Ahmedabad’s first co-operative bank in liquidity crisis

October 6th, 2009 CHENNAI - Private non-life insurer Cholamandalam MS General Insurance Tuesday announced a tie-up with Tamil Nadu State Cooperative Bank to sell its products through two district cooperative banks. Chola MS hopes to sell motor, health, accident, cattle and agricultural insurance schemes through the branches and agricultural societies of Dharmapuri District Central Co-operative Bank and Salem District Central Co-operative Bank, the company said.

August 18th, 2009 MIDRAND - South Africa's troubled Land Bank has effectively managed to steer clear its financial woes with the government help, BuaNews reported citing Finance Minister Pravin Gordhan. The government had taken control of the management last year after alleged misuse of funds by senior officials of the bank.

August 6th, 2009 NEW DELHI - Employees of public sector banks across the country went on a two day strike from today to press for their demands, as per the recommendations of the sixth pay commission. Bank employees unions decided to observe nation wide strike after talks with the government and the Indian Bank's Association (IBA) collapsed on Wednesday.

July 28th, 2009 MUMBAI - Following are the highlights of the first quarterly update of India's monetary policy for this fiscal, unveiled by Reserve Bank of India Governor D. Subbarao here Tuesday: * Bank rate retained at 6 percent * Repo rate unchanged at 4.75 percent * Reverse repo rate unchanged at 3.25 percent * Cash reserve ratio unchanged at 5 percent * Statutory liquidity ratio unchanged at 24 percent * Inflation forecast hiked to 5 percent from 4 percent * Negative inflation only a statistical phenomenon * Balance between liquidity and inflation main concern * India's growth now forecast at 6 percent with upward bias * More scope for cutting rates by commercial banks * Money supply may grow 18 percent this fiscal * Policy will ensure enough commercial credit

July 13th, 2009 CIT Group still in talks with regulatorsNEW YORK — Diversified lender CIT Group Inc. said it is still in talks with regulators on ways to improve its near-term liquidity as recent losses may jeopardize its compliance with capital requirements.

April 7th, 2009 PANAJI - Jitendra Deshprabhu, the Congress party candidate from North Goa, has not stated in his affidavit that he owes Rs.15 million to two banks. He says the loan was taken by his company, not by him.

March 27th, 2009 NEW DELHI - The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits. 'The Reserve Bank of India (RBI) is not reducing interest on savings bank deposits.

March 7th, 2009 KOLKATA - The state-owned UCO Bank has decided to provide 50 basis points loan rate cut to borrowers in some sectors as incentives, a top bank official said here Friday. 'We have decided to give incentives of 50 bps to particular sectors like housing, auto and consumer loans.

February 24th, 2009 NEW DELHI - The Reserve Bank of India (RBI) Monday said it was closely monitoring the economic scenario and would take 'appropriate policy action as may be necessary'. RBI Governor Duwuri Subbarao Sunday met External Affairs Minister Pranab Mukherjee and 'assured him that the Reserve Bank is constantly monitoring the situation', a bank statement said.

February 5th, 2009 MUMBAI - Reserve Bank of India (RBI) Governor D. Subbarao Friday said he will ensure enough liquidity in the financial system and manage the government's borrowing programme in the 'least disruptive' manner.

January 26th, 2009 MUMBAI - India's central bank Tuesday left all key interest rates unchanged and lowered the country's growth target to 7 percent for this fiscal, even as it promised to act 'swiftly' as and when the situation demands. In a quarterly review of the monetary policy, Reserve Bank of India (RBI) D.

January 26th, 2009 MUMBAI - Following are the highlights of the quarterly monetary policy review conducted by the Reserve Bank of India (RBI) here Friday in which some key rates were left unchanged and the country's growth targeted was lowered for this fiscal: - Bank rate kept unchanged at 6 percent. - Repo rate has been kept unchanged at 5.5 percent.

January 26th, 2009 MUMBAI - India's central bank decided to maintain status quo on key rates and lowered the country's growth target for this fiscal to seven percent as it presented the third quarter review of its monetary policy here Tuesday. The benchmark bank rate, the repurchase rate, the reverse repurchase rate, the cash reserve ratio (CRR) and the statutory liquidity ratio (SLR) were all kept unchanged by Reserve Bank of India (RBI) Governor D.

January 25th, 2009 NEW DELHI - The Reserve Bank of India Monday said the economy after exhibiting strong growth in the second quarter this fiscal is now slowing down in the wake of the global meltdown. 'The global economic outlook has deteriorated sharply since September 2008 with several countries, notably the US, the UK, the Euro area and Japan experiencing recession.

January 1st, 2009 MUMBAI - In a bid to lower the cost of borrowings for commercial banks, the Reserve Bank of India (RBI) Friday cut the both the repurchase and reverse-repurchase rates by 100 basis points each, while reducing the cash reserve ratio (CRR) by 0.5 percent points. 'The reduction in the CRR will inject additional liquidity of around Rs.20,000 crore (Rs.200 billion/$4 billion),' the central bank said in a statement, while announcing a further monetary stimulus to prop the economy.