Private sector lender Yes Bank today accounced a 50 basis point increase in its prime lending rate to 16.50 per cent, marking an upward revision in PLR for the second time in less than a month.

Yes Bank increases PLR by 0.5%

Business Standard

The merged entity between SBI Factors and Global Trade Finance (GTF) would be operational from next financial year.

SBI Factors to start operations in 2009

Bharti AXA General Insurance, today said it has received the certificate of registration by the Insurance Regulatory Development Authority to commence operations.

Bharti AXA general insurance gets regulatory nod

Press Trust of India

The government has accepted in-principle to gradually move from cash based to accrual basis of accounting, under which revenues and expenditure are shown in the books even when they are realised later, Controller General of Accounts said today.

Govt to shift to accrual system of accounting

Reliance Mutual Fund, whose assets under management dropped over 7 per cent in June, today said it has expanded operations in the United Arab Emirates.

Reliance Mutual Fund expands presence in UAE

Reliance Money, the broking and distribution arm of Anil Dhirubhai Ambani Group, today launched a new company along with Bahrain based Riyada Consulting, marking its foray into Saudi Arabia.

Reliance Money forays into Saudi Arabia

With rising interest rates and inflation taking a toll on home loan customers, banks are beginning to encourage them to partly prepay their loans.

Banks encourage prepayment on home loans, waive penalty

The changing perception about economic prospects is compelling Indian banks to put companies and sectors under stringent risk profile review.

Banks step up risk profile reviews

ICICI Bank, India&#39;s second largest commercial bank, has reported a 78 per cent increase in the level of its gross non-performing assets (NPAs) in its retail loan portfolio.

ICICI Bank`s gross retail NPAs up 78%

The merger between SBI Factors and Global Trade Finance (GTF) would be operational next financial year.

SBI Factors, GTF merger to be effective from 2009

The proposed joint venture of three state-run banks to open a bank in Malaysia has taken a new twist, with Indian Overseas Bank joining Bank of Baroda and Andhra Bank by replacing Punjab National Bank.

IOB joins Malaysian JV

Facing flak from courts for using brash "recovery agents" to extract dues from defaulters, banks and financial institutions have now started hiring private detectives to trace people evading loan repayments.

Banks engaging pvt detectives to trace defaulters

Private sector IndusInd Bank, has announced an attractive rate of interest of 10 per cent per annum for a period of 400 days on domestic term deposits.

IndusInd offers 10% interest for 400 days

Canara Bank has revised the interest rates on domestic term deposits for the period ranging from 91 days to 5 years and above with effect from July 5, 2008.

Canara Bank revises term deposit rates

Private sector lender ICICI bank today hiked its interest rates on Foreign Currency Non-Resident External (Banks) deposits and Non Resident External term deposits with effect from July 1.

ICICI Bank hikes rates on Foreign currency deposit

Country's largest lender State Bank of India today increased floating home loan rate by 0.5 per cent across all tenors with effect from June 27.

SBI raises floating home loan rate by 0.5%

Facing flak from courts for using brash &#34recovery agents&#34 to extract dues from defaulters, banks and financial institutions have now started hiring private detectives to trace people evading loan repayments.

Banks hire detectives to trace loan evaders

Reserve Bank of India Governor Y V Reddy has said the higher level of headline inflation may be difficult to avoid in the short term though central banks across the globe are according a top priority to "calm the nerves".

No escape from high inflation, says Reddy

Japanese financial services major Nomura group signed a non-binding memorandum of understanding (MoU) with Life Insurance Corporation last week to explore possibilities of expanding ties.

Nomura signs MoU for LIC Mutual Fund stake

Punjab National Bank (PNB) recently launched its seventh rural financial inclusion pilot project in Parasi village, near the state capital.

PNB on rural inclusion drive in Jharkhand

Public sector banks in Karnataka are taking up a smart card-based financial inclusion project in the state.

Banks plan smart route to financial inclusion

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