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.
Ratnakar Bank to absorb RBS' employees involved in three businesses
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.
.jpg)
According to Unite the Union, which represents the bank's staff, around 60 back-office roles are to be moved to India.
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.
Bank would exit from cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.
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.
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
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.
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.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
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.
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.
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.
The job cuts comes in the wake of the banking sector, especially investment banking activities, facing difficult times amid the persisting European debt turmoil.
Inflation is likely to drop to 5.4 per cent in FY 2014.
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.
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.
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.
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.
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.
The real focus should be on India AND China, says Meera Sanyal.
Liverpool said on Friday that a settlement between former owners Tom Hicks and George Gillett and directors involved in the sale of the Premier League football club had been agreed following a long-running legal battle.
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.
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.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Cash-strapped Royal Bank of Scotland is reviewing its branding agreement with cricketer Sachin Tendulkar a year into the deal.
Meera Sanyal, Country Executive, ABN Amro Bank, revealed the bank's merger plans with Royal Bank of Scotland. Dutch Central Bank has approved of the merger and a country-by-country approval is being sought. As part of the deal, RBS will acquire the banking business in India and Fortis will buy the asset management company. Neither have a presence in India. ABN Amro is negotiating with RBI too on this issue. The bank will continue to operate through 28 branches in 21 cities.
British banking major Royal Bank of Scotland has said it will slash as many as 9,000 jobs worldwide in the coming days, including 4,500 positions in the UK, as part of its cost-cutting measures.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
Move comes after bank's failure to close deal with HSBC.
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.
These jobs are not being cut and that the employees will be reallocated to other projects
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
These include Goldman Sachs, HSBC, UBS, Deutsche Bank, Barclays, RBS, Citigroup and JP Morgan and they have said in their respective regulatory filings that they are cooperating with the relevant authorities in the investigations.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances