The Reserve Bank of India (RBI) heads into it&rsquo;s mid-term quarterly policy review on Monday, against a fairly challenging domestic and global economic backdrop.

50-bp cut in rate needed

Business Standard

After raising $4.5 million (Rs 25.08 crore) from Accion and Pragati India fund, microfinance company Saija Finance Ltd is looking to expand its business and product portfolio through acquisitions.

MFI Saija Finance gets $4.5-mn investment

financial companies on payment of a specified amount and are used for purchasing goods and services from limited outlets.

RBI on pre-paid cards

Press Trust of India

The European Central Bank said it can&rsquo;t release files showing how Greece may have used derivatives to hide its borrowings because disclosure could still inflame the crisis threatening the future of the single currency.

ECB against releasing Greek swap files

Indian companies have raised a whopping Rs 2.54 lakh crore through private placement of debt securities or bonds in 2011-12 &mdash; the highest level in nine years, says a report.

India Inc taps Rs 2.54 lakh cr via private placements of debt 

Indian banks are unlikely to see a surge in non-performing assets (NPAs) despite uncertainty in the macro-economic environment, says Chanda Kochhar, managing director and chief executive officer of ICICI Bank Ltd.

'Shocks on asset quality of banks unlikely'

The government, along with major financial regulators &mdash; the Reserve Bank of India and the Securities and Exchange Board of India (Sebi) &mdash; was working on a contingency plan to insulate the economy from the worsening Euro zone crisis, RBI Deputy Governor K C Chakrabarty said on Thursday.

Government, regulators working on Euro zone contingency plan

Even as the deficits on fiscal and current account fronts have been building up, it is highly unlikely that the country could witness the repeat of the 1991 economic crisis that was caused by similar factors, said Duvvuri Subbarao, Governor of the Reserve Bank of India (RBI) on Thursday.

1991-like state highly improbable: RBI Governor

The Excise and Service Tax Department, which was contemplating imposing service tax on the office of Comptroller and Auditor General (CAG), is having second thoughts about its proposal and has asked its officials to go slow in the matter, sources said on Thursday.

Tax on CAG: Officials told to wait

As a step to enhance flow of risk capital to Micro, Small and medium enterprises in IT sector, Small Industries Development Bank of India plans to collaborate with Indian IT firms to form a venture fund.

Sidbi plans to rope in Indian IT firms for VC Fund

Eight public sector banks operating in the state have faltered on achieving the Annual Credit Plan (ACP) for 2012-13, having unable to meet even 50 per cent of the stipulated target.

Eight PSU banks fail to meet credit target

With the Reserve Bank of India (RBI) allowing people to receive money more than twice a month from abroad, the companies facilitating transfer services are set to cash in, too.

Remittances seen crossing $70bn in 2012

The rupee rose on Friday helped by positive global cues, though trading could be range-bound as traders await the outcome of Greece elections over the weekend and the Reserve Bank of India policy decision on Monday.

Rupee gains on global cues volumes seen low

Reuters 

The rupee today rose by 14 paise to 55.66 against the dollar in early trade at the Interbank Foreign Exchange market as the American currency weakened against the Euro and other currencies overseas.

Rupee up 14 paise to 55.66/dollar

Rupee trading at 55.67/68, near the day's highs, tracking higher domestic stocks and a rally in global risk assets. The pair closed at 55.80/81 on Thursday.

Rupee near day's high, stocks rally

The rupee rallied against the dollar on Friday, tracking robust gains in domestic stocks and global risk assets on optimism major central banks will step in to counter any adverse impact from Sunday's Greek elections.

Rupee gains, awaits Greece, RBI outcome

Days ahead of the RBI reviewing the interest rate, State Bank of India (SBI) today announced cut in lending rates between 0.5-3.5%, mainly for the small and medium enterprises (SME) and the agriculture sector.

SBI cuts lending rates for MSME, agri by 0.5-3.5%

State Bank of India (SBI), the largest public sector lender in the country, reduced its loan rates for the agriculture and small &amp; medium enterprise (SME) sectors by 50-350 basis points.

SBI cuts SME, agri loan rates by 50-350 bps

To check the lack of servicing of life insurance policies originally secured by an agent who&rsquo;s quit his agency with an insurer-company or is dismissed by it, the Insurance Regulatory and Development Authority (Irda) has issued guidelines on servicing of such &lsquo;orphan policies&rsquo;.

New Irda rules on orphaned life policies

Andhra Bank has proposed to open at least five branches in southern Odisha districts, including three in Naxal infested Malkanagiri and Gajapati districts in this fiscal. While one branch is proposed to be opened at Malkanagiri, the other two branches will be set up at R Udayagiri and Mohana in Gajapati district. The proposed areas are identified as Naxal-infested and underdeveloped. &ldquo;We have proposed to open at least five branches in southern Odisha, the operating areas of our zone this year,&rdquo; said zonal manager (Berhampur) of Andhra Bank A B Rama Krishan Rao. The bank has no branch in Malkanagiri at present.

Andhra Bank to expand in Naxal infested areas

Microfinance institutions (MFIs) that work outside Andhra Pradesh have registered a growth in loan disbursement, while their counterparts focusing on the state have posted a decline.

MFIs report 15% contraction in loan book

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