markets agency.

UK scraps FSA, reversing system set up by Brown

State-owned Central Bank of India today said that it would come out with a rights issue in the next few months to raise Rs 2,500 crore.

Central Bank of India to raise Rs 2,500 cr from rights issue

Press Trust of India

State-run Corporation Bank today said its base rate is likely to be fixed between 8.25-8.5 per cent and that it will announce the rate after its board meeting later this month.

Corp Bank says its base rate likely to be between 8.25-8.5%

Deal expected to be finalised by next month.

RBS in talks with HSBC to sell Indian unit

Corporation Bank has announced 7.25 per cent interest per annum for a 1000 days fixed deposit. The deposit scheme, which gives an additional 0.50 per cent to senior citizens, will be effective during June 15 till September 2010. This interest rate will be applicable for a minimum deposit of Rs 500 in case of rural and semi-urban branches and Rs 1,000 for urban and metro branches up to Rs 1 crore.

CorpBank offers 7.25% interest

Reserve Bank of India Governor D Subbarao today said inflation was getting more broad-based as demand-side pressures rose.

Inflation getting broad-based: Subbarao

To meet the demand for credit from telecom companies to pay for third-generation licences, banks withdraw Rs 59,594 crore from mutual funds (MFs) during the fortnight ended June 4.
According to latest data from the Reserve Bank of India (RBI), banks&rsquo; investment in MFs stood at Rs 50,563 crore at the end of June 4, against Rs 1,10,157 crore at the end of May 21.
Bankers said as deposit mobilisation had been lower on an incremental basis, they had to withdraw from MFs to meet the demand

Banks withdraw Rs 60k cr from MFs to fund telcos

Technology cannot substitute brick and mortar branches and absence of the human touch can be intimidating, the Reserve Bank of India (RBI) Governor D Subbarao has reminded banks.

Faceless banking can be intimidating: Subbarao

Insurers may be allowed to invest in the proposed bonds of the India Infrastructure Finance Company Ltd (IIFCL) for refinancing greenfield infrastructure projects.

Insurers may get to invest in IIFCL's new bonds

Irda wins Ulip battle

Several European banks, including those in Greece, are in bad financial health and may have to be bailed out by their respective countries, the European Union&rsquo;s (EU&rsquo;s) Competition Commissioner Joaquin Almunia has said.

Many European banks may need bailouts: EU official

NRI businessman Surachan Chawla -- the single largest shareholder in Kerala-based Catholic Syrian Bank -- has approached the Reserve Bank seeking a two-year extension to transfer his 14.5 per cent stake in the private sector bank.

Chawla moves RBI for 2-year extension to reduce CSB stake

Although the uncertainty over regulation of unit-linked insurance products (Ulips) has been settled, investors in these schemes are now faced with the possibility of getting taxed at the time of withdrawing funds and industry players will soon meet Finance Ministry officials to address the issue.

Insurance firms to meet FinMin on Ulip taxation issue

Bank depositors are likely to benefit from deregulation of the interest rate on savings accounts, an idea mooted by the Reserve Bank of India (RBI) recently.

Deregulation of savings rate to benefit depositors: Bankers

Although the uncertainty over regulation of the Unit-Linked Insurance Products (Ulips) has been settled, investors in these schemes are now faced with the possibility of getting taxed at the time of withdrawing funds and industry players will soon meet the finance ministry officials to address the issue.

Insurance firms to meet Finmin on Ulip issue

Banks ask regulator to create awareness for &lsquo;base plus&rsquo; regime.

RBI blinks, to keep farm loans outside base rate

NRI businessman Surachan Chawla &mdash; the single largest shareholder in Kerala-based Catholic Syrian Bank (CSB) &mdash; has approached the Reserve Bank seeking a two-year extension to transfer his 14.5 per cent stake in the private sector bank.

Chawla asks RBI for 2-year extension to reduce CSB stake

Choosing to play safe, given the volatility in the equity markets, life insurance companies increased their net investment in stocks by just 10.52 per cent to Rs 61,125 crore during the last financial year.

Insurers play safe on Dalal Street

Oil prices rallied in Asian trade today on expectations of higher demand from Chinese consumers after China's central bank said it would allow for a more flexible yuan.

Oil rallies above $78 on news of yuan flexibility

Mumbai and Delhi together account for about 45 per cent of the total equity mutual fund assets under management, a report prepared by the Boston Consulting Group (BCG) and Computer Age Management Systems on the domestic equity mutual funds industry said here today.

Mumbai, Delhi account for 45% of equity AUM biz

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