The largest state run bank, State Bank of India, today signed an agreement with Insurance Australia Group (IAG) to expand its network in insurance sector. It would set 74:26 joint ventures with AIG for general insurance business in the country. The bank would soon approach the Insurance Regulatory & Development Authority to get necessary approval for joint venture. It has already got administrative approval to forge a JV with Societe Generale for the custodial business.
Indian banking franchise of Citi bank has taken a sense of relief, following bail out package announced by the US government. It would help the bank to come out of credit crisis and help to recover its strong market position. The bank’s local workforce is still living under threats of lay-offs but now it can expect some thing better in future.
New Delhi, Nov. 25: The Reserve Bank of India (RBI) is expected to announce a financing package for the Micro, Small and Medium Enterprises (MSMEs), as the sector has been facing credit crunch due to delay in payments and unwillingness on the part of Banks towards offering loans in the backdrop of current global financial scenario, said Dinesh Rai, Secretary, Ministry of MSME, Government of India.
With Citigroup's stock plummeting last week, over fears about its exposure to toxic mortgage assets, regulators are reportedly working on plan to bail out the embattled bank, saying the US government would guarantee more than $300 billion in company assets, while injecting an additional $20 billion in capital. In return for the cash infusion, the government would get an additional ownership stake of $7 billion in Citigroup.
The Reserve Bank is unlikely to cut key interest rates at this point of time following drop in bond yield. The yield on 10-year bonds was 7.50% early this week and 8% in October.
Bond prices and yield are moving in opposite direction to each other leaving no room for interest cut by apex bank. The overall situation has changed after the collapse of Wall Street investment bank Lehman Brothers Holding Inc. in mid-September.
Mark Robinson has been appointed as a New CEO of Citi south Asia, replacing Sanjay Nayar, who is taking charge of Indian operations of world's leading buyout firm; Kohlberg Kravis Roberts & Co (KKR). Nayar was heading the Indian operations since 2002.
KKR is interested to expand its base in India in private equity, infrastructure, mezzanine and distressed funds. It has already invested over $1 billion in the Flextronics International and Bharti Infratel, the telecom tower arm of Bharti Airtel.
The largest state run bank, State Bank of India, today signed an agreement with Insurance Australia Group (IAG) to expand its network in insurance sector. It would set 74:26 joint ventures with AIG for general insurance business in the country. The bank would soon approach the Insurance Regulatory & Development Authority to get necessary approval for joint venture. It has already got administrative approval to forge a JV with Societe Generale for the custodial business. 
Indian banking franchise of Citi bank has taken a sense of relief, following bail out package announced by the US government. It would help the bank to come out of credit crisis and help to recover its strong market position. The bank’s local workforce is still living under threats of lay-offs but now it can expect some thing better in future.
New Delhi, Nov. 25: The Reserve Bank of India (RBI) is expected to announce a financing package for the Micro, Small and Medium Enterprises (MSMEs), as the sector has been facing credit crunch due to delay in payments and unwillingness on the part of Banks towards offering loans in the backdrop of current global financial scenario, said Dinesh Rai, Secretary, Ministry of MSME, Government of India. 
With Citigroup's stock plummeting last week, over fears about its exposure to toxic mortgage assets, regulators are reportedly working on plan to bail out the embattled bank, saying the US government would guarantee more than $300 billion in company assets, while injecting an additional $20 billion in capital. In return for the cash infusion, the government would get an additional ownership stake of $7 billion in Citigroup.
Mark Robinson has been appointed as a New CEO of Citi south Asia, replacing Sanjay Nayar, who is taking charge of Indian operations of world's leading buyout firm; Kohlberg Kravis Roberts & Co (KKR). Nayar was heading the Indian operations since 2002. 
