State-owned Union Bank of India will cut lending rates by July, its Chairman and Managing Director M V Nair said here on Thursday. He added that there had been a 15.5 per cent growth on credit last year and Union Bank had set a target of 25 per cent for the current financial year, well above the central bank&rsquo;s recommended 20 per cent.

Union Bank to cut lending rates by July

Business Standard

The country&rsquo;s financial institutions need more investment and improvement in their anti-money laundering (AML) systems even as 79 per cent of them show a positive attitude towards the regulations, a KPMG survey has said.

Anti-money laundering system needs improvement

Press Trust of India

Credit Suisse Group AG, Switzerland&rsquo;s biggest bank by market value, may start buying back shares next year, JPMorgan Chase &amp; Co analyst Kian Abouhossein said after a meeting with company executives.

Credit Suisse likely to weigh buyback, says JP Morgan

Mutual funds bought longer-tenure certificates of deposit (Cds) today eyeing the rise in rates amid supply of such papers from state-owned banks, dealers said.

Rise in rates lures MFs to buy longer tenure CDs

Close to retirement, Vivek Daga wanted to move his equity investments to debt. But when he looked at the returns of the funds that invested in long-term bonds, he was surprised. The funds yielded returns ranging from -4.94 per cent to 30.53 per cent.

Income funds: The myth of stable returns

The Indian rupee gained a marginal three paise in early trade today on capital inflow by foreign funds on expectation that the domestic markets may open strong, in tandem with other Asian bourses.

Re up three paise against $

Eyeing growth of at least 40 per cent in loans in the current financial year, Yes Bank today said it would recruit 900 people, including 500 specialists, in the next nine months to drive expansion in six key segments.

Yes Bank to recruit 900 people in next 9 months

As liquidity eases and inflation turns negative, Dewan Housing Finance Corporation today said it expects home loan rates to come down by 25-50 basis points in the near-term.

DHFL expects home loan rates to come down by 25-50 bps

Snapping its one-week losing streak, the Indian rupee gained by 11 paise to 48.08/09 against $ on expectations of fresh capital inflow from foreign funds in equity markets and a slight weakness in the US currency overseas.

Re snaps one-week losing streak, up by 11 paise vs $

Sameer Nath, head of mergers and acquisitions (M&amp;A) for Citi Group Global Markets India, has been busy working on domestic restructuring and consolidation deals over the past six to nine months. He managed close to about $4 billion worth of such deals, one of the highest in the investment banking industry in the first five months of this year.

I-bankers see the return of cross-border M&As

Buoyed by the success of the merger of State Bank of Saurashtra with itself, State Bank of India (SBI), the country&rsquo;s largest bank, on Friday said that it would acquire another subsidiary, State Bank of Indore.

SBI to merge State Bank of Indore

Private sector lender Development Credit Bank (DCB) today said its losses rose 12-fold to Rs 91.3 crore during the quarter-ended March 2009, as against Rs 7.6 crore during the previous corresponding period, mainly on account of higher provisioning for bad loans in its retail portfolio.

DCB Q4 losses jump 12 times

Foreign exchange reserves rose by $2.43 billion to $263.64 billion in the week ended June 12 mainly due to the revaluation of the dollar against currencies such as the euro and the yen.

Forex kitty swells by $2.43 bn on RBI intervention

The Asset-Liability Committee of UCO Bank has proposed a 50 basis points (bps) reduction in its benchmark prime lending rate (BPLR) with effect from June 27, subject to its ratification by the board of directors.

UCO Bank may cut PLR by 50 bps

Private sector lender Bank of Rajasthan (BoR) has entered into an alliance with Karvy Stock Broking (KSBL) to provide its customers access to the online investment platform (I-zone) of Karvy.

BoR ties up with Karvy Broking

Private sector lender Yes Bank on Friday said it would recruit 900 people, including 500 specialists, in nine months to drive expansion in six key segments.

Yes Bank to hire 900 people

Leading banks along with the National Bank for Agriculture and Rural Development (Nabard) and the Uttarakhand government are setting up training institutes in all the 13 districts of the state to enhance entrepreneur skills and employment opportunities among the youths.

Training institutes for  entrepreneurs planned in Uttarakhand

The All India State Bank Officers Federation has said merger and consolidation of public sector banks would harm the expansion of banking activities in the country and nullify the financial inclusion concept of the government itself.

State Bank officers against merger, seek 30% pay hike

Reiterates RBI's commitment to reversing 'expansionary' monetary policy.

Subbarao allays deflationary fears

Despite US President Barack Obama's initiative on giving more regulatory powers to the Federal Reserve facing Congressional hurdles, the need to strengthen regulatory framework for the financial system remains valid. It is significant that a day after Obama announced his proposals, the European Union also agreed on a broad idea to establish a new regulatory structure. More nations are likely to follow suit in coming days.

Strengthening regulations need of the hour

Leaders of the European Union (EU) agreed to their most sweeping overhaul of financial regulation, sharpening scrutiny of banks and risks after spending more than half a trillion dollars propping up lenders in the credit crisis.

EU leaders agree to sharper scrutiny of financial sector

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