The Reserve Bank of India (RBI) has granted banking license to the Orissa State Co-operative Bank (OSCB).

OSCB gets banking licence from Reserve Bank

Business Standard

All India Andhra Bank Officers&rsquo; Federation (AIABOF) has strongly opposed the government&rsquo;s move to consolidate and merge the public sector banks (PSB) in the country and vowed to fight against it.

AIABOF to continue fight against bank merger plan

The country's largest lender, State Bank of India, has said that there will be no hike in lending rates in the next six months as there is surplus liquidity in the market.

No interest rate hike likely in six months: SBI

Press Trust of India

Financial services major Morgan Stanley has said it will set up a committee to supervise the company's risk management.

Morgan Stanley to set up risk committee; overhaul pay plan

Troubled insurer American International Group (AIG) is preparing to pay its outgoing general counsel Anastasia Kelly several million dollars in severance after she resigned over federal pay curbs, a media report said.

AIG counsel to get millions in severance pay: WSJ

The tightening of credit norms for unsecured loans is showing. According to data, flow of personal loans declined 0.1 per cent in the year up to October 2009, as against a 15 per cent rise a year ago. The Reserve bank of India&rsquo;s (RBI&rsquo;s) definition of personal loans includes loans for housing, credit card outstandings, consumer durables finance by banks, education loans and advances against fixed deposits.

Banks' retail loan base shrinks

The country&rsquo;s largest lender, State Bank of India (SBI), has said that there will be no hike in lending rates in the next six months as there is surplus liquidity in the market.

No interest rate hike in six months: SBI

Concerned over food inflation spreading to other sectors through adverse expectations, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath has said the near-term policy challenges will depend on the evolving growth-inflation outcome that supports shifting the focus of the policy to managing recovery and containing inflation.

Growth-inflation to determine RBI's future action, says Gopinath

Mutual funds refrained from purchasing short-term money market instruments today due to limited inflows into their schemes, dealers said.

MFs curtail buys due to limited inflows

Troubled consumer finance firm GMAC Financial Services is likely to get around $3.5 billion (around Rs 16,350 crore) of additional aid from the US government to help cover its mortgage losses, a media report has said.

GMAC Financial to get additional US aid of $3.5 bn: WSJ

2009 was mostly bad news for countries, governments and individuals in terms of economic prosperity, but the year was the best in many years for borrowers as interest rates eased.

Borrowers make merry in 2009

A prominent body of Indian stock brokers today demanded both Bombay Stock Exchange and National Stock Exchange to maintain status-quo in their trading hours until adequate infrastructure is in place.

Extension of market hours: Brokers for status-quo

The new businesses of the life insurance companies grew 22 per cent to Rs 55,355 crore in the first eight months of the current fiscal, compared to the corresponding period last year.

Life insurers' new biz grows 22% in Apr-Nov

The administrators of the European operations of the failed Lehman Brothers will return assets worth over $11 billion to the investors.

Lehman Europe to repay $11 bn to clients

The country's largest housing finance firm, HDFC, can now breathe a little easy as it has got two more years from the regulator National Housing Bank to comply with norms to bring down its exposure in capital markets to 40 per cent of its net worth.

HDFC gets two more years to comply with mkt exposure norms

Credit offtake remained subdued at 11 per cent during the one-year period ending December 18, indicating the economic activity is yet to fully pick up momentum.

Credit offtake remains subdued at 11% in 2009

Public sector lender United Bank of India (UBI) today filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO).

United Bank files DRHP with Sebi

State Bank of Mysore (SBM) will raise Rs 600 crore from rights issue, under which more equity will be offered to the existing shareholders to augment its capital base and meet the Reserve Bank's solvency norms.

State Bank of Mysore to raise Rs 600 cr via rights

India&rsquo;s largest mortgage financing company, Housing Development Finance Corporation (HDFC), is likely to get a reprieve on its breach of capital market exposure limits.

Reprieve for HDFC on capital mkt norms

While bank credit growth seems to be showing signs of revival, deposits could soon emerge as the new area of concern for bankers.

Bank deposits contract on advance tax payment

Kolkata-based United Bank of India (UBI) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer (IPO). The issue size will be Rs 50 crore. The bank had appointed SBI Capital Markets (lead merchant banker), Enam Securities and Edelweiss Capital as merchant bankers for the issue, T M Bhasin, executive director, UBI, said.

United Bank files for IPO

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