An affidavit filed in the Supreme Court (SC) regarding a derivatives scam has alleged that regulatory agencies were part of a deep-rooted conspiracy that resulted in losses of Rs 25 lakh crore to the industry. The affidavit has been filed by an individual, Pravanjan Patra, in a case involving the Foreign Exchange Dealer&rsquo;s Association of India and the Fixed Income Money Market Derivatives Association of India.

Central bank's role alleged in derivatives scam

Business Standard

Want RBI to allow them to decide on upfront payment.

Banks seek flexibility in debt recast

A big gain in net interest income pushed up the net profit of Bangalore-based public sector lender State Bank of Mysore (SBM), an associate bank of State Bank of India (SBI), for the fourth quarter ended March. For the quarter, the lender reported a 2.4 times rise in net profit at Rs 123.6 crore compared with the corresponding quarter last year. The operating profit for the quarter rose 60.4 per cent to Rs 290.9 crore.

SBM Q4 net up 2.4 times

The New India Assurance is hopeful that its premium income may grow at 20 per cent in the current financial year with rising contribution from all verticals of the company. The general insurance company has a Rs 6,000-crore business in India and Rs 1,175 crore business from its international operation. &ldquo;The combined ratio for the company was 117 per cent in the last financial year, and we aim to reduce it to around 109 per cent this year,&rdquo; Chairman and Managing Director M Ramadoss said.

New India eyes 20% rise in premium

RBI&rsquo;s policy for 2010-11 needs to be viewed in the backdrop of the economic scenario in India and globally. The &ldquo;green shoots&rdquo; in the emerging markets co-exist today with the cautious outlook in advanced economies. In the context of rebound in the Indian economy and the risk of inflation that has come with it, the 25 bps hike in all benchmark rates is not a surprise. It is just yet another step towards normalisation of policy rates, from the earlier accommodative stance.

Not a surprise

RBI has kept its reputation of being on the ball. Rate hike could have been sharper and to the extent of 25 per cent basis point looking at the inflation figures however recent developments seem have restrained it to increase rate only by 25 basis point. Overall policy is positive for growth and equity markets as well.

A positive for growth & markets

The Reserve Bank of India&rsquo;s (RBI&rsquo;s) &ldquo;25-25-25&rdquo; approach in the monetary policy reflects its stance of moving in a calibrated manner in the direction of normalising the policy rate instruments and focusing on containing inflationary pressures. The policy&rsquo;s stance is balanced between the twin objectives of anchoring inflation expectations and active liquidity management.

A fine balancing act

The government today approved Rs 15,000 crore capital infusion in public sector banks (PSBs) in the current fiscal, a move that will increase the lending capacity of the banks by Rs 1.85 lakh crore.

Govt to infuse Rs 15,000 cr in PSU banks in FY11

Press Trust of India

Country's largest private sector lender ICICI Bank has re-launched its special home loan plan, also called teaser rates, to attract property buyers.

ICICI Bank relaunches teaser home loan rates

Finacle, the banking product unit of Infosys, is banking on financial inclusion and adoption of core banking solution (CBS) by regional rural banks (RRBs) as big growth driver to draw more revenues from domestic market.

'RRBs, financial inclusion big growth driver'

The Asian Development Bank (ADB) today said it has appointed Lakshmi Venkatachalam as Vice-President for a period of three years.

ADB appoints Lakshmi Venkatachalam as VP

The State Bank today said it is expecting to clock around 23 per cent growth in credit offtake this fiscal and expressed optimism that bad loans would come down as the farm sector recovery gathers momentum.

SBI credit growth to go up to 23%

IVR allows people to access their bank or credit card information through automated responses over the phone, instead of having to speak to staff.

RBI asks banks to enhance security for credit card operations

Teaser home loan rates, which entice borrowers with a low fixed rate initially and then move to a floating rate, are a matter regulatory concern and may impact financial stability of the lenders, Parliament was informed today.

Teaser rates a matter of regulatory concern: govt

Bank Lending rates start inching up

As part of a plan for implementation of the base rate system, the Reserve Bank of India (RBI) today said it would free interest rates on certain segments of export finance.

RBI frees export credit rate regime

Private sector lender HDFC Bank today reported a 32.61 per cent jump in its fourth quarter net profit at Rs 836.62 crore.

HDFC Bank Q4 profit up 33% to Rs 836 cr

Indian Bank today reported a 4.03 per cent increase in its net profit at Rs 409.9 crore for the fourth quarter ended March 31, 2010, over the same period last year.

Indian Bank Q4 net rises 4% at Rs 410 cr

ICICI Bank, the country's second-largest lender, expects credit demand to grow by 16 to 20 per cent in the year to March 2011, its Chief Executive Officer Chanda Kochhar said today.

ICICI Bank FY11 credit demand seen up 16-20%

State Bank of Hyderabad (SBH) today said its net profit grew 34 per cent to Rs 823 crore in the financial year ended March 31, 2010, on the back of higher interest income.

SBH net profit rises by 34 % to Rs 823 cr in FY 2009-10

India's second-largest, ICICI Bank, today said that there was no immediate plan to hike its lending rates. &quot;As of now, there is no lending rate hike,&quot; Kochhar told reporters here.

No immediate plan to hike lending rates, says ICICI

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