HDFC Bank on Monday said it had partnered Wells Fargo for remittance services between America and India. This would allow Indians residing there to remit money to their beneficiaries&rsquo; HDFC Bank savings accounts in India. Wells Fargo has 6,000 branches in the US, while HDFC has 2,544 branches in India.

HDFC Bank partners Wells Fargo for US-India remittance service

Business Standard

Maharashtra State Cooperative Bank (MSCB), which received a banking license last week after 100 years of its operations, plans to diversify into corporate financing, thereby reducing loans&nbsp; to the cooperative sector, especially to sugar and spinning mills. The bank has identified information technology, manufacturing and engineering, infrastructure, state electricity boards and renewable energy for providing funds. This was necessitated as MSCB, which was predominantly financing cooperative sugar and spinning mills, is unable to do so in future its exposure&nbsp; to this sector has reached 34% which is close to the ceiling fixed by Reserve Bank of India and National Bank for Agriculture &amp; Rural Development (Nabard).

MSCB to diversify, identifies IT, infra, cold chains for financing

A day after country's largest lender SBI trimmed its fixed deposit rates, two more lenders -- Union Bank of India and Corporation Bank -- today slashed benchmark lending rate by 0.15%, making loans cheaper.

Union Bank, Corporation Bank cut lending rate

Press Trust of India

State Bank of India (SBI), the country&rsquo;s largest lender, will reduce interest rate on loans given to small and medium enterprises by 150 to 200 basis points (bps) by the end of the month.

SBI to cut SME loan rates by 150-200 bps

A top official of the Reserve Bank of India (RBI) said banks are in a better position as compared with other entities to lead the financial inclusion goal in India, though mobile companies have been allowed to partner them.

Financial inclusion should be a bank-led model: RBI

The amount of loans to be restructured in 2012-13 could increase to Rs 2 lakh crore, said CRISIL in a note on Tuesday.

'Loan restructuring to touch Rs 2 lakh cr in FY13'

Axis Bank&rsquo;s proposed acquisition of Enam Securities&rsquo; businesses has received the final approval from the Reserve Bank of India (RBI). The bank now aims to integrate these operations by the end of the third quarter of this financial year. Initially, Axis will use the Enam brand. A re-branding exercise will be done a few months after the integration.

RBI clears Axis-Enam deal, integration likely in 3rd qtr

Life Insurance Corporation&rsquo;s (LIC&rsquo;s) purchase of Oil and Natural Gas Corporation (ONGC) shares during the government&rsquo;s part-divestment of its holding has come under fire from a parliamentary panel.

House panel raps LIC for ONGC share buy

The Reserve Bank of India (RBI) is considering advancing the day bond auctions are conducted, to reduce volatility in the market amid the high government borrowing plan. At present, such auctions are conducted on Fridays; this might be shifted to earlier in the week, to Monday or Tuesday.

Govt bond auction might shift from Friday to Monday/Tuesday

Public sector lender IDBI Bank plans to double its branch network to 2,000 offices (branches) in the next six years, gathering more retail business.

IDBI to double branch network in six years

Kerala-based Federal Bank today cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week's RBI reduction in the key policy rate.

Federal Bank cuts base rate by 0.20% to 10.45%

India's top 10 banks, including the SBI, ICICI Bank and HDFC Bank today suffered a collateral damage following the Standard and Poor's lowering the country's sovereign rating outlook.

S&P cuts rating outlook of SBI, ICICI, HDFC Bank

Global banking major Citigroup has stuck the biggest property deal in recent years in the country by paying a hefty Rs 985 crore for six floors in the upcoming First International Financial Centre (FIFC) Tower at the coveted Bandra-Kurla Complex, to house its country headquarters.

Citi buys office space in Mumbai for Rs 985 cr

Life Insurance Corporation of India (LIC), the largest institutional investor in the country, is not in a hurry to bring down its holdings in unlisted companies to align with the 10 per cent equity exposure cap mandated by the insurance regulator.

LIC to sell stakes in good time

LIC Housing Finance Ltd (LICHFL) on Wednesday said it had posted a 19 per cent dip in net profit for the fourth quarter ended March 31, at Rs 253 crore, on higher borrowing costs and provisioning.

LIC Housing Finance Q4 net slides 19%

Dollar sales by foreign banks ahead of a US Federal panel meeting scheduled on Wednesday supported the rupee. The gains, though, were capped due to Standard &amp; Poor&rsquo;s (S&amp;P) revising India&rsquo;s sovereign rating outlook.

Sovereign rating prospect change limits rupee rise

Standard &amp; Poor&rsquo;s on Wednesday revised the outlook on long-term counterparty credit ratings for 11 Indian financial institutions, including Axis Bank, State Bank of India and ICICI Bank, from stable to negative.

11 institutions' outlook revised

Commercial banks can now lend more to non-governmental organisations (NGOs) engaged in financing houses for slum dwellers.

Banks can lend more to housing fin NGOs

Enthused after receiving banking licence from the Reserve Bank of India (RBI) last week after more than a century of operations, Maharashtra State Cooperative Bank (MSCB) plans to diversify into corporate financing. It would thus, be reducing lending to the cooperative sector, especially sugar and spinning mills.

MSCB plans diversification

Led by a robust growth in non-interest income, private sector lender YES Bank on Wednesday reported a 33.6 per cent jump in net profit for the quarter ended March 31, 2012, to Rs 271.8 crore.

YES Bank Q4 net up 34%

In order to facilitate enhanced lending, Reserve Bank today allowed Urban Co-operative Banks (UCBs) to provide housing loans up to Rs 25 lakh under the priority sector lending schemes.

Give home loan up to Rs 25 lakh in priority sector: RBI to UCBs

Finance News: Latest investing news and finance headlines straight from Business Standard.

Page 3277 - Finance News