Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao&rsquo;s dilemma on timing the exit from an accommodative monetary policy stance.

Growth forecast falls to 6% in RBI survey

Business Standard

Indian Bank posted a 31.48 per cent growth in net profit to Rs 371.99 crore for the quarter ended September 30, 2009, as compared with Rs 282.92 crore in corresponding period last year. Total income was up 14.4 per cent to Rs 2,174.38 crore as against Rs 1,900.93 crore during the period. Net interest income grew 11 per cent to Rs 759 crore from Rs 682 crore and non-interest income too was up 11.48 per cent to Rs 237.21 crore as against Rs 212.78 crore.

Indian Bank net up 32%

ING will sell its stake in the life insurance business by 2013 as part of its ongoing Back to Basics programme by moving towards complete separation of its banking and life insurance operations.

ING writes to Irda on move to split biz

State-run IDBI Bank has raised a $225-million foreign currency loan to fuel its business growth and plans to raise $1.5 billion through a bond issue by early next year, its chairman said.

IDBI Bank raises $225 million loan

Press Trust of India

Close on the heels of signing a memorandum of understanding (MoU) with the public sector State Bank of India (SBI) for implementing electronic benefit transfer (EBT) mechanism for beneficiaries under the National Rural Employment Guarantee Scheme (NREGA), the Orissa government is in the process of framing guidelines for &lsquo;social audit&rsquo; in works taken up under NREGS.

Orissa to frame guidelines for social audit in NREGS

The Singapore government and its investment arm, Temasek Holdings, have been gradually reducing stake in ICICI Bank, their one of their biggest investments in India, by selling shares in the secondary market.

Singapore government, Temasek pare stake in ICICI

Net interest income growth still remains subdued.

Treasury, fee-based income save the day for govt banks

Continuing with its yesterday's losses, the Indian rupee today depreciated by another 25 paise to 46.89 against the US currency in early trade, largely on the back of dollar's gains against other Asian units.

Rupee down 25 paise against US dollar in early trade

The Reserve Bank of India today in its quarterly review of the Credit Policy left key rates unchanged.

RBI leaves key rates unchanged, hikes SLR by 1%

Aiming to tackle inflationary pressures, the Reserve Bank today increased a key statutory deposit ratio for banks by one percentage point to 25 per cent but the move is not expected to push interest rates up.

RBI moves to contain inflation without hurting growth

Kerala-based South Indian Bank (SIB)has started providing service for NRIs joining the New Pension Scheme (NPS) implemented by the Pension Fund Regulatory and Development Agency (PFRDA).

SIB launches NRI service under New Pension Scheme

Retail and corporate loan rates may stay the same as bankers today ruled out any increase in lending rates in the next three to four months, thanks to the RBI keeping almost all key rates unchanged.

Interest rates likely to stay stable for 3-4 months: Bankers

Allahabad Bank Chairman and Managing Director K R Kamath has been appointed as the chief of the country's second largest public sector lender, Punjab National Bank (PNB).

Govt appoints K R Kamath as CMD of PNB

To increase banking penetration and promote financial inclusion, the Reserve Bank today relaxed branch opening norms for lenders while allowing more entities to work as business correspondents.

RBI relaxes branch licensing, biz correspondent norms

The second-quarter macroeconomic and monetary development report released by the Reserve Bank of India (RBI) said concerns on the external sector had receded with revival of capital inflows and a modest level of current account deficit.

Capital inflows lessen external sector blues

Dewan Hosing Finance Limited (DHFL) reported 69.96 per cent increase in its net profit at Rs 37.51 crore for the quarter ended September 30, 2009 as compared Rs 22.7 crore in the corresponding quarter last year.

DHFL net at Rs 37 crore

Rates may stay stable for 3-4 months: Banks

Private sector lender Kotak Mahindra Bank posted 86 per cent growth in consolidated net profit to Rs 300 crore from Rs 160.9 crore in the corresponding quarter last year.

Kotak Mahindra Bank consolidated net up 86 %

Control on operating expenses and growth in margins and other income helped Bank of Baroda (BoB) post a 60.4 per cent rise in net profit to Rs 634.18 crore for the second quarter ended September 2009. Its net profit in July-September 2008 was Rs 395.29 crore.

Bank of Baroda net up 60.4%

The bank&rsquo;s net profit in the same period last year was Rs 162 crore.

Andhra Bank net up 69 per cent

BOC India, a member of The Linde Group, will be investing Rs 600 crore in setting up an air separation unit (ASU) at Tata Steel&rsquo;s plant in Jamshedpur.

BOC India to invest Rs 600 cr in Tata Steel

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