The government has nominated D K Mittal, secretary, Department of Financial Services, as a director on the board of Reserve Bank of India, the central bank said in a release.

Govt nominates DK Mittal on RBI board

Business Standard

India's foreign exchange reserves rose $56 million to $293 billion for the week ended February 17. According to the Reserve Bank of India, the increase was primarily aided by revaluation in foreign currency assets, which rose $87.5 million to $259.5 billion. The rupee rose from 49.41 to 49.27 per dollar during the week.

Forex reserves up $56 mn

Citigroup Inc, the third largest lender by assets in the US, on Friday sold its entire 9.85 per cent stake in the country&rsquo;s biggest housing finance company, Housing Development Finance Corporation (HDFC), for Rs 9,550 crore ($1.9 billion). The exit was meant to help the US bank shore up its balance sheet to meet the tighter Basel III requirements.

Citi exits HDFC with $722-million gain after tax

While lenders are keen on diverting basic banking facilities from the traditional branch model to the automated electronic route, the area needs more attention in terms of efficiency, according to the annual report on the banking ombudsman released by the Reserve Bank of India (RBI). The report also said call centres set up by banks to address customer grievances are not able to fulfil their objective effectively.

Concerns on ATMs, credit & debit cards top complaints

The MF Global saga could soon become a legal battle between hedge funds and the futures brokerage's shortchanged customers, with more than a billion dollars at stake.

Battle lines forming between MF Global customers, hedge funds

Reuters 

Global hedge fund assets may rise 12 per cent this year to a record $2.26 trillion, as investors reduce cash and seek returns, according to an annual survey of investors by Deutsche Bank AG. The industry may attract $250 billion of new capital this year, according to the survey. The number of investors with 10 per cent to 30 per cent of their holdings in cash is expected to halve in the next six months, helping free up $39 billion for potential hedge fund investments, the survey showed.

Hedge fund assets may see record rise 

Most Asian currencies strengthened this week, with the Thai baht climbing to a five-month high, as upbeat US economic data and monetary easing in China spurred demand for riskier assets.

Asian currencies rise this week on US recovery

IDBI Bank's infotech subsidiary on Saturday said it is in the process of partnering with business analytics software and services firm SAS to offer data mining and business analytics solutions to the banking sector.

IDBI Intech to offer data mining, business analytics solutions 

Press Trust of India

Leading brokerage firm Enam Securities has said it is hopeful of its sale to Axis Bank -- pending for the last 16 months -- going through before the end of the fiscal.

Enam Sec hopeful of RBI nod for Axis deal by FY12-end

The Reserve Bank of India (RBI) has said banks should ensure that loan defaulters are not put to embarrassment while debts are recovered.

Ensure borrowers are not put to embarrassment: RBI

Karnataka Vikas Grameena Bank (KVGB) reached another milestone by crossing a business level of Rs 10000 crore.

KVGB biz crosses Rs 10,000 crore

Rates in the overnight call money market are expected to inch up, as banks would borrow to meet the reserve needs at the start of new reporting fortnight. Banks&rsquo; borrowing from the repo window of the Reserve Bank of India (RBI) is also expected to increase.

Call rates seen up on liquidity woes

State-owned Indian Bank today said it may come out with follow-on public offer (FPO) next fiscal if market conditions are conducive.

Indian Bank may tap capital market next fiscal

Operations in public sector banks may be hit tomorrow as employee unions will observe a day-long strike opposing outsourcing of non-core activities to the private sector among other things.

Bank strike tomorrow, normal services may get affected

Global banking giant HSBC Holdings Plc today posted a 28% jump in its net profit at $16.79 billion for the year ended December 31, driven by robust performance of emerging markets, including India.

HSBC net up 28% at $16.79 bn in 2011

Emerging economies have said they would challenge a tradition that had placed an American at the head of the World Bank for decades, as the Obama administration showed sensitivity to the need for change at global institutions.

Emerging economies to challenge US hold on World Bank 

Banks borrowed nearly Rs 1.8 lakh crore from the repo window of the Reserve Bank of India (RBI) on Monday, indicating an acute liquidity shortage in the market. This is the most banks have borrowed from the central bank in a single day.

Liquidity deficit at all-time high SLR cut expected

Primary issuances of zero-coupon bonds have increased since the beginning of this year, as issuers target foreign investors who would want to save withholding tax and exhaust allocated investment limits before the end of this month.

Companies issue more zero-coupon bonds to lure FIIs

Rating agency Moody&rsquo;s on Monday said the severity of losses to Indian lenders from the cancellation of 122 telecom licences issued in 2008 would be high, though not unmanageable.

Banks face severe losses from 2G licence scrapping: Moody's 

With moderation in domestic growth prospects, major Indian non-banking financial companies (NBFCs) are likely to see a drop in profitability and asset quality this year, owing to the increasing cost of funds.

NBFCs stare at low profits this year: Fitch

Commercial banks in Karnataka have achieved 100 per cent financial inclusion ahead of the March 2012 deadline set by the Reserve Bank of India (RBI). The banks have set up banking outlets in all the identified 3,395 unbanked villages of over 2,000 population.

Banks achieve 100% financial inclusion in state

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