Private sector lender Axis Bank today said it has raised $500 million (about Rs 2,250 crore) through bonds to fund its overseas expansion.

Axis Bank raises $500 million from bonds

Press Trust of India

The country's largest private sector lender ICICI Bank today said its expects the Reserve Bank to further reduce CRR and release more liquidity into the system, at its monetary policy review later this month.

RBI may further reduce CRR: Chanda Kochhar

Issuances of certificates of deposits (CDs) fell on Monday, compared with last week, owing to lower demand from banks. According to traders, banks raised about to Rs 3,000 crore on Monday, against Rs 8,500 crore on Friday. The rates on the CDs also eased marginally.

CD issuances fall on yearly deposit target breather

Business Standard

State-controlled Life Insurance Corporation (LIC) of India pumped in at least Rs 4,037 crore to buy 157 million shares in state-owned explorer Oil and Natural Gas Corp (ONGC) in the run-up to the government stake auction last week, according to a filing by ONGC to the stock exchanges on Monday.

LIC stocked up on ONGC before govt stake auction

Reserve Bank of India (RBI) deputy governor Subir Gokarn on Monday said liquidity infusion through open market operations (OMOs) could not resolve the deficit problem, adding there was still room for reduction in the cash reserve ratio.

Room for a CRR cut, reduction in SLR not practical, says Gokarn

ICICI Bank and three other financial institutions on Monday agreed to float India's first infrastructure debt fund (IDF) with a capacity to raise up to $2 billion to finance infrastructure projects that require a whopping one trillion dollars in the next five years.

ICICI Bank, 3 others launch debt fund

As the system faces liquidity shortage and inflation came down to below seven per cent in January, pressure has mounted on RBI to cut the cash reserve ratio further.

Demand to cut CRR increases, as liquidity remains in shortage

The banking industry in the country needs to have a customer satisfaction audit done by an independent agency that should be put out in public domain, said R K Nair, member (F&amp;I) of Insurance Regulatory and Development Authority (Irda).

Need for customer satisfaction audit by banks stressed

The Insurance Regulatory and Development Authority (Irda) has expressed reservations about allowing the Life Insurance Corporation (LIC) of India to hold more than 10 per cent stake in state-owned companies. The insurance regulator is also worried about LIC&rsquo;s exposure in banking stocks and other state-run companies, as this may lead to a risk of concentration.

LIC's growing exposure in PSUs a cause of concern for Irda

The spurt in M&amp;As would result from reduced inflation and lower interest rates locally, said the survey by Deloitte India.

CFOs see more M&As next financial year: Deloitte survey

Citibank has introduced an initiative that would offer savings deposit account holders services like draft issuance, duplicate statements, fund transfers, stop payments and withdrawals from automated teller machines (ATMs) of other banks free of charge.

Citibank launches retail initiative

The central Bureau of Investigation (CBI) has not registered a case on a complaint of the home ministry seeking a probe into the alleged violation of Foreign Contribution Regulation Act by some NGOs due to legal and technical issues. Sources in the CBI said there were many such issues which need to be sorted out before a decision can be taken on whether to file a preliminary inquiry or regular case. They said the complaint about alleged contravention of the provisions of FCRA, 2010 against two Tamil Nadu-based NGOs was being examined by the legal experts as well. The ministry referred two cases of FCRA violation to the CBI last week and two cases to Tamil Nadu police. Bank accounts of these four NGOs were frozen after an inquiry conducted by the home ministry reportedly found them diverting funds meant for charity to fuel the protests.

FCRA violation: CBI looks into details

Civil society representatives, including National Advisory Council member Aruna Roy, Medha Patkar and Vandana Shiva have accused Prime Minister Manmohan Singh of suppressing dissent. Countering his theory of a foreign hand manipulating the opposition to GM crops and nuclear energy projects, they said the UPA government was working under the influence of the same foreign hand. &ldquo;We are not China,&rdquo; they wrote to the PM. The group also included former chief election commissioner J M Lyngdoh, former chief justice V R Krishna Iyer and three former Navy chiefs. Copies of the letter was sent to Congress chief Sonia Gandhi and Tamil Nadu Chief Minister J Jayalalitha. Referring to the prime minister' s comments in an interview to a science journal, linking foreign funding of NGOs with the opposition to nuclear power plants and GM crops in India, the letter said it was &quot; highly inappropriate misrepresentation of facts&rdquo;.

Civil society activists write to PM

&quot;UCBs are advised to take necessary steps to ensure that they are in readiness to adopt to IFRS convergence IAS from April 1, 2013, or April 1, 2014, as the case my be,&quot; the Reserve Bank of India (RBI) said in a notification.

RBI asks urban co-op banks to get ready for IFRS

The Reserve Bank of India (RBI) is likely to reduce the cash reserve ratio (CRR) by 0.50%age points in the next mid-term policy review, a top official of Royal Bank of Scotland (RBS) said here today.

RBI may reduce CRR by 0.5%: RBS

The move puts an end to the bankruptcy proceeding that began on September 15, 2008, when Lehman collapsed and rocked the foundations of the global financial markets, catalysing the a recession.

Lehman out of bankruptcy, will repay creditors from April

Reuters 

Bhartiya Samruddhi Finance (BSFL), the microfinance arm of BASIX Group, has requested banks to convert Rs 400 crore loans into tier-I equity capital that will allow the firm meet the new provisioning and capital adequacy norms for micro-lenders. In addition, the company has also sought permission to defer repayment of around Rs 350 crore debts.

BASIX goes for debt rejig

Lenders to ailing Moser Baer India Ltd have proposed to scarify about Rs 265 crore of debt, including forgoing part of the interest income, as part of restructuring the company&rsquo;s debt.

Moser Baer debt recast: Rs 265-cr haircut proposed

Reflecting a sluggish demand for loans, bank credit posted a 15.6 per cent annual growth in February 2012. The outstanding credit as of February 24, 2012, stood at Rs 44,07,524 crore.

Credit grows 15.6% in February

The central government plans to increase its market borrowing through longer-dated securities to avoid big redemptions in the medium term and is in talks with the Reserve Bank of India to determine the appropriate maturity basket for new issuances, a report from the government said on Tuesday.

Govt talks to RBI for bond maturity basket

Ajay Piramal-promoted Piramal Healthcare and Kishore Biyani's Future Capital have invested Rs 310 crore in Mumbai-based real estate developer Rustomjee Group.

Piramal arm, Future Capital finance Mumbai realty firm

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