National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 127 crore and Rs 245 crore for Punjab and Haryana, respectively for improving rural infrastructure under Rural Infrastructure Development Fund (RIDF).

NABARD clears Rs 127cr for Punjab, Rs 245cr for Haryana

Press Trust of India

Insurer American International Group Inc (AIG) today said that it closed the sale of its life insurance premium finance business for $679.5 million in cash.

AIG sells life insurance premium finance biz

Business Standard

Private sector lender Karur Vysya Bank has reported a two-fold jump in its net profit at Rs 70.35 crore for the first quarter ended June 30, over the corresponding period a year earlier.

Karur Vysya Bank Q1 profit doubles to Rs 70 cr

The Reserve Bank of India today said that higher bond yields, the result of higher government borrowings, had militated against the low interest regime required to spur private sector investments.

Govt borrowings may hurt private sector, admits RBI

Bankers today said that there was limited scope for reducing lending rates in the immediate future and the benefits of lower policy rates had already been passed to borrowers.

Little room for immediate cut: Bankers

The Reserve Bank of India (RBI) today raised the estimate of deposit growth for commercial banks to 19 per cent for the current financial year from 18 per cent set in April 2009 as part of a plan to maintain ample liquidity in the system. This follows an upward revision in money supply growth to 18 per cent, up from 17 per cent projected in the annual policy statement issued in April this year.

Bank's deposit growth estimate up at 19%

The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 793.85 crore to implement various projects in Tamil Nadu.

Nabard sanctions Rs 793 cr

The Reserve Bank of India (RBI) today said prospects of an economic recovery in the middle of the financial year had improved, but laced the optimism with caution.

RBI sees recovery, but wary of inflation

L&amp;T Finance Ltd, a wholly-owned subsidiary of Larsen and Toubro, has decided to issue non-convertible debentures (NCDs) to raise funds to the tune of Rs 1,000 crore. The financial services and asset management company today filed draft prospectus for the issue.

L&T Finance to raise Rs 1,000 cr via NCDs

Kotak Mahindra Bank has posted 71.7 per cent growth in its consolidated net profit at Rs 257.28 crore for the first quarter ended June 2009, compared to Rs 149.84 crore in April-June 2008 on improvement in interest and fee-based income.

Kotak Bank net profit soars 72% to Rs 257 cr

Karur Vysya Bank Ltd (KVB) has reported a over two-fold increase in net profit for the June 2009 quarter at Rs 70.35 crore as against Rs 30.53 crore during the same period last year. MD &amp; CEO P T Kuppuswamy attributed the growth in net profit to net interest margin, which rose to 2.8 per cent from 2.42 per cent the previous year. Non-interest income rose to Rs 80.47 crore from Rs 39.25 crore. Total income rose 29 per cent to Rs 487.37 crore in first quarter.

Karur Vysya net rises 2-fold

American International Group Inc, the insurer dismantling itself to repay US loans, used $2.4 billion from asset sales to shore up a property-casualty unit instead of paying down its government credit line.

AIG unit keeps $2.4 bn from sales as US waits

The Indian rupee today fell by 21 paise against the $ in early trade due to strong demand for the US currency from refiners and importers amid the greenback firming against other Asian currencies.

Re falls by 21 paise in early trade

The country's largest insurer Life Insurance Corporation (LIC) of India has increased its market share to 62 per cent among life insurers in the first quarter of current fiscal, thereby growing by about 20 per cent, compared to same period last year.

LIC grabs 62% mkt share; pvt insurers slip in negative

Hefty increase in treasury income helped the country's second-largest PSU lender, Punjab National Bank (PNB), to post a 62.39 per cent rise in net profit at Rs 832.05 crore for the first quarter ended June 30, 2009, as compared to Rs 512.40 crore in the corresponding quarter a year ago.

PNB Q1 net up 62% at Rs 832 cr on rise in treasury income

The Central Bank of India may hike its stake in its subsidiary,Cent Bank Finance Limited, in the next six months.

Central Bank may hike stake in housing subsidiary

The country's second-largest public sector lender, Punjab National Bank (PNB), is aiming to earn a net profit of about Rs 3,700 crore during the current fiscal against Rs 3,091 crore posted a year ago.

PNB aims net profit of Rs 3,700 cr in FY10

The entity, which has acquired many businesses of failed Lehman Brothers, incurred a loss of 76.59 billion yen in the same period a year ago.

Nomura back in black with 11.42 bn yen Q1 profit

Belying pronouncements of a turnaround, bank credit shrunk by Rs 21,186 crore during the fortnight ended July 17 as companies accessed funds through short-term instruments at lower cost.

Bank credit shrinks as firms opt for CPs

Punjab National Bank, the country&rsquo;s second-largest bank, has reported a 62.38 per cent rise in net profit at Rs 832.04 crore for the first quarter ended June 2009 as against Rs 512.40 crore in the corresponding quarter of the previous year. The lender&rsquo;s bottom line improved thanks to the increase in interest and fee-based income.

PNB net profit soars 62%

The Insurance Regulatory and Development Authority (Irda) is planning to join hands with the Ministry of Consumer Affairs to spread awareness on insurance and has earmarked Rs 20 crore for the campaign.

Irda earmarks Rs 20 crore for awareness drive

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