Chennai-based public sector bank Indian Overseas Bank (IOB) has tied up with Alankit Assignment Ltd (AAL) to provide various tax related services at its select branches to its account holders and general public.

IOB ties up with AAL

Business Standard

Banks may see a boost in their fee-based income if the proposal for the alternative mode of payment for initial public offers (IPOs) that the Securities and Exchange Board of India (Sebi) put out last week goes through in its current form.

Banks see profits in Sebi`s new IPO payment system

It is set to get tougher for promoters to get away without repaying bank loans.

Tighter norms for wilful defaulters

Easing the norms for foreign currency loans, the Reserve Bank of India (RBI) has raised the spread for interest cost on trade credit.

RBI raises rates for trade credit

ICICI Bank today said it will float subsidiaries for undertaking wealth management activities in Canada and other markets even as it rolled out ICICI Group Global Private Clients for those with net worth of $1 million or more.

ICICI Bank plans arm for wealth management

ICICI Bank expects infrastructure boom will help banks post a 25 per cent expansion in their loan books in 2008-09, higher than the 
Reserve Bank of India's projection of a 20 per cent growth.

`Infra boom to fuel loan growth`

The Securities and Exchange Board of India (SEBI) and the Reserve Bank of India today announced the introduction of Exchange Traded Currency Futures.

Exchange-traded currency futures set to make debut

The Reserve Bank of India (RBI) today said it supported the initiative of public sector banks to acquire assets of ailing urban cooperative banks (UCBs) as it helps to clean up and strengthen the urban banking sector.

RBI backs state-run banks to buy UCBs

The growth of general insurance business has slowed down to 12.5 per cent in 2007-08 compared to 25 per cent in the previous financial year due to the end of pricing control on regulated businesses such as fire, motor and engineering from January 2007.

General insurance premium growth dips to 12.5% on detariffing

Integrated financial services group JM Financial on Thursday posted a 39 per cent growth in the consolidated net profit at Rs 45.77 crore for the quarter ended March 2008 compared with Rs 33.03 crore in the same quarter last year.

JM Fin Q4 net up 39%

The cooperative banking sector of the region suffered a huge jolt on Wednesday as the state CID succeeded in obtaining a police custody for the founder chairmen of the beleaguered Samta Sahakari Bank and Nirmal Ujwal Urban Cooperative Society in connection with the Rs 145.6 crore scam.

Co-op bank chiefs in police custody

The State Bank of Hyderabad-sponsored Deccan Grameena Bank is targeting a business of Rs 3,200 crore even as it plans to expand its branch network during the current financial year, said bank's chairman G Subrahmanyam.

Grameen bank aims at Rs 3,200-cr business

The Department of Post (DoP), which is poised for a face lift with new schemes in its kitty today said it is in talks with Deutsche Postbank to enter into housing loan business.

Indian Post-Deutsche Postbank in talks

Press Trust of India

In a move that may take some sheen off derivative deals, the Reserve Bank of India (RBI) today proposed to increase the provisioning requirements for banks for off-balance sheet items such as forex and interest-rate derivatives and gold trading.

RBI tightens norms for derivative deals

The Reserve Bank of India's Internal Working Group has voiced its dissent against introducing administered interest rate regime for giving loans to small and micro enterprises.

RBI group against controlling rates on SME loans

An increasing number of companies are outsourcing superannuation, gratuity and leave encashment programmes of their employees to insurance companies.

Insurers rake in moolah as outsourcing rises

Making a strong case for freeing micro and small enterprises (MSEs) from the clutches of private money lenders, Finance Minister P Chidambaram on Saturday reminded the banks that they are duty-bound to lend to the sector.

Banks are duty-bound to lend to MSEs: FM

Making a strong case for freeing micro and small enterprises (MSE) from the clutches of private money lenders, Finance Minister P Chidambaram today reminded the banks that they are duty-bound to lend to the sector.

FM asks banks to free MSEs from money lenders

The entire banking sector may have to make a provision of around Rs 800-1,000 crore in their trading portfolio of government securities for the quarter ended March 31, 2008. 


Banks` provision for gilts may be Rs 1,000cr

Concerns on inflation and fading hopes of a cut in interest rates pulled down the prices of government securities across maturities by 20-30 paise on the closing day of the financial year 2007-08. 


Bonds set for biggest monthly loss since June 2006

Indian Bank has crossed Rs 1 lakh crore business as of March 31, 2008, the Chennai-based bank said in a statement today. The bank is gearing up to provide a variety of value-added services to

Indian Bank biz crosses Rs 1 trillion

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