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 Bank of India chmn Chaudhuri expects RBI to cut cash reserve ratio by 100 bps
New Delhi: State Bank of India Chairman Pratip Chaudhuri Tuesday said that he expects the Reserve Bank of India to cut the cash reserve ratio by 100 basis points to inject liquidity in the banking system and boost the flagging economy, ahead of the central bank's mid-quarterly monetary policy review due next week.
India's Apr industrial output growth almost flat at 0.1% on-yr as capital goods, mining fall
New Delhi: India's industrial production grew at a weak 0.1% on-year in April on account of fall in output in capital goods and mining sectors, government data showed Tuesday.
India's Apr industrial output data disappointing, but govt committed to bolster economy: Mukherjee
New Delhi: India's Finance Minister Pranab Mukherjee Tuesday expressed his disappointment over the uninspiring April industrial production data, but assured that the government is committed to take measures to boost the flagging economy.
Mukherjee rejects S&P's investment-grade rating cut warning as situation unchanged from Apr
New Delhi: Finance Minister Pranab Mukherjee has rejected Standard & Poor's warning to strip India of the investment-grade rating, saying that there is no evidence to suggest that the country is more prone to shocks now than it was in April, when the rating agency had lowered the outlook on India from 'stable' to 'negative'.
Repco Bank looking at Reserve Bank of India's licensing policy to operate as commercial lender
New Delhi: Cooperative bank Repco Bank expects the Reserve Bank of India (RBI) to come up with a licensing policy to allow the lender function as a commercial bank, the Business Standard reported Tuesday citing the bank's Chief Executive Officer and Managing Director R Varadarajan.
State Bank of India assigns 600 branches to lend to small, medium enterprises pan-India
Mumbai: India's largest lender State Bank of India (SBI) has assigned 600 of its branches to focus on lending to micro, small and medium enterprises (SMEs) clusters across India, The Financial Express reported Tuesday.
Shriram Life Insurance targets Rs 10 bln premium income in FY13
Chennai: Indian life insurer Shriram Life Insurance Co Ltd expects to achieve a premium income of Rs 10 billion during the current financial year 2012-13, Managing Director Akhila Srinivasan said.
Manappuram Finance appoints E A Kshirsagar on board as nominee of pvt equity fund
New Delhi: Indian gold loan financier Manappuram Finance Ltd has appointed E A Kshirsagar to the company's board as nominee of M/s Baring India Private Equity Fund III Listed Investment Ltd.
HDFC allots 4.02 mln equity shares of Rs 2 each for equal number of warrants
New Delhi: India's largest mortgage lender Housing Development Finance Corp Ltd (HDFC) has allotted 4.02 million equity shares of face value of Rs 2 each on June 12, 2011 pursuant to exchange of the same number of warrants by 24 warrant holders of the company.