We are in the midst of a crisis caused by so many financial institutions borrowing too much money. Somehow, a critical mass of policy makers now believes that the correct response is for the US government to borrow too much money.

Trillion-dollar spree is road to ruin, not rally

Business Standard

Funds being used to meet working capital needs: Bankers.

Banks yet to ease credit flow to finance firms

Acknowledging customer complaints on delay in collection of dollar-denominated cheques, the Reserve Bank of India asked all urban co-operative banks to revamp their cheque collection system and pay interest in case of delay.

Pay interest for delay in $-denominated cheques: RBI

Press Trust of India

With domestic companies not going for big-ticket overseas acquisitions, outward foreign direct investment (FDI) grew 5.4 per cent to $3.13 billion during the second quarter of the current financial year, as against $2.97 billion in the corresponding period last year.

Outward FDI in Q2 rises 5.4%

Call rate hits a low of 2.25 per cent, banks flush with funds.

No liquidity pressure seen in Q4

Recovery of bad debts in corporate portfolio helped the bank to offload a substantial portion of its non-performing assets (NPAs) during the quarter. The gross NPAs for the period were recorded at Rs 263.59 crore, almost 36 per cent lower as against Rs 411.41 crore in the corresponding period last year.

IndusInd Bank Q3 profit jumps 80%, recovers NPAs

Bajaj Finserv On Thursday reported a net profit of Rs 12.29 crore for the December quarter, as against a loss of Rs 50.76 crore in the corresponding period last year despite a fall in income.

Bajaj Finserv reports first profit

Capital market regulator Securities and Exchange Board of India (Sebi), which was investigating insider trading charges against Satyam&rsquo;s promoters and some institutional investors, has widened its inquiry to cover the role of banks and the internal auditor in Satyam, according to a Sebi official.

Satyam scam: Banks, internal auditor under Sebi scan

Bank of America Corp, the biggest US bank by assets, may get more aid from the government to help absorb losses tied to this month&rsquo;s acquisition of Merrill Lynch &amp; Co, three people familiar with the matter said.

BofA may get US aid for Merrill Lynch purchase

This is 28.57 percent higher than Rs 8944.2 crore projected for 2008-09. Earlier, Nabard had assessed the potential linked credit requirement of the priority sector in the state at Rs 9959.22 crore for 2009-10 in its state focus paper. But following discussions of Nabard chairman, UC Sarangi with the state officials, the credit projections were revised upward.

Nabard hikes credit target 28%

Bankers On Thursday told the Reserve Bank of India (RBI) that they may not be able to reduce deposit rates substantially as they fear depositors shifting from banks to small savings instruments such as postal deposits and public provident fund (PPF).

Steep deposit rate reduction difficult, bankers tell RBI

The Indian rupee appreciated 26 paise against the US currency today in early trade on dollar selling by banks amid hopes of firm opening on the Indian stock markets in line with better trends at other Asian bourses.

Re turns stronger; gains 26 paise vs $

UCO Bank today said it will raise Rs 1,400 crore from debt in the next three months.

UCO Bank to raise Rs 1,400 cr from bonds

The Reserve Bank of India (RBI) may not go in for key policy rate cuts in its quarterly policy review slated for January 23, said a senior finance ministry official.

RBI may not cut rates in policy review: Finmin

Federal Bank today reported a 98% increase in net profit at Rs 203.89 crore for the third quarter ended December 31, 2008, as compared to Rs 102.92 crore for the same period a year ago.

Federal Bank Q3 net up 98% at Rs 203 cr

The country's top housing finance provider HDFC today announced a lower interest rate of 9.75 per cent for new loans up to Rs 30 lakh -- bringing the rates to lowest level in about three years.

HDFC offers home loans at 9.75% for up to Rs 30 lakh

Ailing US banking giant Citigroup today reported a fourth-quarter net loss of $8.29 billion or $1.72 per share, wider than market expectations.

Citigroup posts $8.29 bn Q4 loss, plans biz split

Financial service provider Citigroup today said its Asia operations suffered a loss of $371 million for the fourth quarter in 2008 and continued deterioration in the Indian markets pushed credit costs higher.

Citi loses $371 mn in Asia; sees higher credit costs in India

India&rsquo;s foreign exchange reserve declined by $481 million to $254.76 billion in the week ended January 9, 2009, mainly due to revaluation of currency.

Forex reserves dips $481mn at $254.76bn

India stands top among South Asian countries in pension coverage to its older people, according to a joint report by the World Bank and the Organisation for Economic Cooperation and Development (OECD).

India tops South Asia in pension coverage

In its fourth-quarter earnings review, Citi estimated its total net credit losses (NCL), or the monetised value of bad debt, from the international consumer credit business, comprising cards and consumer banking, at $1.6 billion. Of this, India&rsquo;s share in the fourth quarter NCL was estimated at 7.8 per cent or $124.8 million (around Rs 610 crore).

India spoils Citi consumer banking show

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