Banking / Finance Sector Latest Updates

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Latest Updates from Banking and Finance Sector:

April 2008 Banking Sector Updates:

• SBI's clients may take a Rs 700-cr derivatives hit - (24/4/2008)
• BoJ may drop call for higher rates as growth slows - (24/4/2008)
• JWT Bangalore bags ING Vysya Bank's creative account - (23/4/2008)
• State Bank to provision $10 million for subprime - (23/4/2008)
• HDFC Bank plans mobile banks for microfinance - (23/4/2008)
• Banks see lower credit growth in FY09 - (23/4/2008)
• SBBJ to focus on retail segment - (22/4/2008)
• HDFC bank to start mobile banking ATM - (22/4/2008)
• ICICI Bank to scale down promotions, increments - (22/4/2008)
• PNB Gilts records 4-fold jump in PBT - (22/4/2008)
• South Indian, City Union save Dhanalakshmi's rights issue - (22/4/2008)
• RBI rejects IFC plan to invest in Karnataka Bank - (22/4/2008)
• Axis Bank net jumps 71% in Q4 - (22/4/2008)
• Punjab National Bank to start Bhutan JV by year-end - (20/4/2008)
• Deutsche to invest Rs 685-cr for its NBFC business - (20/4/2008)
• IOB to take over assets & liabilities of Shree Suvarna - (19/4/2008)
• SBI wants to move to global IFRS a/c standards, invites bids - (19/4/2008)
• CRR hike to impact profitability: Kamath - (19/4/2008)
• Citigroup posts $5.1 bn loss, to cut 9,000 jobs - (19/4/2008)
• No hike in interest rates at least till Apr 29: Bankers - (18/4/2008)
• CRR hike to affect profitability of banks: Kamath - (18/4/2008)
• Banks cancel undrawn loan limits to firms - (18/4/2008)
• PSU banks retain lead play in bank credit - (18/4/2008)
• RBI wants deposit taking limited to banks - (18/4/2008)
• ICICI Bank to offer Visa eMarketplace - (17/4/2008)
• PSU banks may post poor result in Q4; pvt sector may do better - (17/4/2008)
• PNB sees loan growth of 20 pc - (17/4/2008)
• Corporation Bank launches reverse mortgage loan scheme - (17/4/2008)
• Interest rate decision only after RBI policy: K V Kamath - (17/4/2008)
• ICICI Bank not in hurry to list broking arm - (17/4/2008)
• Bank of Baroda launches new health scheme in Oman - (17/4/2008)
• SBI, Macquarie line up $1-bn fund for core play - (17/4/2008)
• ICICI a/cs must’ve Rs 10k min balance - (17/4/2008)
• StanChart pumps in $250-mn fresh funds - (17/4/2008)
• Corp Bank launches NEFT through ATMs - (16/4/2008)
• Stanchart keen to spread wings in rural India - (16/4/2008)
• Bank of India sees 25 pc credit growth in Apr-Jun - (16/4/2008)
• Volatility to sustain for few months: Peter Sands - (16/4/2008)
• Axis Bank opens branch in Madurai - (16/4/2008)
• State Bank, Macquarie plan India infrastructure fund - (16/4/2008)
• ICICI Bank invests more in ICICI Prudential - (16/4/2008)
• India Inc should focus on corporate governance standards: Kotak - (16/4/2008)
• HDFC Bank inks pact with two carbon-credit firms - (15/4/2008)
• Kotak Mahindra Bank rolls out credit cards - (15/4/2008)
• SBI to launch mobile banking service soon - (15/4/2008)
• Grievances against private banks rise 33% - (15/4/2008)
• Smart cards enter rural, urban poor big time - (15/4/2008)
• Banks open wallets as IIM aspirants fret over fee hikes - (15/4/2008)
• Bankers say lending rates may go up post credit policy - (14/4/2008)
• PNB expects 20 pc rise in net profit during 2008-09 - (14/4/2008)
• Yes Bank mulling QIP to raise $300 mn by December - (14/4/2008)
• JKSCB aims disbursing Rs 100-cr loans this fiscal - (13/4/2008)
• HDFC Bank to enter Bahrain by the middle of the year - (13/4/2008)
• Bank of Rajasthan's business crosses Rs 21,000 crore - (11/4/2008)
• RBI bought $3.88 billion in February - (11/4/2008)
• Yes Bank eyes two private sector banks for acquisition - (11/4/2008)
• Germany's Dresdner Bank to open branch in India in 2009 - (10/4/2008)
• Vijaya Bank signs pact with Fitch Ratings - (10/4/2008)
• Vijaya Bank signs MoU with FITCH Ratings - (10/4/2008)
• No immediate plans for merger: DCB - (10/4/2008)
• Development Credit Bank plans asset management foray - (10/4/2008)
• ICICI Bank expects SME business to grow by 50% in FY'09 - (9/4/2008)
• TCI Cyprus Holdings buys 3.45 per cent in IOB - (9/4/2008)
• Banks can't take stocks as security - (9/4/2008)
• Born-again IndusInd to focus on core growth - (8/4/2008)
• Open up banking sector
• PNB to enter credit card business on its own by Sept
• BoM scouting for partner in general insurance JV
• UBI offers reverse mortgage at 10%
• ICICI awaits RBI move on rates: Kamath
• ICICI Bank to focus more on wealth management, mobile banking
• Union Bank launches Reverse Mortgage scheme
• NABARD credit to West Bengal touches Rs 1,309 cr
• RBI delay forces PNB to go solo in credit cards
• RBI seeks fresh bank loan exposure data
• NABARD extended Rs 3,871 crore in credit support to AP
• Govt rules out diluting stake in public sector banks
• PNB revises interest rates on non-resident deposits
• Citi woos expatriates in India to expand customer base
• Bank of Canada injects C$835 million into market
• ICRA inks MoU with State Bank of Indore for rating services
• Citibank launches services for expatriate Indians
• BoB revises foreign currency deposit rates
• Bank deposits in Gujarat rise 5% in third quarter
• UBS' India plan seen intact despite global writedown
• J&K Co-operative Bank posts business of Rs 2,000 cr in FY08
• Banks' hopes of treasury gains vanish as bond prices decline
• Citigroup rejigs global operations on geographical lines
• Barclays to set up private bank in India
• Firms revisit derivative bets to clean books

April 2008 Finance Sector Updates:

• UTI Ventures exits Excelsoft, earns 50 times its investment - (24/4/2008)
• Morgan Stanley has a May 1 date with private equity play - (24/4/2008)
• Oriental Insurance to provide cover to Mundra project - (23/4/2008)
• IDFC raising $700 million India infrastructure fund - (23/4/2008)
• IFCI stake sale not imminent-source - (23/4/2008)
• Short-term debt yields rise as RBI dislike for 'surplus grows - (23/4/2008)
• PEs invest $4 bn in first quarter of 2008 - (23/4/2008)
• Central undertakings told to stopinviting bids for bulk deposits - (22/4/2008)
• Bajaj FinServ eyes asset management - (22/4/2008)
• Premji launches $1 bn PE fund - (19/4/2008)
• RBI to encourage microfinance to curb money-lenders - (16/4/2008)
• DHFL opens representative office in London - (16/4/2008)
• Vision Global plans $200-million distressed debt fund - (16/4/2008)
• SBI weighs merger of GTF with SBI Factors - (16/4/2008)
• Private equity activity strongest in October-December quarter - (16/4/2008)
• Singapore fund kicks off India ops with i-Flapp Tech - (16/4/2008)
• ICRA assigns high rating to L&T Infrastructure - (15/4/2008)
• Bidders see less value in GE units - (15/4/2008)
• Unitech Realty to float 2 funds of $650 million - (14/4/2008)
• Cramped for room, small brokerages look for exit - (14/4/2008)
• Modern India in talks with PEs to dilute promoters' stake - (14/4/2008)
• PE deals hit the road again, but M&As dry up - (14/4/2008)
• HC asks Axis not to enforce Rajshree Sugars contract - (12/4/2008)
• IDBI not to cut prime lending rate following inflation spiral - (11/4/2008)
• Canara Robeco to merge equity funds - (12/4/2008)
• Chidambaram to inaugurate British branch of IIFC - (10/4/2008)
• Religare to buy UK's oldest broking firm Hichens Harrison - (9/4/2008)
• Broadening finance access - (9/4/2008)
• $1 billion infrastructure fund on anvil - (8/4/2008)
• BankAm trader moves to JPMorgan in India - (7/4/2008)
• Citi Venture, AIG scrap Akruti investment plan
• Reliance Money plans 20,000 outlets by fiscal end
• IDFC PE invests Rs 40 cr in Emergent Ventures
• Ask plans PE fund with initial corpus of $100 mn
• UK fund manager ties up with Tata for India equity fund
• Reliance Money launches loyalty card for customers
• SREI Infrastructure enters JV with BNP Paribas
• RBI appeals not to deface currency notes
• Darby Asia Mezzanine Fund invests in Coffee Day
• Reliance Money brings Canadian partner in broking biz

MArch 2008 Banking / Finance Sector Updates:
- SREI Infrastructure enters JV with BNP Paribas

- RBI appeals not to deface currency notes

- Subprime fallout: RBI wants lenders to play counsellor

- RBI delay forces PNB to go solo in credit cards

- RBI seeks fresh bank loan exposure data

- NABARD extended Rs 3,871 crore in credit support to AP

- Govt rules out diluting stake in public sector banks

- PNB revises interest rates on non-resident deposits

- Citi woos expatriates in India to expand customer base

- Bank of Canada injects C$835 million into market

- Banks' hopes of treasury gains vanish as bond prices decline

- Citigroup rejigs global operations on geographical lines

- Barclays to set up private bank in India

- Firms revisit derivative bets to clean books

- ICRA signs MoU with State Bank of Indore to rate loans

- Vijaya Bank exceeds business target for 2007-08

- Oriental Bank to review interest rates in next 10 days

- Union Bank ties-up with Alankit to provide services

- Canara Bank inaugurates Retail Asset hub

- Bank of Maharashtra to merge 2 regional rural banks

- JM Financial unit to buy out ASK Sec's stake in JV

- Reliance Money gets approval to operate in Oman

- IDBI puts key rate cut decision on hold

- Indian Overseas Bank to take over Pune bank

- Mumbai accounts for 80 pc of bank deposits in Maharashtra

- Syndicate Bank releases Rs 1010 cr annual credit plan

- Canara Bank launches basket of products

- Federal Bank reaching out to NRIs

- RBI lets 2 Singapore banks open account in India

- State Bank of India gets Singapore full bank license

- Demand draft's bounce on stop payment order

- Axis Bank opens two new branches

- Banks may gain from bond holdings as yields plunge

- HSBC arm raises stake in Yes Bank by 4%

- Bank of India to roll out mobile phone banking

- Singapore's DBS bank to expand in India

- Union Bank sees lower FY08 credit growth

- State Bank of India buys 91% in factoring firm

- Federal Bank to open its 600th branch on 26/3/2008

- ICICI, Jaypee Infra ink Rs 1,150-cr deal

- Banks twist RBI's rules to sell leveraged products to corporate clients

- Bank credit slowdown reflects fading growth

- Bank of India plans to open full-fledged branch in Beijing

- SBI looking at alternate channels for rural penetration

- Religare to acquire UK broking co for $100 million

- Cholamandalam DBS to raise Rs 4,500 cr through private placement

- Fidelity plans Indian securities fund