Public sector lender Punjab National Bank (PNB) has reduced their prime lending rate by 50 basis points, with effect from January 1.
The BPLR of PNB would now stand 12 per cent, from the existing 12.50 per cent.
In addition, PNB also announced a reduction in its peak deposit rate by 100 basis points to 8.5 per cent for deposits of one year to less than three years beginning New Year.
Oriental Bank of Commerce (OBC), one of the leading PSU banks in India, has signed a memorandum of understanding (MOU) with India's leading car manufacturer Maruti Suzuki India Ltd. to publicize the loan scheme offered by Oriental Bank of Commerce.
Swiss banking major Credit Suisse has revealed that it has invested Rs 794 crore in its non-banking finance company (NBFC) named Credit Suisse Finance India. 
Privates and foreign banks are likely to cut interest rates in the coming days. Public sector banks have already decided to reduce interest rates following decrease in key interest rates by the Reserve Bank of India. Personal and commercial loans would be available at lower rates after cutting lending rates by public and private banks. It is to be noted that reserve bank is taking many steps to inject more liquidity in the market. Recently, it has cut cash reserve ratio, SLR and Repo rate leading to injection of more than Rs 2,60,000 crore into the system.
US credit card and banking giant, American Express is likely to start retrenchment drive in India and other locations. It would retrench about 10 percent workforce, cutting around 7,000 jobs. The staff would be eliminated in all business units, including markets and staff groups. Some staff in its Indian operations is also likely to be laid off.
SBI Card would release a financial package for defaulting clients. SBI card is the joint venture company of State Bank of India and GE Money. SBI card intends to help those customers who have been good at repaying in the past, but have failed to repay following the turbulent global financial conditions. The company said that it would restructure its card-portfolio to check further defaults.
