Earlier in June 2008, the RBI has allowed the exporters to bring in the proceeds within one year against six months.

RBI extends repatriation of proceeds for exporters for 1 yr

Press Trust of India

Around nine lakh bank employees will go on strike from June 12 in support of their demand for wage revision.

Bank employees to go on strike from June 12

Deposits, below Rs 15-lakh, having a maturity of 1 year-2 years will now carry a rate of 7.5 per cent as against 8 per cent earlier, while those having a 2 years-less than 1,100 days tenure, will offer 7.75 per cent (8.25 per cent), a press release issued here said.

IDBI Bank reduces deposit rates by 0.5-1%

British banking entity Barclays, which has refused to take funds from the government, is in discussions to sell its asset management arm Barclays Global Investors for nearly $10 billion.

Barclays in talks to sell asset mgmt arm: report

The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on The CKP Co-operative Bank, Mumbai, for violation of the apex bank's instructions/guidelines on Know Your Customers norms, a press release issued here today said.

RBI imposes Rs 1 lakh penalty on CKP Co-op Bank

Life Insurance Corporation of India (LIC) today said it has halted distribution of the New Pension System to employees other than government staff following a directive from the sectoral regulator IRDA.

LIC halts distribution of NPS scheme, approaches IRDA

Financial services major Bank of America (BofA), which is to boost its capital by as much as $34 billion, has been pressured by the US to restructure its board.

US asks BofA to restructure board: report

Following the lead of State Bank of India, private sector lender ICICI Bank and public sector lender IDBI Bank have cut deposit rates across various maturities by 25-50 basis points and 50-100 basis points, respectively.

ICICI, IDBI Bank slash deposit rates

Business Standard

ICICI, IDBI Bank cut deposit rates

Andhra Bank, which has crossed a business volume of Rs 1,00.000 crore in India by the end of March this year, has set up five new zonal offices in Orissa, Andhra Pradesh and Chandigarh for the smooth functioning of the bank in these regions.

Andhra Bank opens five new zonal offices

India&rsquo;s foreign exchange reserves went up by $4.24 billion to $255.94 billion during the week ended May 15, 2009, mainly due to revaluation of currencies.

Forex reserves up $4.24 bn, highest in six weeks

The country&rsquo;s third-largest public sector lender, Bank of Baroda (BoB), today said its life insurance venture with UK-based Legal and General Group was expected to commence operations by the end of March next year. &ldquo;We expect to get the necessary regulatory approvals by the end of this fiscal,&rdquo; Bank of Baroda Chairman and Managing Director MD Mallya said.

BoB likely to start insurance business by March 2010

Cooperative banks in Haryana are not able to meet their lending targets due to the liquidity crunch. Many farmers have stopped repayment for kharif expecting a reward for defaulters, like the Centre&rsquo;s loan waiver and debt relief scheme. The delay in recovery is resulting in delay in extending fresh loans to small and marginal farmers.

Co-op bank agri loans dip in Haryana

Max New York Life Insurance Company is looking at reaching out to the uninsured through kirana shops and is currently implementing a pilot project in Uttar Pradesh.

Max New York Life to tap kirana shops

Mayfield Fund, a Silicon Valley-based venture capital fund focusing on the US, China and India with $2.8 billion assets under management, is looking at parking its investments in about five Indian companies this year.

Mayfield to invest in 5 Indian firms

South-based private sector lender Lakshmi Vilas Bank (LVB) has also reduced its BPLR by 25 basis points to 15 per cent.

PNB, Lakshmi Vilas Bank cut deposit, prime lending rates

Fund managers queued up to grab a pie of the new pension scheme that opens for subscription tomorrow. But even before the scheme is launched, they are complaining of it being a loss-making business with the investment management fee fixed at 0.009 per cent.

Loss-wary pension fund managers bet on fee hike

Royal Bank of Scotland Group PLC said today that it has sold its half share in a Spanish insurance company to its joint venture partner, Bankinter SA, a move that is expected to net the ailing bank around $300 million.

RBS to net $295 million gain from Spanish sale

The World Bank has approved $400 million additional financing loan to the Small Industries Development Bank of India (SIDBI), which is aimed at improving access to finance for Small and Medium Enterprises (SMEs).

World Bank approves $400 million loan to SIDBI

Financial services provider Citigroup will be selling its Japanese securities and key investment banking businesses to Sumitomo Mitsui Financial Group as part of a deal valued at $7.9 billion, says a media report.

Citi to sell Japan units for $7.9 bn: report

Punjab National Bank revised interest rates on Foreign Currency Non-Resident deposit schemes for dollar, British pound and euro, effective from today.

PNB revises interest rates on non-resident deposits

Finance News: Latest investing news and finance headlines straight from Business Standard.

Page 2857 - Finance News