Economic updates from newspapers

v  RBI allowed Indian companies to take fresh external loans and issue new FCCBs to address debt obligations.(BS)

v  Shri Harun Rashid Khan on Monday assumed charge as Deputy Governor of the Reserve Bank of India for a period of three years. (ET)

v  RBI imposed a fine of Rs 25 lakh on Citibank for breaching various guidelines and instructions related to KYC & AM guidelines.(BS)

v  Good economic growth, favourable demographics and under-penetration is benefiting the growth of Indian banking sector and banks in the country are expected to have another good year during 2011-12, says a report by Standard & Poor's.(FE)

v  SBI may see pressure on its net interest margins and profitability in the current environment, which is marked by increasing competition and high inflation, says Standard and Poor’s.  (BS)

v  Dhanlaxmi Bank entered the gold retailing business with the launch of ‘Dhan' gold coins.(BL)

v  Lakshmi Vilas Bank has introduced Visa Debit Gold Card for its premier customers.(BL)

v  Mid and small-sized private banks are approaching institutional investors and private equity funds to raise money amid declining capital adequacy ratios.(BS)

v  SBI Life unveils variable insurance plan.(FE)

v  Top MFIs such as SKS and Bandhan are looking at alternative options like non-convertible debentures and commercial paper for raising funds.(BS)

v  Department of Posts plans to introduce Core Banking Solution by 2012.(ET)

v  FDI flows into India in May more than doubled to about $4.7 billion from the same period a year ago, says  Government.(ET)