Government seeks $4.2 bn from World Bank to recapitalise banks

September 11th, 2009 MB Financial to take over Corus Bank branchesCHARLOTTE, N.C. — Federal regulators on Friday said they seized Corus Bancshares Inc., a Chicago lender to condominium, office and hotel projects, adding it to the long list of banks that have succumbed this year to the recession and waves of loan defaults.

August 28th, 2009 Canadian big banks top expectationsTORONTO — Canada's major banks continue to show they largely avoided the financial meltdown experienced by banks south of the border and overseas. Canada's big five banks reported quarterly results this week and together they earned a combined total of $4.4 billion Canadian ($4 billion) in the third quarter, up $500 million Canadian ($458 million) from $3.9 billion Canadian ($3.6 billion) a year earlier.

July 20th, 2009 GANDHINAGAR - The Gujarat government has sought a Rs.705-crore ($146-million) aid package from the World Bank to upgrade urban infrastructure in 10 townships, a senior government official said Monday. The official at the department of urban development said the amount, if sanctioned, would be used to upgrade infrastructure in the towns like Bhavnagar, Jamnagar, Junagadh and Veraval so that these areas could attract more industrial investments.

July 18th, 2009 NEW DELHI - India's central bank Reserve Bank of India (RBI) has asked banks to pay account holders a compensation of Rs.100 per day if they delay in re-crediting the amount of a failed ATM transaction beyond 12 days. "It is mandatory for the banks to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions within a maximum period of 12 working days," the RBI said in a notification.

July 10th, 2009 Parliament OKs German bank assets planBERLIN — A plan to allow German banks to offload bad assets into special government-guaranteed vehicles cleared its final legislative hurdle on Friday. The legislation passed the upper house of parliament, which represents Germany's 16 states, after winning approval from the lower house a week ago.

July 2nd, 2009 Bank of America sets $713 million TARP paymentCHARLOTTE, N.C. — Bank of America Corp.

July 2nd, 2009 FDIC seeks more investor interest in failed banksWASHINGTON — The Federal Deposit Insurance Corp. proposed new guidelines Thursday for potential buyers of failed banks as the government seeks to sell a growing number of closed financial institutions.

June 19th, 2009 MUMBAI - The board of State Bank of India (SBI) has approved the acquisition of associate State Bank of Indore, the country's largest lender said Friday. "SBI has informed BSE (Bombay Stock Exchange) that the central board of the bank at its meeting held on June 19, has approved a proposal for acquisition of State Bank of Indore by State Bank of India, subject to approval by the Reserve Bank of India and the government of India," SBI said in a regulatory statement.

June 10th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee on Wednesday asked banks to cut interest rates and provide affordable credit to industry to spur economic activity. Addressing chief executives of public sector banks here, Mukherjee said, "As a financial intermediary the banks have to stand by to provide credit at reasonable rates." "The reduction in key rates by the Reserve Bank is not adequately reflected in the reduction of Benchmark Prime Lending Rates (BPLR) of banks," he added.

June 8th, 2009 NEW DELHI - The government's decision to infuse fresh capital in public-sector banks (PSBs) will ease the rating pressure that they face because of the quality of loans, says the economic intelligence arm of global rating agency Moody's. "Asset quality at PSBs (public-sector banks) is bound to deteriorate over the short-to-medium term, while the level of restructured loans is also expected to increase significantly, therefore elevating their credit risk profile," said Nondas Nicolaides, vice president and senior analyst at Moody's.com in a statement Monday.

June 1st, 2009 JPMorgan Chase to raise $5 billion to repay TARPNEW YORK — JPMorgan Chase & Co. said Monday it plans to raise $5 billion through a common stock offering as it seeks to repay the $25 billion that the bank was awarded in the government's troubled asset relief program.

March 29th, 2009 NEW DELHI - The Reserve Bank of India's (RBI) directive to the banks to stop charging fee for cash withdrawals using ATM and debit cards issued by other lenders will be implemented from April 1 onwards. According to the directive, the people would be saved from paying an extra fee for taking out money from an Automated Teller Machine that does not belong to their own bank.

February 25th, 2009 NEW DELHI - The finance ministry Tuesday tabled a bill in parliament that seeks to empower the government to fix the authorised and paid-up capital of the subsidiaries of the State Bank of India (SBI) and to appoint its top management. The bill was necessitated after the ownership of these subsidiaries of India's largest commercial bank was transferred to the government from the Reserve Bank of India (RBI), which is also the regulator for the banking industry in the country.

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 5th, 2009 NEW DELHI - International Finance Corp (IFC), a World Bank member organisation, Tuesday anounced it will spend $6 billion to support the private sector in emerging markets hit by the global financial crisis. IFC will double the existing global trade finance programme to $3 billion over a three-year period to meet a large increase in demand for short-term trade finance.