UBS&rsquo; Luxembourg unit must transfer the assets it holds for LuxAlpha Sicav-American Selection, a fund that invested with Bernard Madoff, to another bank, a Luxembourg court ordered.

UBS must transfer Madoff-linked funds to liquidator

Business Standard

Manufacturing sector to be hit by slowdown for some more time, it says.

Economy to grow at 5.7% in FY10, says RBI survey

Axis Bank, the country&rsquo;s third largest private sector lender, today reported a 60.89 per cent rise in net profit during the fourth quarter of the current financial year to Rs 581.45 crore, as against Rs 361.40 crore during the same period last year.

Axis Bank Q4 net rises 61 per cent

Bajaj FinServ, the financial services arm of the Bajaj Group company, has said that it would get into the asset management business with its insurance business partner Allianz.

Bajaj partners Allianz for mutual fund business

Under the relaxed norms, &lsquo;no objection&rsquo; by banks can be extended for issue of corporate guarantee in favour of the overseas lessee and for operating lease for import of aircraft, helicopters and engines.

RBI eases ECB norms further

Bank of America Corp, the largest US bank by assets, reported first-quarter profit more than tripled on gains from home refinancing and trading. The stock fell in early trading as more borrowers fell behind on their payments.

Bank of America profit rises on housing, trading gain

The Indian rupee today depreciated by 27 paise at 50.57 against the US currency in early trade on heavy capital outflows by funds on expectations of weak opening of the domestic stock markets in line with other Asian equity markets.

Rupee falls by 27 paise vs $ in early trade

Press Trust of India

The Reserve Bank today reduced the short-term lending (repo) and borrowing (reverse repo) rates by 25 basis points, a move that will signal further cuts in lending rates by banks for retail and industrial borrowers.

RBI cuts short-term lending, borrowing rates by 25bps

In a move that could bring further relief to the home, auto and corporate borrowers, the Reserve Bank today cut short-term lending (repo) and borrowing (reverse repo) rates by 25 basis points.In its annual credit policy for 2009-10, the RBI reduced the repo rate to 4.75 per cent and reverse repo to 3.25 per cent with immediate effect, while retaining other key rates like the cash reserve ratio, the percentage of deposits that banks keep with the central bank.

Loans to become cheaper as RBI cuts short-term rates

&nbsp;The Reserve Bank of India today fixed the Reference rate for the US currency at Rs 50.36 per dollar and the single European unit at Rs 65.08 per euro from Rs 49.95 per dollar and Rs 64.88 per euro respectively yesterday.

RBI Reference rate for US dollar and euro

&quot;The policy stance of RBI indicates further softening of the interest rates,&quot; Oriental Bank of Commerce Executive Director S C Sinha told PTI.

May cut lending, deposit rates: bankers

Industry today said the RBI measures towards lower interest rates will reduce the credit cost, but the central bank should have gone in for deeper cuts in policy rates in the face of the difficult business environment.

RBI policy rate cuts below industry expectations

Citigroup chief Vikram Pandit will try to convince investors that the financial services major is on a recovery path, following fresh concerns about his future in the company, a media report said.

Vikram Pandit's future in Citi hangs in balance

The Reserve Bank today said it would deal with the problem of black money being hidden in tax havens by continuously updating its regulations in line with the G-20 guidelines on strengthening transparency in cross-border movement of capital.

RBI to upgrade regulations to deal with menace of tax havens

The Reserve Bank today allowed banks to open ATMs outside their branches without permission from the central bank.

Banks allowed to open ATMs without approval: RBI

Home loans lender HDFC has no plans to lower its interest rates as of now, its top executive said.

HDFC not to lower interest rates as of now: Deepak Parekh

The Reserve Bank today described as a &quot;major challenge&quot; the management&nbsp;of the large Government borrowing programme in FY 10.&nbsp;The challenge lies in managing the borrowing programme in a non-disruptive manner, it said.

Managing Govt borrowings smoothly a challenge: RBI

Noble, the research led Anglo-Indian investment bank specialising in mid- and small-cap companies, today announced that it has formed a strategic alliance with UBS in India relating to their Indian equities activities.

Noble in strategic alliance with UBS

The worst in the economy is over with data indicating that the situation is improving, State Bank of IndiaChairman O P Bhatt said today.

Worst in economy over, things beginning to improve: O P Bhatt

In order to bring regional rural banks (RRBs) within the internationally accepted Basel-I framework, Reserve Bank of India (RBI), through its Annual Policy Statement, has announced the introduction of capital to risk-weighted assets ratio norms (CRAR) for RRBs in a phased manner. A time-table for this purpose would be announced in consultation with National Bank for Agriculture and Rural Development (NABARD).

Basel-I norms for RRBs

Soon after the RBI reduced policy rates by 25 basis points, the country's largest private sector lender, ICICI Bank, today slashed the benchmark lending rate by 50 basis points, a move that would benefit millions of home, consumer and corporate loan borrowers.

ICICI Bank cuts lending and deposit rates by up to 50 bps

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