India

IDBI Bank Ltd. plans to raise $200 million by selling bonds and is seeking partially guaranteed ADB loan.

The nearly 10 crore farmers who hold kisan credit cards will soon be able to use their card as a deposit account and a debit card. This will help the government scale up its financial inclusion plan quickly without relying on bank accounts alone. KCC, which has been instrumental in faster delivery of credit to farmers, is like an overdraft account with a bank that has to be operated through a cheque book or withdrawal slip. The card is used only to store the details of the account. "We are working on revamping the current concept of KCC. It is aimed at providing more financial freedom to farmers who can use this at various point of sales," said a finance ministry official, requesting anonymity. The revamped card will have features of both credit card and deposit account. "This would reduce the need for multiple accounts in the bank," said the official. Banks will give interest credit to farmers with credit balances in KCCs to encourage them to remit farm sale proceeds into their KCC account. "Today, farmers avail the full credit amount in one go and end up paying higher interest amount. If it becomes a debit card, they will use it as and when required and pay substantially lower interest burden," said UC Sarangi, former chairman of Nabard, or the National Bank for Agricultural and Rural Development. For the source of this story, click here.

The technology is equipped with sophisticated features to ease clients’ trading, transaction and market information gathering.

UCO Bank will open the auction for sale of Rs.3 to 4 billion non-performing assets next week.

ICICI Bank launched the ICICI Bank Rubyx – India’s first Platinum Credit Card with dual card benefits.

The Reserve Bank of India rejected proposals by several banks to launch wholly-owned subsidiaries.

Opening account in the social networking site is one of its strategies to continue providing "superior banking services.

The Indian government may sue HSBC for persuading their executives to stash undeclared money in a Geneva branch.

According to Bloomberg, StanChart ranks third in Indian mergers advisory this year.

Villagers only need to produce a certificate from the headman along with photographs for opening of accounts.

The Nations Trust Bank reported post-tax profits of Rs 1,170 million for the first 9 months of the year, up 38% over the corresponding period in 2010.

Analysts anticipate that asset quality will deteriorate over the next 12-18 months, given the tightening environment.

The fundraising activity before March aims to augment thin capital and weakening asset quality.

Standard Chartered's problems in India caused its growth to slow down in the latest quarter.

City Union Bank today reported 25.8 per cent jump in net profit to Rs 77.52 crore for the second quarter ending September 30. For the half-year this fiscal covering April to September, the net profit of the Kumbakonam-based bank rose to Rs 136.03 crore, from Rs 105.95 crore in the same period of 2010-11, said the company statement. The total income for the second quarter ending September 30, rose to Rs 460.24 crore, as against Rs 336.08 crore. For the half-year ending September 30, the total income grew to Rs 877.26 crore as against Rs 635.42 crore recorded during the same period of previous year. For the source of this story, click here.

India and Myanmar should conclude an agreement on cooperation in banking and financial services to boost flow of two-way investment and trade.