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FM asks financial sector regulators to standardise KYC, refund of unclaimed assets to rightful owners
Lto R--Ajay Seth, Finance secretary, Sanjay Malhotra, Governor,...
Sumit Madan appointed as MD&CEO of Axis Max Life Insurance
Sumit Madan, CDO and CEO designate, Axis Max Life Insurance Sumit...
US studies ways to insure all bank deposits if crisis grows
Treasury Department staff are reviewing whether federal regulators have enough emergency authority to temporarily insure deposits greater than the current $250,000 cap on most accounts without formal consent from a deeply divided Congress, according to people with...
Indian bank deposits better protected than in US: SBI report
Analysis of insured customer deposits across multiple geographies initiated in the wake of bank runs across developed economies reveal US's top 10 banks deposits are insured in the range of 38.4-66 per cent, according to a research titled, Ecowrap, of the State Bank...
UBS to buy Credit Suisse for nearly USD 3.25B to calm turmoil in global financial markets
Credit Suisse is among the 30 financial institutions known as globally systemically important banks, and authorities worried about the fallout if it were to fail Authorities sought an agreement before markets opened again in Asia Geneva:Banking giant UBS is buying...
Digital banking may be booming but cyber frauds get smarter, reveals RTI
Additionally, based on offsite returns data provided by supervised entities, there were a staggering 2,99,765 cyber frauds involving Debit Cards/Credit Cards, with an amount of Rs 322.92 crore lost (2020-2021); the instances came down to 2,21,705 but a higher amount...
Bank turmoil poses a $600 billion question for battered investors
Bank investors have largely been selling first and leaving that question for later. Around $600 billion dollars of market value has evaporated from the 70 biggest US and European banks since March 6, a period that’s seen the collapse of Silicon Valley Bank, Credit...
U.S. insurers’ direct exposures to bank failures modest; Liability profiles support stability, says Fitch
Fitch's sector outlooks for U.S. Life and U.S. P&C are ‘neutral’ Insurers’ investments to the failed banks (Silicon Valley Bank, Silvergate and Signature Bank) are modest. Fitch-rated insurance entities’ direct investment exposure to the failed banks (comprising...
Banking fears spread across global markets
While stocks recouped some of their losses on Tuesday, investors remain wary of the banking fallout and what it means for the Federal Reserve's interest rate-hiking campaign going forward and the overall stability of the financial sector Just as the panic over the US...
Bandhan Group mulls foray into insurance business
The group is open to both the organic and inorganic routes and is in talks with many general insurance companies for a potential acquisition, the report said, without disclosing any names BENGALURU: Bandhan Group, which mainly has banking, mutual fund and microfinance...
FDIC, US Fed discuss fund to backstop deposits if more banks fail
Regulators discussed the new special vehicle in conversations with banking executives, according to people familiar with the matter. The hope is that setting up such a vehicle would reassure depositors and help contain any panic, said the people. They asked not to be...
ECB to test banks for cyber resilience
The ECB has long been warning banks to be alert for cyberattacks from Russia after the European Union passed a long series of sanctions against Moscow over its invasion of Ukraine. “There has been a significant increase in cyberattacks,” Enria said. “We cannot...