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.
Here's a look at the biggest disappointments of IPL 2025 -- the players who've cost crores but delivered crumbs.
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.
Royal Bank of Canada, a leading North American financial service organization, will set up a representative office in India to explore possibilities of business opportunities in rapidly growing financial sector.
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.
Sanyal, 57, had joined the Aam Aadmi Party after quitting her job as the country chief executive of Royal Bank of Scotland, and contested the Lok Sabha election in 2014.
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There were reports that Infosys had laid off 500 people in the aftermath of losing its multi-million pound deal with the Royal Bank of Scotland.
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.
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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.
With the US housing and labour markets on the mend, the healing looks more durable, say RBS's Sanjay Mathur and Louis Kuijs.
For returning to trend growth of over eight per cent GDP growth and sustained low inflation of four per cent, removal of supply-side constraints and investor-friendly policy reforms are key, says Rajesh Cheruvu, Chief Investment Officer, India, RBS.
When traders got caught fiddling Libor, their employers blamed a few bad apples.
Move comes after bank's failure to close deal with HSBC.
According to reports in the Canadian media, iGate was allegedly using temporary foreign workers to replace the bank's existing staff.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
The move comes after RBS failed to close a deal involving sale of its India retail assets to Hongkong and Shanghai Banking Corporation.
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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.
Bank would exit from cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.
The report, 'The roots of growth: Projecting EM infrastructure demand to 2030', produced jointly by Cambridge Judge Business School and the Royal Bank of Scotland, predicts that the emerging world will need to spend $20 trillion dollars on infrastructure over the next 20 years.
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
The job cuts comes in the wake of the banking sector, especially investment banking activities, facing difficult times amid the persisting European debt turmoil.
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.
Similarly, 51 per cent of 105 market participants polled by RBS said they do not expect a CRR cut in the quarterly policy announcement next Tuesday.
The deal, struck by group firm Aamby Valley for 470 million pounds (about Rs 3,300 crore), makes it one of the largest acquisitions in the hospitality space by an Indian company.
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.
Back- and middle-office positions that support trading functions and provide technology services will be cut
In what has been billed as 'a unique public-private experiment', an Indian outsourcing company that claims Royal Bank of Scotland and Goldman Sachs as its clients, is to employ inmates at the Cherlapally Central Jail in Hyderabad to help process bank paperwork.
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.
British Premier League football club Liverpool, put up for sale by its US owners last month, has been granted an extension on its debt pile under a deal brokered by its new chairman, the Sunday Times reported.
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.
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 US owners of Premier British League Football team Liverpool are looking to sell the club and have appointed Barclays Capital to find a buyer, a source familiar with the matter said on Sunday. American businessmen Tom Hicks and George Gillett are facing a demand to repay 100 million pounds ($153 million) of the club's 237 million pounds debt to its lenders, Royal Bank of Scotland and US bank Wachovia, in July.
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