Contify Banking presents a summary of the most important news stories that made maximum impact on Wednesday from its banking, finance, insurance and economy portal.
FinMin Mukherjee urges banks to further cut non-performing assets
New Delhi: India's Finance Minister Pranab Mukherjee has urged banks to further reduce their bad loans to ensure sound financial health of the banking industry, amid rating downgrades of some banks and warnings of the same owing to their fragile asset quality.
LIC, all 4 state-run general insurers must have presence in small tier IV towns: Mukherjee
New Delhi: Finance Minister Pranab Mukherjee Wednesday said that it has directed all state-run life and general insurers to have a presence in tier IV towns to reach out to people in economically growing far-flung regions of the country.
SEBI OKs Reliance Capital's 26% stake sale in mutual fund biz to Nippon Life for Rs 14.5 bln
New Delhi: India's market regulator Securities and Exchange Board of India (SEBI) has approved Anil Ambani-controlled Reliance Capital's 26% stake sale in its mutual fund arm -- Reliance Capital Asset Management -- to Japan's Nippon Life for Rs 14.5 billion, making it the largest foreign direct investment (FDI) in India's mutual fund sector till date.
Govt asks banks to classify loans of any company as NPA if declared so by any other lender
New Delhi: The government has asked banks to classify the loans of a company as a non-performing asset (NPA) if the company has defaulted on loan repayment to any one of the lenders, to check the practice of borrowing from one bank to repay another, The Economic Times reported citing a Ministry of Finance note.
RBI dy gov K C Chakrabarty gets three-month term extension
New Delhi: The Government of India has extended Reserve Bank of India Deputy Governor K C Chakrabarty's term by three months, starting Thursday, June 14, 2012, the central bank said in a statement Wednesday.
State Bank of India to recruit 9,500 workers in FY13: chmn Chaudhuri
New Delhi: India's largest lender State Bank of India (SBI) plans to recruit 9,500 workers in the current financial year 2012-13 and focus on expanding its retail segment in the forthcoming years, Chairman Pratip Chaudhuri said.
World Bank sees India growing at 6.9% in FY13 despite high inflation, policy uncertainties
New Delhi: The Indian economy is expected to grow at 6.9% in the current financial year 2012-13, against 6.5% in the last fiscal and faster than its peers in the South Asian region, despite a string of challenges like high inflation and uncertainties over government policies, the World Bank said.
Issues concerning govt to dominate board meetings of state-run banks, insurance cos
New Delhi: The government has directed all its nominees on the boards of public sector banks, financial institutions and insurance companies to discuss issues concerning the government first like financial inclusion and priority sector lending, before moving on to other agenda during company board meetings, the Business Standard reported Wednesday citing an unidentified finance ministry official.
Sri Lanka's Bank of Ceylon plans to open about 8 more branches in India
Chennai: Sri Lanka-based Bank of Ceylon plans to open about eight more branches in India, the foreign lender's Chairman Gamini Wicramasinghe said.
Axis Bank allots 289,831 equity shares of Rs 10 each under ESOP
New Delhi: India's third largest private sector lender Axis Bank said it has allotted 289,831 equity shares of face value of Rs 10 each under the employees stock option plan (ESOP) on June 12, 2012.