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.
Moody's to review ICICI Bank, HDFC Bank, Axis Bank for downgrade in line with sovereign rating
New Delhi: Global credit rating agency Moody's Investors Service Monday said that it has placed India's three major private sector lenders ICICI Bank, HDFC Bank and Axis Bank under review for a downgrade, making its intentions clear about rating lenders in line with the sovereign rating of the nations in which they are based.
Bank of India Jan-Mar net profit nearly doubles on-yr to Rs 9.52 bln; stocks soar 4.59%
New Delhi: State-run lender Bank of India's fiscal fourth quarter (Jan-Mar) net profit nearly doubled to Rs 9.52 billion from Rs 4.93 billion in the same period a year ago driven by robust operating profit, it said Monday.
Oriental Bank of Commerce Jan-Mar net profit down 20.6% on-yr to Rs 2.64 bln
New Delhi: Indian state-run lender Oriental Bank of Commerce's fiscal fourth quarter (Jan-Mar) net profit fell 20.6% to Rs 2.64 billion from Rs 3.33 billion in the same period a year ago on account of high expenditure and muted contribution from the interest income front.
Bank of India cuts base rate, BPLR by 25 bps each to 10.5%, 14.75% respectively
New Delhi: State-run lender Bank of India Monday announced a reduction in its base rate -- yardstick for pricing all loans -- and benchmark prime lending rate (BPLR) by 25 basis points each with effect from May 1, 2012, following the Reserve Bank of India's (RBI) decision to slash the key policy rate by a higher-than-expected 50 basis points earlier this month.
Canara Bank cuts base rate, BPLR by 25 bps to 10.5%, 14.75% respectively
New Delhi: Indian public sector lender Canara Bank Monday announced a reduction in its base rate -- yardstick for pricing all loans -- and benchmark prime lending rate (BPLR) by 25 basis points each with effect from May 1, 2012, following the Reserve Bank of India's (RBI) decision to slash the key policy rate by a higher-than-expected 50 basis points earlier this month.
Vijaya Bank Jan-Mar net profit surges over three-fold on-yr to Rs 1.8 bln
New Delhi: Indian state-run lender Vijaya Bank's fiscal fourth quarter (Jan-Mar) net profit soared over three-fold to Rs 1.8 billion from Rs 542.3 million in the same period a year ago, due to decline in provisions and rise in income from interest.
Andhra Bank pares base rate, BPLR by 25 bps each to 10.5%, 14.75% respectively
New Delhi: State-run lender Andhra Bank Monday announced a reduction in its base rate -- yardstick for pricing all loans -- and benchmark prime lending rate (BPLR) by 25 basis points each with effect from May 1, 2012, following the Reserve Bank of India's (RBI) decision to slash the key policy rate by a higher-than-expected 50 basis points earlier this month.
Oriental Bank of Commerce trims base rate by 15 bps to 10.5%
New Delhi: Indian state-run lender Oriental Bank of Commerce Monday announced a reduction in its base rate -- yardstick for pricing all loans -- by 15 basis points with effect from May 14, 2012, following the Reserve Bank of India's (RBI) decision to slash the key policy rate by a higher-than-expected 50 basis points earlier this month.
India's 8 core industries output grows 2% on-yr in Mar
New Delhi: India's eight core industries' March output grew 2% on-year, slower than 6.5% growth in the same month a year ago due to fall in production of crude oil and natural gas products, the government data showed Monday.
India's Mar bank credit rises 17.1% on-year to Rs 43.71 trillion
New Delhi: Gross credit of 47 scheduled Indian commercial banks in March grew 17.1% to Rs 43.71 trillion from Rs 37.31 trillion in the same period a year ago, the Reserve Bank of India (RBI) said Monday.
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