Manipal-based public sector lender, Syndicate Bank, today reported an 18.5 per cent drop in net profit at Rs 168.2 crore for the fourth quarter ended March 31, compared to the corresponding quarter last year.

Syndicate Bank net drops 18.5%

Business Standard

The European economic crisis could be an opportunity for Indian corporate houses. Leading investment bankers say assets, globally, are available at attractive valuations and the rise in domestic stock prices has added more strength to balance sheets of Indian companies.

Investment bankers see Greek crisis as window of opportunity

Prudential Plc&rsquo;s largest stakeholder, Capital Group Cos, rarely makes a concerted push to influence corporate management. When it does, the world&rsquo;s biggest equity mutual-fund manager can be a force.

Prudential's top shareholder uses 'velvet glove' to seek change

The new norms for unit-linked insurance plans (Ulips) released on Monday are part of the periodic review of regulatory guidelines on various product portfolios, Insurance Regulatory and Development Authority (Irda) Executive Director A Giridhar said on Tuesday.

Latest guidelines part of periodic review of norms: Irda

The Reserve Bank of India (RBI) has asked banks to develop skill sets to make lending to the infrastructure sector more effective. The central bank also called for timely sanctions, especially to power projects &mdash; a concern that was earlier raised by power ministry officials in interactions with RBI officials.

Banks asked to upgrade skills for infra lending

State-owned Allahabad Bank is planning to add 90-95 branches to its existing network of 2,312 over the next three years, of which about 40 would come up in the four southern states, said its executive director MR Nayak.

Allahabad Bank to open 95 branches

Andhra Bank plans to add 15 new branches in the states of Punjab, Haryana, Uttaranchal, and Jammu and Kashmir next year. The bank, which has a strong branch network in south, is now working to consolidate its presence in North.

Andhra Bank to consolidate branch network

Certificates of deposit maturing up to six-months were mostly issued today because mutual funds (MFs) were only keen on investing in shorter-tenure papers, dealers said.

MFs buy up to 6-month corporate deposits

Singapore's state-owned investment house Temasek Holdings (Private) Ltd today said that it has received regulatory approvals to buy 5 per cent stake in the National Stock Exchange of India (NSE).

Temasek gets approval to buy 5% in NSE

Press Trust of India

Following changes in the forex rules, travellers going abroad can get up to $3,000 or its equivalent amount in other currencies from forex dealers without prior permission of the Reserve Bank.

RBI raises forex cap for overseas travellers to $3,000

Country's largest lender State Bank of India (SBI) today said it has selected US-based Elavon Incorporation and Visa International as its joint venture partners for merchant acquiring business.

SBI, Visa in JV for merchant acquiring biz

British insurer Prudential today said it had decided to delay launching a rights issue aimed at helping to fund a 35.5-billion-dollar takeover of AIA, the Asian arm of troubled US insurer AIG.

Prudential delays rights issue to fund Asian insurer buyout

Citigroup plans to launch a $200 million fund for small-business lending in low and moderate income communities.

Citigroup plans small-biz fund for low income communities

To invest in top five to seven cities; offshore fund in the works.

ICICI Venture plans Rs 1,000 cr real estate fund this month

Outstanding credit of commercial banks declined by Rs 26,483 crore, from Rs 32,41,224 crore to Rs 32,14,741 crore at end of April 23, according to Reserve Bank of India data.

Bank credit shrinks in fortnight to April 23

Bajaj Finserv will launch a wealth management business, including financial products distribution and advisory services, for retail customers in the second quarter of the financial year, Managing Director Sanjeev Bajaj has said.

Bajaj Finserv to foray into wealth management

Citi plans small-biz fund for low-income communities

The government is open to the idea of providing financial support to banks for implementing financial inclusion, as the lenders fear that the move may be unviable in initial years. The government, in a meeting with banks on Wednesday, expressed it was open to the idea of subvention in initial years.

Financial inclusion: Govt open to foot bill initially for banks

Non-banking financial companies (NBFCs) ramped up their presence in the structured finance market in 2009-10, while banks, cramped by Reserve Bank of India guidelines, fell behind.

NBFCs rise in loan securitisation market

Issuances of certificates of deposit (CDs) fell on Wednesday because banks preferred to remain on the sidelines due to the abundant liquidity in the banking system, dealers said.

Short-term debt issues take a beating

Top-rated Indian companies have seen a 10-20 basis points (bps) rise in credit spreads following Greece&rsquo;s sovereign debt downgrade. They may turn away from the foreign debt market if conditions continue to deteriorate, say market players.

In India, rising spreads may spoil debt party

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