American Express can operate as a commercial bank
American Express has now received permissions from the Federal Reserve to operate as a commercial bank.
They received a special waiving off of the 30-day waiting period which was required for the approval.
Goldman Sachs Group Inc. and Morgan Stanley have already received similar permissions to operate as banks in [...]

ICICI Bank sends SMS to customers assuring them
Rumors in the market are so strong that ICICI Bank had to send SMS messages to their banking customers assuring them that their deposits are safe.
The message stated: “Please do not listen to baseless rumors”.
It also greeted the customers for the upcoming festive season.
ICICI Bank said that the [...]

UBS set to cut more jobs
UBS has announced that they are now planning to cut more jobs as part of their restructuring process.
The Europe based bank is hit hard by the credit crisis and they are now going to cut 2,000 more jobs from its investment banking unit.
The aim is to cut costs and [...]

K.V. Kamath: ICICI Bank is healthy and fine
Rumors in the market suggested that ICICI Bank was going to take a massive hit from the ongoing global credit turmoil.
Denying these rumors, ICICI Bank CEO K.V. Kamath has come out with a statement saying: “I just want to reiterate ICICI Bank is an extremely healthy institution. We [...]

Some customers of ICICI Bank are reporting that they are now increasing the minimum balance limit from Rs. 5000 to Rs. 10000.
This is sad news for all those customers who are not on any of their zero balance accounts.
This new limit is going to be applied starting July this year.
If the bank account [...]