Switzerland&rsquo;s Julius Baer is close to buying Bank of America Merrill Lynch&rsquo;s private banking units outside the United States, two people familiar with the situation said, potentially adding 50 percent to its business.

Baer close to buying Merrill wealth unit

Reuters 

State Bank of India, the country&rsquo;s largest lender, reported a 137 per cent year-on-year increase in its net profit to Rs 3,752 crore for the quarter ended June 30 due to lower base, but a sharp rise in bad loans disappointed investors.

SBI net zooms 137% bad loans weigh

Business Standard

Global banks that ship increasingly sensitive and sophisticated work overseas to save costs will be forced to step up oversight of back office operations after industry scandals point to lapses involving offshore units in India.

As offshoring grows, banks grapple with oversight

While the central bank is wary of increase in debt recast by banks and has proposed stringent norms for such activities, K V Kamath, chairman of India&rsquo;s largest private lender ICICI Bank Ltd, said banks&rsquo; asset quality was healthier now than what it was 10 years ago.

Banks' asset quality is healthier now:  Kamath

The justice department won&rsquo;t be pursuing criminal charges against Goldman Sachs or its employees over its &ldquo;big short&rdquo; on the housing market several years ago. Fortunately, the details of Goldman&rsquo;s appalling behaviour and role in the financial crisis will live on forever in the public record.

What Goldman Sachs did and the justice dept didn't

Standard Chartered will comply with a New York Department of Financial Services demand that the bank hire an outside monitor to ensure compliance with US anti-money laundering laws, according to a person familiar with the matter.

StanC agrees to NY monitor demand

Banks are giving preferential treatment to the corporate sector in debt restructuring, and tend to ignore the retail, agriculture and small and medium enterprise (SME) sectors, which are also the victims of economic downturn, according to Reserve Bank of India (RBI) Deputy Governor, K C Chakrabarty.

Banks biased against SMEs, agri sector in debt recast: RBI

HDFC Bank is not mulling a rate cut on auto loans offering in the near future, a senior official has said.

HDFC Bank won't cut rates on auto loans

Press Trust of India

The yields on government bonds are likely to remain subdued next week, ahead of release of figures for inflation in July.

July WPI inflation data to weigh on bond yields

UK-based money transfer brand, Xpress Money, on Saturday launched a financial literacy roadshow programme across Andhra Pradesh. Aimed at providing awareness to general public about safe means of money transfer, the roadshow involved a canter that travelled over 200 locations in the state.

Xpress Money's campaign in AP

HDFC Bank is not mulling a rate cut on automobile loans offering in the near future, a senior official has said.

HDFC Bank to not cut rates now

Take an agri loan at four per cent and keep the money as a fixed deposit in the same branch at nine per cent interest rate &mdash; that's the mantra for some of the branches of scheduled commercial banks in the south.

Interest rate arbitrage on farm loans

The rupee failed to maintain initial gains by slipping 10 paise to 55.38 against the American currency in the late morning trade on fresh dollar demand from banks and importers.

Rupee down 10 paise to 55.38/dollar

The rupee falls to 55.4150/43 vs 55.28/29 last close. Dealers say good demand from oil importers and likely defence-related demand keeping pair bid.

Rupee falls to 55.41/dollar

Public sector lender Bank of Baroda today hiked deposit rates by up to 1.75% with effect from today.

BoB hikes interest rates on deposits by up to 1.75%

The rupee fell on Monday on the back of sustained dollar demand from oil importers, with traders also cautious a day before inflation data amid worries the economy could face a period of slowing growth but higher inflationary pressures.

Rupee hit by oil dollar buying inflation eyed

State Bank of India (SBI) is likely to merge one of its five associate banks in the current financial year.

SBI might absorb one associate bank this year

Indian Overseas Bank today raised $500 million via sale of dollar denominated bonds for 5.5 years. The bonds were issued at coupon rate of 405 basis points over Treasury of similar maturity. The issue was oversubscribed by about 11 times.

IOB raises $500 mn via overseas bond sale

Special schemes are back in focus as bank deposits continue to grow only at a sluggish pace. With no relief in sight for further monetary policy easing, banks have also increased interest rates on long-term deposits, to garner much needed liquidity.

Banks begin reviving special schemes

Showing the economic slowdown&rsquo;s deep effect on business, rating downgrades at 216 were about four times more than upgrades (64) in the first quarter (April-June), according to rating agency CARE.

Rating downgrades surge: CARE

Public sector banks (PSBs) share a disproportionate burden of restructured accounts. The Reserve Bank of India (RBI) argues if economic downturn is the reason for debt recast, that should reflect across all bank groups and not just PSBs.

Loan recast: PSBs bear the brunt

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