Bank of America Corp and UBS AG, which eliminated jobs over the past two years as they received government aid, are luring bankers in London from competitors by as much as doubling base salaries, recruiters said.

Merrill, UBS lure bankers with pay increases

Business Standard

The country&rsquo;s second-largest private sector lender, HDFC Bank, today increased fixed deposit (FD) rates across nine maturities by 25-150 basis points (bps)&mdash;the sharpest and widest increase by any bank so far.

HDFC Bank Raises FD rates by 25-150 bps

Banks would have to move to the daily product method of calculating interest on savings account deposits from April 1, the Reserve Bank of India said in a notification to banks.

Interest on daily product basis kicks in from April 1

Public sector lender United Bank of India (UBI) has been exempted by the Securities and Exchange Board of India (Sebi) from appointing independent directors before the initial public offering (IPO) on a request from the government.

UBI gets breather on board composition

In an interview last week, President Obama said he didn&rsquo;t begrudge Jamie Dimon, the chief executive of JPMorganChase, and Lloyd Blankfein, the head man at Goldman Sachs, their 2009 bonuses of $17 million and $9 million, respectively. He said that while $17 million was &ldquo;an extraordinary amount of money,&rdquo; there are &ldquo;some baseball players who are making more than that and don&rsquo;t get to the World Series either, so I&rsquo;m shocked by that as well.

The great Goldman Sachs fire sale of 2008

The Reserve Bank of India (RBI) today reduced the ceiling rate on export credit in foreign currency by banks to Libor plus 200 basis points from Libor plus 350 basis points.

RBI cuts ceiling rate on export credit

State Bank of India (SBI) Chairman O P Bhatt today said lending rates are unlikely to rise in the next 3-4 months as hiking rates in a low-demand scenario could hurt the margin of the bank.

SBI lending rate won't rise till May-June: O P Bhatt

Press Trust of India

The country's largest public sector lender State Bank of India (SBI) is likely to carry on its hiring spree to the next fiscal as it plans to recruit around 15,000 -20,000 people in FY11, its Chairman O P Bhatt said today.

SBI may hire up to 20,000 people next fiscal: Bhatt

Concerned over the rise in bond yields which can cause mark-to-market losses, State Bank of India Chairman OP Bhatt today said the current quarter will be one of the toughest quarters in recent times. SBI is the country&rsquo;s largest lender.

Q4 will be tough: OP Bhatt

Citigroup Inc Chief Executive Officer (CEO) Vikram Pandit and executives from GMAC Inc are scheduled to testify before the panel overseeing the US Troubled Asset Relief Programme.

Citi's Pandit, GMAC execs to testify before TARP panel

Lehman Brothers Holdings Inc, the investment bank liquidating in bankruptcy, paid its lawyers and other advisers $641.9 million in 16 months since September 2008, according to a regulatory filing.

Bankruptcy advisers reap a rich haul

Ahead of the Budget, the insurance industry has urged the government to move ahead with the proposal to raise foreign direct investment cap to 49 per cent and provide separate tax incentives for policies that have long tenures.

Life insurers seek higher FDI, tax sops for long-term policies

The South African Tourism Department is bullish that by the year 2012 number of tourists from India will double to 100,000. According to representatives from the tourism department the small cities and event based tourism will be focus areas to increase the tourist arrivals. They also added, on an average a tourist from India spends around Rs 80,000 for 7-10 days in South Africa.

South Africa woos Indian tourists

The Mangalore-based private sector lender, Karnataka Bank, has launched four new products and inaugurated 10 new ATMs across the country. The new products are student prepaid cards, mobile banking (mobile payment solutions), online payment through debit card and moneyplant international debit card.

Karnataka Bank launches student card

With a view to strengthen its foothold in the domestic market, the US-banking major Citibank is mulling the infusion of a &ldquo;substantial amount&rdquo; of capital in its Indian banking operations by next month, a top bank official said.

Citi plans 'substantial' capital infusion in India by March

Public sector lender United Bank of India (UBI) will hit the capital market tomorrow with an initial share sale offer to raise up to Rs 330 crore.

UBI IPO begins tomorrow; price band at Rs 60-66

The Royal Bank of Scotland, majority-owned by the British government, Chief Executive Stephen Hester will forgo his bonus for 2009, amid the continuing public uproar against the bankers, a media report said.

RBS chief to forgo bonus amid public outcry

Country's largest lender State Bank of India (SBI) today said that the proposed base rate for the bank seems to be around 8 per cent.

Bhatt sees SBI base rate at 8%

Country's largest private sector lender, ICICI Bank today said its loan growth in the next financial year could go up to around 15 per cent on the back of a strong revival in demand in key-segments.

ICICI Bank expects 15% credit growth in FY11

State-run United Bank of India today said it expects Rs 500 crore financial assistance from the government by the March-end.

UBI seeks Rs 500 cr govt aid, to raise Rs 330 cr

The Reserve Bank of India (RBI) today said more security features will be introduced to make cheques tamper-proof and prevent fraudulent withdrawal of funds.

RBI plans more security features for cheques

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