India is sitting on unspent foreign assistance worth Rs 78,000 crore and paying commitment charges to the World Bank and the Asian Development Bank (ADB) for not using the sanctioned amount.

India sitting on unspent foreign aid of Rs 78,000 cr

Press Trust of India

Kenneth Lewis, chief executive officer of Bank of America Corp, was subpoenaed by New York Attorney General Andrew Cuomo, who is investigating whether the bank misled investors related to its acquisition of Merrill Lynch &amp; Co, a person familiar with the matter said.

Lewis to be subpoenaed

Business Standard

Bank of America Corp Chief Executive Officer Kenneth Lewis, under siege from investors on concern the company may be taken over by the US government, said he doesn&rsquo;t need any more federal assistance and can &ldquo;make it through this downturn on our own.

Bank of America ready to go it alone as stock slides

With the ninth bipartite wage settlement meeting of bank employees ending inconclusively in Mumbai on Saturday, the aggrieved United Forum of Bank Unions (UFBU), an umbrella organisation of nine unions, has decided to take up the issue with Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee.

Bank staff to take up wage issue with PM

Banking giant Citigroup has approached the Obama Administration with request for more federal money in an effort to save it from collapse and in lieu of that has offered greater control to the government, media reports said today.

Citigroup seeks more funds, offers more govt control

National Bank for Agriculture and Rural Development (Nabard), the apex body for agricultural credit, on Monday said that it had brought down the interest rate at which it lends to regional rural banks (RRBs) and commercial banks by 50 basis points.

Nabard cuts lending rate by 50 bps

India-born Vikram Pandit could well lose his job as the chief executive of Citigroup if the American government comes in with yet another lifeline for the beleaguered financial services entity.

Third govt bailout of Citi could cost Pandit job

Reserve Bank of India Governor D Subbarao met Finance Minister Pranab Mukherjee last night to brief him on the economic situation.

Subbarao briefs FM on economic situation

Financial major Citigroup is in talks with federal officials that may lead to the US government extending its control over the struggling bank.

US govt may increase stake in Citigroup: report

Life Insurance Corporation of India (LIC) today said it has purchased 2.27 crore shares of country's largest private sector lender ICICI Bank.

LIC hikes stake in ICICI Bank

Financial Information Network and Operations (FINO), promoted jointly by various public and private sector banks for providing banking services through biometric cards, is planning to raise Rs 100 crore through debt and equity for capital expenditure in the next two-three years.

FINO aims to raise Rs 100 crore

Andhra Bank, a public sector bank aims to enter the mid-size category of banks in the country by the end of this fiscal by crossing a total business volume of Rs 1,00,000 crore.

Andhra Bank aims to cross Rs 1 lakh crore business this fiscal

Bangalore-headquartered Vijaya Bank would get Rs 500 crore in first tranche under the Centre&rsquo;s recapitalisation package in a couple of months, said executive director SC Kalia.

Vijaya Bank to get Rs 500 cr govt fund soon

Reserve Bank of India (RBI) Governor D Subbarao met Finance Minister Pranab Mukherjee last night to brief him on the economic situation and assured him of appropriate policy action, if necessary.

We&#39;ll take required action, RBI tells FM

The Indian rupee today fell further by 15 paise against the US currency in early trade as sharp losses in Asian equities raised concerns of more capital outflows by funds from the domestic stock markets.

Re down 15 paise vs $ in early trade

Life Insurance Corporation of India has hiked its stake to 9.38 per cent in the country's largest private sector lender, ICICI Bank, after purchasing shares worth Rs 145.62 crore through open market transaction.

LIC ups stake in ICICI Bank to 9.38%

&ldquo;Andhra Bank has already formed a joint venture with the Bank of Baroda and Legal &amp; General Group to launch the insurance business. All formalities in this regard have been completed and the insurance business both in life and non-life segments is expected to be launched before the end of the current fiscal&rdquo;, T Ravindranath, one of the directors of Andhra Bank told Business Standard.

Andhra Bank, BoB, L&G Group in insurance JV

Rating agency Crisil has downgraded rating on Development Credit Bank&rsquo;s (DCB&rsquo;s) Rs 1,500-crore certificates of deposit (CDs) programme to &lsquo;P1&rsquo; from &lsquo;P1+&rsquo; due to deterioration in asset quality.

DCB&#39;s credit rating lowered

Life Insurance Corporation of India (LIC) has hiked its stake in the country&rsquo;s largest private sector lender, ICICI Bank, to 9.38 per cent after purchasing shares worth Rs 145.62 crore through open market transaction.

LIC ups stake in ICICI Bank, GAIL

On the backdrop of current economic meltdown, public sector lender, Dena Bank has shelved its plan of entering into general insurance business.

Dena Bank shelves general insurance foray plan

With many large banks in the United States and the United Kingdom facing trouble, it is probably a bad time to be providing outsourcing and consulting services to the financial services industry. Management consultant and transaction-services-provider Accenture, which reported a 6 per cent rise in net revenues to $6 billion in the first quarter of FY09, acknowledges that the environment is tough and clients have become more demanding. Pierre Nanterme, group chief executive of Accenture&rsquo;s Financial Services operating group spoke to Sudeep Jain and Sidhartha about the challenges and the outlook.

'Coming up with ideas is not enough'

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