Banking & Finance - Banking News and Financial News

India pays Rs 117 cr commitment fee to ADB, WB

The commitment charges have been paid by India to multilateral lending agencies like World Bank and Asian Development Bank in the last fiscal.

PNB to spend $18-20 mn to acquire Dana bank

Public-sector lender Punjab National Bank said it will complete acquisition of Kazakhstan-based Dana bank this fiscal for a consideration of 18-20 million dollars.

Bank of India cuts deposit rates across select maturities

Public sector lender, Bank of India today reduced deposit rates in select maturities by 0.25 per cent from Friday.

Barclays starts semi-fixed loan against property

Barclays Global Retail Bank (GRB) India said it has launched semi-fixed loans against property.

SBI hopes to get RBI nod for Doha branch soon

SBI expects to receive the Reserve Bank's and Doha government's approval to set up a branch there by the first week of December, a top SBI official said.

Kotak Mahindra receives $ 51 mn credit from WB entity

As a first initiative of its kind in India, a World Bank entity will provide credit facility of up to USD 51 million to Kotak Mahindra Bank to help small and medium enterprises, hit hard by the global financial crisis, meet their export and import obligations.

PNB for stake in Kazakhstan-based bank

Punjab National Bank plans to acquire a majority stake in a Kazakhstan-based bank

ICICI Bank raises $750 mn through bond issue

ICICI Bank has raised $750-million through the issue of five-year bonds.

SBI Card launches mShop

SBI Card, the credit card service offering from the State Bank and GE Capital, launched mShop.

HDFC Bank cuts rates for used cars

Even as the days of cheaper rates are numbered, banks are trying to woo their customers for used cars with lower interest rates.

Blackstone approaches Citi to buy auto-loan biz unit

Citigroup is in informal talks with Blackstone Group and other private equity firms for selling its auto-loan business unit CitiFinancial Auto, a media report has said.

IDBI Fortis Life Insurance to break even by 2015

IDBI Fortis Life Insurance said it expects to break even by 2015.

RBI fixes reference rate for US dollar and Euro

RBI fixed reference rate for Dollar at Rs 46.41 per dollar and at Rs 69.26 per euro.

Goldman launches support initiative for businesses

Financial services firm Goldman Sachs has started a USD 500-million initiative to support small businesses across the United States.

Subir Gokarn appointed RBI deputy governor

S&P's Asia Pacific Chief Economist Subir Gokarn has been appointed as RBI deputy governor.

Central banks unlikely to go for co-ordinated withdrawal of stimulus: Sinha

Central banks are unlikely to go in for a co-ordinated withdrawal of stimulus measures.

RBI fixes Reference rate for US dollar and Euro

RBI fixed the Reference rate for Dollar at Rs 46.26 per dollar and at Rs 68.89 per euro.

Union Bank starts auditing branches

After some of its branches were interrogated by the income-tax department for their involvement in the Madhu Koda money-laundering case, state-owned Union Bank has started auditing the accounts of the branches which had shown high transactions.

UBS guns for $14 bn yearly profit

Swiss banking major UBS said it aims to achieve the target of about 15 billion Swiss francs pre-tax profits per year over the next three to five years.

Asian giants wary of Fed’s low rate policy

Financial officials in Japan and China, Asia’s two largest economies, warned the Federal Reserve’s interest-rate policy risks spurring speculative capital that may inflate asset prices and derail the global economic recovery.

RBI asks banks to disclose commission from MF, insurers

To lend transparency, the Reserve Bank directed banks to disclose the commission it received from mutual funds and insurers for referring their products to customers.

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