PSBs spend Rs 12,300 crore ro relieve over 1 lakh staffers 
New Delhi: All public sector banks except Corporation Bank have implemented voluntary retirement scheme incurring a total cost of Rs 12,300 crore as on March 31 this year. 
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Legal hurdles seen delaying universal banking plan of IDBI 
Mumbai: A legal hitch appears to have come in the way of IDBIs proposal to become a universal bank through a merger with a sound public sector bank having assets worth about Rs 50,000 crore. 
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US venture shortly- LIC finds slight dip in policies sale
Chennai: Life Insurance Corporation of India sold 57.22 lakh policies in the first five months of the current financial year, earning a first premium income (premium from new policies) of Rs 1,157 crore and involving an assurance of Rs 34,000 crore.
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ICICI Pru Life pact for kids policy
New Delhi: ICICI Prudential Life Insurance Company Ltd has entered into an arrangement with Discovery Kids and Derek O' Brien's KQ School Advantage to promote its child insurance policy called ICICI Pru Smart Kid. 
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New products to beat volatile debt market
One way that fund managers can beat the volatility that the debt market has seen in the past year or so, is to introduce innovative debt funds that can either adapt to changing scenarios, offer market-linked returns or protect capital.
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No RBI approval needed for prepaying ECBs up to $100 m
Mumbai: The Reserve Bank of India (RBI) has said that borrowers who have raised external commercial borrowings (ECBs) in accordance with the prevalent rules and regulations may prepay the outstanding ECB up to an amount of $100 million without obtaining prior permission from it. 
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IndusInd plans new venture to take out NPAs
Mumbai: Such NPA take-outs would involve large infusion of risk capital. It is for this reason that IndusInd is likely to use a separate entity for the purpose. 
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SIDBI to step up direct financing
Pune: SmallL Industries Development Bank of India (SIDBI) has decided to step up its direct financing business from 30 per cent of its total volumes to 40 per cent this year. 
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Small units' concern over NPA ordinance
New Delhi: Laghu Udyog Bharati has expressed reservations about the implementation of the Ordinance for Debt Recovery issued by the Union Government.
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BoB cuts rates on domestic, NRE deposits
Mumbai: Bank of Baroda has cut interest rates on domestic and NRE deposits by 25-50 basis points for various maturities effective yesterday. For deposits up to Rs 15 lakh, the bank is offering 5.25 per cent for a period of 15-45 days, 5.50 per cent for for 46-90 days, 5.75 per cent for 91-180 days, 6.25 per cent for 181 days to less than one year, 6.50 per cent for 1-2 years, 6.75 per cent for 2-3 years and 7 per cent for deposits of three years and above.
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Approval for bank mergers `only after careful study'
New Delhi: The Government approval for the two proposed bank mergers involving public sector banks - those between Punjab National Bank (PNB) and Nedungadi Bank Ltd and Andhra Bank and Centurion Bank - is not going to come easily and will be undertaken only after carefull study. 
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Nedungadi staff see better days
Kochi: The employees of Nedungadi Bank are by and large relieved at the possible takeover of the bank by Punjab National Bank. 
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SBI, NHB to split of '92 scam money
New Delhi: The State Bank of India and the National Housing Bank are heading towards an out-of-court settlement on the decade-old dispute pertaining to the securities scam.
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