With budgetary preparations on in full swing, the Reserve Bank of India (RBI) today advised the Finance Minister to at least partially rollback the stimulus that was provided to help the industry cope with the financial crisis.

RBI pitches for partial rollback of stimulus

Press Trust of India

Indian Overseas Bank (IOB) reported a 73.81 per cent drop in net profit for the quarter ended December 31, 2009, to Rs 101.7 crore as compared with Rs 388.44 crore during the same period last year.

IOB net drops 74%

Business Standard

The bond market sprung a surprise with only a marginal rise in yields on a day when the Reserve Bank of India raised the cash reserve ratio by 75 basis points (bps) to suck out excess liquidity in the system.

Bond yields see marginal rise

Even as some sections of industry found the 75 basis points (bps) increase in the cash reserve ratio (CRR) more than expected, the government commended the Reserve Bank of India (RBI) for the &ldquo;right move&rdquo; and said it would not result in an immediate increase in interest rates. It said the Reserve Bank had aptly acknowledged the need for paying attention to inflation as well as growth.

The move is appropriate and adequate, says govt

According to the latest data by the reserve Bank of India (RBI), their investment in MF stood at Rs 103,087 crore at the end of January 15 from Rs 42,428 crore at the end of January 1. During the period, bank credit declined by Rs 11,898 crore.

Banks' mutual funds  investment crosses Rs 1 lakh cr

Brian Moynihan, Oswald Gruebel and Josef Ackermann, leaders of some of the world&rsquo;s biggest banks, met during the World Economic Forum in Davos, Switzerland, to plot how to reassert their influence with regulators and governments.

Bank chiefs plot regulatory response

UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.

Darling tells bankers to do their jobs

India&rsquo;s foreign exchange reserves fell $2.22 million to $282.94 billion during the week ended January 22 on account of revaluation of currencies. As a result, foreign currency assets fell $2.18 million to $258.08 billion during the week. Gold remained unchanged while special drawings right declined by $34 million. Reserve position in the International Monetary Fund dropped $10 million to $1.42 billion in the reserve.

Forex reserves dip $2.22 mn

The NSE and MCX Stock Exchange will launch futures contracts on additional currency pairs from February 1. The exchanges have already received an approval from Sebi and will introduce rupee-euro, rupee-yen and rupee-pound contracts in their respective currency derivatives segments. Currently, only rupee-dollar contracts are available for trading on the exchange platform.

More currency futures from Feb 1

Bollywood stars Shah Rukh Khan and Kajol are all set to ring the NASDAQ bell as the American stock exchange opens for business on Monday morning.

SRK, Kajol to ring NASDAQ bell

State-run National Bank for Agriculture and Rural Development (Nabard) has asked regional rural banks (RRBs), state cooperative banks (SCBs) and district central cooperative banks (DCCBs) to formulate their risk management policy and constitute risk management committee.

Risk management pivotal for cooperative banks: Nabard

Reliance Capital, the financial services arm of the Reliance-Anil Dhirubhai Ambani (R-ADA) group, reported a 52 per cent fall in consolidated net profit at Rs 63 crore for the quarter ended December 31, 2009, against Rs 132 crore in the same quarter the previous financial year.

Reliance Cap net drops 52%

Net profit of the bank stood at Rs 205.72 crore in the third quarter of 2009-10 against Rs 358.37 crore in the corresponding period last year.

Syndicate Bank net dips 42.6% to Rs 205.72 cr

Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.

Bank of Maharashtra net down 7%

Private sector lender City Union Bank on Saturday said its net profit rose by 26.55 per cent to Rs 40.65 crore for the third quarter ended December 31, over the corresponding period last year.

City Union Bank net up 26.55%

Jammu and Kashmir (J&amp;K) Bank has posted over 19 per cent rise in net profit at Rs 139.99 crore for the third quarter of 2009-10 on the back of high non-interest income. The bank had registered a net profit of Rs 120.67 crore in the same quarter last year, a J&amp;K Bank spokesman said today. Operating profit increased by 31 per cent during the same period.

JK Bank net profit rises 19%

Karur Vysya Bank has reported a net profit of Rs 75.87 crore for the quarter ended December 2009, registering an increase of 28 per cent over the corresponding period previous year. The bank had reported a net profit of Rs 59.25 crore in the same period last year, Karur Vysya Bank said in a filing to the Bombay Stock Exchange.

KVB net profit jumps 28%

State Bank of India (SBI) Chairman O P Bhatt today said that excess liquidity available with the bank would be a matter of concern for the next two quarters.

Excess liquidity a matter of concern: SBI

In the backdrop of raging debate on huge bonus payouts, American Express has raised the annual base salary for its Chief Executive Officer Kenneth I Chenault by 60 per cent to $2 million.

American Express CEO gets 60% hike in base salary

Public sector Andhra Bank has set up the Rs 1.30 lakh crore business target by the end of the current financial year.

Andhra Bank sets up Rs 1.3 lakh biz target

Extending yesterday's gains, the rupee today rose by 11 paise to 46.40 against the dollar in early trade on hopes of more capital inflows by foreign funds and strong Asian cues.

Rupee up 11 paise at 46.40/$ in early trade

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