Public sector Bank of Maharashtra (BoM) announced that its net profit for the first quarter ended June 2009 has more than doubled to Rs 101.79 crore. The lender had posted a profit of Rs 46.63 crore in the corresponding period a year ago.

BoM, UCO Bank & Sundaram Fin Q1 result

Business Standard

The Indian rupee strengthened by 13 paise in early trade today on expectations of fund inflows and weakness in the US currency against other Asian currencies.

Rupee rises by 13 paise to 48.21/$ in early trade

Press Trust of India

Exim Bank will raise Rs 19,500 crore during 2009-10 to provide export finance to Indian corporates, its Chariman and Managing Director&nbsp; T C Venkat Subramanian said today.

Exim Bank to raise Rs 19,500 cr in 2009-10

Investors will no longer be charged a 2.25 per cent distribution commission up front by mutual funds beginning tomorrow following a Sebi directive.

Mutual funds gear up for zero entry load from Aug 1

Private sector Kotak Mahindra Bank today unveiled a new brand identity by adopting a tag line that promises simpler money management expertise to its customers.

Kotak Mahindra Bank unveils new brand identity

They survived the financial turmoil with taxpayers money, still nine leading US banks shelled out more than $32 billion in bonus to their employees last year, with crisis-ridden Citigroup alone paying $5.3 billion.

Nine US banks pay $32.6 bn bonus in 2008

India's foreign exchange reserves rose for the second consecutive week to $267.711 billion, up by $1.524 billion, as compared to $266.187 billion in the previous week.

Forex reserves up by $1.524 bn to $267.711 bn

&quot;It has been decided to extend interest subvention of 2 per cent on export credit for a further period of six months i.e. from October 1 till March 31, 2010,&quot; the RBI said in a statement.

RBI extends interest subsidy for exporters till March 2010

Public sector lender, Bank of India (BoI), has slashed its deposit rates by 0.25-0.5 per cent across various tenures, effective from Monday.

BoI trims deposit rates by 0.25-0.5%

Following the RBI&rsquo;s restriction on banks to issue guarantees for bonds, Indian companies which were looking to raise large amounts from the market on the back of such comfort (bank guarantee) will have to rework their plans.

Higher interest on bonds sans  bank guarantees

In a bid to inculcate savings habit among the school children, Andhra Bank has decided to launch a drive to encourage opening of kiddy bank accounts, a savings scheme of the bank exclusively meant for the children.

Andhra Bank plans drive for kiddy bank accounts in state

Axis Bank, a leading private sector bank, plans to raise capital worth Rs 3,000 crore in the FY 2009-10 through tier I and II debt instruments to shore up its capital adequacy ratio.

Axis Bank to raise Rs 3,000cr via debt instruments

As part of its expansion plans, the Union Bank of India will set up 67 new branches across Maharashtra during the current financial year. The public sector bank will focus on small and medium enterprises (SME) segment for lending purpose in Maharashtra and believes the same would help it generate excellent revenue.

Union Bank to open 67 branches in Maharashtra

State-run, Dena Bank today revised interest rates on foreign currency non-resident (bank) account deposits and non-resident external term deposits with immediate effect.

Dena Bank revises interest rates on foreign currency deposits

The government is set to appoint three new Chairman and Managing Directors (CMD) for the various public sector banks in the current fiscal.

Three PSU banks to get new bosses this fiscal

Jammu &amp; Kashmir Bank today reported 32 per cent jump in net profit at Rs 78.68 crore for the fourth quarter ended March 31, 2009, on the back of high interest income and other earnings.

J&K Bank Q4 net up 32% at Rs 79 cr

The country's largest lender, State Bank of India (SBI), today said it has increased its stake to 55 per cent in joint venture Nepal SBI from 50 per cent earlier.

SBI raises stake in Nepal JV to 55%

Shikha Sharma today took charge as the Managing Director and Chief Executive Officer (MD &amp; CEO) of India&rsquo;s third-largest private sector lender Axis Bank. Earlier in the day, her nomination was approved by shareholders at the bank&rsquo;s annual general meeting in Ahmedabad.

Shikha Sharma takes charge at Axis Bank

Punjab National Bank (PNB) plans to open 46 new branches in Orissa in 2009-10. Out of these 46 branches, the bank has got the approval to set up its branches at Sonepur, Aska, Kendrapara and Nayagarh and these branches are expected to be opened soon.

PNB plans 46 branches in 2009-10

Spice Finance, the financial services arm of the $1.5-billion BK Modi Group, has entered into a joint venture with Singapore-based 3 Degrees Asset Management to set up a special situations private equity (PE) fund to invest in distressed assets in Southeast Asia and India.

Spice Finance and 3 Degrees Asset Management unveil PE fund

When financial stocks slumped in February to the lowest level in at least 17 years, US Federal Reserve Chairman Ben S Bernanke told Congress the government might end up owning &ldquo;substantial&rdquo; stakes in the country&rsquo;s biggest banks.

Citigroup stuck with Bernanke offer rival banks plan to refuse

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