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Banking news of the day

India Infoline News Service | Mumbai |

Below is the snapshot of the latest banking news happening around the world.

RBI bars loan against gold ETF and MF
The Reserve Bank of India (RBI) today said banks and non-banking finance companies (NBFCs) would not be allowed to extend loans against units of gold exchange traded funds (ETFs) and gold mutual funds. (Source: Business Standard)

Further repo rate cut hopes stoke bond market
The expectations of further repo rate cuts this financial year have boosted trading volumes on both government and corporate bonds. Investors are buying because with a further fall in interest rates, the price of these bonds will increase further. (Source: Business Standard)

Dena Bank to open 45 branches in state this fiscal
Public sector lender, Dena Bank is planning to expand its branch network across the country by opening around 175 new branches nationwide. The bank will open 45 new branches in Gujarat to cater to the mix of urban and rural population. (Source: Business Standard)

Delays push new bank permits close to polls and uncertainty
D Subbarao, the outgoing governor of the Reserve Bank of India, is unlikely to begin receiving applications for new bank licences before his term expires in early September. (Source: The Indian Express)

13 co-op banks turned insolvent last fiscal
As many as 13 cooperative banks failed in 2012-13, resulting in credit insurance company DICGC paying nearly Rs. 1.6 billion to depositors. (Source: PTI)

LVB net dips 31% to Rs170mn
Lakshmi Vilas Bank (LVB) has posted a decrease of 31.5% in net profit with Rs. 171 million registered during the quarter ended March 31, against Rs. 249 million for the corresponding quarter of the previous financial year.

Reforms critical in 'Abenomics': World Bank
Japanese Prime Minister Shinzo Abe’s radical economic policies may have instilled confidence among investors, but structural reforms will be key going forward, according to the World Bank. (Source: CNBC)

BoFA-ML sees 0.25% cut in repo and cash reserve ratio rate
Foreign brokerage Bank of America Merill Lynch (BofA-ML) today said the Reserve Bank will go for a 0.25 per cent cut each in repo rate and cash reserve ratio (CRR) in its upcoming mid-quarter policy review on June 17. In the last policy announcement on May 3, the central bank had cut its key rate of lending the repo rate by 0.25%. (Source: PTI)

Niall Booker hired as new Co-op Bank executive
The Co-operative Group has appointed a veteran former HSBC banker as the new boss of its struggling banking business, which saw its investment rating slashed to junk status earlier this month. (Source: The Guardian)
 

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