The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy-holders to nominate &#34strangers&#34 (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.

IRDA opposes LIC`s move to nominate `stranger` nominees

Business Standard

Micro finance penetration in the eastern part of the country was second highest in the country, and was growing at the rate of 82 per cent annually, the fastest growth rate in India, according to a study by Chennai-based Centre for Micro Finance (CMF).

Micro finance growing at 82 per cent

China's insurance regulator has allowed two more commercial banks to sell insurance policies, putting them along with four other banks providing the service in the rapidly burgeoning sector.

China allows 2 more banks in insurance sector

Press Trust of India

Yes Bank today said that its Chief Financial Officer Rajat Monga will assume full responsibility as&nbsp; President-Financial Markets.

Yes Bank announces change in management

The Union Cabinet today approved the merger of State Bank of Saurashtra with State Bank of India (SBI).

State Bank of Saurashtra to merge with SBI

Insurance major Max New York Life Insurance today expressed hope that the UPA government which has won the trust vote in Parliament will raise foreign direct investment cap in the insurance sector from 26 per cent to 49 per cent.

Max New York  hopes govt to raise FDI limit

State Bank of India employees today reacted angrily to the cabinet's clearance to the amalgamation proposal of State Bank of Saurashtra and State Bank of India and decided to hold a meet on July 31.

SBI unions to meet on July 31 on SBI-SBS issue

Government will bring changes in the law, redefining the powers of the RBI nominee director on the board of State Bank of India.

RBI director's power on SBI board to be redefined

Pending reforms in the banking sector, held up due to opposition from the Left parties, got a leg up on Thursday with the Union Cabinet&#39;s decision to issue an executive order to effect the merger of State Bank of Saurashtra (SBS) with its parent State Bank of India (SBI).

SBI merger gets going, finally

&nbsp;Seek new credit lines, buy dollars.
&nbsp;Global crude oil prices have dropped 14 per cent in less than a fortnight, but the three public sector oil marketing companies (OMC) could still end up borrowing more in the domestic market and put further pressure on liquidity.

Oil firms still hunt for cash

India has been ranked poorly, even below African countries such as Kenya and Morocco, in the first-ever Index of Financial Inclusion (IFI) prepared by a New Delhi-based think-tank to find out the extent of the reach of banking services in 100 countries worldwide.

India ranks low in financial inclusion: Icrier

Reserve bank is likely to finalise guidelines on mobile banking within two weeks that would enable banks to roll-out mobile-based payment services to their customers, a senior RBI official said today.

RBI to issue final guidelines on mobile banking

IDBI Capital Market Services is set to start a Credit Information Bureau in association with credit rating agency CARE.

IDBI Capital to start credit information bureau

In line with its plans to expand in rural areas, public sector lender Allahabad Bank today announced the opening of its new branch in Hoshiarpur, which is 47th branch of the bank in Punjab.

Allahabad Bank opens new branch in Hoshiarpur

Aggressive marketing by credit card issuing banks may bounce back on them with the Reserve Bank making it clear that the banks will have to pay a penalty for harassing customers over misuse of unsolicited cards.

Misuse of unsolicited credit cards to be penalised

Karur Vysya Bank's net profit during the first quarter of 2008-09 dropped by 56 per cent to Rs 30.54 crore from Rs 47.95 crore for the same period last year.

Karur Vysya Bank's net dips 56% at Rs 30.54 cr

Public sector lender Punjab National Bank will exit from its primary dealership subsidiary PNB Gilts Ltd by selling its entire 74 per cent stake.

PNB to exit from PNB Gilts

Life Insurance Corporation (LIC) will not partner with GE Money for its proposed foray into credit card business following huge loss reported by SBI Cards &amp; Payment Services Private Ltd, in which

LIC walks out of credit card venture with GE

Punjab National Bank has taken a hit of nearly Rs 150 crore on account of marked-to-market (MTM) losses on its bond portfolio for the quarter ended June as yields shot up due to rising inflation and

PNB takes Rs  150-cr MTM hit on bond portfolio

The Reserve Bank of India is likely to finalise guidelines on mobile banking within two weeks that would enable banks to roll out mobile-based payment services to their customers, a senior RBI

Final norms on m-banking in two weeks

Indiabulls Fin net up 28% to Rs 149 cr
Indiabulls Financial Services, one of the leading NBFCs, posted a net profit of 28 per cent at Rs 148.9 crore in the first quarter of FY08-09 compared to Rs

Indiabulls, Emkay & JM Financial Q1 results

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