Citing a need for legal knowledge and skills, banks have shot down a proposal by the Institute of Chartered Accountants of India (ICAI) to allow chartered accountants to appear before the Debt Recovery Tribunal (DRT) to plead cases.

Banks don't want CAs to appear before DRT

Business Standard

iFAST Corporation, the holding company of iFAST Financial (HK) and Fundsupermart HK, has entered into a pact with ING Insurance Asia Pacific for the acquisition of 100 per cent interest in ING Platform Services.

iFAST acquires ING Platform Services

The Indian rupee today appreciated by 16 paise against the US currency in opening trade, following selling of dollars by banks and exporters on expectations of further recovery in the domestic bourses in line with firming Asian markets.

Rupee turns stronger, up 16 paise vs $

Press Trust of India

IDG Ventures India and Microsoft India today announced a funding programme under which the former intends to invest up to Rs 100 crore in start ups.

IDG Ventures plans Rs 100cr investment in start-ups

Moving in tandem with the equity markets, the Indian rupee today appreciated sharply by 35 paise to close at 51.51/52 against the dollar.

Rupee up 35 paise vs $ at close

Financial services major Citigroup is preparing to nominate four financial experts to be directors as part of its efforts to revamp the company's board, according to a media report.

Citi to nominate four fin experts as directors: report

India&rsquo;s foreign exchange reserves declined by $1.98 billion to $247.29 billion for the week ended March 6, 2009, on account of revaluation of international currencies against US dollar and continued liquidation of investments in securities by overseas institutional investors.

Forex reserves shrink by $1.98 bn at $247 bn

Internal assessment follows banks&rsquo; worries over systemic risks.

RBI verifying solvency of 10 realty firms

With the financial year drawing to a close, bank credit flow has seen a revival of sorts with advances during the fortnight-ended February 27 rising by Rs 21,307 crore.

Bank credit flow goes up, courtesy year-end demand

India&rsquo;s foreign exchange reserves declined by $1.98 billion to $247.29 billion in the week ended March 6, 2009, on account of revaluation of international currencies against US dollar and continued liquidation of investments in securities by overseas institutional investors.

India's forex reserves dip by $1.98 bn

As part of its efforts to provide support to sectors and firms hit by credit crunch and fall in demand, the International Finance Corporation (IFC) is looking at converting some of its debt investments in Indian companies into equity.

IFC mulls turning debt into equity

Government bonds jumped the most in two months after the central bank rejected all bids at a government debt auction, stoking speculation that it is seeking to cap yields.

Bond yields fall as RBI rejects bids

The merger process of the two Kerala-based private banks &mdash; Catholic Syrian bank (CSB) and the Federal Bank &mdash; is likely to materialise soon with a swap arrangement in the works.

Federal Bank, Catholic Syrian close to share swap deal

The Reserve Bank of India has extended the deadline for completing buyback of foreign currency convertible bonds by nine months to December 31, 2009. In a circular issued last on Friday, it said that the other terms and conditions for the buyback would remain unchanged.

RBI extends deadline for buyback of FCCBs

Concerned over banks not improving the credit flow to the industry despite stimulus packages, Cabinet Secretary K M Chandrasekhar is likely to take up the issue this week with senior officials of the Reserve Bank and heads of the public sector banks.

Cab Secy may review PSU banks lending this week

The American International Group (AIG) plans to pay about $165 million in bonuses even though the troubled insurance giant received a taxpayer bailout of over $170 billion, says a media report.

AIG to pay $165 mn in bonuses: report

&ldquo;We have been profitable for the first two months of the year,&rdquo; Lewis told reporters after delivering a speech in Boston yesterday, echoing comments this week by JPMorgan CEO Jamie Dimon and Citigroup&rsquo;s Vikram Pandit. &ldquo;We expect to be profitable&rdquo; in 2009, he said.

Lewis, Dimon, Pandit proclaim profits, spur banks

The Kolkata based Uco Bank has decided to set up 7 Rural Self Employment Training Institutes (RSETIs) in Orissa. These institutes will come up in all the lead districts of the bank in the state.

Uco Bank to set up seven RSETIs

The Reserve Bank of India (RBI) is likely to issue a new direction, making it mandatory for all public sector banks to seek clearance from the Central Bureau of Investigation (CBI) before allowing one-time settlements of bad loans where criminal proceedings are underway.

PSU banks may need CBI nod for settling bad loans

American International Group Inc, the insurer saved from collapse by a $170 billion taxpayer bailout, was ordered by the US Treasury to scale back its $1 billion plan to give retention pay and bonuses.

Treasury demands AIG cut bonuses as $165 mn payment  looms

The Indian rupee today turned weak after a strong start and depreciated by nine paise against the US currency on some dollar demand from importers amid lacklustre trading in equity markets.

Rupee turns weak after good start, loses 9 paise vs $

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