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Banking

Union Bank of India Q1/FY14 Net Profit up by 9.38% at Rs 560 crore

Mumbai : The Board of Directors of Union Bank of India today approved the Limited reviewed accounts of the Bank for the Quarter (Q1) ended June 30, 2013. Highlights for the quarter-ended June 30, 2013 Net Profit for Q1/FY14 up by 9.38% to `560 crore from `512 crore in Q1/FY13. Net Interest Income for Q1/FY14 […]

Banking

Yes Bank revises deposit rates by 25 to 50 points

Yes Bank Ltd has has revised its deposit rates by 0.25% to 0.5% in select tenors. This provides an opportunity for retail depositors to lock in higher rates on term deposits. The Bank has also consequently revised its Base Rate to 10.75% (an increase of 0.25%) effective August 01, 2013.

Banking

Banks unlikely to up lending rates as loan demand remains weak

Banks are unlikely to increase lending rates in the near future despite recent liquidity tightening measures announced by the RBI to contain rupee fall, as demand for loans have remained weak. As liquid tightening measures were likely to be temporary, any change in lending rates would depend on the length of these measures, according to […]

Banking

ICICI Bank Organises Coin Exchange Mela in Allahabad

Allahabad: ICICI Bank, India’s largest private sector bank, today organised a Coin Exchange Mela at its Civil Lines branch in Allahabad under the guidance of the Reserve Bank of India. The Coin Mela, which was organised to offer a free facility of exchanging currency notes with coins to the general public, has received an overwhelming […]

Banking

Take urgent steps to contain CAD or risk further Re fall: RBI

Describing the external sector as the biggest threat to macroeconomic stability, the Reserve Bank has urged the government to take immediate steps to narrow the current account deficit (CAD), which has hurt the rupee and overall growth. “The biggest risk to the macroeconomic outlook stems from the external sector,” RBI Governor D Subbarao said while […]

Banking

RBI keeps key interest rates unchanged

Weighed down by a weak rupee, the Reserve Bank chose to keep all key interest rates unchanged and asked the government to take urgent steps to reign in the high current account deficit. Lowering the GDP growth projection for the current fiscal to 5.5 percent from 5.7 percent, the central bank said the external sector […]

Banking

Chidambaram: RBI needs to look at growth

A day ahead of RBI’s monetary policy review, Finance Minister P Chidambaram on Monday said the mandate of a central bank is not only to ensure price stability but also to promote growth and generate employment. Stating he did not expect any hike in interest rates by the commercial banks, the Minister said they had […]

Banking

All bank branches to have one ATM before March, 2014: FM

Public sector banks have been asked to set up ATMs in all branches by March, 2014 to enable customers in rural pockets to do banking round-the-clock, Finance Min P Chidambaram has said. Inaugurating the 5999th branch of Punjab National Bank at nearby Tirupattur, he said orders had been issued to all nationalised banks in this […]

Banking

Dena Bank’s Q1FY14 Net Profit up 51% at Rs 189 Cr.

Mumbai : Dena Bank, India’s ‘Trusted Family Bank’, has announced that its Total Business as on June 30, 2013, stood at Rs. 1,59,334 crore as compared to Rs. 1,39,377 cr as on June 30, 2012. Total business increased by Rs. 19,957 crore with a growth of 14.32% on y-o-y basis. Net Profit for the quarter […]

Banking

Exim Bank extends $10 million LOC to Nicaragua

Mumbai : Export-Import Bank of India [Exim Bank] has, at the behest of Government of India, extended a Line of Credit [LOC] of USD 10 million to the Government of the Nicaragua, for financing the supply of equipment from India for building two electric sub-stations in Nicaragua. The LOC Agreement to this effect was recently […]