The Reserve Bank of India (RBI) has approved IndusInd Bank's request to form an executive committee to discharge the duties and responsibilities of the chief executive officer (CEO) for a period of maximum three months or till a new CEO takes charge, whichever is earlier.
Standard Chartered pulled out of the negotiations over valuation issues, according to sources. They say it was willing to pay up to $250 million, a figure that apparently fell far short of RBS' s expectations.
Bank would exit from cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.
Ratnakar Bank to absorb RBS' employees involved in three businesses
The bank (Williams & Glyn's), which was dormant for about 30 years, is being revived by UK-based lender the Royal Bank of Scotland Group Plc.
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
Fair trade regulator CCI has approved private sector lender Ratnakar Bank' proposal to buy Royal Bank of Scotland's credit card business, mortgage portfolio and banking operation in the country, saying the deal will not have an adverse impact on competition.
The move comes after RBS failed to close a deal involving sale of its India retail assets to Hongkong and Shanghai Banking Corporation.
RBI Governor Raghuram Rajan will announce the monetary policy on April 1 and expectations of a status quo are rising ever since the official data on consumer price inflation for February pointed to a cool down to 8.1 per cent.
Normal blood sugar levels typically should be less than 100 mg/dL. Average blood sugar before meals should be 70-130 mg/dL. Your blood sugar levels after one to two hours after a meal should be less than 180 mg/dL.
The Royal Bank of Scotland Group Plc has been fined 28.59 million pound by the Office of Fair Trading (OFT) for breaching competition laws by some of its employees, who handed over price sensitive information to a rival.
The brokerage said it has high hopes for recovery and reforms following the general elections.
In an interview with Malvika Joshi and Somasroy Chakraborty, Madan Menon, RBS' chief executive for Singapore and Southeast Asia and head of global banking and markets in India, shares the bank's plans.
Inflation is likely to drop to 5.4 per cent in FY 2014.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
HSBC is in advanced talks to buy assets of two troubled financial groups -- ING and RBS in Asia in a move to expand its base in the region.
The Royal Bank of Scotland (RBS) on Thursday said that it will sell its retail and commercial banking business along with a part of its global banking and markets (GBM) division in India as part of the global restructuring exercise aimed at focusing on core markets such as the United Kingdom, the United States and Ireland.
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According to Unite the Union, which represents the bank's staff, around 60 back-office roles are to be moved to India.
British banking major RBS on Thursday said it expects the Reserve Bank to cut key rate by 25 basis points or 0.25 per cent in its monetary policy review next week, leaving the cash reserve ratio (CRR) unchanged.
The job cuts comes in the wake of the banking sector, especially investment banking activities, facing difficult times amid the persisting European debt turmoil.
At present, the bank has around 10,000 employees in India, with 7,500 in Aces, its business process outsourcing unit and product development centre, while another 500 are in the non-retail banking units, who would be retained. This is part of its strategy to focus on key markets after the sale of its retail and SME banking business. The unit had contributed around 30 per cent of RBS's revenue from its India and Asia-Pacific operations.
Gidwani will be based in Mumbai, overseeing a team of 15 staff comprising private bankers and client relationship associates, a statement issued by the bank in Mumbai said.
'If something happens to Arvind Kejriwal, not just the whole country, even God will not forgive BJP'
Back- and middle-office positions that support trading functions and provide technology services will be cut
Citi, HSBC and UBS etc have already cut their market targets.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Cash-strapped Royal Bank of Scotland is reviewing its branding agreement with cricketer Sachin Tendulkar a year into the deal.
Sikka said second quarter will be better than the April-June period
Move comes after bank's failure to close deal with HSBC.
These jobs are not being cut and that the employees will be reallocated to other projects
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
Takes a knock after RBS changes plan on Williams & Glyn; contract loss to impact 3,000 Infy staffers
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
India is looking for a VSHORAD system to replace its ageing system from Russia and would be sourcing more than 5000 missiles and 1200 launchers.
According to a National Crime Records Bureau report, a total of 356 cases of sedition -- as defined under section 124A of the IPC -- were registered and 548 people arrested between 2015 and 2020, out of which only six were convicted.
Attributing to the annual report of the UK Financial Investments -- a body which manages government's stakes in banks -- the daily said the losses on the shareholding in RBS and Lloyds Banking Group had reached 10.9 billion pounds at the end of June. UKFI holds 70 per cent stake in RBS and 43 per cent in Lloyds Banking Group.
ABN Amro has initiated the process of re-branding its retail branches as RBS after receiving the Reserve Bank of India's (RBI's) approval for the same.
A 2008-style bank run seems unlikely, but if it did happen, the sector is much better prepared.
Deutsche Bank could be the next to trim its retail operations.
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