Banking Sector

Telecom, insurance companies allowed to access credit data

CIBILIn line with the stipulations of the credit flow-regulating Credit Information Companies Act (CICA), 2005, the Credit Information Bureau India Ltd - CIBIL - has been granted 'in-principle approval' for Certificate of Registration by the Reserve Bank of India.

The certification allows companies in the telecommunications and insurance sectors to access credit data. Previously, the credit data could be accessed and shared by financial institutions such as banks and NBFCs.

Two top-rung executives of ICICI Bank reportedly putting in their papers


Substantiating the December 2008 reports that some top-rung executives of ICICI Bank may quit after Chanda Kochhar's appointment as the new CEO and MD, two business chiefs - Renuka Ramnath ICICI Ventures' Managing Director and CEO; and Shikha Sharma, Managing Director of ICICI Prudential Life Insurance - are likely to put in their papers, sooner than later.

Lula: If necessary, troubled banks must be nationalized

Lula: If necessary, troubled banks must be nationalized Rio de Janeiro  - Brazilian President Luiz Inacio Lula da Silva on Wednesday spoke about the nationalization of troubled banks, in a speech before the 2009 World Economic Forum for Latin America.

Before more than 500 businessmen, bankers and government officials gathered in Rio de Janeiro, Lula stressed the fundamental role that the state has to play to bring about recovery from the ongoing financial and economic crisis, which demands the creation of a new world order.

EXTRA: US central bank sees "moderation" of economic decline

US central bank sees "moderation" of economic declineWashington  - The US Federal Reserve on Wednesday said a number of regions are reporting an easing of the country's economic downturn, adding to some of the small signs that the world's largest economy may be stabilizing.

Five of the Federal Reserve's 12 regional banks reported a "moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level," according to the central bank's Beige Book, a regional report on the economy.

ROUNDUP: UBS to cut 8,700 jobs after announcing more losses Eds: Adds analyst, writedown details

UBSZurich  - The Swiss banking giant UBS said Wednesday it will take a first-quarter loss of almost 2 billion Swiss francs (1.7 billion dollars) and will cut 8,700 jobs worldwide by 2010.

"Unfortunately I am not able, as yet, to offer you any good news," Oswald Grubel, chief executive officer of the UBS Group, told shareholders at the annual meeting while pledging to return to profitability.

The crisis, he said, "was not over," and would likely lead UBS to being a smaller bank. Previously at the UBS rival Credit Suisse, Grubel took over his role in February.

Allahabad Bank posts 18% deposits and advance growth in 2008-09; projects over 20% growth in 2010

Allahabad Bank posts 18% deposits and advance growth in 2008-09; projects over 20% growth in 2010On the sidelines of a press conference in Kolkata, the city-based Allahabad Bank’s Chairman and Managing Director, K R Kamath, said that the public sector lender has posted an 18 percent year-on-year growth in deposits and advances in 2008-09.

Kamath informed reporters that out of the bank’s total business of Rs 1.44 lakh crore as on March 31, 2009, deposits account for Rs 84,865 crore, while advances comprise Rs 59,177 crore.