Amid allegations of co-operatives banks for money laundering, the National Bank for Agricultural and Rural Development, which regulates such lenders, has said that it has not found any such activities in co-operative banks.

Mr. Prakash Bakshi, Chairman of Nabard when asked about the recent controversy of money laundering said, "Every year we do an inspection and we have not found anything like that".

A probe launched by the RBI after allegations of non-compliance with anti-money laundering measures...

Global software company, Vasco Data Security International is laying an ambition to expand in India by offering latest technology to avoid e-banking frauds.

Mr. Dan Dica, Regional Director, Pacific, India & Japan of Vasco Data Security said, "We are leading software Security Company and we are looking at expanding in India by providing our technology to Indian banks and financial institutions to protect themselves and their customers against the latest e-Banking frauds".

"Vasco has already provided security...

The public sector lender, Oriental Bank of Commerce (OBC) has reduced its fixed deposit rates by up to 1 per cent on selected maturities.

The announcement comes after the Reserve Bank of India cutting key policy rate by 0.25 per cent earlier this month.

The fixed deposit rate for maturities ranging from 31-45 days has been reduced to 6 per cent from 7 per cent, OBC said in a statement.

On the other hand, term deposit of 180-269...

Major financial service provider, Reliance Capital Ltd posted a decline in net profit by 19.5 per cent in the fourth quarter which ended on March 31, 2013 at Rs 265 crore.

The company recorded profit of Rs 329 crore in the corresponding quarter previous year.

Total income from operations (net) for the fourth quarter under review dropped down by about 15 per cent to Rs 1,666 crore against Rs 1,955 crore.

However, net profit for financial year...

Electronic fund transfer and opening of new current accounts are likely to become more difficult as banks are increasing the security checks.

From the recent frauds in West Bengal, bankers are taking cues to set up a new set of security measures on current account operation. Savings bank accountholders will have to face the heat as banks are planning to introduce few more security checks on the electronic fund transfer or RTGS (real time gross settlement)...

The financing company, Manappuram Finance recorded decline in net profit by 64.76 per cent to Rs 208.4o crore in the financial year 2012-2013 attributing the drop to under-recovery of interest amounting to Rs 284.20 crore.

The company posted profit of Rs 591.46 crore in the last financial year.

Manappuram Finance has also made an additional provision of Rs 51.40 crore towards reversal of interest booked in financial year 2012.

As per the statement issued by the company, the...

The Pune-based non-banking finance company, Bajaj Finance recorded jump in net profit by 52 per cent in its fourth quarter of the FY13 on the back of higher loan volumes and strong credit performance in the consumer and SME (small and medium enterprise) financing business.

The company's net profit in January-March quarter increased to Rs 164 crore from Rs 108 crore, a year ago.

Bajaj Finance's assets under management (AUM) in the consumer and SME business...

Edelweiss Financial Services posted growth in consolidated net profit after tax by 32 per cent at Rs 51 crore for the fourth quarter of the financial year 2012-13.

The company's profit after tax for the corresponding quarter of the previous year stood at Rs 38.76 crore.

The total revenue of Q4 grew by 25 per cent at Rs 595.46 crore compared to Rs 469.36 crore in the year-ago period.

"Fourth quarter witnessed easing inflation, robust FII inflows, softer...

For the financial year 2012-13, pension regulator PFRDA said that the National Pension System (NPS) has delivered double digit returns in most of the schemes.

The average annual return that National Pension Scheme generated for Central Government employees was 12.39 per cent during the financial year 2012-13. For NPS scheme for State Government, the average return stood at 13 per cent.

The returns rates are higher than the 8.5 per cent provided by the Employee Provident Fund...

IBM's data solutions is deployed to improve their operational efficiency by four co-operative banks- The Co-operative Bank of Rajkot Ltd. (Gujarat), Shivajirao Bhosale Sahakari Bank Ltd. (Maharashtra), Goa State Co-operative Bank Ltd and Tumkur Veerashaiva Co-operative Bank Ltd. (Karnataka).

The deployment of IBM's Integrated Server Room (ISR) solution will help these co-operative banks to set up a cost effective and energy efficient data centre to offer new services like ATM, mobile banking and online banking to...

The public sector lender, Bank of Baroda's net profit declined by 32 per cent to Rs 1029 crore in fourth quarter of the financial year 2012-13 as compared to Rs 1519 crore, a year ago.

The bank has set aside Rs 1598 crore to cover potential loan losses in the fourth quarter, up from Rs 844 crore, the bank had set aside in the same period last year.

During the reporting quarter, Slippages increased by...

The private sector lender, Ratnakar Bank Ltd has opened its branch in Chennai as a part of the bank's expansion plan.

Maharashtra headquartered bank has a strong presence in Karnataka, Goa and is growing in other regions like Andhra Pradesh, Rajasthan, Madhya Pradesh, Gujarat, Haryana, NCR, Uttar Pradesh, Union territory of Daman and Diu, Mr. Vishwavir Ahuja, CEO and Managing Director of Ratnakar Bank said.

Mr. Ahuja said that the bank plans to achieve a pan India footprint.

Ratnakar...

A general insurance company, Liberty Videocon General Insurance has entered into a pact with India Assistance, a subsidiary company of Mapfre Asistencia for providing add-on cover for emergency roadside assistance.

Mr. Roopam Asthana, CEO and Whole Time Director of the Company, said, "Motor insurance is a big opportunity and we want to augment our relevance in this category by adding maximum value to our products. We strongly believe that, for any insurance company to sustain in...

An e- procurement and e-sourcing provider, C1 India has launched an online portal for banks to enable them to auction their stressed assets.

With the portal, www. Bankeauction.com, banks will be able to create and publish new events in a few easy steps and the banks would also be enabling to monitor entire process online.

The system completely automates the entire auction process from creation of an event to conducting the auction. It would support both the...

The public sector lender, Allahabad Bank aims to trim down its gross non- performing assets (NPA) level to around 3.2 per cent from the last financial year's level of 3.92 per cent on the back of sustained effort on recovery, bank's top official said.

"As far as asset quality is concerned, we aim to bring down our gross NPAs to around 3.2 per cent by end of this fiscal from 3.92 per cent in FY13," Chairman and...

India's largest lender, State Bank of India is projecting a lower loan growth rate of 16 per cent for the current financial year as the demand for advances from the industrial sector is weak.

"...we would like to believe that the loan growth should not be above 16 per cent and deposits growth between 14 and 16 per cent (in 2013-14)," SBI Chairman, Mr. Pratip Chaudhuri said when asked about his projections for the bank in the...

The private sector lender, Indian Bank has posted dip in net profit by 15 per cent at Rs 292 crore for the fourth quarter which ended on March 31, 2013 against Rs 345 crore in the corresponding quarter of the previous year.

Total income grew by 15 per cent to Rs 4,022 crore during the fourth quarter against Rs 3,488 crore last year.

The bank's gross NPA at the end of the quarter stood at 3.33 per cent...

The public sector lender, Corporation Bank's net profit grew marginally in the January-March quarter of FY13 at Rs 356 crore on the back of higher provisioning and lower margins during the quarter.

The bank had posted a net profit of Rs 351 crore in the corresponding quarter of the previous financial year.

Net interest income increased 12 per cent to Rs 931 crore against Rs 834 crore in the fourth quarter of the financial year 2012.

As of...

State Bank of Hyderabad- a subsidiary of State Bank of India has posted a decline in net profit by 21 per cent at Rs 379 crore in the fourth quarter which ended on March 31, 2013 as compared to Rs 481 crore in the same period last year.

For the entire financial year 2012-13, net profit declined by 3.70 per cent at Rs 1250 crore against Rs 1298 crore for the previous financial year. Total business...

Country's largest lender, State Bank of India is targeting at a 15-20 per cent increase in deposits this fiscal, Chairman of SBI, Mr. Pratip Chaudhuri said.

The targeted growth rate is higher than the Reserve Bank of India's projected deposit growth of 14 per cent for the entire banking system this financial year. It is also higher than the growth rate of 14.85 per cent in deposits achieved by SBI in 2012-13. There was 13 per cent...