After a gap of six to eight months, public sector banks (PSBs) have geared up to establish 60,000 more Automated Teller Machines (ATMs) across the country over the next two years. The state-owned lenders had put their ATM expansion on hold as a centralised outsourcing model was being worked out by a committee appointed by the government.

Govt banks to install 60,000 more ATMs

Business Standard

SKS Microfinance no longer wants to be known as an Andhra-based company. It has decided to shift its headquarters to Mumbai.

SKS shifts base to shed Andhra tag

Taking the benefit of higher interest rates and a weakening rupee, non-resident Indians (NRIs) sent $11 billion (nearly Rs 60,000 crore) home into bank deposits during 2011-12, three times more than in the previous year. In 2010-11, about $3.23 billion came as NRI deposits.

NRI deposit flows triple in FY12 to $11 bn

Canara Bank on Thursday reported a 7.7 per cent drop in net profit &mdash; at Rs 829 crore &mdash; for the fourth quarter ended March 31, 20112, compared with Rs 899 crore in January-March of last financial year. Total income grew 23 per cent to Rs 9,037 crore during the quarter as against the year-ago period.

Canara Bank net drops 7.7% on deposit cost

The fall in the rupee&rsquo;s value is in line with the weakness in the overall economy&mdash;the high current account deficit and the European crisis jolting the BSE Sensex.

Southward spiral

Fewer Indians seem to be going the old-fashioned way of writing out a cheque, opting instead for the more convenient electronic transaction.

Electronic transactions keep cheque deals under check

The number of outstanding credit cards in the country declined for the fourth straight year in 2011-12 even as private sector and foreign banks in India have started to expand this business aggressively for the last 12-18 months.

Credit card base shrinks more

India&rsquo;s economy was likely to witness a mild recovery during this financial year, despite several financial and external pressures that were strongly influencing the policy environment, said Subir Gokarn, deputy governor of the Reserve Bank of India.

'Economy likely to see mild recovery'

Axis Bank, the country&rsquo;s third largest private lender, said it will raise the minimum average quarterly balance by 20 times to Rs 10,000 from Rs 500 now on its students&rsquo; savings account (SBSTU) in metro and urban centres. &ldquo;We periodically review our charges and fee structures to stay in line with market practices and related changes.

Axis Bank ups minimum balance on savings a/cs

IL&amp;FS Financial Services Ltd (IFIN) and Life Insurance Corporation (LIC) will set up an infrastructure debt fund with a targeted corpus of $2 billion.

IL&FS, LIC to float $2-bn infrastructure debt fund

Funding costs for India&rsquo;s large non-banking financial institutions (NBFIs) could rise as the Reserve Bank of India&rsquo;s (RBI) new securitisation norms would hit the direct assignment transactions, a key fund-raising route for NBFIs, according to rating agency Fitch.

Funding challenges may rise for NBFIs: Fitch

Kerala-based Hedge Group launched its non-banking finance company (NBFC) &ndash; Hedge Finance &ndash; on Friday. The new vertical will mainly focus on the LAS (loans against securities) model rather than the traditional gold loan business.

Hedge floats NBFC arm

More than 10 players, including several international investment bankers, have expressed interest in conducting the proposed spectrum auction in the 1,800-MHz and 800-MHz band. Auctioneers can approach the Department of Telecommunications (DoT) till May 15 with their queries regarding the modalities on the sale of telecom spectrum. Already 11 companies are learnt to have informally intimated the government about their participation.

I-bankers line up for auctioneer's race

JPMorgan Chase &amp; Co's trading position that led to a $2-billion loss may call for increased Federal Reserve scrutiny of risk management as the central bank steps up its post-crisis supervision of lenders.

Firm's loss may call for more Fed supervision

JPMorgan Chase &amp; Co, the largest and most profitable US bank, had its credit grade lowered one level by Fitch Ratings, and Standard &amp; Poor&rsquo;s said it may follow after the bank revealed a $2 billion trading loss.

Fitch downgrades JPMorgan's rating 

Flourishing online purchase of gift items, especially jewellery and flowers, on auspicious occasions have prompted banks, along with existing e-retail marts, to jump into the discount business. Generally, banks and online retail companies take additional delivery and other administrative charges from customers to execute orders.

It's raining discounts for online shoppers

With trade ties between India and Pakistan beginning to normalise, state-run Punjab National Bank (PNB) plans to go tracing its roots. The nationalised lender has shown interest in opening a branch in Lahore, from where it started operations about 118 years ago.

Punjab National Bank wants to go to Pakistan in search of its roots

The total number of credit card- holders declined to 21% in 2011 in the country, though the number of premium card holders rose to 29%.

Number of credit cards drops 21% in India in 2011

Press Trust of India

Treasury officials see the rupee, which saw its all-time low level at closing last week, gaining strength and hovering in the 52.80-53.50 range against the dollar this week on the back of the recent measures taken by the Reserve Bank of India (RBI).

Bankers expect rupee to rise this week

State Bank of India (SBI), the country&rsquo;s biggest lender, eyes 50 per cent growth in home loans in 2012-13. The bank had lent Rs 2,214.30 crore in this segment in the previous fiscal in the Odisha circle, riding mainly on the boom in the realty market in the city that has not seen any slump despite sagging property sales in metros.

SBI eyes 50% growth in home loans

After some relief, rates on short-term debt instruments have crossed 10 per cent levels within a month as liquidity pressures have not eased despite inflows. Heavy weekly government borrowing and central bank&rsquo;s foreign exchange market intervention continue to weigh on liquidity in the system.

Short-term rates back to double digits on tight liquidity

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