The Indian rupee today surged by another 32 paise to 48.76 against the greenback in morning trade in tandem with a strong rally in stocks amid steady dollar overseas.

Re stronger by another 32 paise against $

Press Trust of India

After seeing strong inflows during the last two months, mutual funds lost favour with investors, who pulled out close to Rs 84,000 crore in June.

MFs see outflow of Rs 84,000 cr in June

Business Standard

Encouraged by the surge in mobile phone users, banks are exploring the feasibility of using mobile phones for delivering services, the Rajya Sabha was informed today.

Banks explore use of mobile phones to deliver services

Public sector bank State Bank of Bikaner &amp; Jaipur (SBBJ) today said its net profit for the quarter ended June 30, 2009, jumped two fold to Rs 147.30 crore, over the same period last year.

SBBJ net jumps two fold at Rs 147 cr

The global economic recession notwithstanding, Mangalore-based Karnataka Bank is aiming at a turnover of Rs 39,000 crore for the current fiscal a top official of the bank said.

Karnataka Bank to pay 60% dividend

Aided by strong gains in fee and trading income, India&rsquo;s second largest private sector lender HDFC Bank reported a 30 per cent rise in net profit to Rs 606.1 crore for the quarter ended June 30, 2009, as against Rs 464 crore in the year-ago period.

HDFC Bank net up 30% on rising treasury income

Balachandran M, Director of the Institute of Banking Personnel Selection (IBPS), has little time to catch his breath. He and his team have been supervising recruitment of nearly 100 public sector bank employees every day.

Public sector banks on recruitment overdrive

In spite of lower than expected rainfall, National Bank for Agriculture and Rural Development (Nabard) is hopeful of disbursing Rs 50,000 crore this financial year, about 13.64 per cent more over the last financial year.

Nabard looks at disbursals worth Rs 50k cr despite weak monsoon

&ldquo;We have made a request for Tier-I capital worth Rs 500 crore to the government. It has given us an in-principle approval. We will receive Rs 300 crore by way of preferential shares and Rs 200 crore by way of perpetual non-cumulative preference shares.

Dena Bank expects infusion of Rs 900 cr

Two Indian venture capital firms &mdash; Anil Ambani Group&rsquo;s Reliance Technology Ventures and Nexus India Capital &mdash; have been named in the Red Herring Top 100 Global Venture Capitals.

Reliance Tech, Nexus among Red Herring&#39;s Top-100 Global VCs

In what can be seen as an expression of growing confidence, venture capital (VC) funds are now coming forward to support and fund Indian start-ups even at the stage of ideation.

Now, VCs gear up to provide seed fund to Indian start-ups

Rabo Equity Advisors will float a second private equity fund focusing on the food and agribusiness sector in India in the second half of 2010, Chairman and Managing Director Rajesh Srivastava said today.

Rabo Equity to raise $25 mn more for agri fund by Dec

Since September 2008, Nexus India Capital has made four investments from its $200-million second fund. It is working on three more deals in addition to the two follow-on investments already made so far this year. In an interview, Suvir Sujan, partner at Nexus India Capital, tells Shilpy Sinha about their vision, investment plans and belief in the Indian growth story.

'We look at ways to change the world'

Private equity (PE) investment into the country&rsquo;s healthcare and life sciences (HLS) sector dropped by 75 per cent and 40 per cent, respectively.

PE, VC investments in healthcare dip

The Indian rupee appreciated by 22 paise at 48.74 in early trade today, extending gains on increased dollar sales by exporters amid expectations of fresh capital inflows by funds as market may open higher in tandem with firming trends on the other Asian equity markets.

Re rises by 22 paise to 48.74/$ in early trade

The Indian rupee advanced by another 26 paise to 48.70 against the greenback in the morning trade today in tandem with rise in stocks and weakness in dollar overseas.

Re gains another 26 paise against $

Barclays Global Retail and Commercial Bank (GRCB) India has enhanced its &lsquo;Online Banking&rsquo; service , with National Electronic Funds Transfer (NEFT) facility. Barclays account holders can now conveniently transfer funds faster to any bank account in India over a secure platform.

Barclays enhances Online banking

Kerala-based South Indian Bank (SIB) has registered 55.64 per cent growth in net profit at Rs 60.11 crore for the first quarter of the fiscal.

SIB Q1 net up 56% at Rs 60 cr

According to the latest data compiled by the Reserve Bank of India (RBI), bank credit stood at Rs 27,98,747 crore on July 3, 2009 as against Rs 24,05,598 crore during the same period last year.

Demand for short-term funds pushes up credit

Norwest Venture Partners (NVP), a global venture capital firm, has bought an 8 per cent stake in Shriram City Union Finance for Rs 120 crore. NVP picked up the stake from Indopark Holding, a subsidiary of Merrill Lynch.

NVP picks up 8% in Shriram City Union

During the period, the number of deals also fell from 67 to 27, a study released by Venture Intelligence and Global-India Venture Capital Association (GIVCA) said.

VC investment drops 71% to $117 mn in H1

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