Banks begin to switch off from shared ATM network
Mumbai: Swadhan, India's first shared payment network service, is facing tough times. Banks have begun distancing themselves from the network after Swadhan service provider India Switch Company's five-year contract with the Indian Banks' Association came to an end during the year.
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State Bank to serve notices on 50 wilful defaulters soon  
New Delhi: The countrys largest public sector commercial bank, State Bank of India, will shortly serve notices on 50 wilful defaulters. 
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ITI to shift to B category NBFC 
Chennai: The Investment Trust of India Ltd, a Chennai-based non-banking finance company, has decided to repay its existing deposits and shift to B category company. 
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Asian currencies recover as Yen rebound 
Most Asian currencies recovered from their early lows to finish the week on a positive note, helped by the yens rebound against the dollar. 
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Banks rescheduling farm loans
Mumbai: Banks have begun work on restructuring and rescheduling agricultural advances in regions affected by the current drought. 
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Nabard, German body to develop accounting norms for co-op banks
New Delhi: National Bank for Agriculture and Rural Development (Nabard) and German Co-operative Raiffeisen Confederation (DGRV) are jointly developing a common accounting system for co-operative banks. 
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RBI eases norms for forex dealers
Mumbai: The Reserve Bank of India (RBI) has permitted authorised dealers to maintain foreign exchange open positions in their foreign exchange exposures, representing the mismatch between foreign currency purchase and sales as also balance sheet. 
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LIC's monopoly intact, says workers' federation
Mumbai: The entry of private players into the insurance fray has not affected the business monopoly of Life Insurance Corporation (LIC), according to the National Federation of Insurance Field Workers of India. 
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IndusInd to open 2 more branches in Chennai
Mumbai: IndusInd Bank plans to open two more branches and at least six ATMs in Chennai, according to the sources. 
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Karnataka Bank review meeting
Mangalore: The Chairman of the Mangalore-based private sector Karnataka Bank, Mr Ananthakrishna, has called upon the regional heads of the bank to gear up to face `the increasing competition and emerging challenges' in the banking sector.
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Corpn Bank pays Rs 32.8 crore as dividend to Govt
New Delhi: The Chairman and Managing Director of Corporation Bank handed over a dividend cheque for Rs 32.80 crore to the Union Minister of State for Finance, Mr Anantha Geethe, at a ceremony held in New Delhi. 
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SBH to unveil new package for SMEs
Hyderabad: State Bank of Hyderabad (SBH), the leading associate bank of State Bank of India, is piecing together a new scheme for the small and medium enterprise (SME) segment. 
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Union Bank plans branches in Gulf
Kolkata: Union Bank of India, which does not have any foreign branch, is planning to open representative offices in Muscat (Oman) and Dubai (UAE) to serve NRI accounts better. 
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RBI sets Aug 31 deadline for G-sec SGL, CSGL trades  
Mumbai: The Reserve Bank of India has set a deadline of August 31 to comply with the regulation relating to holding investments in government securities portfolio in either SGL, CSGL or in a dematerialised account with depositories.
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Mortgage-backed securities begin to gain acceptance
Mumbai: Mortgage-backed securities (MBS) are finally getting their place in the sun, even if it is in part due to the huge liquidity overhang in the debt markets. 
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ICICI Bank cuts NRE term deposit rates
Mumbai: ICICI Bank has cut non-resident external (NRE) term deposit rates by 50-100 basis points for various maturities, with effect from August 8. On deposits up to Rs 15 lakh, for a maturity period of six months to one year, the rate is now seven per cent.
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RBI move to strengthen MIS of co-op banks
Mumbai: In a bid to strengthen the management information system (MIS) of co-operative banks, the Reserve Bank of India has set in motion a technical assistance programme. The programme would focus on strengthening the MIS in co-operative banks. 
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Bankers going back to basics
Mumbai: Bankers are quietly going back to the basics of building an asset portfolio in the current year, having lost the comfort of trading profits which played up balance sheets over the last two years. 
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KCCI initiative on coin shortage
Mangalore: In view of the shortage of coins affecting the business community in Mangalore, the Kanara Chamber of Commerce and Industry (KCCI) in association with the Reserve Bank of India as well as banks in Mangalore and Udupi will help in the distribution 
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PwC to rejig Lord Krishna Bank strategy 
Kochi: Lord Krishna Bank has appointed global consultants PricewaterhouseCoopers for formulating its future business strategy and risk management. 
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HDFC to directly hold stake in JV
New Delhi: The US-based insurance major Chubb Global Financial Services Corporation will end up paying over Rs 70 crore as premium for picking up a 26% stake in its non-life insurance joint venture with HDFC.  
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