Almost a year after the failed attempt to rope in a strategic partner in IFCI, the government has started playing a more proactive role in the management of the non-banking finance company.

Centre tries to tighten its grip over IFCI

Business Standard

State-owned Punjab National Bank may cut its interest rates further if inflation continues to fall, Chairman K C Chakrabarty said today.

PNB may cut rates further if inflation continues to fall

Nomura Holdings, the largest Japanese securities firm, launched its equity sales, trading and investment banking operations in India though its subsidiary Nomura Financial Advisory and Securities.

Nomura Holdings launches investment banking in India

The Reserve Bank of India (RBI) has worked out the roadmap for the Indian banks to graduate from the simpler approaches of the Basel II framework to more advanced ones.

RBI releases advanced Basel roadmap for banks

The Indian rupee today firmed up further by nearly four paise to 48.73/74 in the early trade due to recovery in stock markets amid weak $ overseas.

Re moves up further by four paise vs $ in early trade

Press Trust of India

Exporters finding it difficult to access foreign currency loans need no longer despair, as the Reserve Bank has raised the interest rate ceiling at which banks can raise export credit in the global market.

RBI eases rules on access of forex loans by exporters

Gearing up to face a difficult financial year, the Reserve Bank of India (RBI) today said it will explore all options to maintain comfortable liquidity position, while managing government's borrowing programme in a &quot;least disruptive manner&quot;.

RBI to provide sufficient liquidity to fuel growth

State Bank of India (SBI), the country's largest public sector lender, today said it will install 150 biometric ATM machines across Gujarat by the end of March this year.

SBI to install 150 biometric ATMs in Guj by March-end

The Royal Bank of Scotland (RBS), which has been propped up with taxpayers' money, has restructured its board, with seven directors moving out today itself.

Seven directors move out from RBS board

Punjab National Bank (PNB), the country&rsquo;s third largest lender, has launched a global credit card in association with payment gateway firm VISA. The PNB credit card will be available at 84 centres initially and has no joining fee, renewal fee, annual fee and fuel surcharge, the bank said.

PNB launches credit card

State Bank of Travancore (SBT) is introducing special loan schemes, offering loans at an interest rate of 8 per cent per annum, to assist the micro, small and medium enterprises (MSMEs) segment.

SBT floats new loan schemes for MSMEs

After three weeks of fall, India&rsquo;s foreign exchange reserve rose by $990 million to $248.611 billion during the week ended January 30, 2009, mainly due to revaluation in the foreign currency assets and gold reserves.

Forex reserve up by $990 mn

Public sector banks (PSBs) could see higher pressure on their net interest margins (NIMs) in the coming months as they have mopped up large amounts of deposits at higher rates and have also effected steep cuts in lending rates between November 2008 and January 2009. NIM is the difference between the cost of funds and the yield on advances.

Govt banks to see higher pressure on margins

While predicting a more difficult next financial year, Reserve Bank of India (RBI) Governor D Subbarao today said the government and the central bank could take more measures to sustain growth and maintain adequate liquidity in the system.

More measures, if needed: Subbarao

The country&rsquo;s largest insurer Life Insurance of India (LIC) has raised its stake in diesel and natural gas engines maker Cummins India to 5.42 per cent through open market purchase for Rs 19.06 crore.

LIC increases stake in Cummins to 5.42%

The National Stock Exchange, Multi-Commodity Exchange and the Bombay Stock Exchange will soon have a new competitor in the currency derivatives segment with the newly-promoted United Stock Exchange of India (USEIL) all set to launch trading operations over the next 10 weeks.

USEIL gets approval to begin trade in currency derivatives

Three banks, two in California and one in Georgia, were seized by regulators, bringing this year&rsquo;s tally of closings to nine as a recession and record foreclosures extend the biggest financial crisis in more than 70 years.

3 US banks shut by regulators as financial crisis deepens

Public sector banks have seen a smaller build-up in bad debt during the last nine months, with the increase confined mainly to the housing and real estate segments.

Bad debts of state-owned banks under check

&quot;Our premium growth over the period has been over 20 per cent each. This year we are targeting Rs 1,75,000 crore (total premium). At 20 per cent, means in three years time, it will increase to Rs 3,00,000 crore,&quot; LIC Chairman T S Vijayan said.

LIC aims Rs 3 lakh cr biz by March 2012

Tata AIG General Insurance is planning to launch a slew of motor insurance products in the next few months.

Tata AIG to launch motor insurance products

The industry collected a total premium of Rs 1,31,400 crore till December 31, 2008, as compared to Rs 1,13,000 crore in the year-ago period, the Life Insurance Council said.

Life insurance industry aims 20% growth in FY09

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