The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. All … Read more
Silver prices are somehow becoming a catalyst in giving US banks a massive scare of losses, that can mount to billions in terms of figures. The price surge, driven by a $1.84 per ounce jump, has put a few short positions in a major point of concern. Sources close to the matter estimate that the … Read more
Finance minister Nirmala Sitharaman on Monday nudged state-run banks to step up deposit mobilisation and conduct special drives so that it can keep pace with the growth in loans. The minister’s comments at a meeting with public sector bank chiefs came amid data by SBI Research suggesting that bank deposits, traditionally favoured for their safety … Read more
Central bankers aren’t born as chronic worriers, but they quickly acquire the trait. They are now spending considerable time fretting about artificial intelligence: Its ability to play havoc with prices, jobs, and the security of banking. As gut-wrenching as the meltdown of 2008 was, imagine if a rogue machine turbocharged a market rout. It’s not quite … Read more
he Securities and Exchange Commission fined JPMorgan Chase of $4 million for accidently deleting about 47 million electronic records which were requested by subpoenas in several investigations. As per the SEC order against J. P. Morgan Securities LLC, the banking major’s broker-dealer unit, it was accused that the bank failed to preserve electronic records as … Read more
Malick Diop felt something shifting on Wall Street. He’d joined Morgan Stanley in the grim days of 2009, when big banks were trying to pay back taxpayer bailouts and deflect public fury. But four years later, the ire was fading and ambition was the order of the day. “It really felt like, for the first … Read more
The pressure on asset quality of loans to micro small and medium enterprises (MSMEs) is set to increase, leading to a rise in non-performing assets (NPAs) in this segment in the next six months, according to a survey by the Federation of Indian Chambers of Commerce & Industry and the Indian Banks’ Association. Some of … Read more
Expecting the banking sector’s financial fundamentals to improve ahead, Moody’s in its research note said, declines in loan-loss provisions and increases in net interest margins will boost banks’ profitability. Capitalization, funding, and liquidity will be stable and support loan growth. In Moody’s opinion, banks operating environment will be stable as the economy gradually recovers from … Read more
RBI has met with select bankers and is trying to assess the exposure that lenders have to Russia and to Ukraine and the impact it may have on banks. MUMBAI: Banks are scrambling after bills for imports from Russia have started bouncing and payments for exports have been stuck in the wake of sanctions imposed … Read more