Barclays cuts PSB, PSU ratings

Updated: Aug 31 2013, 09:05am hrs
Barclays downgraded select state-owned banks and finance companies, citing a slowing economy and unpredictable monetary policy responses. The brokerage expects asset quality to remain problematic as the stress in economy is seen extending beyond the SME and mid-corporate segments to the large corporate segment.

RBI: Need efficient bankruptcy law India needs an efficient bankruptcy law in the corporate bond market, Reserve Bank of India executive director R Gandhi said on Friday. There is a need to encourage public issuance of bonds, he said, adding the private placement of bonds should be restricted.

Sundaram BNP Paribas raises PLR

Sundaram BNP Paribas Home Finance has raised prime lending rates (PLR) by 0.25%. Consequently, the rate of interest on all variable rate loans of all existing customers would increase by 0.25% from September 1. Increase in rate has been driven by tight liquidity in the market and an increase in borrowing costs, said managing director Srinivas Acharya said.

Rel General to expand insurance basket

Reliance General Insurance is focusing on fire, engineering and marine insurance as part of its plan to diversify product basket and achieve profitable growth, a top company official said. We are focusing on commercial lines, fire, engineering and marine insurance, said CEO Rakesh Jain.