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

Business Standard

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

The outcome of the first of three key events of March left the market disappointed after the Congress party suffered a setback in state elections, which, leading players said, would hit reforms.

SP's surge forces Sensex, rupee to beat a retreat 

State-run Central Bank of India on Tuesday said it has received ISO 27001:2005 certification for compliance with the best security practices. The certification was awarded for the bank's compliance with international standard for capabilities relating to processes policies, practices and infrastructure, the bank said.

Central Bank receives ISO nod

Press Trust of India

The rupee on Tuesday breached the 50-mark against the dollar after nearly six weeks, closing at 50.37, compared with yesterday&rsquo;s close of 49.84, owing to equity markets weakening after the election results of five states. The results made investors worry about economic reforms.

Rupee touches 6-week low, crosses 50

Only a couple of years earlier, gold and platinum cards were perceived as enhancing the social status of cardholders. However, customers are now exploring value propositions while selecting credit cards.

Gold is old, credit card users opt for rewards, cashback

Federal Bank has become the country&rsquo;s first private sector lender to cut its base rate, or the minimum lending rate, after the Reserve Bank of India (RBI) changed its stance on monetary tightening last year. The Kerala-based bank cut its base rate by 10 basis points to 10.65 per cent. The new rate is effective from yesterday.

Federal Bank cuts base rate by 10 bps

&quot;...It is determined that the bank rate should normally stay aligned to the MSF (marginal standing facility) rate.

RBI raises bank rate to 9.5% for urban co-op banks

Public sector lenders Bank of Baroda (BoB) and Union Bank of India today said they would take a call on slashing interest rates in specific segments once the RBI has announced its mid-term policy review.

BoB, Union Bank await policy review cues to decide on rate cut

CD rates touch 11.5%; steep cut in CRR expected in credit policyRates on short-term debt instruments soared, as liquidity continued to remain tight. Rates on certificates of deposit (CDs) maturing in three months stood at 11.5 per cent, compared with 11.1 per cent yesterday. Till last week, these stood at around 10 per cent.

Short-term rates harden on tight liquidity situation

Ratings agency Moody&rsquo;s on Wednesday downgraded various debt instruments of Bank of India by a notch, owing to a sharp rise in non-performing assets and pressure on profitability.

Moody's cuts Bank of India's ratings

The Reserve Bank of India (RBI) has asked banks to develop a unique system of customer identification across the banking system. This could be accessed by all banks while vetting loan proposals. The move follows concern on the multiple lending model, one in which a customer can avail of loans from multiple lenders. Limited knowledge on borrowers&rsquo; credit histories has been a challenge for banks.

RBI asks banks to adopt unique customer identification

General Insurance Corporation of India (GIC Re) faces a Rs 1,820-crore hit in net worth on account of the unprecedented claims due to global catastrophes in Japan, New Zealand, Australia, USA and Thailand. To make matters worse, this will directly hit GIC's books, as 90 per cent of the risks did not have reinsurance support, given usually by global reinsurance majors.

GIC Re stares at a record Rs 1,820-cr hit on net worth

Twenty-six years after helping to design the London interbank offered rate, Britain's bank lobbyists are distancing themselves from their creation amid regulatory investigations and lawsuits.

UK bank group backs away from Libor

HSBC Holdings, Europe&rsquo;s largest bank by market value, agreed to sell some of its general insurance units in Asia and Latin America for about $914 million, as it focuses on more profitable businesses.

HSBC to sell insurance units to AXA, QBE for $914 mn

Ahead of credit policy review and budget, Reserve Bank Governor D Subbarao on Wednesday met Finance Minister Pranab Mukherjee and is believed to have discussed the macro-economic situation. The RBI is scheduled to announce the mid-quarterly review of its monetary policy on March 15, a day before the presentation of the Union Budget in Parliament.

Subbarao meets Pranab

The Life Insurance Corporation (LIC) of India wants to divest its 18.81 per cent stake in state-owned Mahanagar Telephone Nigam Ltd (MTNL) through private placement of shares.

LIC wants to exit MTNL via pvt placement

A number of preconditions need to be met before statutory liquidity ratio (SLR) can be cut, Duvvuri Subbarao, governor of the Reserve Bank of India, said on Friday.

Preconditions need to be met before SLR cut: RBI

Reuters 

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

Page 3283 - Finance News