Mumbai-based ASK Group, an equity research and portfolio management service provider, is planning to raise its total assets under management multi-fold in the next three to four years by consolidating its focus on wealth management and advisory businesses.

ASK Group to focus on wealth management, advisory biz

Business Standard

Credit Suisse Group, Switzerland&rsquo;s second-largest bank, plans to cut bonuses for investment bankers by about 55 per cent following $13.6 billion of credit writedowns, two people familiar with the situation said.

Credit Suisse may cut bonuses by 55%

Offered signing bonuses of as much as 260% of revenue they brought in the previous year.

UBS brokers got &#39;super-sized&#39; bonuses

In an effort to support the country&rsquo;s financial inclusion programme, Financial Information Network &amp; Operations (FINO) and NCR Corporation will jointly set up 1,000 machines that will accept small deposits.

FINO, NCR to roll out 30,000  micro deposit machines

The Reserve Bank of India has cancelled the licence of Maharashtra-based Sadhana Co-operative Bank following insolvency of the bank. Consequent to the cancellation of its licence, Sadhana Co-operative Bank, Maharashtra is prohibited from carrying on banking business, RBI said in a release.

RBI cancels licence of Maharashtra-based co-operative bank

Press Trust of India

Lehman Brothers, the banking major which collapsed into bankruptcy under huge obligations, has surprisingly become the hottest place for the job seekers on the Wall Street, with the firm recruiting back as many as 200 employees and still looking for more, a media report says.

Lehman becomes a hot spot for job seekers

The Supreme Court today stayed the judgement of the National Consumer Commission, which had capped the interest rate chargeable on credit card holders at 30 per cent.

SC stays card rate cap order

Tuticorin-based Tamilnad Mercantile Bank (TMB) has reported a 59 per cent jump in its net profit for the nine months ended December 2008 at Rs 113.52 crore despite not having a board of directors during the period.

TMB likely to have board of directors by March

Public sector Punjab National Bank (PNB) will distribute about 25,000 bio-metric cards by next month to the economically weaker sections of society.

PNB to issue bio-metric cards in UP

LIC Housing Finance (LICHF) has slashed lending rates for new borrowers by 100 basis points across various loan categories. Home loans up to Rs 30 lakh, irrespective of the tenure, would now be cheaper by 100 bps at 8.75 per cent, while for loans above Rs 30 lakh, the rates are lower at 9.75 per cent as against 10.75 per cent earlier.

LIC Housing Finance cuts home loan rates by 100 bps

The Indian rupee appreciated 19 paise against the US currency today in early trade on dollar selling by banks amid expectations of fresh capital inflow by funds on hopes of firm opening on the domestic stock markets in line with positive trends on other Asian bourses.

Re gains further; up 19 paise to 48.62/$

Feb 4 (PTI) HSBC today said it may look at acquisition of&nbsp;some product businesses of Royal Bank of Scotland (RBS) in Asia if that&nbsp;add value to its operations.

HSBC may look at buying product businesses of RBS

State-run IDBI Bank today said it expects to sell its Pune-based home loan subsidiary IDBI Home Finance (IHFL) by the end of this month, its Chairman said.

IDBI Bank hopes to sell home loan arm by Feb

Public sector lender Bank of India said it has raised Rs 400 crore through perpetual bonds.

Bank of India raises Rs 400 cr through bond issue

The rupee closed at the highest level in more than two weeks as stock gains fueled optimism that risk aversion would wane and overseas funds would return to buy emerging-market assets.

Rupee closes at two-week high

Anticipating a dip in credit delivery by cooperative credit institutions, the Centre has asked public sector banks to lend about 10 per cent more than their target. Commercial banks, including the government-owned lenders, were earlier expected to lend around Rs 1,95,000 crore to the farm sector during the current financial year.

Public sector banks asked to step up lending to agriculture

The Reserve Bank of India today asked banks to hedge the freight risk of domestic oil refining companies and shipping companies via plain vanilla trades.

No complex products to hedge freight risks: RBI

Mangalore-based Karnataka Bank is planning to close the current financial year with a total business of Rs 35,000 crore compared with Rs 27,858 crore in 2007-08, an increase of around 25 per cent, said Chairman Ananthakrishna.

Karnataka Bank targets 25% rise in business

The proposal to allow foreign reinsurance companies to open a branch in India is currently under consideration in the Parliament and will take sometime, according to Insurance Regulatory and Development Authority chairman Jandhyala Hari Narayan.

Foreign reinsurers may have to wait a while for India branch

In a bid to broad base the selection process for the appointment of the fourth deputy governor of Reserve Bank of India, the selection committee headed by the Governor D Subbarao is all set to meet more bank&rsquo;s chiefs before finalising the candidates.

More bankers may join race for RBI post

The Insurance Regulatory and Development Authority (Irda) is expecting to put in place the draft guidelines for mergers and acquisitions for the insurance sector and the level of disclosure by insurance firms by March 2010. The regulator is also setting up a data warehouse for the management of health insurance claims.

Irda to issue draft guidelines for M&As

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