Co-op Bank has been able to cross a major obstacle in its efforts to fill a finance gap after it received an approval from its bondholders for its recapitalisation plan.
UK's central bank, Bank of England has said that it has taken steps to control the rising housing prices in the country, a move that has affected house builder's sentiment.
Following the move by the central bank, investors panicked and withdrew as much as one billion pounds off the sector. Governor Mark Carney has indicated that the central bank will adopt mortgage of measures to control mortgage lending, including changes to its Funding for Lending scheme a strict credibility for borrowers.
The Reserve Bank of India (RBI) has confirmed its decision to grant self-regulatory status to associations of non-banking financial firms that deal in microfinance.
Announcing the decision, the RBI said that the move would ensure effective monitoring of non-banking financial companies and microfinance institutions (NBFC-MFIs), and their compliance with set of laws and code of conduct.
The central bank added that the membership of NBFC-MFIs in the self-regulatory organisations (SRO) would be seen as a mark of confidence.
Banks might adopt Aadhaar as additional authentication or move to EMV (Euro pay MasterCard Visa) chip and pin technology to ensure security in card-based payment transactions, the Reserve Bank of India (RBI) suggested.
The central bank also said that all new card present infrastructures must be enabled with EMV chip and Pin technology as well as Aadhaar acceptance.
In a notification to the banks, the RBI said, "In respect of cards . banks may take a decision whether they should adopt Aadhaar as additional factor of authentication or move to EMV chip and Pin technology for securing the card present payment infrastructure."
It is believed that strong evidence has been found against RBS dating back to 2008, relating to the behaviour that led to collapse of several smaller firms.
The RoyalBank of Scotland is facing new criticism that it might have forced some of the smaller firms in the country to collapse in order to acquire their assets at very low prices. The evidence has been presented to the ministers against the banking giant.
SBI Deputy Managing Director Shyamal Acharya has been ordered to proceed on leave, while an internal committee has been set up to investigate a graft case involving a loan worth Rs 400 crore.
The Central Bureau of Investigation (CBI) has named Acharya along with former SBI Assistant General Manager KK Kumarah and Worlds Window Group's Cahirman Piyoosh Goyal in the graft case.
The investigative agency's Mumbai Economic Offences Wing (EOW) has already registered a case against Acharya, Kumarah, Goyal and other unknown officials of state-run lender and private persons.
Benoit Coeure, the Executive Board member of the European Central Bank has said that the central bank's decision to cut rates in November was not a response to the the slowing price growth, or disinflation in the region. He said that the interest rate was not over risks associated with deflation in the euro area, while speaking in the Japanese capital, Tokyo on Monday.
The Indian rupee broke its five weeks losing string and closed higher by 24 paise at 62.87 against the US dollar during the week under review following fresh dollar selling by exporters and some banks despite weak local equities.
Foreign funds inflows also aided the rupee to recover some lost ground.
At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced higher at 62.85 per dollar from last weekend's close of 63.11 and improved further to a high of 61.87 on the back of strong equities at initial stages amid dollar selling by exporters.
The RoyalBank of Scotland is facing new criticism that it might have forced some of the smaller firms in the country to collapse in order to acquire their assets at very low prices.
Businessman Lawrence Tomlinson, who is the entrepreneur in residence at the Department for Business, Innovation and Skills, has accused RBS of intentionally forcing some small firms to collapse in order to benefit from the opportunity of acquiring their assets at much lower prices. Mr Tomlinson wrote in a report that he has found evidence against the state-run bank.
Uk's banking giant, Nationwide has announced plans to improve its financial position.
The lender will strengthen its balance sheet by up to £500 million for bossting its position. The largest building society in the UK has created a new type of shares that allows it to raise money without loosing its mutual status. The lender will be able to raise money from external investors without compromising on its status.
George Osborne, the Chancellor of the UK, has announced an independent investigation into the circumstances leading up to almost collapse of the Co-op Bank.
The investigation was announced as former chairman Paul Flowers continues to be held by the police in connection with a drug supply investigation. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have also indicated that they are considering if to launch a formal enforcement investigations into the bank.
The Reserve Bank of India (RBI) on Thursday expressed its concern over the worsening capital positions of government-run banks.
In its annual 'Trends & progress of banking in 2012-13' report, the RBI said that public sector banks' CRAR (capital to risk-weighted assets ratio) under Basel I and II stood at 11.31 per cent and 12.38 per, respectively, at the end of March 2013.
The banks' CRARs under Basel I and II were thus well above the stipulated 9 per cent norm.
The Reserve Bank of India (RBI) on Friday declared that the dollar swap window would be closed on November 30; however, banks which will get firm commitment from international financial institutions will be able to continue availing the special incentive till December 31, 2013.
The dollar swap window was introduced provide a boost to the country's forex (foreign exchange) buffer and strengthen the rupee.
No state-run or private bank across Bangalore would be able to make any transaction from their ATMs after Monday 4 pm if they do not deploy full security at their ATM kiosks, the Bangalore Police declared on Thursday.
All banks in the city have been ordered to provide full security at their ATM kiosks in wake of a brutal attack on a woman in an unguarded ATM kiosk earlier this week.
Mumbai, Nov 21 ; The Reserve Bank of India (RBI) Thursday voiced concern over the rising non-performing assets or bad loans of banks and said it would focus on monitoring their asset quality.
In a report on Trend and Progress of Banking in India - 2012-13, the RBI said weakening domestic macroeconomic conditions combined with the continuing subdued global growth posed challenges to the banking sector during 2012-13.
“However, the comfortable capital base continues to lend resilience to the Indian banking sector,” it said.
The US Federal Reserve has indicated that it will soon cut the interest rate on deposits of banks with the central bank.
The central bank of the world's largest economy did not say as to when the quantitative easing might be reduced but the move is expected in the coming months. Federal Open Market Committee, which sets the interest rates for the central bank, has indicated that it will consider alternatives and might suggest slowing its buying of bonds.
Antonio Horta-Osorio, the owner of state-backed Lloyds Banking Group has secured a long-term bonus worth more than £2 million after the company's shares remained strong.
Antonio Horta-Osorio will now receive three million shares in the company after the shares of the company above the 73.6p level for more than 30 days. The share price of 73.6p is the same at which is the same level at which the government paid to bail out the bank during the financial crisis in 2008. The shares of the banking group were trading at around 80.37p on Friday, remaining above the mark for three weeks.
Largest U. S. bank JPMorgan Chase & Co has agreed to pay $13 billion to settle charges related to selling of bad mortgages to investors, admitting that it frequently overstated the quality of mortgages.
JPMorgan admitted that it sold potentially bad mortgages to investors, who thought that their investments were safe. When the loans actually started turning bad, investors lost loyalty to the banking system, which inflated the housing bubble and paved the way for the financial crisis.
London, Nov. 20 : U. S. investment bank JP Morgan has agreed to a record 13 billion dollars settlement with American regulators for misleading investors during the housing crisis.
The bank has acknowledged making serious misrepresentations to the public, but denied of violating U. S. laws, the BBC reports.
According to the report, about 4 billion dollars of the settlement amount will go to homeowners affected by JP Morgan's practices.
The bank had earlier agreed to pay 4.5 billion dollars to investors for misrepresenting the asset quality of 330 residential mortgage-backed securities on 15 November.
Foreign lenders do not wish to become a State Bank of India having a presence across the country with a large network by converting into fully-owned subsidiaries, HSBC India said.
Stuart Milne, chief executive officer of HSBC India, said operating as branches or as a fully-owned subsidiary would make no difference to the company's strategy.
Speaking on the sidelines of recently concluded annual banking conference, Milne said, "Whether you operate as branches or whether you operate as a fully-owned subsidiary, makes no difference to our strategy here. Our India strategy remains the same."