For the first time since its merger with Lloyds Bank in 1995, the Trustee Savings Banks (TSB) is reopening as a standalone banking brand; set to become the eighth biggest high street bank in Britain.
After having disappeared from the country's banking scene following its merger with Lloyds Bank 18 years back, TSB will open 631 branches across England, Scotland and Wales; and will have 4.6 million customers transferred from Lloyds.
The government has plans to bring its borrowings from the Reserve bank of India (RBI) down in the second half of this financial year, a senior government official revealed.
The official however added that a final decision about bringing down the borrowing target would be would be taken towards the end of September when officials from finance ministry and central would meet to discuss the matter.
Raghuram Rajan, who took over the reins of the Reserve Bank of India (RBI) from succeed Duvvuri Subbarao today, Sept. 4, is facing many challenges to deal with.
The Indian economy is in the grip of a stubborn slowdown, the rupee suffered a steep fall over the recent past, the country's current account deficit (CAD) is far higher than the government's affordable limit and the government measures to correct the situation have so far failed to address the issues.
India should create some multinational banks but such banks must not be too-large-to-fail, Reserve Bank of India (RBI) Governor D Subbarao said.
Mr. Subbarao said the country required four to five banks of globally large-size banks, but cautioned that too big banks could lead to complexity and adverse impact on the country's financial stability.
Speaking on the topic, he said, "We don't need monopolies, instead we need four-five banks of big size, as large banks. lead to complexity and too-big-to-fail or too-connected-to-fail moral hazards with adverse impact on financial stability."
Kohlapur, India-based Ratnakar Bank on Friday confirmed that it had bought several India businesses of Royal Bank of Scotland (RBS), including home loan and credit card portfolios.
Ratnakar Bank acquired the assets after beating rivals like Axis, IndusInd, Standard Chartered and YES Bank in the race.
A senior RBS official said, "The portfolios are of high quality and will give us a strong platform over and above our existing business."
The employees working as part of RBS' commercial and home loan business will be absorbed by Ratnakar bank.
As the Reserve Bank of India (RBI) has been struggling to arrest rupee's falling value, the government has named Raghuram Rajan as the next governor of the central bank.
Fifty-year-old Rajan, who has been in the role of the top adviser to the finance ministry since 2012, will succeed Duvvuri Subbarao, who will step down on 4th of September this year.
Previously, he served the International Monetary Fund (IMF) as chief economist.
Mr. Rajan said the Indian economy is passing through challenging times and there was no magic wand to make those challenges disappear instantaneously.
Reserve bank of India (RBI) Governor D Subbarao on Thursday supported Finance Minister P Chidambaram's call to lender to cut interest rates to provide a much-needed boost to economic growth.
Mr. Subbarao said that the RBI was very conscious of the need to be supportive of the country's economic growth.
He noted that the central bank cut repo rate - the rate at which the central bank lends money to banks - several times this year, but many banks did not pass on the cuts to consumers and businesses.
The Reserve Bank of India (RBI) isn’t expected to announce any cut in interest rates on Monday, June 17, despite falling of headline inflation to a 43-month low in May.
While some analysts are of the view that the central bank should announce a cut in key rates as Wholesale Price Index (WPI) based-inflation slipped to 4.70 per cent in May, its lowest level since October 2009; many others are of the view that retail inflation is still high and the rupee is at its record low levels.
State Bank of India (SBI), the country’s biggest state-owned lender, has just reported a year-on-year decline of 18.54 per cent in net profit to Rs 3299.22 crore for the quarter ended March, 2013.
Net profit fell despite a 6.98 per cent increase in total income to Rs 36330.37 crore.
Analysts had projected an average decline of 8.7 per cent in quarterly net profit and a 1.4 per cent decline in net interest income.
Rajat Gupta, former board of director at Goldman Sachs Group, has sought re-trial over the insider trading case in which he was handed down a two-year prison term along with a $5 million fine.
On Tuesday, Gupta's lawyer Seth Waxman questioned the authenticity of the wiretap evidence that was accepted by US District Court Judge Jed Rakoff to penalize Gupta in October last year.