Ahead of the monetary policy review next week, RBI governor Duvvuri Subbarao is likely to discuss the prevailing domestic macro-economic as well as global situation with finance minister P Chidambaram on Thursday. "The meeting between the RBI governor and the finance minister is likely to take place tomorrow," sources said.
LVB gets RBI nod for 71 new branches
Lakshmi Vilas bank has received permission from the Reserve Bank of India to open 71 more branches. The new permission allows the bank to open branches in Metro, urban, semi-urban and rural centres. Currently, LVB is serving a customer base of over 2 million through a network of 291 branches as on December 31, 2012.
UCO Bank nod for preferential shares
Board of directors of Kolkata based UCO Bank has approved the proposal for issuing preferential shares to Government of India. The board of directors have approved the proposal for issue of equity shares of face value of R10 each for an amount aggregating to the tune of R681 crore, the bank said in a posting to BSE. It has recently raised R1,000 crore through lower tier II bonds.
HSBC sees flows into debt extending
Indias move to curb gold imports to improve its current account is buoying confidence in the rupee, prompting HSBC Global Asset Management to bet foreign holdings of local debt will extend last years 26% surge. An offering of bond-purchase quotas to foreigners by the market regulator was oversubscribed on January 21, according to two people familiar with the matter.
Insurers to spend R10k cr on IT in 13
Indian insurance companies will spend R10,100 crore on IT products and services in 2013, an increase of more than 9% over 2012 revenue of R9,250 crore, according to Gartner. The forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.