Union Bank Chairman M V Nair is tipped to become the chairman of Indian Banks&rsquo; Association (IBA). Punjab National Bank CMD K C Chakrabarty was originally slated to head the banking body. But now that Chakrabarty is going to take over as Reserve Bank&rsquo;s Deputy Governor, a hunt was on for the banking body&rsquo;s top post.

M V Nair likely to be bank body chairman

Press Trust of India

JPMorgan Chase &amp; Co is disbanding an investment-banking unit that wagers the company&rsquo;s money on hedge funds, leveraged buyouts and real estate, two people familiar with the plan said.

JPMorgan said to break up hedge fund, buyout unit

Business Standard

ICICI Lombard General Insurance is planning to launch a new health policy and a motor policy shortly.

ICICI Lombard to launch new health and motor policies

LIC Housing Finance, India&rsquo;s second largest housing finance company, plans to raise capital by issuing 10 million shares through the qualified institutional placement (QIP) route.

LIC Housing Fin to issue 10 mn shares

Embarking upon this high-tech business model in 2007, the sixth largest public sector bank in India proposes to step up its syndicated loans to Rs 25,000 crore this year as compared to Rs 4,400 crore in the last financial year.

Union Bank eyes business of Rs 3-lakh cr in FY10

The Indian rupee depreciated by 17 paise to 47.24 against the $ in early trade today as banks bought the currency on behalf of importers and after the $ stabilised against a basket of currencies in Asian markets.

Re weakens by 17 paise against $

The revised FRR will be 12.75 per cent as against 13.25 per cent at present. All the existing floating rate retail loan customers will be benefited by the reduction in FRR.

ICICI Bank cuts lending rates

Banking upon India's economic recovery, state-run Union Bank of India aims to step up its participation in syndicated loan market, targetting a volume of Rs 25,000-crore in FY 10, a six-fold increase from the current year.

Union Bank targets Rs 25,000-cr loan syndication in FY10

Bank of Russia today announced further cut in its key lending rate by 0.5 percentage point to 11.5 per cent, a third cut since end of April, to stimulate the crisis ridden economy amid forecasts of annual inflation below 13 per cent.

Bank of Russia cuts interest rate by 0.5%

The Active Trader Service, an offline trading platform of ICICI Securities was launched here today by the company for the first time in Tamil Nadu.

ICICI Securities launches Active Trader Service in CBE

Sufficient liquidity in the banking system and low inflation have provided headroom for State Bank of India (SBI) to cut its interest rates by 0.25 per cent, bank Chairman O P Bhatt said.

SBI has room to cut rates by 0.25%: Bhatt

Amid hopes of an early economic turnaround, the European Central Bank (ECB) and the Bank of England (BoE) today left the key rates unchanged even as unemployment continues to rise in the region.

ECB, BoE keep benchmark rates unchanged

Life Insurance Corporation (LIC) today said it is in talks with Japan-based Nomura Securities to sell stake in the mutual fund arm of state-run insurer.

LIC in talks with Nomura for stake sale in mutual fund arm

Low disbursements have resulted in a fall in the year-on-year bank credit growth to 15.86 per cent, the lowest level in nearly five years.

Bank credit growth lowest in 5 years

Bank employees belonging to nine unions have decided to go ahead with their one-day strike on June 12, after their talks with Indian Banks Association (IBA) failed on Thursday.

Bank staff to go ahead with June 12 strike

The RBI on Thursday asked banks to review their loan policy towards micro, small and medium enterprises (MSMEs), badly hit by the economic slowdown. &ldquo;One has to be sensitive to the sector and put in a revised policy,&rdquo; RBI Deputy Governor Usha Thorat said in her address at a conference here.

Banks should review loan policy towards MSMEs: RBI

Three public sector lenders &mdash; Bank of Baroda (BOB), Indian Overseas Bank (IOB), and Andhra Bank &mdash; today entered into a joint venture agreement for setting up a banking subsidiary, India BIA Bank (Malaysia) Bhd, in Malaysia.

3 Indian banks ink JV for Malaysian arm

Public sector lenders Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.

India may raise interest rates in Q4, Barclays says

ICICI Bank, the country&rsquo;s second largest lender, today announced a 50 basis point reduction in its benchmark lending rates, while State Bank of India's Chairman O P Bhatt said there was scope to lower lending and deposit rates 25 basis points, though he did not provide not a timeframe.

ICICI Bank cuts lending rates, SBI says scope for 25 bps reduction

Move to help India Inc access funds in the absence of foreign funds.

Govt to put in Rs 16,000 cr in 12 banks

Top executives on the board of the country&rsquo;s largest private sector lender, ICICI Bank, did not receive either performance bonus or stock options during the year ended March 2009, according to the bank&rsquo;s annual report.

No stock options, bonus for ICICI top management in FY09

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