1. State Bank of India has said that all the regulatory approvals for the merger of State Bank of Indore with itself will be in place by next month. "We are awaiting approval from the government of India, which is expected any time, may be this month or next month, after that it takes about a month to merge it," SBI Chairman O P Bhatt told PTI. The bank has already got approval from Reserve Bank of India. "We are already doing preparatory work (for the merger)," he said, adding that by July all necessary approvals would be in place.
2. Royal Bank of Scotland Group Plc is in talks to sell its Indian commercial and retail unit to HSBC Holdings Plc as Britain’s biggest government-owned bank accelerates international asset disposals, according to two people with knowledge of the situation. The sides may agree a deal as early as next month, said one of the people, who declined to be identified because the talks are private. The unit has about 1.3 million customers, 1,800 employees and 28 branches, according to the Edinburgh-based bank’s website.
3. Reserve Bank Governor D Subbarao today said mobile banking should be driven by banks, not telecom operators, considering money laundering and terror financing threats. "The Reserve Bank has a clear preference for the bank-led model," RBI Governor D Subbarao said at a Banking Technology Excellence awards function hosted by the Institute for Development and Research in Banking Technology (IDRBT). "Given the growing concerns about money laundering and financing of terrorism, a bank-led model is decidedly safer and more sustainable," he said, adding, however, that a mobile operator-led model helps accelerate financial inclusion.
4. Continuing its selling spree, global financial major Citigroup today offloaded shares of two Sensex firms, Infosys Technologies and HDFC, in block deals valued at Rs 46.08 crore. Foreign fund house Citigroup Global Markets Mauritius sold a total of 1,61,941 shares of Infosys Technologies and HDFC for Rs 46.08 crore. These shares were purchased by The Royal Bank of Scotland NV, according to block deal data available with the Bombay Stock Exchange. As per the BSE data, Citigroup offloaded 1.09 lakh shares of IT major Infosys Technologies worth Rs 30.62 crore and the entity also sold 52,941 shares of HDFC worth Rs 15.45 crore.
5. Indian bank loans rose 19.1 per cent on year as of June 4, the central bank's weekly statistical supplement (WSS) showed on Friday. Deposits were up 14.3 per cent from a year earlier. Outstanding loans rose 578.96 billion rupees to 32.88 trillion rupees in the two weeks to June 4. Non-food credit rose 551.50 billion rupees to 32.36 trillion rupees and food credit rose by 27.46 billion rupees to 521.49 billion rupees, the bank said. Bank deposits rose by 150.82 billion rupees to 45.41 trillion rupees in the two weeks to June 4, the WSS showed.
6. ICICI Bank has filed complaints with the Economic Offences Wing and SEBI against various individuals for spreading rumours of a $1-billion US lawsuit against the bank, which triggered a 3.5% fall in the bank’s share price. ICICI Bank officials said they had tracked down individual rumours and there was a suspicion that rumours were initiated by those who sought to gain from a fall in the bank’s share price. One of the mails was forwarded by an individual to contacts in his googlegroups. The bank had obtained details of the individual who described himself as an investor and said his information was obtained from a website. The investor — a Mumbai-based individual in his thirties — was detained by the police for questioning, bank sources said.
7. South Indian Bank has tied up with Bank of New York Mellon to facilitate remittances from the US to India. VA Joseph, the bank's managing director, said that Malayalam superstar Mammootty, the bank's global brand ambassador, would launch this facility at Kochi on Friday. The South Indian Bank has 580 branches spread across 26 Indian states.
2. Royal Bank of Scotland Group Plc is in talks to sell its Indian commercial and retail unit to HSBC Holdings Plc as Britain’s biggest government-owned bank accelerates international asset disposals, according to two people with knowledge of the situation. The sides may agree a deal as early as next month, said one of the people, who declined to be identified because the talks are private. The unit has about 1.3 million customers, 1,800 employees and 28 branches, according to the Edinburgh-based bank’s website.
3. Reserve Bank Governor D Subbarao today said mobile banking should be driven by banks, not telecom operators, considering money laundering and terror financing threats. "The Reserve Bank has a clear preference for the bank-led model," RBI Governor D Subbarao said at a Banking Technology Excellence awards function hosted by the Institute for Development and Research in Banking Technology (IDRBT). "Given the growing concerns about money laundering and financing of terrorism, a bank-led model is decidedly safer and more sustainable," he said, adding, however, that a mobile operator-led model helps accelerate financial inclusion.
4. Continuing its selling spree, global financial major Citigroup today offloaded shares of two Sensex firms, Infosys Technologies and HDFC, in block deals valued at Rs 46.08 crore. Foreign fund house Citigroup Global Markets Mauritius sold a total of 1,61,941 shares of Infosys Technologies and HDFC for Rs 46.08 crore. These shares were purchased by The Royal Bank of Scotland NV, according to block deal data available with the Bombay Stock Exchange. As per the BSE data, Citigroup offloaded 1.09 lakh shares of IT major Infosys Technologies worth Rs 30.62 crore and the entity also sold 52,941 shares of HDFC worth Rs 15.45 crore.
5. Indian bank loans rose 19.1 per cent on year as of June 4, the central bank's weekly statistical supplement (WSS) showed on Friday. Deposits were up 14.3 per cent from a year earlier. Outstanding loans rose 578.96 billion rupees to 32.88 trillion rupees in the two weeks to June 4. Non-food credit rose 551.50 billion rupees to 32.36 trillion rupees and food credit rose by 27.46 billion rupees to 521.49 billion rupees, the bank said. Bank deposits rose by 150.82 billion rupees to 45.41 trillion rupees in the two weeks to June 4, the WSS showed.
6. ICICI Bank has filed complaints with the Economic Offences Wing and SEBI against various individuals for spreading rumours of a $1-billion US lawsuit against the bank, which triggered a 3.5% fall in the bank’s share price. ICICI Bank officials said they had tracked down individual rumours and there was a suspicion that rumours were initiated by those who sought to gain from a fall in the bank’s share price. One of the mails was forwarded by an individual to contacts in his googlegroups. The bank had obtained details of the individual who described himself as an investor and said his information was obtained from a website. The investor — a Mumbai-based individual in his thirties — was detained by the police for questioning, bank sources said.
7. South Indian Bank has tied up with Bank of New York Mellon to facilitate remittances from the US to India. VA Joseph, the bank's managing director, said that Malayalam superstar Mammootty, the bank's global brand ambassador, would launch this facility at Kochi on Friday. The South Indian Bank has 580 branches spread across 26 Indian states.
