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

Press Trust of India

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

Business Standard

The Reserve Bank of India is likely to cut its repo rate for the first time in three years in an attempt to lift sagging economic growth, even as high oil and food prices remain a challenge to managing inflation, a Reuters poll showed.

RBI seen cutting repo rate for first time in 3 yrs: poll

Reuters 

State-owned Oriental Bank of Commerce (OBC) today slashed base rate or minimum lending rate by a marginal 10 basis points (bps) while fixed deposit rates on select maturities by up to 50 bps.

OBC cuts lending, deposit rates by up to 50 bps

Worsening external sector conditions have become a major reason for worry at the central bank, which is concerned about funding the current account gap, as foreign exchange reserves have depleted.

Glum external sector data worry RBI

Yields on the 10-year benchmark government security eased 11 basis points in the past week, as markets factored in expecations on the start of a monetary easing cycle.

Bond yields ease in run-up to RBI review markets hope for rate cut

Dream hillstation project Lavasa, near Pune, is now a millstone around lenders&rsquo; neck.

Lavasa turns into a bad dream for banks 

Mid-cap information technology (IT) services company 3i Infotech, formerly promoted by ICICI Bank, is in talks to divest a majority stake in Locuz Enterprise, a firm it acquired in 2008. This is being done as part of its corporate debt restructuring (CDR) plan to improve liquidity position.

3i Infotech for divesting majority stake in Locuz

India Factoring &amp; Finance Solutions Pvt Ltd, a joint venture of the state-owned Punjab National Bank (PNB), along with Malta-based FIM Bank Group, Italy- based Banca IFIS, and Blend Financial Services, Mumbai, is expanding its factoring services across Maharashtra and cities like Pune, Nashik, Nagpur and Aurangabad for entrepreneurs, small and medium enterprises (SMEs) and small-scale industries to provide much needed liquidity for their business.

India Factoring sets eyes on small and medium enterprises in Maharashtra

Microfinance Institutions Network (MFIN) today sought Reserve Bank of India&rsquo;s (RBI) intervention to enable micro lenders to collect their Rs 7,000-crore dues, which is stagnated since November 2010 in Andhra Pradesh.

MFIN seeks RBI's intervention to enable MFIs to collect dues

Federal Reserve chairman Ben S Bernanke called on regulators to stem risks from &quot;shadow banking&quot; operating beyond traditional oversight and favored steps to promote the &quot;resiliency&quot; of money market funds.

Bernanke sees need for more curbs on shadow banking

State-owned Oriental Bank of Commerce (OBC) on Tuesday slashed base rate or minimum lending rate by a marginal 0.1 per cent while fixed deposit rates on select maturities by up to 0.5 per cent.

OBC cuts lending, deposit rates by up to 0.5%

International Finance Corporation (IFC), a member of the World Bank Group, will invest $26.5 million in a supply chain company and a fund which focus on small and medium enterprises in low-income Indian states. The investment companies include Pragati India Fund and Snowman Logistics. Pragati India Fund is an investment vehicle focuses on small and medium enterprises in low-income Indian states.

IFC to invest $26.5 mn in Pragati India Fund 

Reliance Capital Trustee Company, a subsidiary of Anil Ambani Group's Reliance Capital, on Tuesday purchased 810,000 shares of Titagarh Wagons for Rs 27 crore through open market transactions. Reliance Capital Trustee Company bought 810,000 shares of Titagarh Wagons, a supplier of wagons and freight cars, for Rs 330.01 apiece, valuing the transaction at Rs 26.72 crore, according to bulk deal data available on the stock exchanges.

Reliance Cap trustee buys Titagarh Wagons shares 

The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 6,318.27 crore for various projects in Tamil Nadu and Puducherry during 2011-12, up by 47 per cent over the same period of previous year. During 2010-11 the banks' refinance was extended for crop loans at Rs 2,620 crore and for other short term purposes Rs 330 crore.

Nabard sanctions Rs 6,000 cr for 2011-12

Public sector lender India Overseas Bank (IOB) today said it is aiming a credit growth rate of 16-18% and a deposit growth rate of 18-20% in the current financial year.

IOB eyes 16-18% credit growth in FY13

The Reserve Bank of India (RBI) on Wednesday met various bankers to discuss the debt recast of Lavasa Corporation, which has now turned non-performing for them. On their part, the bankers made a request to the regulator for a special dispensation in terms of lower provisioning even after the debt recast.

Lavasa plays infra card to get RBI leeway on debt recast

Slow growth in disbursement of loans to the priority sector has been a drag on the overall credit expansion of banks in the just concluded financial year.

Slow growth in priority sector loans drags FY12 credit expansion

After the global financial turmoil, the Indian economy recovered to grow at 8.4 per cent in 2010-11. But in the same year, foreign direct investment (FDI) flows fell to $20.3 billion from $27.1 bn a year ago due to policy uncertainty, according to a Reserve Bank of India study.

Policy uncertainty hurt FDI flows in FY11: RBI study

The Reserve Bank of India (RBI), which has reduced the cash reserve ratio (CRR) by 125 basis points since January, has flared up the debate whether the central bank is now interpreting the tool in a different way.

CRR: A monetary policy or liquidity tool?

Lehman Brothers Holdings Inc, which is preparing its first payment to creditors after more than three years in bankruptcy, said the initial distribution will be $22.5 billion, or 53 per cent more than it previously estimated was possible.

Lehman creditors to get $22.5 bn, 53% over top estimate

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