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StanChart sets $200 billion new wealth assets target, focuses on Chinese and Indian wealthy
StanChart’s assets under management sourced from wealthy Chinese...
LS passes Banking Laws (Amendment) Bill allowing 4 nominees in bank accounts
Today, PSU banks have Rs 2.37 lakh crore deposited in the PM Jan...
Top central bankers assert need for higher interest rates to tackle persistent inflation
The clear message was that rates would stay high until the inflation beast is subdued, according to a panel discussion with US Federal Reserve Chair Jerome Powell, European Central Bank President Christine Lagarde, Bank of England Gov. Andrew Bailey and Bank of Japan...
Insurers await IRDAI’s new classification of HDFC bonds post-merger; assess impact on holdings
There is uncertainty whether HDFC's bonds will be classified under housing and infrastructure after the merger, and we are awaiting clarification from regulators, Arun Srinivasan, head of fixed income at ICICI Prudential Life Insurance, told Reuters. "In case it does...
EU banks ready to expand risk models to manage climate-change fallout: Survey
The results indicate that banks are increasingly concerned about the potential of global warming to hurt asset values. The industry also faces a December deadline by the European Central Bank to reflect climate risks in their governance, strategy and risk management...
U.S. bank regulators considering tougher rules for banks over $100 bln in size
FDIC Chairman Martin Gruenberg said in a speech the spring turmoil in the banking sector showed firms of that size pose a risk to the financial system and merit stricter oversight. Three banks failed during the spring, requiring regulators to step in and backstop...
Make customers’ rights charter enforceable, says RBI panel
It has also recommended setting up of a regulated entities(REs) - agnostic common portal for lodging complaints, so that the customers of any RE can lodge complaints on a single platform. Mumbai: A panel set up by the RBI to examine and review the state of customer...
Max Life and Axis Bank celebrate 13 yrs of bancassurance partnership
The partnership has since inception served more than 25 lack customers with over Rs 3,81,900 Cr. worth of sum assured to cover their risks New Delhi: Max Life Insurance and Axis Bank, one of India’s largest private sector banks, celebrate the completion of thirteen...
Number of frauds rose in FY23, amount involved halved: RBI data
Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, said Reserve Bank's Annual Report 2022-23 The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved...
Kangra Cooperative Bank’s account with RBI loses Rs 7.79 crore in cyber fraud case
The fraud took place in three separate transactions on as many consecutive days, the first being on April 19, 2023 Since the bank is financially supervised by the RBI and the current account which has been subjected to fraud is also with the regulator itself, the...
RBI may extend Sept 30 deadline for exchanging Rs 2000 currency notes, ID and form not needed to exchange
On why there was a deadline for exchanging these notes when they are going to continue as legal tender, Shaktikant Das, governor, RBI said that unless a particular time is stipulated, the process won't reach finality as people won't take it seriously. Otherwise it...
Public sector banks’ total profit crosses Rs 1 lakh crore-mark in FY23
From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results NEW DELHI: Public sector banks' cumulative profit...