India&rsquo;s foreign exchange reserves declined by $249 million to $249.27 billion for the week ended February 27, 2008 on revaluation of global currencies like the euro and pound sterling against the US dollar, and liquidation of Indian investments by foreign investors.

Forex reserves dip by $249 million

Business Standard

The rupee declined for the third week in a row on concerns that prolonged financial turmoil and a deepening global economic slump would increase capital outflows.

Re keeps sliding on capital outflow fears

Merrill Lynch &amp; Co, the securities firm acquired by Bank of America Corp, said it uncovered an &ldquo;irregularity&rdquo; during a review of its trading operations.

Merrill says it discovered trading &#39;irregularity&#39;

State Bank of India (SBI) has raised Rs 4,000 crore of tier-II capital, said a dealer close to the development.

SBI raises Rs 4,000 cr via tier-II bonds

Bernard Madoff, the alleged mastermind of a $50-billion Ponzi scheme, may be nearing a guilty plea after federal prosecutors filed a notice that they intend to bring new criminal charges against the New York money manager.

Madoff faces new charges, may enter guilty plea

ICICI Bank customers beware. You can no longer get away by using foul or unparliamentary language during your interaction with the bank&rsquo;s call centre.

ICICI Bank moves against foul-mouthed customers

The Reserve Bank of India&rsquo;s task force on the diamond industry has asked banks to examine the possibility of providing loans to distressed units against the inventory of polished diamonds. Such assistance is expected to provide liquidity support to units that are badly hit by the global slowdown in demand, and cash flow problems.

RBI panel to the rescue of diamond units

Betting big on the country's fast developing corporate sector, banking giant, State Bank of India (SBI) has re-organised its wholesale banking division under a single platform.

SBI rejigs wholesale banking division

Press Trust of India

The government is proposing to inject Rs 250 crore into the Kolkata-based United Bank of India (UBI) and simultaneously restructure capital to help the state-owned lender raise funds from equity market.

Govt to inject Rs 250 cr into United Bank

The number of US bank failures is mounting with each week passing by as 17 lenders went belly up so far this year amid the deepening recession in the world's largest economy.

US sees 17 bank failures in 2009

The spurt indicates deteriorating investor perception of credit quality.

Swaps hit a three-month high

The Reserve Bank of India (RBI) is considering a proposal to allow companies another six months to buy back or prepay their Foreign Currency Convertible Bonds (FCCBs).

FCCB buyback deadline may be extended

The Reserve Bank of India (RBI) has released the first tranche of $250 million (about Rs 1,250 crore) to IIFC Plc, the UK subsidiary of India Infrastructure Finance Company (IIFCL).

RBI releases $250 mn to IIFCL arm

The Indian rupee inched up by three&nbsp;paise after opening weak against the US currency in late morning&nbsp;trade today on mild dollar-selling by banks and corporates at the&nbsp;current level.

Rupee edges up by 3 paise vs dollar

Automobile major Tata Motors has entered into an agreement with State Bank of Patiala for financing its full range of passenger vehicles.

Tata Motors, State Bank of Patiala ink car loan pact

New-generation lender Yes Bank plans to disburse Rs 1,800 crore towards agricultural credit by the end of 2008-09 fiscal compared to Rs 1,200 crore previous fiscal.

Yes Bank farm credit to touch Rs 1,800-cr mark this fiscal

Public sector lender Dena Bank has reduced interest rate on new housing loans, fresh auto and trade finance loans by 25-50 basis points. The bank has slashed the home loans across all maturities by 25 basis points.

Dena Bank slashes home, auto loan rates

The Reserve Bank of India (RBI) today said it would shortly issue Rs 100 and Rs 500 denomination notes with inset letter 'R', bearing the signature of RBI Governor D Subbarao.

Reserve Bank to issue new Rs 100, Rs 500 notes

Hyderabad-based SKS Microfinance today said it has raised Rs 25 crore through the issue of non-convertible debentures (NCD).

SKS Microfinance raises Rs 25 cr via NCD issue

Bank of America (BofA), which has received bailout funds worth $45-billion from the US Federal government, has withdrawn job offers from students who require H-1B sponsorship.

BofA recalls job offers for foreign students

Way2Wealth, a retail brokerage of equities and commodities owned by Coffee Day Holdings, has acquired Prudential Integrated Finances, a Bangalore-based NBFC (non-banking financial company). Prudential Integrated was part of Prakash Leasing, which is into vehicle financing. No transaction details were disclosed by Way2Wealth.

Way2Wealth buys NBFC of Prakash Leasing

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