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.
RBI panel recommends hiking banks' provision for standard loan recast to 5% from 2%
New Delhi: A Reserve Bank of India working group Friday suggested raising the provision kept by banks for standard loan recast to 5% from the current 2%, described as quite a steep hike by a top bank official.
RBI issues revised norms on priority sector lending, foreign banks to follow 40% target
New Delhi: Foreign banks in India having 20 or more branches will be treated on a par with domestic banks in priority sector lending, a panel of Reserve Bank of India has suggested, while retaining the overall priority sector lending target at 40%.
Rajiv Gandhi scheme may allow retail equity investment only in blue chip cos
New Delhi: The new tax saving Rajiv Gandhi Equity Scheme may allow retail equity investment only in top 100 companies on the country's two national stock exchanges and in blue-chip public sector maharatna, navratna and miniratna shares like Coal India Ltd, media reports said, citing the draft guidelines on the scheme that has been approved by the Department of Economic Affairs.
Cabinet defers Forward Contract Regulation Act (Amendment) Bill
New Delhi: The Union Cabinet did not take into consideration a bill in its July 19 meet that aims to amend the existing Forward Contract Regulation Act to give more teeth to commodity market regulator, owing to opposition from a key alliance partner of the government, media reports said.
SEBI OKs $1 bln investment by qualified foreign investors in corporate bonds, MF debt
New Delhi: India's capital market regulator has issued guidelines allowing 'qualified foreign investors' to invest up to $1 billion in local corporate bonds and mutual fund debt without any lock-in period, in an effort to stimulate foreign capital inflows in the country.
Karnataka Bank Apr-Jun net up 67.6% on-yr to Rs 834.3 mln on high interest income
New Delhi: Indian private sector lender Karnataka Bank Ltd's fiscal first quarter (Apr-Jun) net profit surged 67.59% to Rs 834.3 million from Rs 497.8 million in the same quarter a year ago, on account of higher income from interest.
India's forex reserves fall $872.7 mln to $286.74 bln as on Jul 13 from week ago: RBI
New Delhi: India's foreign exchange reserves fell by $872.7 million to $286.74 billion as on July 13, 2012 from the previous week, the Reserve Bank of India (RBI) said Friday.
RBI to auction 364-day treasury bills of Rs 50 bln on Jul 25
New Delhi: The Reserve Bank of India (RBI) will auction '364-day Government of India Treasury Bills' for a notified amount of Rs 50 billion on July 25, 2012 using 'multiple price auction' method, it said in a statement.