Washington, Sept. 22 : Goldman Sachs and Morgan Stanley, the last surviving big investment banks on Wall Street, have become regulated banks.

In a statement issued at 9.30 p. m. local time Sunday the Federal Reserve said it had approved their applications to become bank holding companies, subject to regulation by the Fed.

Washington - The US Federal Reserve Board late Sunday agreed to applications by investment banks Morgan Stanley and Goldman Sachs to become bank holding companies.

The rate-setting central bank said in a statement said that the approval was granted, pending a five-day antitrust waiting period.

The Reserve Bank of India has set a limit for maximum transaction per day through mobile phones. A customer can, now, transect Rs 2,500 to a maximum of Rs 5,000 in a day. Customers must have access to a debit or credit card to avail mobile banking. Many Indian leading banks are providing mobile banking in the country. The banks need to inform RBI about the services they are providing thru mobile phones. The new guidelines, in this regard, are issued by the apex bank on Friday. 

Principal Mutual Fund (MF) has informed that the company has linked up with India’s leading public sector lender, United Bank of India for distribution of its products through the bank`s branch network.

Punjab National Bank ( PNB), a leading public sector lender, has announced that it has entered into a memorandum of understanding (MoU) with Networth Stock Broking (NSBL) and SMC.

According to the sources, under the terms of an agreement, the bank’s customers will be provided with online trading facility.

Established in 1895 in Lahore, Punjab National Bank is country’s second major PSU bank.

Mr. KV Kamath, Managing Director and CEO of ICICI Bank said that the bank is well equipped to face the global financial crises. 

Despite the financial turmoil, ICICI Bank will continue to uphold a fair growth in its balance sheet. He said that "malicious rumours" are being spread to strike down its share price. 

Speaking to a private TV channel here on Friday, Kamath said, “I just want to reiterate ICICI Bank is an extremely healthy institution.”