Piyush Gupta, who had been a part of Citibank Inc, has been appointed by DBS Group Holdings Ltd of Singapore as its new CEO. DBS Group Holdings Ltd is the largest bank in South-East Asia. This announcement was made by the DBS Group on Monday. The earlier CEO of the bank had passed away five months ...

According to Punjab State Public Works Department Minister, Parminder Singh Dhindsa, about Rs. 1,500 crore has been approved by the World Bank for the Punjab State Road Sector Project. This project has been designed so that 1,100 km of the roads in Punjab can be given a better ...

Dhanalakshmi Bank has offered an Employee Stock Option Plan for its employees. This private bank has come up with this decision so as that its employees can be rewarded. The bank also feels that fresh pool of talent can be attracted by means of this initiative.
 
An ESOP Trust has been ...

According to sources, IndusInd Bank has raised about $100 million by introducing shares with institutions at 87.5 rupees per share.
 
The deal was arranged by Morgan Stanley and IDFC-SSKI which has caused a dilution of 13.
 
Company officials have not commented on the deal.

The repayment of the 11.5% SLR Bonds will be made by IDBI Bank on September 26, 09.
 
According to the press release of the bank, no interest will be added on the bonds after September 25, 2009. It also added that the book closure of the 54th series will be observed with effect from August ...

The nationalized banks’ employees are on a two day strike from today so that there can be more pressure on the pay commission to meet their demands.
 
The unions of bank employees have taken the decision to observe nationwide strike after the discussion with the government and the ...

The Bank of America has agreed to pay the US regulators a fine of $33-million for misleading its investors about billions of dollars in bonuses paid to Merrill Lynch executives when it acquired the investment bank.
 
Bank of America, while waiting for stockholder approval of the deal to ...

According to the Bulgarian Finance Minister, Bulgaria may replace the lev with the euro, in 2012 or 2013.
 
"We have a chance in the last year of the mandate to introduce the euro," Djankov said.
 
The criteria for implementing Euro will be met by Bulgaria by the 2009 end ...

Syndicate Bank, a nationalized bank, has posted a net profit of Rs.262 crore for 2009-2010 Q1, registering a whopping growth of 198% YOY from Rs.88 crore during 2008-09.
 
"We have nearly trebled our net profit in the first quarter on a healthy 16.4 percent growth in net interest income ...

South Indian Bank (SIB), a Kerala-based bank, will be entering into a partnership agreement with a major commercial bank in Qatar.
 
Talks are progressing fastly and the deal would be announced shortly.
 
"Once we are through with the deal, which is expected to happen any time ...

State Bank of India (SBI) has reported an increase of 42% in net profit to Rs.2,330.37 crore for the 2009-10 Q1 when compared to Rs.1,640.79 crore in the like period last year.
 
SBI that has 12,000 branches all over the country, controls about 25% of the total loans and deposits in the ...

Central Bank of India has plans for raising its stake in its housing finance arm Centbank Home Finance.
 
According to Centbank Home Finance, S. Sridhar, chairman and managing director of Central Bank, the bank will be acquiring Special Undertaking of UTI and Urban Development Corp ...

Bank of America Corp, the largest US bank, plans to shrink its network of 6,100 branches by 10%.
 
CEO Kenneth Lewis announced the news to investors last week at a meeting in Charlotte, North Carolina, where the company is based, the report said. The cuts follow two decades of expansion. ...

The Reserve Bank of India Governor, D. Subbarao, will review and update the monetary policy for the current fiscal today amid little expectation of any major change in key policy rates.
 
A day ahead of the review, the central bank had sharply raised its growth forecast for the country's ...

Chennai-based Indian Bank closed the first quarter with a 52% increase in net profit and nearly 21% increase in total business as compared to the corresponding period in the previous fiscal.
 
"Despite the challenging economic environment, the bank has earned a net profit of Rs.331.66 ...

A nationalized bank, Canara Bank, on Wednesday reported a net profit of Rs.555 crore for the first quarter this fiscal, registering a whopping 353% year-on-year (YoY) increase over the Rs.123 crore posted in the corresponding quarter year ago.
 
"The net profit for the quarter has shot ...

The net collection of direct tax has increased 3.65% in the first quarter this fiscal, but the growth has been hindered on account of a 52% jump in refunds and lower corporate tax collection.
 
"Net direct tax collections during first three months of the present fiscal stood at ...

HDFC Bank, India’s second largest private lender, on Monday reduced its benchmark lending rate by 25 basis points to 15.75 percent.
 
"The benchmark prime lending rate has been reduced to 15.75 percent per annum with effect from July 20," the bank said on its official ...

The key creditors have agreed to put up $3 billion in financing for CIT group, a top lender for small US businesses that last week stumbled on the verge of bankruptcy.
 
The company managed to sign an agreement from creditors that will mean CIT can avoid bankruptcy and restructure outside of ...

If a cheque has a spelling mistake in the recipient's name, can the bank put the money in a temporary account? The Central Information Commission (CIC) has asked the Reserve Bank of India (RBI) to clarify on this practice.
 
The decision on a Right to Information application, filed by ...

National Bank for Agriculture and Rural Development (Nabard), the agriculatural credit lender, has cut the refinance rates on Tuesday and said that these rates will take be effective from Wednesday.
 
"We are cutting the rates for both commercial banks and co-operative and regional ...

Government-owned Dena Bank is expecting Rs.500 crore capital infusion from the central government later this year, a top company official said on Tuesday.
 
"We will receive Rs.300 crore as preferential shares and Rs.200 crore as perpetual non-cumulative preference shares (PNCPS)," ...

HDFC Bank, India’s second largest private lender, on Tuesday, announced its Q1 net profit for 2009-2010 which is up by 31% to reach Rs. 606 crore. The Q1 net profit in 2008-09 fiscal was Rs. 464.35 crore.
 
The bank's net income for the period under review grew 21.86% to Rs.5,136.75 ...

Citigroup has announced changes in several top management roles in the company said the Indian American CEO Vikram Pandit. But Pandit, who has been the target of much criticism for his management of Citigroup, himself remains at the helm as the bank seeks to reshape itself and prepares for the US ...

Nationalized bank of Maharashtra has plans to raise Rs.1,500 crore in three years said a top official. 
"We have a plan to raise Rs.500 crore every year (starting from this fiscal) for three years via follow-on public offer, qualified institutional placement or issue perpetual preference ...

Shirish Apte, 56, and Stephen Bird, 42 will be the CEOs for Asia-Pacific, while Shengman Zhang will be chairman of Citibank in the region, effective immediately, Indian American Vikram Pandit announced on Monday. 

Ajay Banga, held the title of Asia-Pacific CEO but he left the firm on June ...

Although the banking and insurance sector will be kept as public, the government has some other plans which were put forward during today’s budget session:-


To hike the promoter shareholding in PSUs
To encourage people participation in disinvestment
Banks and insurance to ...

The state-run UCO Bank has plans for investing about Rs.45 crore in its proposed general insurance company. This information was let out by the spokesperson for UCO Bank on Friday. 


"We will pick up a 30% stake in the general insurance venture, which will have a capital base of ...

The Government has plans to raise about Rs. 18.54 billion by selling the stakes of NHPC and Oil India, which are state run firms, for the financial year ending march 2010.  This information was given by one of the junior finance ministers in parliament on Friday. 


"The public ...

According to the Union Finance Minister, Pranab Mukherjee, more importance will be given to price stability as the prices of essential items as well as food grains have gone up in a rapid manner in the past few days. 


"The government monitors the price situation regularly, with price ...