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

Business Standard

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

The promoters of Aegon Religare Life Insurance will infuse around Rs 450-470 crore capital into their joint venture in the current financial year.

Aegon Religare to get fresh capital

Ratings agencies have seen huge growth in business due to the Reserve Bank of India&rsquo;s (RBI&rsquo;s) order for rating of corporate clients under Basel-II norms. While thus has meant growth in volumes, margins have dropped substantially. Naresh Takkar, managing director of Icra, talks to Abhijit Lele on business environment and challenges ahead.

'Competition is squeezing our margins'

Standard Chartered Plc's Rs 2,760-crore maiden Indian depository receipt (IDR) issue got a robust demand from investors on the final day of the offer today and got subscribed a good 2.19 times with most of the bids coming in from qualified institutional buyers (QIBs).

StanChart IDRs get subscribed 2.2 times on final day

Press Trust of India

Private player Axis Mutual Fund today said it is looking at raising up to Rs 1,000 crore from its recently launched, fixed income, new fund offer (NFO), which will invest mainly in equities and corporate bonds.

Axis MF looks at raising Rs 1,000 cr from NFO

Bank of Rajasthan (BoR) today announced a net loss of Rs 92.3 crore for the quarter ended March 31, compared to a profit of Rs 2.93 crore in the same quarter in the previous financial year, due to increased employee costs.

BoR posts Rs 92-cr loss

Standard Chartered Plc&rsquo;s offering of Indian Depository Receipts (IDRs) saw institutional investors pouring in large numbers on the final day of the bidding on Friday.

StanChart IDR subscribed over two times

Broking firm Geojit BNP Paribas Financial Services plans to open 75 new branches this year.

Geojit to open 75 new branches

Dewan Housing Finance (DHFL) has raised Rs 500 crore through a combination of qualified institutional placement (QIP) and preferential allotment of equity shares.

DHFL raises Rs 500 crore through QIP

Bank customers can soon withdraw up to Rs 1 lakh in a single day from ATM machines, and can shop for even an higher amount of Rs 1.25 lakh with their debit cards.

Now, withdraw Rs 1 lakh from ATMs

Swiss banks have offered to tax the money deposited with them by Indians and other foreigners and &quot;immediately deliver the cash&quot; to governments of respective countries, rather than sharing the details of their clients.

Swiss banks ready to tax foreign clients; not for sharing info

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

City Union Bank to raise Rs 1,000 cr through QIP route

Companies seeking short-term loans may have to factor in a 25-50 basis point rise in the cost of funds in the coming month, as lending for 3G auctions and advance tax payment is set to squeeze excess liquidity. And, rising delinquencies in the corporate portfolio over the last quarter has led banks to tread carefully in disbursing such loans, the majority being unsecured.

Liquidity pressure may push up short-term lending rates

Traders are closely watching the government&rsquo;s move on auction of fresh securities in light of tight liquidity conditions in the market. They are, in any case, expecting the yield on the 10-year government bonds to harden by 15-20 basis points next week.

All eyes on govt's bond auction plans

American International Group, the bailed-out insurer, remains in negotiations to salvage the sale of its main Asia unit after Prudential requested a lower price to win shareholders&rsquo; approval.

AIG negotiates to salvage deal as PRU CEO seeks to cut price

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