The Indian rupee today virtually touched the crucial 49 level before ending at a seven-week low of 48.88/89 against the US dollar, cheaper by 44 paise, in sympathy with weak local stocks amid heavy capital outflows.

UPDATE:Rupee down 44 paise vs $, at 7-week low of 48.88/89

Press Trust of India

State Bank of India (SBI) has got first-stage approval from insurance regulator Insurance Regulatory and Development Authority (IRDA) for its general insurance venture.

IRDA gives first-stage nod to SBI for general ins biz

The upcoming infra-focused fund aims to raise about $250 million in the next four months.

UTI AMC seeks foreign ally for PE fund

Business Standard

Saudi Arabia-based investment company Excab International Holding Company for Trading Development (EXSAB) is planning to invest in Indian unlisted companies.

Saudi firm to invest in telecom, healthcare

In a move to churn its asset portfolio and earn fee-based income, IDBI Bank has securitised the retail loans of Tata Motors Finance worth over Rs 200 crore.

IDBI Bank securitises Tata Motors Fin loans

When it comes to attracting investments, Tripura, one of the seven sisters of North-East and also the most geographically disadvantaged state of the region, appears to be outshining its other six sisters.&nbsp;Be it domestic or foreign, Tripura seems to have caught the attention of investors of late. Fairly corruption-free governance, coupled with political stability, has started fetching returns for the state. Also, insurgency is on a rapid decline in Tripura due to developmental activities of the state government.

Tripura fast becoming investment hot spot in NE

National Housing Bank (NHB) plans to set up a mortgage guarantee company by March, Executive Director R V Verma said today. NHB, which will hold majority stake in the mortgage guarantee company, has identified Asian Development Bank and International Financial Corporation as the two other stake holders.

NHB to set up mortgage guarantee firm by March

The government has set aside Rs 1,542 crore for acquiring the Reserve Bank of India&rsquo;s holding in the two regulators National Bank for Agriculture and Rural Development (Nabard) and National Housing Bank (NHB).

Govt earmarks Rs 1,542 crore to buy RBI stake in Nabard, NHB

IndusInd Bank, a private sector new-age lender, reported a more than four-fold increase in net profit to Rs 86.5 crore year-on-year for the quarter ended June 30, 2009, aided by a healthy show in treasury income.

IndusInd Bank bottom line sees four-fold jump at Rs 87 cr in Q1

The Securities and Exchange Board of India (Sebi) is of the view that disclosure requirements for securitisation transactions should be refined to enhance transparency and confidence in the market.

Sebi seeks more transparency in securitisation deals

Shailendra Bhandari, former managing director and CEO of erstwhile Centurion Bank of Punjab, is likely to be appointed as the new chief executive officer of private sector lender ING Vysya Bank, banking sources said today.

Shailendra Bhandari may be CEO of ING Vysya Bank

The yen rose to a six-week high against the euro and the dollar as stocks fell and Japanese machinery orders unexpectedly declined, stoking demand for the currency as a refuge from the economic turmoil.

Yen climbs to 6-wk high as stocks fall on recession concern

The sell-off in banking stocks after the Budget announcement was only logical &mdash; higher government borrowings are expected to push up bond yields and hurt banks&rsquo; bond portfolios. Moreover, the Budget sidestepped reforms in insurance, disinvestment in state-owned banks and the housing sector hardly found a mention.

Banks: Bond market blues

After the Securities Exchange Board of India (Sebi) scrapped the entry load for mutual funds, the Insurance Regulatory and Development Authority (Irda) is considering putting a cap on the overall charges levied on the unit-linked products of life insurance companies.

Irda plans to cap overall charges on Ulips

Rates on short-term money market instruments rose by 10 basis points today because mutual funds continued to stay away on expectation that coming weeks could see a further rise in rates.

Banks step up investment in short-term papers

The Indian rupee today eased by nine paise to a seven-week low of 48.97 against the $ in early trade on expectations of higher capital outflows by funds as the stock markets may open lower in line with other weak Asian markets.

Re down 9 paise at 48.97 against $ in early trade

M N Rao, SBI's Chief General Manager (Bhubhaneshwar Circle), is likely to be appointed as the new managing director and chief executive officer of SBI Life Insurance, a source close to the development said.

M N Rao likely to be new MD & CEO of SBI Life

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

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

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

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