A Reserve Bank of India (RBI) panel on Wednesday recommended the 26-digit International Bank Account Number (Iban) format be used in Indian banks. A uniform system carrying information about transactions across banks can ensure accuracy and speed. Among others, Iban prevents credit from going to wrong accounts and facilitate straight through processing.

RBI panel moots uniform account number structure across banks

Business Standard

Riding on robust growth in fee income, YES Bank reported a 34.7 per cent year-on-year (y-o-y) rise in net profit at Rs 342 crore for the third quarter (October-December). The bank&rsquo;s total income rose 40.5 per cent to Rs 897 crore, while net interest income was Rs 584 crore, rising 37 per cent. Fee income grew 48 per cent to Rs 313 crore during the period. Net interest margin (NIM) was three per cent for the quarter, 10 basis points sequentially.

YES Bank net profit up 35% on fee income

Axis Bank Ltd has picked JPMorgan Chase &amp; Co and Citigroup Inc for a share sale to raise up to $1 billion, sources with direct knowledge of the deal said on Wednesday.

Axis Bank picks advisors for $1-bn share sale

Reuters

A day after telling management students here that inflation in the country remained high, Reserve Bank of India governor D Subbarao on Wednesday chose a different platform to deliver the same message.

High inflation hurting the poor: Subbarao

Darby Overseas Investments, the private equity (PE) arm of Franklin Templeton Investments, is gearing for two important exits. According to sources, Darby is set to exit from Amalgamated Bean Coffee Trading Co Ltd, which runs India&rsquo;s largest cafe chain, Cafe Coffee Day, and Bhoruka Power, a company engaged in renewable energy.

Darby to exit Cafe Coffee Day and Bhoruka Power

The euphoria over bonds turned out to be short-lived, with the Reserve Bank of India (RBI) deciding not to drop its guard against inflation.

Bond yields climb, rupee falls as RBI talks tough

The finance ministry intends to move the cabinet in two or three weeks with a proposal for a holding company to enable public sector banks (PSBs) to raise capital from the market, instead of these lenders looking to the government for capital infusion.

Holding company soon for PSBs

With initial public offerings (IPOs) few and far between last year, private equity (PE) investors relied on deals in the open market (55.16 per cent, against 29.16 per cent in 2011) and secondary sales (27.50 per cent, compared with 19.34 per cent in 2011) for exits.

Open market, secondary sales top PE exit routes in 2012

The Reserve Bank of India (RBI) has differed with the International Monetary Fund (IMF)&rsquo;s observation that there are some limits on the independence of the banking and insurance regulators of the country.

RBI joins issue with IMF on regulatory autonomy

A frustratingly slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply cut its outlook for world growth in 2013.
The World Bank forecast that global gross domestic product will inch up 2.4 per cent this year, from 2.3 per cent in 2012. In its last forecast in June, the bank projected global growth would reach 3.0 per cent in 2013.
Andrew Burns, lead author of the bank's Global Economic Prospects report, said that a

World Bank cuts growth outlook to 2.4% as advanced nations drag

Shriram Transport Finance plans to raise about Rs 1,000 crore through a public issue (debt issuance). The non-banking financial arm of the Rs 60,000-crore Shriram Group also plans to enter the rental business for vehicles and equipment.

Shriram Transport Finance to raise Rs 1,000 cr

In line with equity market, the Indian rupee recovered by three paise to quote 54.66 against the American currency in late morning trade today on renewed selling of dollars by banks and exporters amid sustained foreign capital inflows.

Rupee gains in late morning trade, at 54.66/dollar

Press Trust of India

Deutsche Bank research sees Sensex touching 22,500 by December&rsquo;2013. The &ldquo;India Equity strategy: 2013 Outlook&rdquo; unveiled by the Bank&rsquo;s Equity Research cell observes that it is all about government policy certainty.

Deutsche Bank study sees Sensex at 22,500 by Dec'13

Slow growth in deposits poses a threat to lending rate cut plans of banks, according to Indranil Sen Gupta, chief economist of Bank of America Merrill Lynch in India.

Slow deposit growth threats lending rate cuts

State Bank of India (SBI), the country&rsquo;s largest lender, and its associates plan to set up &lsquo;by-invitation-only&rsquo; branches under the &lsquo;Kohinoor&rsquo; brand in 20 cities to serve uber-rich clients and non-resident Indians (NRIs).

SBI plans 'by-invitation-only' branches in 20 cities

The government is likely to extend Reserve Bank of India (RBI) Deputy Governor Anand Sinha&rsquo;s tenure by two months.

RBI dy guv Anand Sinha may get 2-month extension

Slow growth in deposits poses a threat to lending rate cut plans of banks, according to Indranil Sen Gupta, chief economist of Bank of America Merrill Lynch in India. &ldquo;It is for this reason we expect the Reserve Bank of India (RBI) to OMO (open market operation) an additional Rs 32,000 crore by March 2013 atop Rs 1,28,900 crore fiscal year-to-date to improve liquidity,&rdquo; Sen Gupta wrote in his note to clients on Thursday.

'Slow deposit growth a threat to lending rate cuts'

Yashwant Sinha, Chairman of the Parliamentary Standing Committee on Finance and senior Bharatiya Janata Party (BJP) leader on Thursday said giving new banking licences to corporate houses was a very bad idea.

Giving banking licences to corporates a bad idea: Yashwant Sinha

Bank of America, the second-largest US bank by assets, fell 3.6 per cent to $11.36 at 11:56 am in New York in the Standard &amp; Poor's 500 index after fourth-quarter net income slumped 63 per cent to $732 million.

BofA declines as well

Yashwant Sinha, Chairman of the Parliamentary Standing Committee on Finance and senior Bharatiya Janata Party (BJP) leader on Thursday said the Reserve Bank of India (RBI) should not succumb to public and government pressure on the interest rate issue. &ldquo;If inflation remains stubborn, how does RBI find space to reduce the interest rate? The governor has to take a call, a difficult call, but has to keep the economic principle in mind,&rdquo; he said.

'RBI has to take a difficult call on rate reductions'

The Reserve Bank of India (RBI)&rsquo;s move to introduce a dollar-rupee swap facility to support banks&rsquo; incremental pre-shipment export credit in foreign currency (PCFC) is set to boost export credit.

Street welcomes RBI's dollar-rupee swap facility

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