The World Bank Group committed US$6.6 billion in fiscal year which ended on June 30 to South Asia, where India is the largest borrower. A major part of the money which has been lent is focused on helping the countries to cope with the impact of the global economic crisis.


Key to the Bank's ...

The Economic Survey 2008-09 which was presented by the Union Finance Minister, Pranab Mukherjee, has called for the liberalization of the reforms related to banking and financial markets. The reforms related to enhancing foreign investments in the banks in a step by step fashion as well as lifting ...

The International Monetary Fund said on Wednesday that it will issue the bonds for the first time in the 60-year history of the company. This step is an effort for winning the contributions from the emerging economies like China, Brazil and Russia.

This new scheme of money-making comes as IMF ...

The World Bank on Wednesday told that it has spent a record of $58.8 billion on loans, grants, guarantees and social projects over the last year for helping the poor countries steer through the global recession.

The spokesperson for World Bank has been quoted saying that its budget jumped 54% ...

Deposits made by the non-resident Indians (NRIs) in the Kerala banks has grown from Rs.29,889 crore in March 2008 to a record high of Rs.37,019 crore as on March 31, 2009. This information was told by the State Level Bankers Committee (SLBC).
 
The data pertaining to this was revealed at the ...

The Federal Reserve has said the recession in the US is slowing, but the economy is likely to be weak. The central bank has not changed the interest rates and said that the rates would remain at its current low range of 0-0.25% for a long time.
The Fed Reserve has also said it would continue to ...

JP Morgan has emerged top in the list of world’s strongest banks. Royal Bank of Scotland (RBS) suffered the biggest loss last year. This is according to the new industry rankings.
RBS registered a loss of $59.3 billion last year, overtaking its rivals, including Citigroup and Wells Fargo. ...

Employees of the State Bank of Indore will go on a day's strike July 22 to protest the bank's proposed merger with the State Bank of India, a union leader said Saturday.
S.K. Bindal, general secretary of the All India State Bank of Indore Officers' Coordination Committee, said the merger proposal ...

Yes Bank said it would recruit 900 people, including 500 specialists, in the next nine months. The bank is eyeing at least 40% growth in loans in the current fiscal. It intends to drive expansion in six key segments.

The bank’s MD and CEO, Rana Kapoor said that at least 500 people would be ...

With slush funds being increasingly used for financing terrorism, Indian financial institutions are planning to increase investment in their anti-money laundering systems, a survey by global auditing company KPMG has found.

In a statement Thursday, KPMG said 76 percent of respondents to its ...

A number of major US banks Wednesday returned emergency loans of more than $68 billion that they had received from the government at the height of the financial crisis in October.

The paybacks have been viewed as a sign that Wall Street is beginning to stabilize after the worst financial turmoil ...

Coaching institutes must be brought under the tax net as they seldom disclose their earnings, the Associated Chambers of Commerce and Industry of India (Assocham) has said.

In a note submitted to the revenue department of the finance ministry Wednesday, Assocham said coaching institutes were ...

India's central bank has asked banks to inform customers about fund transfers through email or short messaging service (SMS) and revert uncredited funds within 90 minutes.

"We understand that quite a good number of banks send SMSs to the account holders as and when the account is ...

With the dip in the rates of bank and corporate deposits, investors are opting for government-sponsored small saving schemes. Government of India bonds, National Saving Certificate, and Kisan Vikas Patra are some of the schemes that have a government backing. Retired people too are showing interest ...

Leading public sector lender, State Bank of India (SBI) on Wednesday (May 13) reduced its lending rates by up to 50 basis points across various maturities. As per the bank, the rate of interest for deposits maturing between 15-45 days will now be be 3.25 percent as against the ...

Ailing banking giant Citigroup has surprised Wall Street to deliver its first profit in more than a year, helped by strength within its investment banking division. The Citigroup is led by Indian American chief executive Vikram Pandit. Taking something of a break from the financial crisis, the bank ...

Two public sector banks - Canara Bank and Vijaya Bank - have reduced their Benchmark Prime Lending Rate (BPLR) by 50 basis points. This reduction in BPLR will be effective from Wednesday (1st April). Canara Bank has decreased its BPLR from 12.5% to 12%. On its part, Vijaya Bank has brought down the ...

The Reserve Bank of India (RBI) has directed all banks operating in India, preventing them from charging any fee for cash withdrawals using ATM and debit cards, issued by any banks in India from April 1 onwards. So, from the 1st of April 2009, customers need not have to sweat it out looking for an ...

On 25 March 2009, India's second largest car maker - Hyundai Motor India (HMIL), has announced its partnership with Public sector lender Bank of Baroda (BOB) to provide financing facility to its customers. The tie-up is extended to cover financing by all the branches of the bank in the ...

For the second time in past three months, LIC Housing Finance Limited has announced a further cut in interest rates of 75 basis points for its existing home loan borrowers. LIC's housing loans rate cut follows a reduction in its cost of funds. The company said in a statement that, interest rates ...

One of the major private banks in India, Citibank on Thursday (12th March) announced the launch of Citi Mobile, its mobile banking solution. Citi Mobile combines the consumer need for convenient, on-the-go banking with advanced mobile technology. With the help of Citi Mobile, customers can check ...

On Saturday (7th March) the UK government confirmed that it will take majority control of Lloyds Banking Group. The government will own 65 percent of voting shares of the bank. With this government's holding in the bank will increase from present 43 percent. In return the government will insure the ...

In a meeting with the governor of the Reserve Bank of India, D Subbarao, the private sector banks have promised to cut interest rates in coming days. Subbarao met with eight bankers, including ICICI Bank MD and CEO KV Kamath and HSBC's India group General Manager and CEO Naina Lal Kidwai. UCO Bank ...

The largest public sector bank in the country, the State Bank of India, on Friday (20th February) said it will freeze interest rates on new car loans at 10% per annum for a period of one year. The new scheme is called as ‘SBI Car Loan’. The interest rate would be re-set after the ...

Kolkata-headquartered Allahabad Bank on Monday (February 16) inked an accord with two-wheeler maker Suzuki Motorcycle India for financing of Suzuki two-wheelers. Allahabad Bank will provide loans to two-wheeler buyers at discounted rates under the 'AllBank Mobike' scheme. Informing about the ...

To provide easy car finance to its customers Tata Motors has entered into an understanding with Corporation Bank for financing its range of Passenger Vehicles. According to the understanding Corporation Bank has lowered their car loan rates to11.75% p.a.
 
Corporation Bank has agreed to ...

Government sources said that, the chairmen of public sector banks are all set to get performance-based bonuses for achieving their targets in 2008-09, amid pay cuts across the private sector. They have already achieved their set targets fixed for this fiscal at a time when the global financial ...

The former chief executive of Time Warner Inc, Richard Parsons has been named as the chairman of Citigroup Inc. The 60-year-old Parsons will replace Sir Win Bischoff as the new chairman of Citigroup. Bischoff was made the bank's chairman when Vikram Pandit was named chief executive. His appointment ...

After suffering from huge losses due to worsening credit crisis major banks Citigroup Inc plans to split into two units and Bank of America Corp took $20 billion in government aid. Citigroup said on Friday (16th January) that it will divide itself into two units. While one unit will focus on ...

Andhra Bank has launched its internet and mobile banking in addition to the sale of gold coins on New Year. Speaking on the occasion, chairman and managing director of the bank, R.S. Reddy said that the newly launched internet banking and SMS alerts will keep Andhra Bank in line with ...