The state-owned company paid out 728 claims, amounting to Rs 713 crore during 2011-12, the highest since starting operations in 1957. During 2010-11, the total claims were Rs 621 crore, it said.

ECGC reports record claim payouts at Rs 713 cr

Business Standard

The Reserve Bank of India (RBI) on Wednesday released new guidelines for financial literacy and credit counselling centres after a study showed most of the existing centres were &ldquo;actually working as institutions of sponsor banks&rdquo;.

RBI revises norms for financial literacy

Wall Street bankers are bracing for another round of job cuts as a downturn in the global economy cuts into earnings from dealmaking, capital raising and lending.

On Wall Street, few places to hide as jobs axe hovers

Reuters 

The European Central Bank left interest rates on hold as the debt crisis tightens its grip on the euro-area economy, increasing pressure on policy makers to deliver further stimulus.

ECB holds interest rates 

Sequoia Capital India Pvt Ltd, one of the leading private equity funds in India with as much as $1.4 billion (around Rs 7,700 crore) under management, is planning a healthy exit from one of its earlier investments &mdash; Amalgamated Bean Coffee Trading Co Ltd, an arm of Coffee Day Group that runs the flagship coffee retailing chain, Caf&eacute; Coffee Day.

Sequoia to get 18% return on Cafe Coffee Day exit

Everstone Capital, an India-focused private equity funding entity with $1.5 billion (about Rs 8,300 crore) of assets under management across four funds, is understood to be aggressively looking to expand its portfolio in the logistics segment.

Everstone Capital eyes Bangalore logistics firm

Country's first automated teller machine (ATM) which can be operated independently by a visually impaired person, know as 'Talking ATM' was installed on Wednesday at the premises of the Blind People's Association (BPA) in Ahmedabad by the Union Bank of India (UBI).

Country's 1st 'Talking ATM' for blind set up in A'bad by UBI

The software &amp; services industry attracted the most investments in terms of deal volume (50 deals), with an aggregate deal value of $182.78 million.

A snapshot on PE activity & deals

The National Bank for Agriculture and Rural Development (Nabard) has sought clarity from the Uttar Pradesh government on the latter&rsquo;s farmers&rsquo; debt waiver scheme.

Nabard seeks clarity on UP farmers' debt waiver

The Life Insurance Corporation (LIC) of India has come under the scanner in Chhattisgarh for allegedly committing serious financial irregularities in a scheme meant for poor people.

LIC under scanner in Chhattisgarh over financial irregularity

The rupee today appreciated by 18 paise to 55.18 against the dollar in early trade on the Interbank Foreign Exchange market, following a rising trend in the equity market and selling of the American currency by exporters and banks.

Rupee up 18 paise to 55.18/dollar

Press Trust of India

The rupee strengthened further on Thursday afternoon, breaking below the 55 per dollar mark as inflows from custodian banks continued with equity markets staying firm, while a foreign bank was spotted selling dollars, traders said.

Rupee breaks below 55/dollar, hits 2-week high

Country's largest lender, State Bank of India (SBI), has decided to cut interest rates on retail term deposits by 25 bps for tenures up to 240 days.

SBI cuts deposit rates by 25 bps 

Banks have logged growth of 24.59 per cent in credit flow to the MSME (micro, small &amp; medium enterprises) sector in 2011-12. Total advances to the sector stood at Rs 2812.48 crore in last fiscal.

MSME credit flow grows 25%

State Bank of India (SBI), the country&rsquo;s largest lender, has reduced short-term retail term deposit rates by 25 basis points (bps), as liquidity in the system has improved.

SBI cuts retail deposit rates on better liquidity

The government is likely to extend K C Chakrabarty&rsquo;s tenure as deputy governor of the Reserve Bank of India (RBI) by two years.

K C Chakrabarty may get 2-yr extension as RBI dy governor

India&rsquo;s private lenders, ICICI Bank and YES Bank, on Thursday signed a collaborative deal with the Export-Import Bank of Malaysia Berhad (Exim Bank) to enhance trade, especially palm oil, between the two countries.

ICICI, YES Bank ink deal with Exim Bank of Malaysia 

Seeking top priority for economic growth, chief economic advisor Kaushik Basu today said the Reserve Bank of India (RBI) should cut the key interest rate further to give a push to sagging growth this financial year.

'Rate cut will boost growth'

The Union Cabinet on Thursday allowed capital infusion of Rs 632 crore in the cash-hungry regional rural banks (RRBs), and decided to extend this scheme of capitalisation for two more years for state governments to contribute their share.

Cabinet allows Rs 632-cr capital infusion in RRBs

The rupee extended its gains today on the back of foreign fund inflows and dollar weakness, with a rate cut in China in late trade further boosting a revival in global risk sentiment.

Rupee gains as global risk appetite improves

The rates on short-term debt instruments like certificates of deposits (CDs) and commercial papers (CPs) have fallen by 25-30 basis points across tenures, as markets expect reduction in policy rate this month.

Short-term rates fall on hopes of rate cut

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