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Top Stories |
Pricing norms for factoring services, says House panel
A Parliamentary Panel wants Reserve Bank of India (RBI) to frame guidelines on pricing of factoring services so as to protect the interests of micro, small and medium enterprises (MSMEs). Also, the rates charged by factors should not be higher than those charged by banks for similar services.
RBI slaps Rs 1-lakh penalty on Gujarat-based bank
The Reserve Bank of India has imposed a penalty of Rs 1 lakh on Gujarat-based Shri Janata Sahakari Bank for violation of anti-money laundering guidelines. The RBI had earlier issued a show-cause notice to the bank, in response to which Shri Janata Sahakari Bank submitted a written reply.
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Indian Financial Institutions |
SIDBI to provide small enterprises assistance for CAPEX
SIDBI is planning to support MSMEs (micro, small and medium enterprises) by extending credit facilities which will allow enterprises the flexibility to plan capital expenditure for immovable and other fixed assets. It will also provide them capital through subordinated debt for sustaining growth momentum
Higher provisioning norm may hit NBFC profits in short term
Higher provisioning, as recommended by the Reserve Bank of India, could have an adverse impact on the profitability of non-banking finance companies (NBFCs) in the short term, states a report by rating agency Crisil.
Srei Infra eyes rural expansion; to seek bank licence
Looking to strengthen its presence in rural areas, Srei Infrastructure Finance said it would apply for banking licence once the final norms in this regard are in place. “We are interested in rural banking. If, after the final guidelines, we are qualified to apply, we will apply,” Srei Infrastructure Finance Chairman and Managing Director, Mr Hemant Kanoria, told .
KVG Bank to step up disbursal of agri loans by 35%
Karnataka Vikas Grameena Bank (KVG Bank), a Dharwad-based regional rural bank, has decided to increase its disbursal to the agriculture sector by 35 per cent to Rs 1,350 crore during the current financial year, 2011-12.
ICICI Bank opens second branch in Singapore
ICICI Bank said it has opened its second retail branch in Singapore. The branch would cater to the banking needs of the customers, including products or services such as money transfers to India, ICICI Bank said.
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Interview with Mr R. Seetharaman, CEO, Doha Bank
Notwithstanding India's seemingly linear growth as reflected in the GDP year after year, the number of the poor living below poverty line has only increased. Household income has declined while corporate income has consistently headed North. The fruits of growth, in this manner, seem to have favoured the corporate sector more than vast sections of the population. A system that can help in justifiable redistribution of wealth in the society has become the need of the hour, says Mr R. Seetharaman, Chief Executive Officer, Doha Bank. Islamic banking and finance may prove to be a better alternative, he told in an interview. The core principle of Islamic banking is sharing in profit and loss.
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2.9.2011
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| Currency |
Rate (Rs.) |
Change |
| USD |
45.89 |
0.12 |
| Euro |
65.4 |
1.29 |
| GBP |
74.31 |
1.11 |
| Yen (100) |
59.76 |
0.22 |
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2.9.2011 16.00
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Index |
Change |
| NIFTY |
5040.00 |
39.00 |
| SENSEX |
16821.46 |
144.71 |
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Market Updates |
Sensex ends 144 points up
Due to heavy selling in information technology, power and capital goods stocks, the market has retreated fairly sharply from higher levels this afternoon. Bank stocks have given up almost their entire gains.
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