The current account deficit (CAD) as per cent of GDP during the last five years are given below:

Years
Current Account Deficit as per cent of GDP

2007-08
1.3

2008-09
2.3

2009-10
2.8

2010-11
2.7

2011-12 (Up to December 2011)
4.0

The CAD is financed by capital account surplus and drawdown of foreign exchange reserves in case CAD exceeds capital account balance.  Capital

A provision of Rs 15,888 crore has been kept in the Union Budget 2012-13 for Capitalization of Public Sector Banks, Regional Rural Banks (RRBs) and other Financial Institutions including NABARD. Making the announcement during his Budget Speech in the LokSabha today, the Union Finance Minister ShriPranab Mukherjee said that government was also considering the possibility

The official amendments to “The Pension Fund Regulatory and Development Authority Bill 2011”, “The Banking Laws (Amendment) Bill, 2011” and “The Insurance Laws (Amendment) Bill 2008” will be moved in the current session of the Parliament.
The Union Finance Minister ShriPranab Mukherjee said during the Budget Speech in the LokSabha today that these amendments are based

The Union Cabinet today approved the introduction of “The Export Import Bank of India (Amendment) Bill, 2011” to amend the Export – Import Bank Act, 1981 (the Act) in the Parliament.
The Bill seeks to increase the authorised capital of the Exim Bank from Rs.2000 crore to Rs.10,000 crore with the provision that the Central Government

Following is the text of Finance Minister’s speech at ASSOCHAM, Kolkata on 13-11-2011.
“It gives me great pleasure to be here in Kolkata and share my thoughts on a subject that has occupied centre stage since the outbreak of global financial crisis and its impact on economies around the world. I welcome this initiative of ASSOCHAM

In order to ensure availability of sufficient credit to MSE Sector, Banks have been advised by RBI to achieve the following targets:
i) 60% of MSE advances for Micro Enterprises by 2012-13, to be achieved in three stages: i.e. 50% by 2011, 55% in 2012 & 60% in 2013.
ii) Banks are advised to achieve a 20%

Punjab National Bank (PNB) and MetLife India, an affiliate of MetLife Inc., announced Friday that PNB will be inducted as a joint venture partner in the company. The Board of PNB, in its meeting held on 28th July, accepted the offer made by MetLife India for acquiring 30% stake in the company.
The transaction is subject

Citigroup Inc. Monday announced that it has reduced its 11.4 percent stake in Housing Development Finance Corporation Ltd. (HDFC) by 1.5 percent to a 9.9-percent beneficial interest. Headquartered in Mumbai, HDFC is an Indian non-bank financial company that is a leader in housing finance and mortgages with $37 billion of total assets as of March

Banco Bilbao Vizcaya Argentaria (BBVA) and Bank of Baroda (BoB) have today signed a Memorandum of Understanding (MOU) to form a joint venture in credit card business. Upon regulatory approval, BBVA will acquire a 51% stake in the existing credit card unit of Bank of Baroda, BOBCARDS, by investing a total amount of 34 million

Capgemini has announced the acquisition of Thesys Technologies in a bid to expand its global delivery capabilities for the Temenos-enabled core banking front-to-back solutions and product offerings, such as retail, corporate, universal, private wealth management, Islamic banking and microfinance to financial institutions.
The move as well bolsters Capgemini’s position as a leading core banking and wealth