Contify Banking presents a summary of the most important news stories that made maximum impact on Monday from its banking, finance, insurance and economy portal.
FinMin Mukherjee defers GAAR by 1 yr to FY14; markets recover
New Delhi: India's Finance Minister Pranab Mukherjee Monday proposed to defer implementation of a contentious tax evasion law by a year to April 1, 2013 with some changes to soften the implications of its strict provisions, strengthening rupee and restoring some investor confidence in domestic markets.
Housing Development Finance Corp Jan-Mar net profit up 16% on-yr to Rs 13.26 bln
New Delhi: India's largest mortgage lender Housing Development Finance Corp Ltd's (HDFC) fiscal fourth quarter (Jan-Mar) net profit rose 16.13% to Rs 13.26 billion from Rs 11.41 billion in the same quarter a year ago, boosted by higher income from operations, it said Monday.
SKS Microfinance Jan-Mar net loss widens on-yr to Rs 3.3 bln on high provisions, write-offs
New Delhi: India's only listed micro-finance company SKS Microfinance Ltd Monday posted a net loss of Rs 3.3 billion during the fourth quarter (Jan-Mar) of the last financial year 2011-12 as compared to a net loss of Rs 697.6 million in the same quarter a year ago, as provisions for bad loans more than doubled.
Govt to roll back proposed excise duty on jewelry: FinMin Mukherjee
New Delhi: India's Finance Minister Pranab Mukherjee Monday decided to roll back the proposed 1% excise duty on unbranded jewelery and the 1% already imposed on branded jewelery, providing relief to jewelers who had shut shop for 20 days in protest after the announcement of the levy in the Union Budget 2012-13.
Andhra Bank Jan-Mar net profit rises 9% on-yr to Rs 3.4 bln
New Delhi: Indian state-run lender Andhra Bank's fiscal fourth quarter (Jan-Mar) net profit increased 9% to Rs 3.4 billion from Rs 3.12 billion in the same quarter a year ago, driven by higher income from interest and fall in provisioning for bad loans.
South Indian Bank Jan-Mar net profit up 49.1% on-yr to Rs 1.21 bln
New Delhi: Indian private sector lender South Indian Bank's fiscal fourth quarter (Jan-Mar) net profit rose 49.1% to Rs 1.21 billion from Rs 817.7 million in the same period a year ago driven by higher income from interest and fall in provisions, it said Monday.
State Bank of India raises interest rates on foreign currency deposits effective May 5
New Delhi: India's largest lender State Bank of India has hiked interest rates on its Foreign Currency Non-Resident (B) deposit scheme (FCNR) with effect from May 5, 2012, following the Reserve Bank of India's decision earlier Friday to relax norms to boost foreign currency inflows in the country.
Punjab & Sind Bank to seek Rs 9 bln capital infusion from govt this fiscal 2012-13
New Delhi: Indian state-run lender Punjab & Sind Bank plans to seek financial support of Rs 9 billion from the government in the current fiscal year 2012-13 to fund business growth, the Business Line reported Monday citing the bank's Executive Director P K Anand.
Central Bank of India sees FY13 credit growth above industry average at 25%
New Delhi: State-run lender Central Bank of India expects a 25% growth in advances and 20% rise in deposits in the current financial year 2012-13, both higher than the Reserve Bank of India's estimates for the banking industry, the Press Trust of India reported citing the bank's Chairman and Managing Director M V Tanksale.
Punjab National Bank hikes rates on foreign currency deposits
New Delhi: India's second largest state-run lender Punjab National Bank has hiked interest rates on its Foreign Currency Non-Resident (B) deposit scheme (FCNR) with effect from May 5, 2012, following the Reserve Bank of India's decision earlier Friday to relax norms to boost foreign currency inflows in the country.
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