Berkshire Hathaway Inc Chairman Warren Buffett dismissed the importance of the government&rsquo;s stress tests of major US financial institutions in helping him assess banks he invested in.

Stress tests won&#39;t influence investment decisions: Buffett

Business Standard

Thane Janata Sahkari Bank (TJSB), the leading urban cooperative bank in Maharashtra, plans to form a subsidiary to provide IT related services to cooperative and small private banks and help them shift to core banking solutions.

Thane co-op bank plans arm for core banking solution

Playing down the issues of foreign investment in banks and exit of her two top-level colleagues, Chanda Kochhar today said she has assumed office as ICICI Bank CEO &amp; MD at an &quot;appropriate time&quot; and would take forward the legacy of predecesors K V Kamath and N Vaghul.

I assumed office at appropriate time: Kochhar

Press Trust of India

Bank of Baroda (BoB) has pipped Canara Bank in terms of net profit and total business for fiscal 2008-09 to become third-largest public sector player in India.

BoB pips Canara Bank to become third-largest PSU bank

The Securities and Exchange Board of India (Sebi) is in talks with the Reserve Bank of India (RBI) to introduce foreign currency options on the exchanges.

RBI-Sebi panel may bring in currency options by October

Bank of Baroda has pipped Canara Bank in terms of net profit and total business for FY09 to become the third largest public sector player in India.

BoB replaces Canara as 3rd largest PSB

The Indian rupee today appreciated by 44 paise against the US currency in opening trade on fresh capital inflows by funds as domestic bourses, after a long weekend, are likely to open higher in line with other Asian markets.

Rupee up 44 paise against $ in early trade

The state-run lender had a net profit of Rs 305.95 crore in the March quarter of FY'08, IOB said in a filing to the Bombay Stock Exchange.

IOB Q4 net up 5% at Rs 322 cr, declares dividend

Beleaguered insurance firm American International Group (AIG) is close to selling its Japanese headquarters for about $1 billion, a media report says.

AIG may sell Japanese headquarters for $1 bn: WSJ

RBI Deputy Governor Rakesh Mohan, who was in the race for the top slot in the central bank, has resigned to take up an assignment at Stanford University in the United Stated.

Rakesh Mohan quits RBI, to join Stanford

Banking majors Citigroup and Bank of America (BofA) are working on plans to raise more than $10 billion each in fresh capital to assert their capability for strengthening their balance sheets, a media report said.

Citi, BofA plan to raise $10 bn: report

Public sector general insurer United India Insurance has reported a 24 per cent decline in net profit for 2008-09 at Rs 476.05 crore, compared with Rs 631.62 crore a year ago.

United India Insurance FY09 net dips 24%

While credit conditions continue to be tight in the US and European markets, banks are utilising the excess cash to upgrade their IT systems and spruce up their back-offices. This is turning out to the advantage of Finacle, the specialised core banking platform from Infosys Technologies. Finacle has been witnessing greater leverage in markets beyond its traditional strongholds in the past year. The platform, developed entirely out of India, saw its market share in Australia, Europe and the Americas grow over 8 per cent in 2008-09 from 32 per cent a year earlier.

Finacle fans out beyond emerging markets

Around six months before his term ends, Reserve Bank of India Deputy Governor Rakesh Mohan will be moving out of Mint Road to take up an assignment at Stanford University in the US.

Rakesh Mohan to leave RBI, join Stanford

Berkshire Hathaway Chairman Warren Buffett lambasted bankers, insurers and regulators for being blind to the possibility home prices could fall, and said their shortcomings caused the worst recession in half a century.

Buffett lambasts bankers, insurers for 'stupidity'

Bonds dropped by the most in more than a month on speculation some investors are cutting their holdings with a view to reinvest the proceeds at higher yields at an auction scheduled this week.

Bonds drop on speculation investors sold before auction

Housing Development Finance Corporation (HDFC), the country&rsquo;s largest mortgage player, On monday said its profit before exceptional items and sale of investment went up by 20.23 per cent to Rs 732.89 crore during the quarter-ended March 2009, as against Rs 609.57 crore.

HDFC net rises 20%

The Reserve Bank of India (RBI) has asked banks to review their existing policies for lending to micro and small enterprises (MSEs) and frame norms for restructuring sick units that are potentially viable.

RBI seeks review of lending norms for small units

Allahabad Bank On Monday said its net profit rose 55.80 per cent to Rs 264.09 during the fourth quarter of 2008-09, as against Rs 169.51 crore during the corresponding period in the previous year.

Allahabad Bank net profit jumps 56% to Rs 264 crore

Public sector Indian Overseas Bank (IOB) has reported a 5.37 per cent increase in net profit for the quarter ended March 2009 at Rs 322.37 crore compared with Rs 305.95 crore during the quarter a year ago.

IOB Q4 net up 5.37%

Rajesh Saxena recently moved from Citibank in Japan to become the chief executive of American Express Banking Corp, India. Saxena started his career with Hindustan Unilever and has spent 18 years in consumer and retail banking in five different geographies: India, Israel, Turkey, the UAE and Japan. He was a part of the core Citibank team when it launched credit cards in India in the early-1990s. The market today is different. Delinquencies are on the rise, consumers are spending less.

'Overseas spending has affected us'

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

Page 2859 - Finance News

Stress tests won't influence investment decisions: Buffett