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State Bank of India (SBI) has announced the following Unaudited results for the quarter ended December 31, 2008: The Bank has posted a net profit of Rs 24784.20 million for the quarter ended December 31, 2008 where as the same was at Rs 18086.40 million for the quarter ended December 31, 2007. Total Income is … Read more SBI announces Q3 results

Public sector banking major, Bank of India, has declared its unaudited results for the quarter ended December 2008. The net profit of the bank zoomed by 70.38%, to Rs 872.17 crore for the quarter ended December 31, 2008, against Rs 511.89 crore in the corresponding period a year ago. Total income advanced to Rs 5,393.74 … Read more Bank of India net zooms by 70.38% in Q3

Government-owned life insurer major, Life Insurance Corporation of India, has raised its stake to 5% in Chennai-based public sector banking entity, Indian Overseas Bank, by purchasing two lakh shares on January 14, 2009. Following this acquisition, LIC’s shareholding in the bank rose to 2,72,64,924 shares from 2,70,64,924 shares.

Our reporters have confirmed that, Citibank has frozen more than 30 trade receivable accounts of Satyam Computer Services Ltd, following erstwhile chairman B Ramalinga Raju’s startling admission of fraud as the bank aims to protect the bank’s $70-million exposure to the troubled IT major. This will directly hurt the daily operations of Satyam Computers. Citibank … Read more Citibank starts freezing Satyam’s Accounts

State Bank of India (SBI) has expressed its concern over the unsecured loan in the range of Rs 150 crore – Rs 200 crore provided to troubled Satyam Computer’s chief Ramalinga Raju six months ago. According to reports Raju availed the loan in his personal capacity to help fund the projects, which were owned by … Read more Satyam’s Raju availed 200 cr Personal Loan from SBI