Troubled insurance firm AIG has re-initiated talks with its rival Metlife for the sale of American life insurance firm Alico, in an effort to raise over $15 billion for repayment of funds it owes to taxpayers in America, says a media report.

AIG restarts talks with Metlife for sale of Alico: report

Press Trust of India

The government today said it is not planning to privately place gilts with the Reserve Bank of India (RBI) as of now despite the fiscal deficit projected to touch 6.8 per cent of gross domestic product in the year ending March.

No plan to privately place gilts with RBI, says govt

Business Standard

City-based Kanakamahalakshmi Cooperative Bank Limited is targeting to achieve deposits of Rs 100 crore and advances of Rs 70 crore by March 2011, post its merger with the Palakol Cooperative Bank.

Co-op bank eyes Rs 100cr deposits

Far from being insulated from the economic mainstream as traditionally thought, microfinance too faces a fall in growth and fund flows because of the global recession and declining investor confidence, according to a survey sponsored by Citi Foundation.

Microfinance too faces the brunt of global crisis: Citi

The Asian Development Bank (ADB) has reduced the discount (rebate) rate for term loans linked to London inter-bank offered rate (Libor) from 35 basis points (bps) to 31 bps.

ADB cuts rebate on Libor-linked term loans

Andhra Bank on Thursday said that it will open specialised personal credit branches in each zone of the city. To meet the loan requirements of the customers, the bank is opening specialised personal credit branches in each zone of Vijayawada,&rdquo; the bank&rsquo;s Vijayawada zone deputy general manger T Ramakrishnath said in a press release on Thursday.

Andhra Bank to open personal banking branches in Vijayawada

Lending by public sector banks (PSBs) to minority communities increased 39.6 per cent to Rs 82,864 crore at the end of March 2009 from Rs 58,662 crore a year ago, reflecting the government&rsquo;s priority to ensure the smooth flow of credit to these social groups.

PSBs' lending to minorities grows 39.6% in FY09

The Comptroller and Auditor General (CAG) of India has pulled up four state-run general insurance companies for faults that resulted in loss of over Rs 15 crore to the firms.

CAG raps 4 state-run insurers for loss of over Rs 15 crore

Never let it be said that the Justice Department can&rsquo;t move quickly when it gets a hot tip about an alleged crime at a Wall Street bank. It does help, though, if the party doing the complaining is the bank itself, and not merely an aggrieved customer.

Goldman Sachs loses grip on its doomsday machine

The Indian rupee appreciated by 9 paise at 48.61 in early trade today on increased dollar sales by exporters amid expectations of capital inflows by funds as market may open higher in line with firm trends in other Asian equity markets.

Re rises 9 paise to 48.61 against $ in early trade

Public Lender Andhra Bank has set a CASA target of 35 per cent for the next fiscal from the present 31 per cent. To facilitate this,the bank has set a target to add 10 accounts per branch per day.

Andhra Bank sets CASA target of 35 % by 2010-11

ICICI Bank's Senior General Manager, Sachin Khandelwal, has been appointed as Chairman of PIF India, a press release said.

Prepaid Intl Forum to launch new India Chapter on Aug 7

Railway budget was passed by the Parliament with Rajya Sabha today returning it to the Lok Sabha.

NEWSALERT:Parliament passes Railway budget

State-run IDBI Bank expects interest rates, both on deposits and advances, to increase from the third quarter of the present financial year.

IDBI expects interest rates to go up in Q3

IDBI Bank Ltd is planning an asset management company (AMC) which is likely to be operational in a year.

IDBI plans to foray into private equity, mutual fund in a year

Insurance giant AIG is to pay millions of dollars more in executive bonuses, despite a firestorm earlier this year over the issue, and is seeking government blessing to deflect public wrath, The Washington Post said today.

AIG seeks US govt nod for bonuses: report

India's foreign exchange reserves declined by a marginal $107 million for the week ended July 3 to $264.477 billion as compared to $264.584 billion in the previous week.

Forex reserves down at $264.48 billion

In its efforts to manage liquidity, the Reserve Bank of India (RBI) has set a cap of Rs 50,000 crore for managing liquidity through Market Stabilisation Scheme (MSS) Bonds.

RBI puts a cap of Rs 50,000 cr for MSS bonds

The Reserve Bank of India (RBI) today said the ceiling for issuing bonds under the Market Stabilisation Scheme (MSS) for 2009-10 has been set at Rs 50,000 crore, so that it can mop up excess liquidity in the system.

RBI sets MSS bond ceiling at Rs 50,000 cr

State-run IDBI Bank expects interest rates, both on deposits and advances, to increase from the third quarter of the current financial year.

Interest rates may rise in Q3: IDBI Bank

With subdued credit offtake, banks are grappling with the challenge to park funds raised through deposits. Their investments in government securities grew over eight-fold during the first quarter of the current financial year.

Investments by banks up eight-fold in first quarter

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