Asian currencies declined this week, led by the Thai baht and rupee, as rising borrowing costs in Spain renewed concern over Europe&rsquo;s debt crisis and after the Federal Reserve ruled out further monetary easing.

Asian currencies drop this week as Spain reignites debt concerns

Business Standard

Public sector general insurance company New India Assurance has achieved Rs 10,000 crore premium collection mark for FY12 on the back of strong growth in motor and health insurance verticals, a top company official said.

New India Assurance premium collection at Rs 10,000 cr in FY12

Press Trust of India

Policy makers need to be cautious about the indirect effects of the euro zone&rsquo;s sovereign debt crisis on India, though the country&rsquo;s banks do not have a significant exposure to these according to the Reserve Bank of India (RBI).

No significant exposure to euro zone: RBI

The government needs to consider closing down loss-making branches of state-run banks and insurance companies, said DK Mittal, the country's banking secretary.

Bank branches in loss should be shut down: banking secy

Reuters 

For the first time in six years, fresh bank deposits have fallen over its previous year. A Hindu Business Line story says that deposits for year ended March 2012 saw incremental deposits of Rs 6.95 lakh crore as compared to Rs 7.15 lakh crore for the previous year.

Bank deposit growth rate falls despite higher interest rates

Private lender Dhanlaxmi Bank said in a press conference today that it has no plans to shut its branches or shrink operations to cut costs. It has, however, initiated other steps, like salary cuts, to control expenses, it said.

Dhanlaxmi Bank denies sell-off rumours

To popularise electronic transfer of funds, the Reserve Bank today allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.

RBI allows RRBs, cooperative banks to transfer funds online

Concerned over rising NPA, the government may ask state-owned banks to shut down branches and cut down on staff strength in loss-making units.

PSU banks may be asked to shut down loss-making branches

The Reserve Bank of India (RBI) has said it does not regulate or supervise the affairs of Sahara Credit Co-operative Society. The central bank&rsquo;s statement came in response to a complaint filed by a Mumbai-based investors&rsquo; group, Investors and Consumer Guidance Society, (ICGS). The group has challenged the statement and has written to the RBI governor and the central government on the provisions under which the cooperative society must seek an RBI licence.

Sahara co-op society not under us: RBI

Corporation Bank plans to expand its presence across the country rapidly, according to its CMD Ajai Kumar. To expand branch network in northern and western parts, especially in Gujarat, Rajasthan, Punjab and Haryana, 12 new zonal offices were opened recently, he said. Circle Office concept being introduced by the bank will hasten the decision making process. The bank proposes to open SME loan centres across the country and first such centre will be opened in Pune soon.

Corporation Bank plans expansion

The Union finance ministry has proposed that banks give their balance sheet to their respective audit committees at least two days before their boards of directors meet for finalising the results.

Ministry wants bank audit panels to get more time to vet earnings 

Banks are expected to report higher cost of funds for the fourth quarter of 2011-12, on account of tight liquidity conditions and slowdown in deposit accretion. Rising non-performing assets may also have an impact on net interest margins, say analysts.

High NPAs, cost of funds to weigh on bank margins in Q4

Private equity (PE) investments in older private sector banks in the country have started reviving.

'Consistent performance' draws PE investment to older private banks

More pain of job loss awaits employees of Dhanlaxmi Bank. As the Kerala-based private bank moves ahead with business consolidation and rationalisation, more heads are expected to roll.

Dhanlaxmi Bank set to cut more jobs

Indian companies filed for external commercial borrowings (ECBs) worth $2.6 billion (Rs 13,300 crore) in February for funding capital expenditure, acquisitions abroad and to repay old loans.

India Inc raised $2.6 bn via ECBs in February

To popularise electronic transfer of funds, the Reserve Bank of India (RBI) on Monday allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.

RBI allows  cooperative banks, RRBs to transfer funds online

The government may ask public sector banks and insurance companies to relocate or close loss-making branches as part of rationalisation.

Branches of loss-making PSU banks may be closed

The Reserve Bank of India (RBI) has cancelled the licence of Gujarat-based Shri Bhadran Mercantile Cooperative Bank, following deterioration in its financial condition and save the interest of depositors.

RBI cancels licence of Bhadran Cooperative Bank 

Breaking the trend of a dollar selling spree since September 2011, the Reserve Bank of India bought dollars worth $1.11 billion in February. It also sold $1.44 billion in the spot market in the same month to stem the slide in value of the rupee.

RBI buys dollars worth $1.11 bn in February

To absorb excess liquidity, the Reserve Bank has pegged the quantum of intervention through Market Stabilisation Scheme (MSS) at Rs 50,000 crore. Under the MSS, RBI, on behalf of government, absorbs liquidity by issuing Treasury Bills and/ or dated securities.

MSS ceiling fixed at Rs 50,000 cr for this fiscal

Independent Financial Advisors have come together to form a pan India body called Foundation of Independent Financial Advisors (FIFA). FIFA has been incorporated as a Section 25 (not-for-profit) company. Dhruv Mehta, Chairman of the Foundation said the foundation will function as a knowledge sharing platform for IFAs.

Financial advisors form national body

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