Contify Banking presents a summary of the most important news stories that made maximum impact on Friday and Saturday from its banking, finance, insurance and economy portal.
HDFC Bank Apr-Jun net profit up 30.63% on-yr to Rs 14.17 bln
New Delhi: India's second largest private sector lender HDFC Bank's fiscal first quarter (Apr-Jun) net profit rose 30.63% to Rs 14.17 billion from Rs 10.84 billion in the same period a year ago on account of higher income from interest and investments, it said Friday.
India's Prime Minister forms panel to finalize GAAR guidelines by Sep 30
New Delhi: India's Prime Minister Manmohan Singh Friday set up an expert committee to manage the consultation process and finalize the norms for general anti-avoidance rule by September 30, less than a fortnight after the finance ministry issued draft guidelines on the contentious tax evasion provision.
States urge PM to resolve CST compensation issue by Aug 7 for smooth transition to GST
New Delhi: Indian states have asked Prime Minister Manmohan Singh to resolve the contentious central sales tax compensation issue before August 7 to ensure smooth transition to the much awaited ambitious uniform indirect tax system, goods and service tax, from the next financial year, Chairman of Empowered Committee of State Finance Ministers Sushil Kumar Modi said.
SKS Microfinance projects Apr-Jun loss at Rs 300-500 mln
New Delhi: India's only listed micro lender SKS Microfinance has projected a loss of Rs 300-500 million for the first quarter(Apr-Jun) of the current financial year 2012-13 and has given a gloomy forecast for this fiscal, creating uncertainty over the steady turnaround prospects of the company ever since it plunged into a crisis after the passage of a strict state law.
India's forex reserves slides $2.37 bln to $287 bln as on Jul 6 from week ago: RBI
New Delhi: India's foreign exchange reserves fell by $2.37 billion to $287.62 billion as on July 6, 2012 from the previous week, the Reserve Bank of India (RBI) said Friday.
India's Jun exports drop 5.45% on-yr to $25.07 bln
New Delhi: India's exports fell 5.45% on-year to $25.07 billion in June, the government said in a statement Friday, reflecting increasing pressure from the debt crisis hit Euro zone and weak recovery of the United States.
SKS Microfinance launches QIP issue at floor price of Rs 75.4 per share
New Delhi: India's only listed micro lender SKS Microfinance Ltd has launched its qualified institutional placement issue at a floor price of Rs 75.4 per share.
Indian banks' advances up 16.5% on-yr to Rs 47.6 trillion as on Jun 29
New Delhi: Indian scheduled commercial banks' outstanding advances rose by 16.5% to Rs 47.6 trillion as on June 29, 2012, as compared to Rs 40.88 trillion a year ago, the Reserve Bank of India said Friday.
Pension regulator PFRDA eases norms for fund managers to promote competition
New Delhi: India's interim pension regulator has relaxed norms for the fledgling industry by removing the cap on the number of pension fund managers that can operate to manage the New Pension Scheme for the non-government and private sector. The regulator has also allowed such managers to prescribe their own fees, with an aim to encourage competition.
Indian banks' advances up 16.5% on-yr to Rs 47.6 trillion as on Jun 29
New Delhi: Indian scheduled commercial banks' outstanding advances rose by 16.5% to Rs 47.6 trillion as on June 29, 2012, as compared to Rs 40.88 trillion a year ago, the Reserve Bank of India said Friday.
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