The country's largest lender State Bank of India (SBI) today said the &quot;worst is over&quot; in terms of its rising bad debts, which had dragged down its net profit by a whopping 32 per cent in the fourth quarter of the past fiscal.

Worst is over, says Bhatt on SBI's NPAs

Press Trust of India

The second day of bidding for Standard Chartered Plc&rsquo;s Indian Depository Receipts (IDRs) saw the issue being subscribed a mere 0.10 times with not a single bid coming from foreign institutional investors (FIIs).

StanChart IDR subscribed 0.10 times on Day 2

Business Standard

German insurance giant Ergo is said to be in talks with public sector banks to form a life insurance joint venture.

Ergo, banks in talks for life insurance JV

India&rsquo;s monetary policy would be &ldquo;conditioned&rdquo; by risks to global economic growth even as inflation remained a &ldquo;visible&rdquo; concern, Reserve Bank of India&rsquo;s (RBI&rsquo;s) Deputy Governor Subir Gokarn said.

Global risks to shape monetary policy: Gokarn

State Bank of India (SBI), which is struggling to meet the regulatory mandate of 70 per cent provision coverage ratio (PCR) by September, has sought a one-year extension to comply with the norm.

SBI seeks PCR deadline extension till September '11

The guessing game by banks on each other&rsquo;s base rate is expected to be over soon when country&rsquo;s top bankers meet &ndash; at the behest of State Bank of India (SBI) &ndash; to discuss the new loan pricing mechanism.

Banks meet on cards for base rate consensus

After the Jaipur Stock Exchange (JSE), the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have sent showcause notices to Bank of Rajasthan (BoR). These question the bank for the delay in informing them about BoR&rsquo;s merger with ICICI Bank.

BSE, NSE issue notices to Bank of Rajasthan for late info

The Reserve Bank of India (RBI) on Wednesday announced special measures to provide liquidity in the system, which may face a cash crunch because of huge outgo on third generation (3G) telecom spectrum licences and payment of advance tax by companies.

RBI announces measures to boost liquidity

With non-performing assets (NPAs, or bad loans) in the banking sector expected to rise and banks required to achieve a 70 per cent provision coverage ratio by September 30, asset reconstruction companies (ARCs) are preparing for an increase in business.

ARCs gear up for expected rise in NPAs

The rupee today gained some of its lost ground as stock markets recovered, but the weakness of the Indian currency is making many CFOs nervous.

Firms stare at MTM losses in June quarter on ECBs, FCCBs

G Nagamal Reddy, MD and CEO of the bank said that deposits grew by 21.7 per cent to Rs 11, 639 crore, which was over and above the industry growth rate of 17 per cent. Advances (net) crossed Rs 8, 288 crore an increase of 26.1 per cent as against the industry growth rate of 16.7 per cent.

TMB's FY10 net up by 23%

The healthcare sector has caught the fancy of private equity (PE) funds, with at least three deals in the pipeline.

PE funds find healthcare sector a money-spinner

Birla Sun Life Mutual Fund (BSLMF) and Oriental Bank of Commerce (OBC) have signed an MoU for a strategic alliance, whereby the bank will distribute and market BSLMC's mutual fund products through its branches.

Birla Sun Life MF inks distribution pact with Oriental Bank

City Union Bank (CUB) is planning to raise around Rs 1,000 crore over the next three years through qualified institutional placement (QIP). The bank has already received approval from its board to raise Rs 300 crore and is planning to seek approval for another Rs 700 crore.

CUB to raise Rs 1,000 cr

The third day of bidding for Standard Chartered Plc&rsquo;s Indian depository receipts (IDRs) saw less than two million bids pouring in as the issue got subscribed only 0.11 times with Friday being the last day of bidding. The issue was subscribed 0.10 times till Wednesday.

StanC IDR subscribed 0.11 times on Day 3

The bank will sign an MoU with the state on June 3, 2010, the inaugural day of the GIM.

GIM: SyndBank to extend credit of Rs 6,000 cr

The Prime Minister&rsquo;s Office (PMO) has turned down a finance ministry proposal to allow bankers with less than two years of residual service to be appointed as public sector bank chiefs.

PMO rejects FinMin proposal on bank chief appointments

Unable to find a senior Sikh banker to replace G S Vedi at Punjab &amp; Sind Bank, the finance ministry has begun the search for an IAS officer to be appointed as the Delhi-headquartered bank&rsquo;s chairman &amp; managing director.

Punjab & Sind Bank likely to get IAS head

Banks on the National Financial Switch (NFS), the largest ATM network in the country, will now have to pay a fee of 80 paise per transaction. The move is, however, unlikely to change ATM withdrawal charges for customers.

NFS banks to pay 80 paise per ATM transaction

Despite a large pool of funds, India views sovereign wealth funds (SWFs) of many African countries like Nigeria, Libya, Botswana and Algeria with caution, says a survey. The Sovereign Brands Survey 2010 carried by Hill &amp; Knowlton and Penn Schoen Berland found, while sentiment towards SWFs had generally improved, some concerns around SWFs making investments into home countries remained.

Indians wary of sovereign Africa funds, finds survey

International Finance Corporation (IFC), part of the World Bank group, is considering an equity investment of up to $7.5 million (around Rs 35 crore) and a loan investment of up to Rs 60 crore in National Collateral Management Services (NCMSL). The company is promoted by leading financial institutions, including those from the public sector. The proposed investment is to support the company&rsquo;s Rs 420-crore investment plan.

IFC may take equity in NCMSL

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