India

Allahabad Bank has informed BSE that Shri D. Sarkar ceased to be the director of the Bank. The former Executive Director of the Bank has joined the Union Bank of India as Chairman and Managing Director of Union Bank of India with effect from April 01, 2012. The notification was given pursuant to the directions by the Govt. of India, Ministry of Finance, Department of Financial Services. Meanhwile, the bank has appointed Shri Tilak Raj Chawla as whole time director and designated as Executive Director of the Bank with effect from the date of his taking over charge of the post on or after April 01, 2012 till April 30, 2014 or until further order, whichever is earlier. Accordingly, Shri T. R. Chawla has taken over the charge of Executive Director of the Bank with effect from April 01, 2012 and will hold office upto April 30, 2014 or until further order, whichever is earlier.

Union Bank will focus on retail lending and aim at improving customer service, says its new CMD, D Sarkar.

The credit flow of 32 Nepalese commercial banks to various sectors dropped 5 percent in the first seven months of the current fiscal year.

Commercial Bank of Ceylon is planning to raise at least a billion rupees through sale of listed debt, but may sell more debt if the demand is higher.

Eastman Narangoda announced that due to personal reason he has stepped down from his post as Chairman of Seylan Bank.

The financial services arm of India's Tata Group is on the lookout for profitable acquisitions.

Deposits of HCM City-based commercial banks are estimated to have reached 904.9 trillion dong  in March.

A more business friendly environment in Myanmar convinces the United Bank of India to do more business there.

Brazil, Russia, India, China and South Africa are ready to establish a development bank for investment risk-sharing.

Moody’s Investors Service downgrades the rating of Union Bank of India, one of India's largest state-owned banks.

Nepal wants the rural  branches of Rastriya Banijya Bank, Agricultural Development Bank and Nepal Bank Limited that were closed during 12-year Maoist conflict to be reinstated.

Deutsche Bank AG has reinforced the success of its banking operations in India with an equally large investment in future growth.

All won’t be well with India’s banks until after next year at the earliest.

The National Savings Bank recorded a 16% deposit growth in 2011, with its deposit base surpassing the Rs. 400 billion or US$3.2 billion mark.

Sampath Bank will infuse capital to support the fund base by securing a US $ 62.5 million syndicate loan from India's Bank Mascat.

The Reserve Bank of India surprised everyone by reducing the amount of deposits banks must set aside as reserves effective March 10.