The 12-month-old restriction on P-notes has been finally removed on October 6, 2008 by the Securities and Exchange Board of India (SEBI). The SEBI in an official statement said that from now onwards Foreign Institutional Investors (FII) can use P-notes. According to SEBI Chairman C B Bhave, the ...

Mitsubishi UFJ Financial Group Inc. (MUFG) has planned to merge its securities unit, Mitsubishi UFJ Securities Co with Morgan Stanley Japan Securities. As per sources, this merger between the two giant companies will make MUFG as one of the largest wholesale securities service firms in Japan. MUFG ...

Nomura Holdings Inc, the biggest securities firm in Japan, has made a basic agreement to buy out the failed US investment bank Lehman Brothers Holdings Inc's units in India. This report was published by the Nikkei business daily of Japan. It also said that the Japanese security house is going to ...

The Citigroup will buy up banking operations of Wachovia Corporation; the deal is facilitated by the Federal Deposit Insurance Corp (FDIC). Accordingly, the Citigroup will absorb up to $42 billion of losses in the deal. Also, the bank will grant the FDIC $12 billion in preferred stock and warrants. ...

The TimesofMoney's flagship brand Remit2India, which is a market leader in online remittance solutions, has bagged the much sought-after Brand Leadership Award in Banking & Finance Category at the Asia Brand Congress 2008. The event was held at the Taj Lands End in Mumbai. Mr Avijit Nanda, ...

Treasury and the Financial Services Authority (FSA), UK, have decided to nationalize Bradford & Bingley (B&B) Bank. This bank is in a precarious condition as its share price has declined tremendously. Recently, the bank has announced to axe off about 370 jobs. According to the officials of ...

The Securities & Exchange Board of India (SEBI) on September 25, 2008 has approved Religare to offer mutual fund products. With this Religare becomes the 37th asset management company (AMC) in India to offer mutual funds products. The increase of mutual fund companies in India in the past few ...

The US government has closed Washington Mutual owing to heavy financial crisis. The closing of Washington Mutual is perhaps one the biggest set back for the US as it will increase the pressure on the US financial system. Meanwhile, JPMorgan Chase and Co has purchased the banking assets for $1.9 ...

Global financial services provider Morgan Stanley (MS) declared on September 21, 2008 that the US Federal Reserve Board of Governors has approved its request for becoming a bank holding company. It is under the Bank Holding Company Act that the Morgan Stanley has been selected to be regarded as a ...

RBI has proposed a guideline for mobile payments which would enable mobile subscribers to credit or debit money from their bank accounts. The proposal from the bank said that the framework would be such so as to enable transfer of funds from account in one bank to another in the same bank or any ...

The fast increasing numbers of high net worth individuals in India has induced investment banking and global financial services corporation, Morgan Stanley to launch its private wealth management services in four prominent cities. The Morgan Stanley has pointed out that it is only those considering ...

The Corporation Bank of Mangalore, in collaboration with JP Morgan and Visa, has recently introduced its prepaid travel card. The CorpBank prepaid travel card can be availed in three foreign currencies - US dollar, British pound and Euro. The tie-up with JP Morgan will prove handy to the bank as it ...

Kalpana Morparia, who has been integral to the evolution of the ICICI from a development finance institution to being India's second largest bank, has resigned. She will now be joining JP Morgan, financial services giant, as the chief executive officer (CEO) for its India operations. ...

The microfinance portfolio of the SKS Mircofinance, which is worth Rs 100 Crore, has been acquired by the IndusInd Bank through the allotment of agriculture advances. It is by February next year that IndusInd, a private sector bank, is expected to take the balance Rs 50 Crore micro-finance ...

The National Housing Bank (NHB) is all set to buy out 12.5 per cent stake in Mahindra Rural Housing Finance (MRHF). The MRHF happens to be a fully owned subsidiary of the Mahindra and Mahindra Financial Services (MMFS). The two parties, it is heard, have already signed the subscription ...

The ICICI Bank on Monday, July 7, announced that it has introduced a new service designed to facilitate financial transactions. A pure online account has been launched by the ICICI Bank, where deposits above Rs 5000 will get automatically converted into a term deposit scheme that will given an ...

On its foundation day on July 1, the State Bank of India (SBI) is going to open 101 branches running core banking solution (CBS). Sources have divulged that the SBI also plans to introduce its mobile banking the very same day, which will make it the very first state-owned bank to provide such a ...

The leading bank in India for all housing finance companies, National Housing Bank (NHB) has said that in the following three months it is going to create a mortgage guarantee corporation in the form of non-banking finance company (NBFC). It said that it will set up this mortgage guarantee ...

The Reserve Bank of India (RBI) raised its repo rate by 0.25 percent on Wednesday from 7.75 percent to 8 percent. The RBI hiked it short term lending rate, a move that is likely to force banks to increase interest rates and help check inflation. The RBI officials also claimed that the decision has ...

HDFC bank has revealed its plan to foray into the Gulf state of Bahrain by the middle of this year. State Bank of India, Bank of Baroda and ICICI are the other Indian banks which have already tapped on the financial resources and provided services to the people of Bahrain. Bank of Baroda also ...