Contify Banking presents a summary of the most important news stories that made maximum impact on Tuesday from its banking, finance, insurance and economy portal.
State-run banks ask RBI to count pref shares as tier I equity to meet Basel III norms
New Delhi: State-run banks have asked the Reserve Bank of India to consider perpetual non-cumulative preference shares (PNCPS) as part of their core tier-I capital, in a bid ease the implementation of the central bank's strict guidelines on capital adequacy requirements under the new Basel III norms by March 2018, the Business Standard reported Tuesday citing an unidentified bank executive.
Monsoons rains below average, but situation not serious: agri minister Pawar
New Delhi: Monsoon rains, crucial to farm-dependent Indian economy, were 31% below average up to July 2, but the situation is not too serious, Agriculture Minister Sharad Pawar said Tuesday, adding that seasonal showers are likely to pick-up from next week.
Govt may allow mutual fund industry to hike total expense ratio
New Delhi: India's mutual fund industry may be allowed to hike the total expense ratio by 25 basis points, allowing the fund managers to pocket a higher sum as management fees but making mutual fund schemes less attractive to investors as their actual investment in the schemes will fall, media reports said Monday, adding that a formal decision on this issue will be made within this month.
ICICI Bank secures $50 mln credit line from Japan Bank for International Cooperation
New Delhi: India's largest private sector lender ICICI Bank and Japan Bank for International Cooperation (JBIC) have entered into an agreement under which the latter will extend a credit line of $50 million or Rs 2.75 billion to the Indian lender to finance renewable energy product imports from that country, media reports said.
Rupee may appreciate to about 50 against dollar by FY13-end: Crisil
New Delhi: India's currency could appreciate to about Rs 50 per dollar by the end of March 2013, gaining around 11% from the current levels, given there is a marked improvement in economic conditions in India and the debt-rattled Euro Zone, Crisil Research said.
Headline inflation to ease from Sep, says chief econ advisor Basu
New Delhi: India's headline inflation, which has remained above the Reserve Bank of India's comfort zone, is expected to moderate from September this year, Chief Economic Advisor Kaushik Basu said Tuesday, adding there won't be any change in the inflation level in the next two months.
National Housing Bank, 3 foreign firms launch India's first mortgage guarantee co
New Delhi: India's housing finance regulator and re-financier to housing finance firms National Housing Bank (NHB) has established the country's first mortgage guarantee company -- India Mortgage Guarantee Co -- in a joint venture with three overseas partners to provide guarantees to credit portfolio of banks and housing finance companies.
Yes Bank to seek shareholders' nod to raise $500 mln on Jul 14
New Delhi: Indian private sector lender Yes Bank will seek its shareholders' approval to raise $500 million at it eighth annual general meeting scheduled on July 14, to shore up its capital adequacy ratio and to fund its expansion plans, the bank said in a notice to the shareholders on stock exchanges.
Punjab National Bank revises rates on foreign currency deposits
New Delhi: India's second largest public sector lender Punjab National Bank has revised interest rates on Foreign Currency Non-Resident (B) deposit scheme (FCNR) with effect from July 1, 2012, the bank said in a statement.