Newsmakers: ICICI Bank debt issue, Canara Bank earnings and more

PSBs to get Rs 70,000 cr over four years
Finance Minister Arun Jaitley said the government has laid down a long-term four year plan for bank capitalization in which it proposed to make available Rs 70,000 crore out of budgetary allocations over four years. In the Supplementary Demand presented on Wednesday in Parliament, an amount of Rs 12,000 crore has been provided, in addition to Rs 7,940 crore already provided in the Budget of FY 2015-16.

Canara Bank Q1 net profit falls 41%
State-run lender Canara Bank reported a 40.65 per cent decline in net profit at Rs 478.84 crore in the first quarter ended June as it parked a higher share towards contingencies for bad loans. The Bengaluru-headquartered bank 's net profit in similar quarter of the previous fiscal stood at Rs 806.86 crore, it said in a filing to the BSE.

ICICI Bank hits overseas debt market
Country's largest private sector lender ICICI Bank on August 5 hit the US dollar debt market with a benchmark issue, under which it plans to raise up to $500 million, sources said. The five-year bond sale is a part of the bank's $7.5 billion global medium-term note programme and will be carried out from its Dubai IFC branch. The bonds will be listed on the Singapore Exchange, sources added.

Maruti Suzuki launches S-Cross at Rs 8.34 lakh
Country's largest carmaker Maruti Suzuki launched its S-Cross vehicle priced at Rs 8,34,000 for diesel model (ex-showroom Delhi). The crossover vehicle will compete with the likes of Hyundai Creta, Renault Duster and Nissan Terrano. The S-Cross is available with two engine options-DDiS 320 and DDiS 200 engine.

Rate cut likely if inflation stays below 6%: Rajan
RBI Governor Raghuram Rajan said the central bank will cut interest rate provided it feels confident that inflation will remain below 6 per cent even after the reduction. "RBI expects retail inflation to be around 6.1 per cent in January-March, 2016. It should be actually below that. That is what we are looking for to see how much room we have (to cut rate)," RBI governor Raghuram Rajan told CNBC Awaaz.