The latest round of interest rate cuts began today with Punjab National Bank (PNB) and IndusInd Bank announcing reductions in their benchmark prime lending rates (BPLRs) by 50 basis points (bps) and 25 bps respectively.

PNB, IndusInd cut interest rates further

Business Standard

The Reserve Bank of India (RBI) on Friday issued draft guidelines to regulate prepaid payment instruments (PPIs).

RBI to tighten noose around prepaid products

The moderation in credit offtake and the deployment of resources to mop up government securities seem to have slowed down the pace of money in circulation.

Money supply growth dips to 18.7 per cent

India&rsquo;s foreign exchange reserve fell by $4.56 billion to $247.62 billion during the week-ended January 23, 2009 mainly due to revaluation of assets and heavy pullout by foreign institutional investors (FIIs).

Forex reserves shrink $4.5 billion

Two public sector lenders, Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC), have posted over 80 per cent increase in net profit in the third quarter ended December 31. The good show is mainly due to higher income from loans and treasury operations.

PNB net profit jumps 86% to Rs 1,006 crore

HDFC ERGO General Insurance is will recruit 500 staffs and increase its agent network five times next fiscal, as it plans to focus on the retail business.

HDFC ERGO Gen Ins to focus on retail segment

The subprime mortgage crisis is giving department and convenience stores and gas stations a new argument in asking Congress for power to negotiate the fees banks charge them to process credit-card

Retailers target banks over credit-card fee

The Union Government&rsquo;s recent approval to the insurance Bill, which proposes, among other things, to raise the cap on foreign direct investment (FDI) to 49 per cent from 26 per cent for private

FDI cap increase may bring in Rs 7,000 cr to insurance sector

The rupee is likely to strengthen against the dollar on Monday because banks may sell the greenback, expecting local share indices to open firm tracking US stocks.

Rupee likely to rise on dollar-selling by banks

The rupee opened 10 paise weaker and fell against the US $ in early trade today due to increased demand for dollars from importers.

Re falls 10 paise vs $ in opening trades

Press Trust of India

State Bank of India (SBI) has planned to expand operations in the Andaman &amp; Nicobar (A&amp;N) Islands to boost the Union Territory's economy, an official of the bank said.

SBI to expand presence in A&N Islands

The Orissa State Cooperative Bank (OSCB) has failed to achieve its crop loan target during the kharif-2008 in the state.

OSCB fails to achieve crop loan target

While asking all members to fall in line and lower interest rates on bulk deposits, Indian Banks&rsquo; Association (IBA) On Monday said further reduction in term deposits rates for retail customers

Further deposit rate cuts only after inflation falls, says IBA

The Reserve Bank of India (RBI) has relaxed lending norms for tier-II urban co-operative banks (UCBs), making it easier for them to lend to commercial real estate and non-banking finance firms

RBI eases lending norms for urban co-op banks

Issuance of certificates of deposit(CDs) rose On Monday because banks rushed to raise funds noting the sharp fall in rates of such papers since last week.

Banks queue up for CDs

Say cost of funds too high to lower lending rates.

Home loan firms not to cut rates

In what may be a pointer to the industrial output in November, ABN Amro&rsquo;s Purchasing Managers&rsquo; Index (PMI), a gauge for the manufacturing sector performance, has suffered its first

Manufacturing output may drop in Nov: Survey

The Reserve Bank of India (RBI) has asked banks to act on the basis of local rules when sanctioning loans for farmers to build houses on agricultural land.

Go by local rules to give loans for houses on farm land: RBI

Insurance companies are entering the least-explored domain of fine arts insurance.

Iffco Tokio ventures into vintage cars, musical instruments insurance

Yields fell up to 5 basis points today as mutual funds stepped up buying corporate bonds, noting inflows into their schemes, dealers said.

Corporate bond yields fall on fund buying

National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 257 crore to the Orissa government under the 14th tranche of the Rural Infrastructure Development Fund (RIDF) for 2008-09

Nabard sanctions Rs 257 crore for state

Finance News: Latest investing news and finance headlines straight from Business Standard.

Page 2936 - Finance News