India

The bank aims to regain market share this fiscal year.

The Reserve Bank of India asked banks to replace the term ‘no-frills’ accounts into ‘Basic savings bank deposit accounts.

Indian agencies are gathering all details about lapses by HSBC and Standard Chartered's outsourcing jobs in complying with money laundering and terror financing regulations.

Global banks that outsource work overseas will be forced to step up supervision of back office operations after lapses involving Indian offshore units.

Threats to strip Standard Chartered ofits state banking licesnse pulled down its Indian depositary receipts by 7.4 percent.

A massive drought is leading to a wave of farm loan defaults that threatens to boost the non-performing loans of Indian banks. The Reserve Bank of India, the central bank, however, claims Indian banks are resilient enough to weather the pressure on farm loans caused by the drought. “Whenever there is drought, there is a pressure (on farm loans). But we have sufficient rehabilitation measures so that banks can weather it out,” said RBI Deputy Governor K C Chakrabarty. He noted that India’s banking system has enough resilience and will be able to face the stress. The government will invoke the law and other schemes to meet the challenges of the \drought in several states. It noted that contingency plans are in place to help farmers replant alternate crops and to supply drinking water and fodder to farmers. Monsoon rains are relied upon to grow India’s crops but there was 20% less rain in June and July.

Punjab National Bank has campaigned to mop up low-cost funds from retail customers.

India’s private banks have thumbed down a government proposal to pool their resources to service non-performing loans of individual banks.

Remarks by India’s finance minister fuel speculation that a reduction in interest rates could be forthcoming.

Muslim Commercial Bank posted 7% increases in both profit before tax of Rs. 17.2 billion, and profit after tax of Rs. 11.3 billion.

Vijaya Bank hopes to achieve an 18 to 20 percent credit growth in the current financial year.

Federal Bank has reported a net profit of Rs.190.35 crore for the first quarter ended June 30, 2012, against Rs.146.16 crore in the year-ago period, an increase of 30 per cent.

Bank of India will increase its retail and SME business up to 50 percent of its total.

City Union Bank’s first quarter net profit increased by 26.3 per cent at Rs. 73.89 crore from Rs. 58.51 crore the previous year.

Allahabad Bank reported a more than expected 23% net profit growth due to a Rs 120-crore cash recovery.

Bank of India is mandating a seven-bank group for a $175m two-year loan.