Country's third-largest private sector lender Axis Bank today said it has started the process of raising funds through private placement, an exercise estimated to raise over Rs 5,000 crore.

Axis Bank to raise over Rs 5,000 cr from QIP, GDR

Press Trust of India

The Reserve Bank of India (RBI) has requested all Registrars of Co-operative Societies (RCSs) to restrict individual shareholding in an urban co-operative bank (UCB) to 5 per cent of the total paid-up share capital.

New shareholding norms for UCBs

Business Standard

Interest rates may harden a bit by the end of the current financial year, according to C Rangarajan, chairman of the Prime Minister&rsquo;s Economic Advisory Council.

Rates may harden by fiscal end: Rangarajan

Axis Bank on Thursday opened its qualified institutional placement (QIP)-cum-global depository receipts (GDR) issue through which it proposes to raise up to $720 million (around Rs 3,450 crore).

Axis Bank opens QIP, GDR issue to raise $720 mn

Taking forward the agenda for developing the corporate bond market, the Reserve Bank of India said it initially intends to allow repo transactions in only listed securities like non-convertible debt, debentures and bonds rated AA+ and above.

RBI draft norms for repo deals in corporate bonds

SBI eyes $1-bn acquisitions in UK

Prime Minister Gordon Brown&rsquo;s government may have to cut spending at the sharpest pace since Britain negotiated its finances with the International Monetary Fund (IMF) in 1976, the Institute for Fiscal Studies (IFS) said.

Brown's spending cuts will be worst since '76: Research

India Inc&rsquo;s fund raising through private placement of debt surged 42 per cent to Rs 40,300 crore in the first quarter of the current fiscal, with over half of the fund being mobilised by financial institutions.

India Inc mops up Rs 40,000 cr debt in Q1

The Indian rupee today fell by 8 paise to 48.23 against the US currency in early trade after a three-session rising streak on expectations of fresh capital outflows as the stock markets may open lower in line with other weak Asian markets.

Re down 8 paise at 48.23 / $ in early trade

The country's third largest private sector lender, Axis Bank, today raised $720 million (nearly Rs 3,466 crore) through global depository receipts and private placement of shares with potential buyers.

Axis Bank raises $720 mn via GDR, QIP

Amid inflation turning positive after over three months and slackening credit growth, Reserve Bank of India (RBI) Governor D Subbarao today met bankers here and discussed various industry issues.

RBI governor meets bankers, discusses industry issues

Thrissur-based Dhanalakshmi Bank will add 66 new branches during the current financial year to its network of 207, said PG Jayakumar, general manager.

Dhanalakshmi Bank to ramp up branch network

UBS AG&rsquo;s $780 million settlement with US authorities to avoid prosecution for helping Americans cheat on their taxes has opened a Pandora&rsquo;s box for banks worldwide.

UBS tax net snares clients of Credit Suisse, Julius Baer, LGT

With recovery in select industrial sectors and improvement in rainfall, banks expect credit offtake to grow 20 per cent and the economy to rise 6.5 per cent in the current financial year. They also expect the gross domestic product (GDP) to increase 6.0-6.5 per cent.

Credit may grow 20%: Bankers

India&rsquo;s foreign exchange reserves grew $3.32 billion in the week up to September 11, 2009, to $280.98 billion on the back of portfolio investments and revaluation of currencies.

Forex reserves climb $3.3 bn to $280.98 bn

The Insurance Regulatory and Development Authority (Irda) is in the process of setting up database of all vehicles, which are insured.

Irda setting up database of insured vehicles

State-owned Indian Overseas Bank (IOB) is planning to foray into the venture capital business.

IOB plans venture capital business

HSBC Holdings Plc said it is a victim of a $75 million fraud by Hassan Nemazee, a top fundraiser for President Barack Obama and Hillary Clinton who was arrested last month for defrauding Citigroup Inc.

Obama aide dupes HSBC of $75 million, claims bank

The multiple prime lending rate (PLR) system with a cap on advance rates, which are likely to be recommended by a Reserve Bank of India (RBI) panel, would bring more transparency in the lending operations, bankers said.

Bankers say multiple PLRs to enhance lending transparency

The yield on government securities may move in a short range, after they eased last week.

Yields may remain range bound

In a note sent to the Ministry of Finance, the RBI has stated that the exemption should be granted following the urgency and unique nature of bank mergers, especially forced mergers.

Exempt bank M&As from Competition Act: RBI

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