Insurance Development and Regulatory Authority (IRDA) had set up two committees which will work on level of disclosure by insurance companies and on new guidelines for mergers and acquisitions (M&amp;A) in the insurance sector. Both the guidelines are expected to be in place by March next year.

IRDA to come out with new M&A, disclosure norms

Business Standard

The Royal Bank of Scotland Group (RBS) today announced the appointment of Shiv Gupta as the head of its private clients business in India.

Shiv Gupta to head Royal Bank of Scotland pvt banking

Public sector banks today assured the government they would reduce interest rates in the backdrop of falling bank deposit rates, a move that would boost economic activity, especially in the cash-strapped realty, construction and auto sectors.

Interest rates set to fall, PSU banks assure govt

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 Brothers hiring a major way: report

Within a month of cutting the benchmark lending rate by 75 basis points, the country's largest lender, State Bank of India (SBI), today said it may again do a repeat performance.

SBI may cut lending rates further: Bhatt

Lehman Brothers may separate its illiquid assets and put them in charge of two standalone companies, and under the plan, the creditors of the collapsed American entity would get stocks rather than cash.

Lehman to divide illiquid assets between two firms

The Indian manufacturing sector indices have shown some signs of recovery in January but remain at near historically low levels on the ABN Amro&rsquo;s Purchasing Managers&rsquo; Index (PMI).

Manufacturing indices at near historic lows: ABN Amro index

Banks may not be reducing their prime lending rates (PLR), but they are selectively lowering interest rates for specific segments and certain clients.

Sub-PLR loans back in vogue

Public sector lenders led by State Bank of India (SBI) today said they will look at further interest rate cuts. SBI chairman O P Bhatt told reporters after a meeting with Finance Minister Pranab Mukherjee that the bank is considering cutting its prime lending rate (PLR) for the second time in as many months.

SBI, govt banks say they'll cut rates again

Karur-based Lakshmi Vilas Bank (LVB) has tied up with Chennai-based Star Health and Allied Insurance Company to offer free accident cover to its savings account holders.

LVB ties up with Star Health

CDs fetch higher returns than other money market instruments.

Banks return to CD market

The Reserve Bank of India (RBI) has increased the prudential inter-bank exposure limit for the urban cooperative banks (UCBs) to 20 per cent of their total deposit liabilities.

Inter-bank exposure limit for UCBs raised to 20%

Chennai-based Indian Overseas Bank (IOB) has received approval from the Reserve Bank of India (RBI) to acquire Pune-based Shree Suvarna Sahakari Bank (SSSB).

IOB gets nod to acquire Pune-based co-op bank

Central Bank of India is planning to raise Rs 500-600 crore through Tier-I and Tier-II bonds this year in order to boost its capital adequacy ratio (CAR) to over 11 per cent, Executive Director Ramnath Pradeep said.

Central Bank to raise Rs 600 cr to boost CAR

The 10-year bonds gained on speculation yields at the highest level in three weeks attracted investors.

Bonds gain as yields attract buyers

Punjab National Bank (PNB) will now merge its primary dealership subsidiary PNB Gilts with self instead of selling the company, a senior PNB official said today. Punjab National Bank holds 74.07 per cent stake in PNB Gilts.

PNB to merge PNB Gilts with self

Six public sector banks, including State Bank of India and Punjab National Bank, have provided a refinance facility of Rs 5,000 crore to non-banking finance companies (NBFCs) for financing the purchase of commercial vehicles (CVs).

Govt banks extend Rs 5k-cr to CV financing companies

The Indian rupee strengthened by 12 paise against the US currency today in early trade on dollar selling by banks amid hopes of fresh capital inflows by funds and firm opening on the domestic stock markets in line with higher Asian shares.

Re rises, up 12 paise at 48.80/$

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

SC stays consumer court order on credit card interest

Karnataka Bank today said it planned to open 15 more new branches in South India during this current fiscal.

Karnataka Bank to open 15 branches in South India

A device similar to ATMs has been developed to mobilise savings of low-income groups in rural areas by banks and micro-finance institutions.

ATM-like device developed to tap rural deposits

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