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

Business Standard

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'

The Indian rupee appreciated by 31 paise against the $ in early trade today due to increased capital inflows by funds on expectation that the domestic equity market will open in the positive zone.

Rupee up by 31 paise against $ in early trade

Press Trust of India

Global lender, Citibank today announced the launch of preferred rupee checking account, a product aimed at its NRI clients.

Citibank launches preferred rupee checking account for NRIs

In a filing to the Bombay Stock Exchange (BSE) today Development Credit Bank (DCB) has informed that Murali Natarajan has been appointed as an additional director of the of the bank with effect from April 29.
Natarajan has also been appointed as the managing director and chief executive officer of the bank for a period of three years starting April 29.
The company stock was trading 0.61 per cent lower at Rs 24.45 on the BSE as compared to its previous close of Rs 24.60.

DCB names Murali Natarajan as MD, CEO

IDBI bank today said its 11.50 per cent IDBI SLR Bonds 2009 is repayable at par on June 13, 2009.&nbsp;Investors holding the bonds in the form of promissory notes may tender it at the concerned branch of the bank, preferably before May 22 to facilitate the repayment in time , a press release said.

IDBI Bank announces repayment of 11.5% SLR bonds

Singapore-based rating agency, Standard &amp; Poor's Ratings Services said today that it had placed its 'A-1' short-term issue rating on the U.S. commercial paper (USCP) program of ICICI Bank on CreditWatch with negative implications.

S&P places 'A-1' rating on ICICI's USCP program

Swiss banking major UBS has posted a first quarter loss of 2 billion Swiss francs (about $1.77 billion) and has warned of economic turmoil negatively impacting its credit-related provisioning in the coming months.

Battered UBS reports $1.8 bn Q1 loss

With the reduction, one year to less than five year maturity and 5 years and above maturity deposits of BoI will now offer a rate of 7 per cent as against 7.25 per cent earlier.

BoI trims deposit rates by 25 bps

With abundant cash in the system, the Reserve Bank of India (RBI) has decided to dispense with two daily liquidity adjustment facility (LAF) operations.

RBI stops second LAF due to surplus cash

Jammu and Kashmir Bank (J&amp;K Bank) today slashed its prime lending rate (PLR) by 175 basis points from 14.5 per cent to 12.75 per cent.

J&K Bank slashes PLR by 175 bps

Stocks of Indian companies that have issued foreign currency convertible bonds (FCCBs), which are currently trading at huge discounts to their conversion prices, have outperformed the market in the current rally.

FCCB issuers outshine market

A group of banks including the State Bank of India (SBI) and the State Bank of Hyderabad (SBH) have come forward to implement electronic benefit transfer (EBT) system as part of the smart card-based payment project across Karnataka which enables payment of social security benefits and wages under National Rural Employment Guarantee Scheme (NREGS) to rural workers.

Banks ready to extend smart card project across Karnataka

Mangalore-based public sector lender, Corporation Bank has reduced its interest rates on housing, vehicle, education and personal loans with effect from May 4, 2009. For housing loans up to Rs 30 lakh, the floating interest rates for various tenors range from 8.75 per cent to 10.25 per cent, for Rs 30 lakh to Rs 50 lakh, the floating interest rates range from 9.50 per cent to 10.75 per cent and for Rs 50 lakh and above, the floating rates range from 10 per cent to 11 per cent.

Corporation Bank reduces lending rates

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