OBC raises deposit rates by up to 2.25%
City-based Oriental Bank of Commerce (OBC) raised the deposit rates by up to 2.25% for FDs of short-term maturities. The fixed deposit rate for maturities ranging from one-month to 45 days has been raised to 7.25% from 5%, OBC said in a statement. The revised FD rates, to apply for deposits below R1 crore, will come into effect from Friday, it said.
Dhanlaxmi Bank Q3 net at R4.39 crore
Dhanlaxmi Bank reported a net profit of R4.39 crore for the third quarter ended December, 2012. It had reported a loss of R36.87 crore in the corresponding quarter of the previous fiscal. The income of the Trissur-based private sector bank, however, declined to R352.11 crore from R390.85 crore a year ago, it said in a filing to the BSE.
Banks must reveal recast asset detail
Banks must disclose details of restructured assets, the erosion in the fair value of the loan due to restructuring and the provisions made towards them in “notes to accounts” of their balance sheet starting 2012-13, the Reserve Bank of India said. These disclosure requirements were one of the many suggestions of the working group to review norms for recast of loans formed under the executive director B Mahapatra.
NBFCs rating outlook stable
Despite the proposed stricter RBI guidelines for the sector, major non-banking finance companies (NBFCs) have a stable rating outlook in the current year due to their robust pre-provision operating profits, India Ratings said in a report.