Global rating agency Standard &amp; Poor's (S&amp;P) today said bad loans of Indian banks may increase further due to sluggishness in the economy coupled with high interest rate regime.

Indian banks' asset quality may deteriorate further: S&P

Press Trust of India

It had posted a net profit of Rs 64.28 crore for the same quarter last fiscal, SBM said in a filing to the BSE.

State Bank of Mysore Q1 profit down 38% at Rs 40 cr

Polaris Financial Technology on Wednesday said Uganda-based Housing Finance Bank has chosen it to deploy Polaris core banking solutions. The bank holds around 60 per cent of all Ugandan mortgage accounts.

Polaris Financial in deal with Ugandan bank

Business Standard

Small Industries and Development Bank of India (Sidbi) has projected 17 per cent growth in micro, small and medium enterprises (MSME) lending at Rs 62,000 crore during the current financial year. During 2011-12, Sidbi&rsquo;s outstanding credit to the sector stood at Rs 53,785 crore.

Sidbi pegs MSME credit at Rs 62,000 cr in FY13 

PTI Fitch on Wednesday said RBI proposals on treatment of restructured loans would increase transparency and be positive for the Indian banking system amid economic slowdown.

RBI proposals on loan recast will increase transparency: Fitch

India's wellness industry has been a lucrative investment destination for private equity (PE) funds during the last few years and leading companies in this segment are likely to continue tapping these funds for domestic and foreign acquisitions. Beauty and wellness major Vandana Luthra Curls and Curves (VLCC) and homeopathy chain Dr Batra's Positive Health Clinic are among those looking to access PE funds for inorganic expansion.

Wellness firms eye PE route to fund buyouts

The Reserve Bank of India (RBI) might ease some norms for microfinance companies to ease the burden of provisioning in the Andhra Pradesh loan portfolio, said a senior RBI official.

Provisioning burden relief likely for MFIs

Qualcomm Ventures, the venture capital arm of chip maker Qualcomm, plans to increase the pace of its investments in India. The company, which has invested in about 10 technology ventures in the country, feels the sky-rocketing mobile penetration is a window of opportunity.

Qualcomm Ventures to invest more in India

To increase exposure in research and development, the Export Import Bank of India (Exim Bank) has decided to utilise Rs 2,000-crore fund in research activities for the pharma sector.

Exim Bank to implement Rs 2,000-cr pharma research fund

China might refrain from stepping up its monetary stimulus or increasing spending because measures now in place are sufficient to support growth, the International Monetary Fund&rsquo;s top official in the nation said.

China downside risk significant: IMF

After two years of negotiations, the Reserve Bank of India is set to allow HSBC to acquire 23 of the 31 branches in India of Royal Bank of Scotland.

HSBC to finally get 23 Royal Bank of Scotland branches

Overnight call money rates on Wednesday fell below the policy rate, or the rate at which banks borrow from the Reserve Bank of India (RBI), currently at eight per cent.

Call rate slips below policy rate on liquidity comfort

Clearing the decks for the Insurance Regulatory and Development Authority (IRDA) to come out with initial public offering guidelines for general insurers, a Securities and Exchange Board of India (Sebi) appointed panel has suggested outlining risk factors in the offer document, including returns from their investments.

'Insurers must outline risks in IPO document'

Bank credit shrank by Rs 36,400 crore in the fortnight ended July 13, the first fortnight after the quarter ended June.

Bank credit shrinks in fortnight but grows 17.7% annually

Private sector lender YES Bank said its net profit for the quarter ended June 30 grew 34.3 per cent year-on-year to Rs 290 crore, on the back of healthy growth in non-interest income. The bank&rsquo;s non-interest income surged 74 per cent to Rs 288 crore during the period. Net interest income, or the difference between interest earned and interest expended, expanded 33.3 per cent to Rs 472 crore. Net interest margin remained stable at 2.8 per cent.

YES Bank Q1 net profit up 34%

Lower provisioning and a modest growth in net interest income helped Bangalore-based public sector lender Vijaya Bank register robust growth of 54.2 per cent in net profit, at Rs 111 crore, for the quarter ended June 30, compared with Rs 72 crore a year earlier. The total income of the bank for the quarter increased 18.7 per cent to Rs 2,320 crore, compared with Rs 1,953 crore reported in the corresponding period last year. The operating profit declined 20.4 per cent to Rs 259 crore against Rs 325.5 crore reported in the year-ago period.

Vijaya Bank net up 54%

The rupee today rose by 13 paise to Rs 56.03 against the dollar in early trade, snapping four sessions of losses, on the Interbank Foreign Exchange, as the American unit weakened against euro and other currencies overseas.

Rupee rises 13 paise to Rs 56.03/dollar

The rupee is likely to rise to 54 or higher by December and to rise further to 53 by March 2013, according to an RBS survey of over 130 market participants.

Rupee seen rising to 54 or higher by Dec: RBS

Reuters 

Foreign fund Macquarie Bank today offloaded a total of 1.24 crore shares in six companies including MTNL, BEML and Orchid Chemicals for Rs 75 crore through open market transactions.

Macquarie Bank sells shares worth Rs 75 cr in 6 cos

Lloyds Banking Group has received subpoenas from government agencies investigating interest rate rigging, dragging the biggest mortgage lender in Britain deeper into a scandal that has rocked the industry and thrown rival Barclays into turmoil.

UK's Lloyds pulled deeper into Libor probe

Non-banking finance company, Shriram Transport Finance Company (STFC), is planning to expand its presence in the rural markets (villages with around 10,000 population) and expects to garner around 5 per cent of its total business from this segment by the end of this financial year.

Shriram Transport to up rural presence

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