Contify Banking presents a summary of the most important news stories that made maximum impact on Thursday from its banking, finance, insurance and economy portal.
'Like it or not' FinMin Mukherjee says get ready for some 'austerity measures'
New Delhi: Finance Minister Pranab Mukherjee Wednesday told lawmakers that the government will introduce some 'unpopular' austerity measures and take tough decisions on reducing its subsidy bill to reign in India's fiscal problems, even as the government has so far failed to check the rising burden of subsidies by keeping diesel and fertilizer prices under control.
Reserve Bank of India relaxes rate cap on foreign currency deposits for urban co-op banks
New Delhi: The Reserve Bank of India (RBI) Thursday raised the interest rate cap on foreign currency non-resident deposits for urban cooperative banks to boost overseas money flows, after the rupee touched new low against the US dollar yesterday.
RBI to offer $2 bln swap facility to help SAARC nations meet short-term liquidity crisis
Mumbai: The Reserve Bank of India has announced a swap arrangement of $2 billion both in Indian and foreign currencies, to all member countries of the regional bloc SAARC (South Asian Association for Regional Cooperation) to help them meet liquidity crisis in the short term, the central bank said.
Bajaj Finserv plans to raise Rs 10 bln in fiscal 2012-13
New Delhi: Indian financial services company Bajaj Finserv Ltd has received approval from its board to raise Rs 10 billion in the current financial year 2012-13.
Axis Bank's CEO Sharma says Moody's downgrade not to impact fundraising
New Delhi: Axis Bank's Managing Director and CEO Shikha Sharma has said that global credit rating agency Moody's Investors Service's move to downgrade the ratings of the lender recently will not impact its fund raising plans.
Bajaj Allianz General Insurance FY12 net profit surges nearly 3-fold to Rs 1.24 bln
New Delhi: Indian private sector non-life insurer Bajaj Allianz General Insurance Co's net profit rose nearly three times to Rs 1.24 billion in the last financial year 2011-12 as compared to Rs 430 million in the same period a year ago.
Bajaj Allianz Life Insurance FY12 shareholders' profit after tax up 24% on-yr to Rs 13.11 bln
New Delhi: Indian private sector life insurer Bajaj Allianz Life Insurance Co's shareholders' profit after tax rose 24% to Rs 13.11 billion in the fiscal year ended March 31, 2012, as compared to Rs 10.57 billion in the same period a year ago.
Allahabad Bank to add 250 branches, 1,000 ATMs pan-India in FY13: chmn Dua
New Delhi: Indian state-run lender Allahabad Bank plans to open 250 branches across India and add 1,000 ATMs (automated teller machines) to its network during the current financial year 2012-13, the Business Line reported citing Chairman and Managing Director J P Dua.
South Indian Bank targets 25%-30% biz growth to Rs 780 bln in FY13
New Delhi: Indian private sector lender South Indian Bank expects its business to grow at around 25%-30% to Rs 780 billion in the current financial year 2012-13, the Financial Chronicle reported citing Managing Director and Chief Executive Officer V A Joseph.
Kotak Mahindra Bank allots 85,642 equity shares of Rs 5 each under ESOPs
New Delhi: Indian private sector lender Kotak Mahindra Bank has allotted 85,642 equity shares of Rs 5 each, under the various Employees Stock Option Plans (ESOP), it said in a regulatory filing.