The Haryana State Industrial and Infrastructure Development Corp (HSIIDC) has announced to create a land bank of 17,000 acres for industrial units. As per a statement of HSIIDC spokesman, the new land bank will provide its services to the industrial belts and infrastructure projects which are being ...

State Bank of India has cut BPLR by 75 bps to 12.25% with effect January 1, 2009. The bank has also cut its deposit rates by 25-100 bps depending on the slabs with effect January.
 
Rates have been cut across retail and corporate loans. Education, home, and auto loan rates will now come down ...

Home finance major HDFC reduced home loan rates by 50 basis points for all its existing floating rate customers. HDFC also said that it will charge 10.25 percent of interest annually from new applicant for a loan of Rs 20 lakh or less. And for loans of more than Rs 20 lakh, it will charge interest ...

Chanda Kochhar has been named as the new CEO and managing director of ICICI Bank. Kochhar will replace K V Kamath on May 1, 2009. Meanwhile, Kamath will hold the post of non-executive chairman of the bank after his retirement on April 30, 2009. Chanda Kochhar joined the ICICI Bank as a management ...

Public sector banks on Monday (15th December) announced that home loans up to Rs five lakh would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5-20 lakh would be offered at 9.25 per cent.
 
Besides, the banks would not charge any processing fees and pre-payment ...

The Hindujas have acquired 40 percent stake in Chennai-based stockbroking company, Paterson Investment and Consultancy Services (Patco). The stakes have been picked up by the Switzerland-based transnational bank of the Hinduja Group, Amas Bank for an undisclosed amount. The acquisition of Patco ...

After the announcement of fiscal and monetary packages by the government and RBI over the weekend, the banks begin to cut rates in various areas. Thus it emerges that that there will be an interest subsidy of 3% for loans of up to Rs 5 lakh in the incentive package for low-cost home loans. Thus now ...

Citigroup Inc is reported to have planned to sell its trust bank unit in Japan, NikkoCiti Trust and Banking Corp. Reports claimed that the recent move is considered as part of Citigroup's global restructuring efforts. Citigroup's Japan bank unit might have assets of about 10 billion yen to 40 ...

The Securities and Exchange Board of India (SEBI) has approved the plea of Religare Enterprises Ltd to acquire the asset management joint venture, Lotus India AMC. Indian financial services firm announced that its wholly owned unit Religare Securities Ltd has been allowed to take hold of the entire ...

Trading on India's Bombay Stock Exchange and National Stock Exchange markets will remain closed on Thursday (November 27), a spokesman for India's capital markets regulator said, after a series of attacks killed at least 101 people in the financial capital Mumbai.
The attacks raised fears of a ...

India's largest lender, the State Bank of India (SBI), will soon launch a 24-hour banking service in Lucknow, capital of Uttar Pradesh. An SBI official on Wednesday (November 26) informed about the plan.
The State Bank of India’s chief general manager Shiv Kumar said that the bank would ...

Nasdaq listed BPO firm, ExlService Holdings is eying for acquisitions in the $50 million range in Eastern Europe. According to its president and CEO, Rohit Kapoor, the company will look at possible targets in the insurance, banking and utilities space.
However, the company is waiting for ...

Private equity major Olympus Capital Holdings has picked up a minority stake in Orient Green Power Ltd (OGPL), a renewable energy generation company promoted by Shriram EPC Ltd (SPEC) for $35 million.
OGPL is currently involved in generating 215 MW of power through different modes including ...

Though Union Finance Minister P Chidambaram has repeatedly been uttering that India is not affected by the ongoing global financial crisis, media reports suggest that some of the big names of investment banking industry like Citigroup, JPMorgan, Credit Suisse and Goldman Sachs to lay off high-level ...

Kenneth Chenault, chief executive of American Express is among those being considered to replace Vikram Pandit, the Indian American chief of Citigroup Inc. Though Federal officials did not 'push' for the immediate ouster of Pandit as part of the pact with Citigroup, the Wall Street Journal ...

The Mumbai-based private bank, IndusInd Bank has decided to set up 30 new branches to expand its operation across the country. Apart from these, the private lender will open up 50 new off-site automatic teller machines (ATMs) and 6 mobile ATMs in different parts of the country. According to ...

The US government has announced to rescue the ailing bank Citigroup by injecting fresh capital into the troubled financial giant. The Citigroup Inc has been suffering huge losses owing to global financial crisis. Under the rescue plan, the US Treasury, the Federal Reserve and the Federal Deposit ...

Global banking giant HSBC's India arm is likely to spell the bad news of job cuts to employees soon. Media reports suggest that all employees have been put under the scanner and the pressure to outperform is tremendous. The situation is being monitored on a day-to-day basis and layoffs could start ...

The two biggest U.S. home loan finance companies, Fannie Mae and Freddie Mac announced that they would suspend foreclosures of occupied homes until early 2009, as the government moves to stem the tide of home losses plaguing the economy.
Regulators and lawmakers have leaned harder on the two ...

The Bank of New York Mellon Corp, blaming the weak global economy, has announced that it will axe its worldwide work force by 4 percent, or about 1,800 jobs. Bank Chairman and Chief Executive, Robert P Kelly on Thursday (November 20) said that given the current weakness in the global economy, the ...

JPMorgan Chase & Company is cutting 10 percent of its Investment banking staff - about 3,000 jobs - as the economic slowdown starts biting into its earnings. JPMorgan shares slid as much as 18 percent as one analyst said the cuts could reflect greater-than-expected weakness at the bank, long ...

Mark Robinson has been appointed Chief Executive Officer of Citi South Asia and now, he will be leading the company’s significant banking franchise in India, Sri Lanka and Bangladesh. He will also join the Asia Pacific Executive Committee of the company. Robinson succeeds Sanjay Nayar, who is ...

Intending to bring down the total head count to less than 3,00,000, the global financial services giant Citigroup on Monday (November 17) announced that it will cut more than 52,000 jobs in the coming days. The steps, as the group believes, would reduce the expenses by 20 per cent in 2009. The ...

The State bank of India (SBI) has announced to reduce its prime lending rate by 75 basis points. As a result of which there will be a fall in the cost of credit for households and corporate sector. According to SBI chairman O.P. Bhatt, the cut in lending rates will be implemented by the end of ...

The two prominent banks of Brazil, Itau and the Unibanco have announced to enter into a merger on November 3, 2008. The merger of the two banks is supposed create the largest financial conglomerate in Latin America.  The market capitalization of both banks together is supposed to place them ...

Kolkata-born Sarabjit Marwah is the new Vice-Chairman of Scotiabank. He has been promoted for his outstanding service for the bank. Rick Waugh, CEO of Scotiabank said that Sarabjit Marwah has contributed immensely in the organization, and he has been promoted for his significant and perpetual ...

The PNC Financial Services of Pennsylvania has bought the stakes of Ohio's largest bank, National City bank. The merger between the two banks is supposed to create America's fifth largest bank by deposits. According to official of PNC Financial Services, the bank will pay an amount of $5.2 ...

The Punjab National Bank (PNB) has announced its plans of acquiring a bank in Kazakhstan. According to the chairman and managing director of PNB, Dr K. C. Chakrabarty the signing of Indo-US nuclear deal has created good business opportunity for the bank. He said that Kazakasthan have ...

The Reserve Bank of India has announced a further cut in the cash reserve ratio (CRR) by 1 per cent. Last week also the RBI had announced a 150 basis points reduction in CRR. This week's cut in CRR by 100 basis points will bring down the rate from 7.5 per cent to 6.5 per cent. As per the new ...

RBI relaxing its M-banking (Mobile Banking) has raised its transaction limit to Rs 5,000 per day for fund transfers; purchases up to Rs 10,000 have been allowed. The measure from the RBI has come after numerous requests from its customer. Factually, RBI was left behind in M-banking by ICICI Bank ...