Government-owned Union Bank of India reported a 27.5 per cent rise in net profit for the quarter ended March to Rs 594 crore, compared with Rs 466 crore recorded during the same period of the previous year.

Union Bank up 27.5% on rising interest income

Business Standard

The Andhra Pradesh Grameena Vikas Bank (APGVB), a regional rural bank (RRB) sponsored by the State Bank of India (SBI), is planning to disburse Rs 2,000 crore crop loans during the current financial year, as compared with Rs 900 crore last year, said its chairman T Hanumantha Rao.

Grameena Vikas Bank to disburse Rs 2,000 cr crop loans

India&rsquo;s inflation rate would slow down to between 5.5 per cent and 6.5 per cent by March 2011, State Bank of India (SBI) chairman O P Bhatt said here today. &ldquo;Technically, inflation should come down,&rdquo; said Bhatt, citing strong economic growths, backed by improving performances by all economic sectors.

Inflation to slow down to 5.5% by March 2011: Bhatt

Press Trust of India

The super-rich clients of wealth management firms are no more enchanted with just equity. They are looking at the fixed income asset class closely, especially structured credit products.

HNIs smell gains in structured credit

In an effort to step up credit to farmers, State Bank of India (SBI) has slashed interest rates on crop loans above Rs 3 lakh and up to Rs 25 lakh by over 175 basis points. At present, crop loans upto Rs 3 lakh are available to farmers at 7 per cent. They get additional 2 per cent concession for prompt repayment, SBI said in statement.

SBI cuts rates for farm loans

The Reserve Bank of India (RBI) has rejected a proposal by some banks for having borrower-specific base rates. It has also not allowed them to charge a negative premium while calculating the effective interest rate.

RBI rejects banks' proposal for borrower-specific base rates

Issuances of certificates of deposit (CDs) continued to decline today as banks were not keen on raising funds due to the abundant liquidity in the system, dealers said.

Short-term debt issues slip again

Partha Dev Datta has joined as the new assistant general manager of the Bhubaneswar circle of Allahabad Bank. Datta, 52, joined as an officer of Allahabad Bank in 1986 and has worked in different capacities in the bank. Prior to joining the Bhubaneswar circle, Datta served as the regional head of Allahabad Bank's South 24 Parganas branch. He appreciated the rapid growth of the bank's Bhubaneswar circle and expressed confidence that the circle's total business would cross Rs 5000 crore by the end of the current financial year.

New AGM of Allahabad Bank

With rising volatility in currency markets in the wake of the debt crisis engulfing Europe, banks have begun to ask Indian exporters to fully hedge their earnings in euro, pound sterling and Swiss franc.

Fully hedge euro exposure, say bankers

Life cover to be bundled with pension plan from July.

Unit-linked pension plans may lose charm

European stocks plunge for a third day, euro drops to 14-mth low against dollar.

Trichet resists call to step up Greek crisis fight as ECB keeps rate at 1%

Rajat Gupta, the Goldman Sachs Group Inc director who is being investigated by the US authorities over his links to Galleon Group LLC founder Raj Rajaratnam, had a long-standing business relationship with the billionaire hedge fund manager.

Rajat Gupta did business with Rajaratnam

Private Equity (PE) and Venture Capital (VC) funding in India needs to increase three-fold to $30 billion annually from the current level to shore up funding for small but promising companies, said a KPMG-CII report.

'PE/VC funding needs to grow three times to $30 bn'

New Delhi, May 7 (PTI) Private Equity (PE) and Venture Capital (VC) funding in India needs to increase three-fold to $30 billion annually from the current level to shore up funding for small but promising companies, said a KPMG-CII report.

Three-fold growth needed in PE/VC funding: KPMG-CII

Lawyers of embattled Goldman Sachs met with representatives of the US market regulator SEC this week, a move seen as an attempt to settle the lawsuit against the banking major, according to reports.

Goldman in talks with SEC for possible settlement

Private sector lender ICICI Bank today claimed that it continues to be the second largest bank in the country in terms of total assets, which it described as a &quot;relevant&quot; measure for ranking.

ICICI says it is still the 2nd largest bank

Axis Bank today announced the launch of its Hong Kong website, which would have details on the products and services offered by the private Indian lender in the Chinese commercial hub.

Axis Bank launches Hong Kong website

The Export Import Bank of India (Exim Bank) today said it is planning to raise Rs 24,000 crore during the current fiscal.

Exim Bank to raise Rs 24,000 cr in FY11

The cost of insuring against losses on European bank bonds soared to a record, surpassing levels triggered by the collapse of Lehman Brothers Holdings Inc, as the sovereign debt crisis deepened.

Bank risk soars to record, debt crisis deepens

Commercial banks in Karnataka are planning to extend insurance and other banking services to targeted beneficiaries to all villages with a populat-ion of over 2,000. The banks have prepared financial inclusion plans (FIPs) to provide banking facilities to all villages by way of a regular brick and mortar branch or using information and communication technology through banking correspondent (BC) model.

Banks will extend insurance to 'all' villages in state

Conversion premiums fall, investors insist on stiffer conditions.

FCCB volumes up in 2009-10, but flow still weak

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