Two senior members of the European Central Bank (ECB) have&nbsp;taken a stand against the banking &amp; finance industry's failure to promote gender diversity in its upper ranks.

Frank Elderson, an ECB Executive Board member and Elizabeth McCaul, an ECB's Supervisory Board member, have expressed their disappointment with the current state of affairs in a blog post on Tuesday, as per a Bloomberg report.

While acknowledging that&nbsp;some progress has been made in promoting gender diversity, they believed that targets set by banks have remained insufficient.&nbsp;Describing banking as "still a man's world", Elderson and McCaul have called for more ambitious but credible gender diversity targets.&nbsp;

The ECB has integrated gender diversity into its guide for fit and proper assessments since 2021, ensuring that the right senior managers assume leadership roles within banks. However, of the 361 chief executives named at significant institutions and their subsidiaries between 2020 and 2022, over 300 were men.

While the average diversity targets for management bodies rose from 32 percent in 2020 to 34 percent by the end of last year, the ECB has revealed&nbsp;that approximately one-third of significant institutions did not meet their own targets. This lack of progress has led Elderson and McCaul to doubt the achievability of these targets in the near future.

Moreover, the ECB duo has&nbsp;emphasised&nbsp;the need for countries to adopt the&nbsp;European Union's forthcoming Women on Boards Directive. According to this directive, boards will only be considered balanced when at least 40 percent&nbsp;of the members are female.&nbsp;

Elderson and McCaul have also affirmed their commitment to utilising the existing supervisory tools available within national legislation to insist on improvements and address any internal governance shortcomings related to gender diversity within banks.

In a related study, the&nbsp;International Monetary Fund (IMF) has criticised central banks, including the ECB, for their inadequate progress in achieving gender diversity. According to the IMF survey, central banks, on average, filled less than half of their positions with women. Furthermore, the study revealed that the hired women were often relegated to lower-paid administrative roles or human relations.

Goldman Sachs settles gender discrimination&nbsp;suit&nbsp;

In a groundbreaking move, Goldman Sachs&nbsp;has agreed to pay a staggering $215 million to resolve a long-standing class-action lawsuit accusing the Wall Street powerhouse of systematic underpayment of women.

Reuters reported that the New York-based bank has settled the matter with lawyers, who represent&nbsp;approximately 2,800 female associates and vice presidents, marking a significant step towards addressing gender inequality in the financial sector.

The imminent trial, scheduled to commence in June in New York, would have offered a rare public platform for examining the pervasive issue of inequality within the industry. It is worth noting that, except for one, all of the six largest US&nbsp;banks have historically been led by men. Recognising the potential impact of this high-profile trial, the two parties hurriedly worked to settle before the proceedings began.

Notably, the settlement amount exceeds the sum paid by Smith Barney several decades ago to resolve the infamous "Boom-Boom Room" suit, which had accused the firm of harassment and discrimination.

Two senior members of the European Central Bank (ECB) have taken a stand against the banking & finance industry's failure to promote gender diversity in its upper ranks.

Two senior members of the European Central Bank (ECB) have taken a stand against the banking & finance industry's failure to promote gender diversity in its upper ranks. Frank Elderson, an ECB Executive Board member and Elizabeth McCaul, an ECB's Supervisory Board member, have expressed their disappointment with the current state of affairs in a blog post on Tuesday, as per a Bloomberg report. While acknowledging that some progress has been made in promoting gender diversity, they believed that targets set by banks have remained insufficient. Describing banking as "still a man's world", Elderson and McCaul have called for more ambitious but credible gender diversity targets. The ECB has integrated gender diversity into its guide for fit and proper assessments since 2021, ensuring that the right senior managers assume leadership roles within banks. However, of the 361 chief executives named at significant institutions and their subsidiaries between 2020 and 2022, over 300 were men. While the average diversity targets for management bodies rose from 32 percent in 2020 to 34 percent by the end of last year, the ECB has revealed that approximately one-third of significant institutions did not meet their own targets. This lack of progress has led Elderson and McCaul to doubt the achievability of these targets in the near future. Moreover, the ECB duo has emphasised the need for countries to adopt the European Union's forthcoming Women on Boards Directive. According to this directive, boards will only be considered balanced when at least 40 percent of the members are female. Elderson and McCaul have also affirmed their commitment to utilising the existing supervisory tools available within national legislation to insist on improvements and address any internal governance shortcomings related to gender diversity within banks. In a related study, the International Monetary Fund (IMF) has criticised central banks, including the ECB, for their inadequate progress in achieving gender diversity. According to the IMF survey, central banks, on average, filled less than half of their positions with women. Furthermore, the study revealed that the hired women were often relegated to lower-paid administrative roles or human relations. Goldman Sachs settles gender discrimination suit In a groundbreaking move, Goldman Sachs has agreed to pay a staggering $215 million to resolve a long-standing class-action lawsuit accusing the Wall Street powerhouse of systematic underpayment of women. Reuters reported that the New York-based bank has settled the matter with lawyers, who represent approximately 2,800 female associates and vice presidents, marking a significant step towards addressing gender inequality in the financial sector. The imminent trial, scheduled to commence in June in New York, would have offered a rare public platform for examining the pervasive issue of inequality within the industry. It is worth noting that, except for one, all of the six largest US banks have historically been led by men. Recognising the potential impact of this high-profile trial, the two parties hurriedly worked to settle before the proceedings began. Notably, the settlement amount exceeds the sum paid by Smith Barney several decades ago to resolve the infamous "Boom-Boom Room" suit, which had accused the firm of harassment and discrimination.

Banking's gender gap exposed: ECB and IMF call for diversity revolution

The US banking regulators made an announcement Monday morning of closing the crisis-hit San Francisco-based bank First Republic&nbsp;and selling off the lender's majority deposits of $93.5bn to JPMorgan Chase along with most of the assets, reported Financial Times.&nbsp;With this JPMorgan Chase will acquire most of First Republic,&nbsp;the third American bank to fail since March.&nbsp;

Federal Deposit Insurance Corporation (FDIC)&nbsp;was able to reach a loss-sharing agreement with JPMorgan over the unrealized losses in its loan portfolio resulting from the most recent increase in interest rates. Jumbo mortgage loans given by the bank at comparatively low-interest rates to entice and retain wealthy clients had seen a dramatic decline in value.

Also Read | <a href="https://www.wionews.com/world/at-least-18-dead-dozens-injured-as-tourist-bus-in-mexico-plunges-in-ravine-587657">At least 18 dead, dozens injured as tourist bus in Mexico plunges into ravine</a>

All depositors, including those who have more than the $250,000 insurance cap, will be able to access their money when the bank opens today morning thanks to the agreement. The FDIC predicted that its insurance fund would suffer losses of around $13 billion, as per reports.&nbsp;

The American banking crisis started after the failure of Silicon Valley Bank and Signature Bank earlier.&nbsp;First Republic clients panicked and withdrew almost $100 billion in deposits in a few days of the SVB catastrophe.&nbsp;&nbsp;

Also Read | <a href="https://www.wionews.com/world/suspected-isis-chief-killed-in-syria-says-turkey-president-587671">Suspected ISIS chief, codename Abu Hussein al-Qurashi, killed in Syria: Turkey president</a>

Since then, the stock has lost around 97% of its value. The largest banks in the country, including JPMorgan and PNC, attempted to support the First Republic bank with a $30 billion deposit, but it was insufficient.

According to The Wall Street Journal, First Republic contemplated a sale or an outside capital infusion and recruited investment bankers to advise on its alternatives.

On Monday, First Republic presented a dreadful quarterly profits report that included fresh information on the severity of the harm caused by the deposit run.

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The bank claimed that costly loans from the Federal Reserve and Federal Home Loan Bank were used to plug the hole left by fleeing depositors. That left the lender facing a future scenario in which it might have to pay more in liabilities than it would have made in assets.

Several large banks, including JPMorgan Chase &amp; Co. and PNC Financial Services Group Inc., were reportedly interested to bid for purchasing First Republic Bank.

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The US banking regulators made an announcement Monday morning of closing the crisis-hit San Francisco-based bank First Republic and selling off the lender's majority deposits of $93.

The US banking regulators made an announcement Monday morning of closing the crisis-hit San Francisco-based bank First Republic and selling off the lender's majority deposits of $93.5bn to JPMorgan Chase along with most of the assets, reported Financial Times. With this JPMorgan Chase will acquire most of First Republic, the third American bank to fail since March. Federal Deposit Insurance Corporation (FDIC) was able to reach a loss-sharing agreement with JPMorgan over the unrealized losses in its loan portfolio resulting from the most recent increase in interest rates. Jumbo mortgage loans given by the bank at comparatively low-interest rates to entice and retain wealthy clients had seen a dramatic decline in value. Also Read | At least 18 dead, dozens injured as tourist bus in Mexico plunges into ravine All depositors, including those who have more than the $250,000 insurance cap, will be able to access their money when the bank opens today morning thanks to the agreement. The FDIC predicted that its insurance fund would suffer losses of around $13 billion, as per reports. The American banking crisis started after the failure of Silicon Valley Bank and Signature Bank earlier. First Republic clients panicked and withdrew almost $100 billion in deposits in a few days of the SVB catastrophe. Also Read | Suspected ISIS chief, codename Abu Hussein al-Qurashi, killed in Syria: Turkey president Since then, the stock has lost around 97% of its value. The largest banks in the country, including JPMorgan and PNC, attempted to support the First Republic bank with a $30 billion deposit, but it was insufficient. According to The Wall Street Journal, First Republic contemplated a sale or an outside capital infusion and recruited investment bankers to advise on its alternatives. On Monday, First Republic presented a dreadful quarterly profits report that included fresh information on the severity of the harm caused by the deposit run. Watch | Experts predict AI to be the forefront of 2024 US election campaign × The bank claimed that costly loans from the Federal Reserve and Federal Home Loan Bank were used to plug the hole left by fleeing depositors. That left the lender facing a future scenario in which it might have to pay more in liabilities than it would have made in assets. Several large banks, including JPMorgan Chase & Co. and PNC Financial Services Group Inc., were reportedly interested to bid for purchasing First Republic Bank. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

JPMorgan to acquire San Francisco-based bank First Republic as US regulators announce deal

Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said recently, as a European Central Bank official also flagged a possible tightening in lending.

Banking stress puts U.S. and Europe on watch for credit crunch

Calling for an independent probe into the Silicon Valley Bank (SVB) collapse, US Senator Elizabeth Warren on Sunday (March 19) said that banking regulations needed to be tougher. She took specific aim at the head of Federal Reserve Bank of San Francisco which was responsible for the oversight of SVB. Warren was speaking in an interview with ABC News.

During the interview, she said that the approach of "stepping in when these giant banks get into trouble" should change.

Democrat Warren sent a letter to the inspectors general of the US Treasury Department, the Federal Deposit Insurance Corp (FDIC) and the Federal Reserve on Sunday, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month.

California regulators shuttered Silicon Valley Bank on March 10 and appointed FDIC as receiver. It was the largest U.S. bank collapse since Washington Mutual went bust during the financial crisis of 2008. On Friday, the bank's parent, SVB Financial Group, said it filed for Chapter 11 bankruptcy protection.

US prosecutors are investigating the SVB collapse, a source familiar with the matter told Reuters last week.

Financial stocks lost billions of dollars in value since Silicon Valley Bank and Signature Bank collapsed this month. President Joe Biden said on Friday the banking crisis has calmed down. He also promised Americans that their deposits are safe.

The inspectors general for the Treasury, Fed, and FDIC should deliver a preliminary report to Congress in 30 days, Warren said in her letter.

(With inputs from agencies)

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Calling for an independent probe into the Silicon Valley Bank (SVB) collapse, US Senator Elizabeth Warren on Sunday (March 19) said that banking regulations needed to be tougher.

Calling for an independent probe into the Silicon Valley Bank (SVB) collapse, US Senator Elizabeth Warren on Sunday (March 19) said that banking regulations needed to be tougher. She took specific aim at the head of Federal Reserve Bank of San Francisco which was responsible for the oversight of SVB. Warren was speaking in an interview with ABC News. During the interview, she said that the approach of "stepping in when these giant banks get into trouble" should change. Democrat Warren sent a letter to the inspectors general of the US Treasury Department, the Federal Deposit Insurance Corp (FDIC) and the Federal Reserve on Sunday, urging regulators to examine the recent management and oversight of the banks which collapsed earlier this month. California regulators shuttered Silicon Valley Bank on March 10 and appointed FDIC as receiver. It was the largest U.S. bank collapse since Washington Mutual went bust during the financial crisis of 2008. On Friday, the bank's parent, SVB Financial Group, said it filed for Chapter 11 bankruptcy protection. US prosecutors are investigating the SVB collapse, a source familiar with the matter told Reuters last week. Financial stocks lost billions of dollars in value since Silicon Valley Bank and Signature Bank collapsed this month. President Joe Biden said on Friday the banking crisis has calmed down. He also promised Americans that their deposits are safe. The inspectors general for the Treasury, Fed, and FDIC should deliver a preliminary report to Congress in 30 days, Warren said in her letter. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Banking regulations need to be tougher, says Elizabeth Warren

The Institute of Banking Personnel Selection (IBPS) released the Specialist Officer Preliminary Examination (CRP SPL-XII) results today, 17 January 2023. The IBPS SO Prelims Result 2022 may be checked and downloaded by candidates who took the tests by going to the official website at ibps.in. The recruitment drive will fill a total of 710 open positions. Check these steps to know the result, scores and how candidates may access this page to view crucial dates, open positions, and other information. Also&nbsp;check when the IBPS SO Mains examinations will be held.&nbsp;

<h2>When was IBPS SO Prelim Exam 2022 Held?</h2>

The IBPS SO Prelims test was conducted between 24 December and 31 December 2022 by IBPS. The exam was administered at several testing locations around the nation.

<h2>Steps to check the IBPS SO Prelim Exam 2022 scorecard</h2>

1. Visit ibps.in to see the Institute of Banking Personnel Selection's (IBPS) official website. 
2. Click the "Click Here to View Your Result Status on Online Preliminary Examination For CRP SPL-XII" link on the webpage. 
3. A new webpage will be opened for you. 
4. Enter your login information, which includes your registration or roll number, password, and birthdate. 
5. Now select "Login" from the menu. 
6. You will see your IBPS SO Prelims Result 2022 on the screen. Check your IBPS score and save the results for further use.

<h2>IBPS SO Main Exam Date</h2>

Those applicants who pass the written exam must show up for the main exam. In the month of January 2023, the IBPS SO Main test will take place. For the most recent information, candidates are recommended to check the IBPS official website at ibps.in. 
&nbsp;

The Institute of Banking Personnel Selection (IBPS) released the Specialist Officer Preliminary Examination (CRP SPL-XII) results today, 17 January 2023. The IBPS SO Prelims Result 2022 may be checked and downloaded by candidates who took the tests by going to the official website at ibps.

The Institute of Banking Personnel Selection (IBPS) released the Specialist Officer Preliminary Examination (CRP SPL-XII) results today, 17 January 2023. The IBPS SO Prelims Result 2022 may be checked and downloaded by candidates who took the tests by going to the official website at ibps.in. The recruitment drive will fill a total of 710 open positions. Check these steps to know the result, scores and how candidates may access this page to view crucial dates, open positions, and other information. Also check when the IBPS SO Mains examinations will be held. When was IBPS SO Prelim Exam 2022 Held? The IBPS SO Prelims test was conducted between 24 December and 31 December 2022 by IBPS. The exam was administered at several testing locations around the nation. Steps to check the IBPS SO Prelim Exam 2022 scorecard 1. Visit ibps.in to see the Institute of Banking Personnel Selection's (IBPS) official website. 2. Click the "Click Here to View Your Result Status on Online Preliminary Examination For CRP SPL-XII" link on the webpage. 3. A new webpage will be opened for you. 4. Enter your login information, which includes your registration or roll number, password, and birthdate. 5. Now select "Login" from the menu. 6. You will see your IBPS SO Prelims Result 2022 on the screen. Check your IBPS score and save the results for further use. IBPS SO Main Exam Date Those applicants who pass the written exam must show up for the main exam. In the month of January 2023, the IBPS SO Main test will take place. For the most recent information, candidates are recommended to check the IBPS official website at ibps.in.

IBPS SO Prelims Result 2022 declared, follow these steps to check results & scores

HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market. According to Reuters, six lenders currently control over 80 per cent of outstanding loans in the world and this deal will add RBC to the illustrated list. The deal will be reviewed by Canadian regulators before it is completed, but it has come as good news for shareholders who are potentially in line for a massive payout.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-security-body-calls-for-crackdown-on-hostile-forces-amid-protests-538612">Chinese security body calls for 'crackdown' on 'hostile forces' amid protests</a>

"We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said while announcing the details of the deal according to AFP.&nbsp;

The decision taken by HSBC to quit the Canadian market is the biggest development in the banking sector of the country since 2012 when ING sold its operations to Bank of Nova Scotia for $2.2 billion. It is also the latest attempt by HSBC to cut down on their retail banking businesses to increase profit.&nbsp;

&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/washingtons-increasing-involvement-in-ukraine-carries-growing-risks-warns-russia-538597">Washington's involvement in Ukraine carries growing risks, warns Russia</a>

When it comes to shareholders, HSBC said that they may return around $5.7 billion (pre-tax) gain to shareholders in the aftermath of this sale and the dividend pay may happen in early 2024.&nbsp;

Reuters also reported that the deal to sell its Canadian business will boost RBC’s total assets to $1.4 trillion and will also add 130 branches to their system which exists all around Canada.&nbsp;

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HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market.

HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market. According to Reuters, six lenders currently control over 80 per cent of outstanding loans in the world and this deal will add RBC to the illustrated list. The deal will be reviewed by Canadian regulators before it is completed, but it has come as good news for shareholders who are potentially in line for a massive payout. Also read | Chinese security body calls for 'crackdown' on 'hostile forces' amid protests "We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said while announcing the details of the deal according to AFP. The decision taken by HSBC to quit the Canadian market is the biggest development in the banking sector of the country since 2012 when ING sold its operations to Bank of Nova Scotia for $2.2 billion. It is also the latest attempt by HSBC to cut down on their retail banking businesses to increase profit. Also read | Washington's involvement in Ukraine carries growing risks, warns Russia When it comes to shareholders, HSBC said that they may return around $5.7 billion (pre-tax) gain to shareholders in the aftermath of this sale and the dividend pay may happen in early 2024. Reuters also reported that the deal to sell its Canadian business will boost RBC’s total assets to $1.4 trillion and will also add 130 branches to their system which exists all around Canada.

HSBC agrees to sell its business in Canada to Royal Bank of Canada for $10 billion

China arrested hundreds of people allegedly involved in the nation’s largest ever bank scandal, as the country gears up for the 20th Communist Party Congress. Molly Gambhir tells you more.

WION Fineprint |China arrests hundreds over banking scandal that sparked rare protests

Digital banking has made our lives easier. We can make transactions and access all banking-related information with a few clicks. And now a new technology aims to take your banking experience to a whole new level. But how? Watch the video to know more.

Metaverse banking: A step above net-banking | Tech It Out

The Indian banking system played a vital role in shaping the economy of the country. The banking system came into existence before India got independence in 1947.

India@75: From money lenders to digital payments, how the Indian banking system was transformed

Russia’s conflict with Ukraine has been deepening with every hour. The West seems to be over-relying on the sanctions against Moscow to deter President Vladimir Putin. &nbsp;

The West also seems to be reluctant to send troops to Ukraine to help the Ukrainian President Volodymyr Zelensky’s government. Can there be another way to put pressure on Russia? &nbsp;&nbsp;

Well, the answer is yes. It is just ‘SWIFT’. Let’s find out how. &nbsp;

&nbsp;

What is SWIFT? &nbsp;

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, was founded in 1973. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/explainer-why-is-chernobyl-nuclear-power-plant-important-456329">Explainer: Why is Chernobyl nuclear power plant important? &nbsp;&nbsp;</a>

It doesn't actually handle any transfers of funds itself and is just a messaging system. It helps banks to communicate rapidly, securely and inexpensively. &nbsp;

This Belgium-based firm is non-listed and a cooperative of banks. It proclaims to remain neutral. &nbsp;

&nbsp;&nbsp;

What does it do? &nbsp;

The SWIFT system is used by banks to send standardised messages about transfers of sums between themselves, buy and sell orders for assets, and transfers of sums for clients. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/for-premeditated-ukraine-conflict-us-uk-hit-russia-with-new-sanctions-456254" hreflang="en">For 'premeditated' Ukraine conflict, US, UK hit Russia with new sanctions</a>

Over 11,000 financial institutions in over 200 countries use SWIFT. It seems to have become the backbone of the international financial transfer system. &nbsp;

&nbsp;&nbsp;

How can it hurt? &nbsp;

The exclusion from SWIFT can cripple the ability of Russia to trade with most of the world. It is very important in the machinery of international finance. &nbsp;

(With inputs from agencies)&nbsp;

Russia’s conflict with Ukraine has been deepening with every hour. The West seems to be over-relying on the sanctions against Moscow to deter President Vladimir Putin.

Russia’s conflict with Ukraine has been deepening with every hour. The West seems to be over-relying on the sanctions against Moscow to deter President Vladimir Putin. The West also seems to be reluctant to send troops to Ukraine to help the Ukrainian President Volodymyr Zelensky’s government. Can there be another way to put pressure on Russia? Well, the answer is yes. It is just ‘SWIFT’. Let’s find out how. What is SWIFT? The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, was founded in 1973. Also Read | Explainer: Why is Chernobyl nuclear power plant important? It doesn't actually handle any transfers of funds itself and is just a messaging system. It helps banks to communicate rapidly, securely and inexpensively. This Belgium-based firm is non-listed and a cooperative of banks. It proclaims to remain neutral. What does it do? The SWIFT system is used by banks to send standardised messages about transfers of sums between themselves, buy and sell orders for assets, and transfers of sums for clients. Also Read: For 'premeditated' Ukraine conflict, US, UK hit Russia with new sanctions Over 11,000 financial institutions in over 200 countries use SWIFT. It seems to have become the backbone of the international financial transfer system. How can it hurt? The exclusion from SWIFT can cripple the ability of Russia to trade with most of the world. It is very important in the machinery of international finance. (With inputs from agencies)

‘SWIFT’ has the power to put Russia on back foot. But what is it actually?

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'. The top bankers will collect their fat bonuses this week.

As per figures stated by The Guardian, mergers and acquisitions (M&amp;A) bankers in London earned fees of USD 3.5 billion in the year 2021. These M&amp;As were triggered by corporate takeovers fuelled by money from American buyers. The money collected in fees will soon be given to the bankers in form of high bonuses.

Four big banks (HSBC, Barclays, Lloyds Banking Group and NatWest) are expected to award bonuses totalling more than GBP 4 billion. These banks are expected to announce their annual results in next fortnight.

Annual profits of these four banks combined are expected to exceed GBP 32 billion.

The workers' unions are not too happy with the situation, especially after governor of the Bank of England, Andrew Bailey's appeal to workers across the country to not ask for pay hikes from&nbsp;employers. He said he made this appeal to keep inflation in check. Bailey himself was paid £575,538 last year.

“These sky-high banker bonuses are a kick in the teeth for everyone suffering with the cost of living crisis. I hope Andrew Bailey tells his banking mates to show the same ‘restraint’ he so readily demands from underpaid workers in the rest of the economy," said Gary Smith, general secretary of the GMB union. He was quoted by The Guardian. The union represents 600,000 workers.

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'.

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'. The top bankers will collect their fat bonuses this week. As per figures stated by The Guardian, mergers and acquisitions (M&A) bankers in London earned fees of USD 3.5 billion in the year 2021. These M&As were triggered by corporate takeovers fuelled by money from American buyers. The money collected in fees will soon be given to the bankers in form of high bonuses. Four big banks (HSBC, Barclays, Lloyds Banking Group and NatWest) are expected to award bonuses totalling more than GBP 4 billion. These banks are expected to announce their annual results in next fortnight. Annual profits of these four banks combined are expected to exceed GBP 32 billion. The workers' unions are not too happy with the situation, especially after governor of the Bank of England, Andrew Bailey's appeal to workers across the country to not ask for pay hikes from employers. He said he made this appeal to keep inflation in check. Bailey himself was paid £575,538 last year. “These sky-high banker bonuses are a kick in the teeth for everyone suffering with the cost of living crisis. I hope Andrew Bailey tells his banking mates to show the same ‘restraint’ he so readily demands from underpaid workers in the rest of the economy," said Gary Smith, general secretary of the GMB union. He was quoted by The Guardian. The union represents 600,000 workers.

UK: High bonuses to top management in banking draws ire of unions

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points.&nbsp;

It soared nearly 524 points to touch an intra-day high of 49,256.52 points&nbsp;

Healthy buying was witnessed in banking and finance stocks.&nbsp;

Around 10.20 am, Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55.&nbsp;

It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points.&nbsp;

The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close.&nbsp;

The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen &amp; Toubro and Titan Company were the major losers.&nbsp;

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points. It soared nearly 524 points to touch an intra-day high of 49,256.

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points. It soared nearly 524 points to touch an intra-day high of 49,256.52 points Healthy buying was witnessed in banking and finance stocks. Around 10.20 am, Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55. It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points. The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close. The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen & Toubro and Titan Company were the major losers.

Sensex up 500 points; banking, finance stocks surge 

Fraudsters are using various tricks to cheat people and defraud them of their money. Watch the video to know more

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In the the last 138 years, Japan’s central bank just now appointed its first female executive director.

Tokiko Shimizu, 55, was appointed as one of the six executives that look after the bank’s daily basic operations. The Bank of Japan recently witnessed a sweeping reshuffle.

Shimuzu had started working at the bank in 1987. She was the general manager for Europe and the chief representative in London during 2016-18.

The Bank of Japan was established in October 1882.

Also read:&nbsp;<a href="wionews.com/world/japan-follows-united-states-authorises-remdesivir-to-help-covid-19-patients-in-critical-stages-297306" hreflang="en">Japan follows United States, authorises remdesivir to help COVID-19 patients in critical stages</a>

Even though women constitute over 47 per cent of people on the central bank’s payroll.

However, only 13 per cent of senior managerial posts are held by women, while only 20 per cent of expert positions in terms of law, payment, and bank notes. This numbers are taken from the bank’s own database.

Until now, women have found representation on its policy board. However only one out of the nine members is a woman. Additionally, the bank has never had a female governor, unlike the Federal Reserve of the European Central Bank.

Prime Minister Shinzo Abe had earlier pledged to empower women through a policy called “womenomics”.

Also read:&nbsp;<a href="wionews.com/world/japan-issues-new-social-behaviour-guidelines-inviting-wrath-of-its-people-296985" hreflang="en">Japan issues new social behaviour guidelines inviting wrath of its people</a>

Japan’s management structures have largely remained male-dominated. That has started changing over the last decade, which was witnessed a surge in number of female participants in higher educational institutions.

World Bank’s 2018 data suggests that women account for over 51 per cent population of Japan. In terms of global gender gap, the country ranks 121 out of 153 on the World Economic Forum’s index.

Among the G7 nations, the country ranks at the bottom in terms of gender equality, WEF data suggests.

In the the last 138 years, Japan’s central bank just now appointed its first female executive director. Tokiko Shimizu, 55, was appointed as one of the six executives that look after the bank’s daily basic operations.

In the the last 138 years, Japan’s central bank just now appointed its first female executive director. Tokiko Shimizu, 55, was appointed as one of the six executives that look after the bank’s daily basic operations. The Bank of Japan recently witnessed a sweeping reshuffle. Shimuzu had started working at the bank in 1987. She was the general manager for Europe and the chief representative in London during 2016-18. The Bank of Japan was established in October 1882. Also read: Japan follows United States, authorises remdesivir to help COVID-19 patients in critical stages Even though women constitute over 47 per cent of people on the central bank’s payroll. However, only 13 per cent of senior managerial posts are held by women, while only 20 per cent of expert positions in terms of law, payment, and bank notes. This numbers are taken from the bank’s own database. Until now, women have found representation on its policy board. However only one out of the nine members is a woman. Additionally, the bank has never had a female governor, unlike the Federal Reserve of the European Central Bank. Prime Minister Shinzo Abe had earlier pledged to empower women through a policy called “womenomics”. Also read: Japan issues new social behaviour guidelines inviting wrath of its people Japan’s management structures have largely remained male-dominated. That has started changing over the last decade, which was witnessed a surge in number of female participants in higher educational institutions. World Bank’s 2018 data suggests that women account for over 51 per cent population of Japan. In terms of global gender gap, the country ranks 121 out of 153 on the World Economic Forum’s index. Among the G7 nations, the country ranks at the bottom in terms of gender equality, WEF data suggests.

Bank of Japan appoints first female executive director in 138 years

In China, Banking & insurance companies announce measures to support Chinese manufacturers which are hardly hit by Coronavirus outbreak.

China: Banking, insurance companies announce measures to support manufacturers facing worst

Disruption has become a clichéd word almost rinsed of meaning by its quotidian use. But, this does not divest the term and its practice from its potency. Disruption in the world of business, finance and commerce is real and it is forcing incumbents to adapt, adopt or wither away or even die. One such sector that is being disrupted swiftly is banking where the adoption of technology and digitisation is not only leading to new business models and ways of working but some of the traditional functions of banks are being encroached upon.

The function that is perhaps feeling the pinch is retail banking and payments system thereof wherein nimble disruptors are taking over both the retail function and offering new products and services. To state the obvious, this trend known with the neologism ‘fintech’- a combination of finance and technology- has been enabled by the forces of technology, advances in computing, communication and the widespread penetration and use of smartphones, altering the competitive landscape of banks in the process.

Nimble players are foraying into the retail banking space and offering stand-alone retail and payments services at the click of a button with important addons like security architectures that ensure a smooth and secure flow of monies. In essence, apps on handheld devices are competing vigorously with incumbent banks that are burdened with legacy systems and old ways of working. While it's unclear what the customer attrition rate is from traditional banks but the ease of using an app for banking services intuitively suggests there is and will be the migration of customers to apps offering these services.

The how’s of the encroachment of nimble fintech players on the turf of banks can be gleaned by understanding the value chains of banks. Broadly speaking, every firm is comprised of a value chain. The forces of technology, globalisation and advances in communication allow a given firm, say a bank, to disaggregate its value chain- outsource parts of it, delegate responsibilities, rejig relations with suppliers buyers and so on. This is the traditional view of the value chain where it was assumed that the firm’s given approach to it was contingent, to a large extent, on the nature of competition and profitability potential thereof in the industry.

But now the nature of competition has changed; it is not merely between incumbents in either a static or dynamic competitive environment but new players are disaggregating the value chain of a given firm, sector and then eating away into the business or a component of the value chain of the firm or business. In banking, the first to have borne the brunt of the assault is the retail function. To extend the analysis, this assault might even be the first and not the final one. That is, other aspects of the value chain of banks might be attacked as technology makes advances with banks remaining a husk of their former selves. But, for the purposes of the analysis here, the unit of analysis is the retail function of banks.

Given the disruption and entry of new players, rapidly falling entry barriers, is retail banking dead then? Will an app be your retail banker in the near future?

While much remains in the domain of the ‘unknown unknown’ what may be stated with a degree of clarity is that there is a clear threat to the retail function of banks. But, this does not mean that banks will divest themselves of their retail portfolios and payments systems and cede space to nimble, new tech-savvy players. What this means is that the form and delivery of retail banking is and will change. &nbsp;There will be agile players(basically apps) that will offer retail services, arbitraging interest rate differences and exchange rate differentials in payments systems and also offering a compendium of allied services. But, traditional banks will not give up and cede this space to these players. Their best bet is to actually think like disruptors and compete along with the same dynamic and form. This is what many are doing.

In essence then while there is talk of the death of retail banking but this may not come to pass as banks will compete in a different idiom and take the disruptors on their own turf and beat them at their game. Or, as is happening in some cases like say, Santander, incumbents will acquire the disruptors. Whatever way competition in banking will evolve, it is that the form and shape of retail banking will change but the function will remain and even be part of the remit of incumbent banks’ functions. But, all in all, the nature, form and scope of the competition will ensure that customer is king(or queen as the case may be)! 
 
&nbsp;(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;

&nbsp;

Disruption has become a clichéd word almost rinsed of meaning by its quotidian use. But, this does not divest the term and its practice from its potency. Disruption in the world of business, finance and commerce is real and it is forcing incumbents to adapt, adopt or wither away or even die.

Disruption has become a clichéd word almost rinsed of meaning by its quotidian use. But, this does not divest the term and its practice from its potency. Disruption in the world of business, finance and commerce is real and it is forcing incumbents to adapt, adopt or wither away or even die. One such sector that is being disrupted swiftly is banking where the adoption of technology and digitisation is not only leading to new business models and ways of working but some of the traditional functions of banks are being encroached upon. The function that is perhaps feeling the pinch is retail banking and payments system thereof wherein nimble disruptors are taking over both the retail function and offering new products and services. To state the obvious, this trend known with the neologism ‘fintech’- a combination of finance and technology- has been enabled by the forces of technology, advances in computing, communication and the widespread penetration and use of smartphones, altering the competitive landscape of banks in the process. Nimble players are foraying into the retail banking space and offering stand-alone retail and payments services at the click of a button with important addons like security architectures that ensure a smooth and secure flow of monies. In essence, apps on handheld devices are competing vigorously with incumbent banks that are burdened with legacy systems and old ways of working. While it's unclear what the customer attrition rate is from traditional banks but the ease of using an app for banking services intuitively suggests there is and will be the migration of customers to apps offering these services. The how’s of the encroachment of nimble fintech players on the turf of banks can be gleaned by understanding the value chains of banks. Broadly speaking, every firm is comprised of a value chain. The forces of technology, globalisation and advances in communication allow a given firm, say a bank, to disaggregate its value chain- outsource parts of it, delegate responsibilities, rejig relations with suppliers buyers and so on. This is the traditional view of the value chain where it was assumed that the firm’s given approach to it was contingent, to a large extent, on the nature of competition and profitability potential thereof in the industry. But now the nature of competition has changed; it is not merely between incumbents in either a static or dynamic competitive environment but new players are disaggregating the value chain of a given firm, sector and then eating away into the business or a component of the value chain of the firm or business. In banking, the first to have borne the brunt of the assault is the retail function. To extend the analysis, this assault might even be the first and not the final one. That is, other aspects of the value chain of banks might be attacked as technology makes advances with banks remaining a husk of their former selves. But, for the purposes of the analysis here, the unit of analysis is the retail function of banks. Given the disruption and entry of new players, rapidly falling entry barriers, is retail banking dead then? Will an app be your retail banker in the near future? While much remains in the domain of the ‘unknown unknown’ what may be stated with a degree of clarity is that there is a clear threat to the retail function of banks. But, this does not mean that banks will divest themselves of their retail portfolios and payments systems and cede space to nimble, new tech-savvy players. What this means is that the form and delivery of retail banking is and will change. There will be agile players(basically apps) that will offer retail services, arbitraging interest rate differences and exchange rate differentials in payments systems and also offering a compendium of allied services. But, traditional banks will not give up and cede this space to these players. Their best bet is to actually think like disruptors and compete along with the same dynamic and form. This is what many are doing. In essence then while there is talk of the death of retail banking but this may not come to pass as banks will compete in a different idiom and take the disruptors on their own turf and beat them at their game. Or, as is happening in some cases like say, Santander, incumbents will acquire the disruptors. Whatever way competition in banking will evolve, it is that the form and shape of retail banking will change but the function will remain and even be part of the remit of incumbent banks’ functions. But, all in all, the nature, form and scope of the competition will ensure that customer is king(or queen as the case may be)! (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Digital disruption: Can traditional banking hold its own?

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead.

Led by the US&nbsp;Federal Reserve's nearly yearlong pivot away from a tightening bias, rate-setters from Australia to Brazil and the eurozone to the Philippines have lowered borrowing costs in recent months to blunt the headwinds from global trade tensions headlined by the standoff between Washington and Beijing.

It is an easing wave that appears to have crested for now.

For their parts, the Big Three in the central bankersphere - the Fed, European Central Bank and Bank of Japan - are in no rush to drive rates any lower, especially in Europe and Japan where they are already in negative territory.

The Fed last week cut rates for the third time since July, but officials emerged from the meeting with a near-explicit declaration to expect no more for the moment.

In Europe, meanwhile, a changing of the guard at a deeply divided ECB likely means that its September rate cut will not be followed in the near future, with their focus instead being on jawboning the trading bloc's political leaders to step up their own efforts at a stimulus.

In Japan, a BOJ weary of expending its limited ammunition has so far avoided cutting rates at all in the latest global wave. It would prefer to hold fire for as long as possible, relying instead of pledges of more accommodation in the future should it be needed.

And in the developing world, the pace of easing has slackened notably from a crescendo reached in August, although October marked the ninth straight month of net rate cuts by emerging market central banks.

How long a pause?

To be sure, the factors allowing policymakers to take a breather may prove fleeting - on the trade front in particular.

In mid-October, the International Monetary Fund pinned the blame on the US-China trade war when it slashed its global growth forecast to the slowest pace since the 2008-2009 financial crisis.

The dispute, initiated by US&nbsp;President Donald Trump, is in a state of detente as the two sides work to complete "Phase One" of a wider deal. But the erratic American president has abruptly changed stance before and may again.

Still, the messaging in the past two weeks from central bankers in Frankfurt and Tokyo was consistent with the Fed's new stance: Let's see how what we've done plays out.

"We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Fed Chair Jerome Powell said in his press conference last week after the US central bank cut its benchmark rate by a quarter-point to a range of 1.50-1.75 per cent.

A solid upside surprise on job growth in October only cemented that view. "We've done the adjustment," Fed Vice Chair Richard Clarida said in an interview on Bloomberg TV after Friday's payrolls report.

The ECB has restarted a 2.6 trillion euro bond-buying program after cutting its interest rate on deposits in September. Back then investors were betting on two further rate cuts by March of next year, but have since pared their expectations as deep divisions emerged among ECB policymakers on the path ahead.

New ECB President Christine Lagarde, who took office on Friday, will have to heal a rift between representatives of cash-rich countries such as Germany, the Netherlands and France, who opposed the decision to resume bond purchases, and the struggling periphery.

The former managing director of the IMF has struck a balanced tone, saying an accommodative monetary policy was needed but also had side effects that needed monitoring.

The issue is that the economic benefits of pushing the deposit rate, currently at -0.5 per cent, further below zero are dubious. Mario Draghi, who just turned over the reins to Lagarde, acknowledged in his farewell speech that the negative rate was "not delivering the same degree of stimulus as in the past" because the return on investment in the economy had fallen.

The BOJ decided to hold fire on Thursday and instead buy time with a tweak to its forward guidance. It now pledges to keep rates ultra-low or even cut them for as long as necessary to gauge whether overseas risks have heightened enough to erode the economy's path toward achieving its 2 per cent&nbsp;inflation target.

While Governor Haruhiko Kuroda has stressed the BOJ still has room to deepen negative rates or take any other steps to spur growth, many analysts see last week's decision as underscoring the central bank's desperation in trying to save its dwindling ammunition for when the economy takes a turn for the worse.

Communication will remain a key challenge for the BOJ even under the new guidance, which removed a specific timeframe on how long interest rates will stay low.

"It's wise the BOJ ditched a calendar-based commitment. But it's hard to tell whether the BOJ committed to keeping rates long for a longer period than it previously did ... and how much lower it could bring down rates," said Nobuyasu Atago, a former BOJ official who is now chief economist at Okasan Securities.

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead.

A concentrated burst of interest rate cutting and other measures to loosen global financial conditions by the world's central bankers looks to have largely run its course, and policymakers now appear content to wait and see if their handiwork staves off a deeper slowdown in the months ahead. Led by the US Federal Reserve's nearly yearlong pivot away from a tightening bias, rate-setters from Australia to Brazil and the eurozone to the Philippines have lowered borrowing costs in recent months to blunt the headwinds from global trade tensions headlined by the standoff between Washington and Beijing. It is an easing wave that appears to have crested for now. For their parts, the Big Three in the central bankersphere - the Fed, European Central Bank and Bank of Japan - are in no rush to drive rates any lower, especially in Europe and Japan where they are already in negative territory. The Fed last week cut rates for the third time since July, but officials emerged from the meeting with a near-explicit declaration to expect no more for the moment. In Europe, meanwhile, a changing of the guard at a deeply divided ECB likely means that its September rate cut will not be followed in the near future, with their focus instead being on jawboning the trading bloc's political leaders to step up their own efforts at a stimulus. In Japan, a BOJ weary of expending its limited ammunition has so far avoided cutting rates at all in the latest global wave. It would prefer to hold fire for as long as possible, relying instead of pledges of more accommodation in the future should it be needed. And in the developing world, the pace of easing has slackened notably from a crescendo reached in August, although October marked the ninth straight month of net rate cuts by emerging market central banks. How long a pause? To be sure, the factors allowing policymakers to take a breather may prove fleeting - on the trade front in particular. In mid-October, the International Monetary Fund pinned the blame on the US-China trade war when it slashed its global growth forecast to the slowest pace since the 2008-2009 financial crisis. The dispute, initiated by US President Donald Trump, is in a state of detente as the two sides work to complete "Phase One" of a wider deal. But the erratic American president has abruptly changed stance before and may again. Still, the messaging in the past two weeks from central bankers in Frankfurt and Tokyo was consistent with the Fed's new stance: Let's see how what we've done plays out. "We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook," Fed Chair Jerome Powell said in his press conference last week after the US central bank cut its benchmark rate by a quarter-point to a range of 1.50-1.75 per cent. A solid upside surprise on job growth in October only cemented that view. "We've done the adjustment," Fed Vice Chair Richard Clarida said in an interview on Bloomberg TV after Friday's payrolls report. The ECB has restarted a 2.6 trillion euro bond-buying program after cutting its interest rate on deposits in September. Back then investors were betting on two further rate cuts by March of next year, but have since pared their expectations as deep divisions emerged among ECB policymakers on the path ahead. New ECB President Christine Lagarde, who took office on Friday, will have to heal a rift between representatives of cash-rich countries such as Germany, the Netherlands and France, who opposed the decision to resume bond purchases, and the struggling periphery. The former managing director of the IMF has struck a balanced tone, saying an accommodative monetary policy was needed but also had side effects that needed monitoring. The issue is that the economic benefits of pushing the deposit rate, currently at -0.5 per cent, further below zero are dubious. Mario Draghi, who just turned over the reins to Lagarde, acknowledged in his farewell speech that the negative rate was "not delivering the same degree of stimulus as in the past" because the return on investment in the economy had fallen. The BOJ decided to hold fire on Thursday and instead buy time with a tweak to its forward guidance. It now pledges to keep rates ultra-low or even cut them for as long as necessary to gauge whether overseas risks have heightened enough to erode the economy's path toward achieving its 2 per cent inflation target. While Governor Haruhiko Kuroda has stressed the BOJ still has room to deepen negative rates or take any other steps to spur growth, many analysts see last week's decision as underscoring the central bank's desperation in trying to save its dwindling ammunition for when the economy takes a turn for the worse. Communication will remain a key challenge for the BOJ even under the new guidance, which removed a specific timeframe on how long interest rates will stay low. "It's wise the BOJ ditched a calendar-based commitment. But it's hard to tell whether the BOJ committed to keeping rates long for a longer period than it previously did ... and how much lower it could bring down rates," said Nobuyasu Atago, a former BOJ official who is now chief economist at Okasan Securities.

Big central banks go into 'wait-and-see' mode

Scores of depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank staged a protest here on Saturday demanding the removal of restriction on cash withdrawal imposed by the Reserve Bank of India (RBI), which is currently capped at Rs 40,000 for six months.

The protesters raised slogans and held up placards with slogans like 'Save PMC, Save Us'.

"I have been a customer of this bank for the past 15 years. RBI officials during audit had given this bank A grade. What is our mistake in this? Ours is not black money. It is very difficult to run a household for six months with just Rs 40,000," said Shardab Sheikh, a protester.

Manmohan Singh, another protester said that he was under great pressure to make payments.

"I recently bought a new house and have to pay the builder 1 lakh each month. How will I pay the amount...I am very worried. They should allow us to withdraw more cash," he said.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after an alleged fraud of Rs. 4,355 crore scam came to light.

The organisation had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.

The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by Housing Development and Infrastructure Limited (HDIL) in connection with the case.&nbsp; 
&nbsp;

Scores of depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank staged a protest here on Saturday demanding the removal of restriction on cash withdrawal imposed by the Reserve Bank of India (RBI), which is currently capped at Rs 40,000 for six months.

Scores of depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank staged a protest here on Saturday demanding the removal of restriction on cash withdrawal imposed by the Reserve Bank of India (RBI), which is currently capped at Rs 40,000 for six months. The protesters raised slogans and held up placards with slogans like 'Save PMC, Save Us'. "I have been a customer of this bank for the past 15 years. RBI officials during audit had given this bank A grade. What is our mistake in this? Ours is not black money. It is very difficult to run a household for six months with just Rs 40,000," said Shardab Sheikh, a protester. Manmohan Singh, another protester said that he was under great pressure to make payments. "I recently bought a new house and have to pay the builder 1 lakh each month. How will I pay the amount...I am very worried. They should allow us to withdraw more cash," he said. Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after an alleged fraud of Rs. 4,355 crore scam came to light. The organisation had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000. The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by Housing Development and Infrastructure Limited (HDIL) in connection with the case.

PMC Bank scam: Depositors stage protest in Mumbai

SBI Card &amp; Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said.

"Roughly about an 8 per cent&nbsp;stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public.

This would value the overall business at about 1 trillion rupees ($14 billion).&nbsp;

SBI and SBI Card did not immediately respond to requests for comment.&nbsp;

At the end of March 31, 2019, SBI Card, which is 74 per cent&nbsp;owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.

India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards.&nbsp;

SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued.&nbsp;

Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base.&nbsp;

SBI's management has been looking at selling its investment in non-core assets to raise capital.&nbsp;

SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO.&nbsp;

It was the biggest IPO after Coal India's in 2010.&nbsp;

&nbsp;

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said. "Roughly about an 8 per cent stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public. This would value the overall business at about 1 trillion rupees ($14 billion). SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74 per cent owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees. India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards. SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued. Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base. SBI's management has been looking at selling its investment in non-core assets to raise capital. SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO. It was the biggest IPO after Coal India's in 2010.

SBI's credit card business aims to raise $1.1 billion via IPO: Report

UBS Group AG and <a href="https://www.wionews.com/world/us-department-of-justice-investigates-deutsche-bank-over-1mdb-connection-report-234843">Deutsche Bank</a> AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday.&nbsp;

A deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks.

Reuters reported in May that discussions stalled between the two banks on a tie-up of their asset management businesses due to differences over who would control the combined entity.

Deutsche Bank declined to comment on the WSJ report.&nbsp;

UBS did not respond to a request for immediate comment on Sunday.

UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday.

UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday. A deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks. Reuters reported in May that discussions stalled between the two banks on a tie-up of their asset management businesses due to differences over who would control the combined entity. Deutsche Bank declined to comment on the WSJ report. UBS did not respond to a request for immediate comment on Sunday.

UBS, Deutsche held talks on investment banking alliance: Report

Royal Bank of Scotland will name&nbsp;Alison&nbsp;Rose&nbsp;as chief executive in&nbsp;coming&nbsp;weeks, succeeding Ross McEwan,&nbsp;Sky&nbsp;News&nbsp;reported on Saturday.

Rose, who runs&nbsp;RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

RBS&nbsp;did not immediately respond to a request for comment.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates. RBS did not immediately respond to a request for comment.

RBS to appoint Alison Rose as CEO in coming weeks: Report

In a country that is diverse and divided by culture and socio-economic barriers, financial inclusion is a challenge. Given the fact that boundaries are blurring, and consumer spending is on the rise, Indian masses are growing aspirational and moving to greener pastures for improving their lives.&nbsp;

In such a scenario, they are seeking all monetary options that can to make their dreams come true. Traditionally, there have been several methods of lending and borrowing amongst the unbanked masses of the country, which has resulted in a large population remaining excluded from the formal system that has hindered economic growth at the bottom of the pyramid.

That is why we still have almost 80 per cent of the population as unbanked and underserved because they are not financially literate and do not understand the concept of formal lending.&nbsp;

Financial literacy is much more than just a sharp acuity for handling money. It is a powerful source for the masses to gain access to formal financial systems and grow their monetary prospects.&nbsp;

Once aware of the options, individuals realise that borrowing from formal systems can unlock opportunities, which not just helps grow their wealth, but also increases their saving capabilities. &nbsp;

While there has been an evolution of sorts in the urban and semi-urban areas, it is the masses in the hinterland, which are missing out on the benefits.&nbsp;

In order to cater to an urgent requirement, they continue to borrow from informal sectors (family, friends, and moneylenders). Even though the availability and the provision of money from such sectors are alarmingly quick, there exists a flip side to it, which includes social as well as financial concerns.&nbsp;

Borrowing from the informal sector leads to a lack of financial discipline, as flexibility gives rise to an even bigger liability than the initially borrowed sum, thus becoming an unmanageable non-transparent spiral. The individual is caught in a vicious circle of borrowing only to pay back previous sums.&nbsp;

Formal lending from the fiscal sector provides people with multiple benefits, one of them being the concept of credit rating. It is a respectable way of becoming a part of the formal world of the financial sector and eventually trailing into banking systems. This is what is known as financial inclusion. The process is rather simple — you take a loan, follow a timely pattern of EMIs and earn a credit ranking.&nbsp;

It is a transparent method agreed upon between the borrower and lender with regulatory checks and balances and leaves. Usually, a first-time borrower with no credit history could borrow for fulfilling the smallest of aspirations — a mobile upgrade, a refrigerator or even education and marriage of his children.

It is a myth that one needs to be academically sound to be financially literate. One may start with not being averse to being a part of the formal financial sector — it is important to understand that the formal sectors are present in order to make dreams come true in a systematic way.&nbsp;

To be able to manage basic electronic-based financial transactions and modern methods (example: phone-based) is another way an individual may start his journey on the path of financial literacy. &nbsp;

Along with this, being disciplined in the course of paying back loans and acquiring good track record as well as saving money, is like education.&nbsp;

Lately, the government and the Reserve Bank of India have been laying thrust on financial inclusion across the country. Several policy changes and initiatives have been initiated.

Micro-finance institutions have been seen to contribute immensely to the financially under-penetrated regions. Digitisation of processes, payment banks and small finance banks have all helped improve the outreach of formal financial services to economically disadvantaged sections even in geographically remote regions.&nbsp;

However, the road is yet long. Clearly, the lack of effective and broad-based financial and digital literacy is inhibiting full-scale implementation.&nbsp;

The pinnacle of the process of progress will only be achieved when all citizens decide to empower themselves by joining hands with the formal financial sector and become a part of the big Indian dream to realise their own small, yet important dreams.&nbsp; 
&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-financial-literacy-enables-poorest-to-follow-their-dreams-2776729">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp; 
&nbsp; 
&nbsp;

In a country that is diverse and divided by culture and socio-economic barriers, financial inclusion is a challenge. Given the fact that boundaries are blurring, and consumer spending is on the rise, Indian masses are growing aspirational and moving to greener pastures for improving their lives.

In a country that is diverse and divided by culture and socio-economic barriers, financial inclusion is a challenge. Given the fact that boundaries are blurring, and consumer spending is on the rise, Indian masses are growing aspirational and moving to greener pastures for improving their lives. In such a scenario, they are seeking all monetary options that can to make their dreams come true. Traditionally, there have been several methods of lending and borrowing amongst the unbanked masses of the country, which has resulted in a large population remaining excluded from the formal system that has hindered economic growth at the bottom of the pyramid. That is why we still have almost 80 per cent of the population as unbanked and underserved because they are not financially literate and do not understand the concept of formal lending. Financial literacy is much more than just a sharp acuity for handling money. It is a powerful source for the masses to gain access to formal financial systems and grow their monetary prospects. Once aware of the options, individuals realise that borrowing from formal systems can unlock opportunities, which not just helps grow their wealth, but also increases their saving capabilities. While there has been an evolution of sorts in the urban and semi-urban areas, it is the masses in the hinterland, which are missing out on the benefits. In order to cater to an urgent requirement, they continue to borrow from informal sectors (family, friends, and moneylenders). Even though the availability and the provision of money from such sectors are alarmingly quick, there exists a flip side to it, which includes social as well as financial concerns. Borrowing from the informal sector leads to a lack of financial discipline, as flexibility gives rise to an even bigger liability than the initially borrowed sum, thus becoming an unmanageable non-transparent spiral. The individual is caught in a vicious circle of borrowing only to pay back previous sums. Formal lending from the fiscal sector provides people with multiple benefits, one of them being the concept of credit rating. It is a respectable way of becoming a part of the formal world of the financial sector and eventually trailing into banking systems. This is what is known as financial inclusion. The process is rather simple — you take a loan, follow a timely pattern of EMIs and earn a credit ranking. It is a transparent method agreed upon between the borrower and lender with regulatory checks and balances and leaves. Usually, a first-time borrower with no credit history could borrow for fulfilling the smallest of aspirations — a mobile upgrade, a refrigerator or even education and marriage of his children. It is a myth that one needs to be academically sound to be financially literate. One may start with not being averse to being a part of the formal financial sector — it is important to understand that the formal sectors are present in order to make dreams come true in a systematic way. To be able to manage basic electronic-based financial transactions and modern methods (example: phone-based) is another way an individual may start his journey on the path of financial literacy. Along with this, being disciplined in the course of paying back loans and acquiring good track record as well as saving money, is like education. Lately, the government and the Reserve Bank of India have been laying thrust on financial inclusion across the country. Several policy changes and initiatives have been initiated. Micro-finance institutions have been seen to contribute immensely to the financially under-penetrated regions. Digitisation of processes, payment banks and small finance banks have all helped improve the outreach of formal financial services to economically disadvantaged sections even in geographically remote regions. However, the road is yet long. Clearly, the lack of effective and broad-based financial and digital literacy is inhibiting full-scale implementation. The pinnacle of the process of progress will only be achieved when all citizens decide to empower themselves by joining hands with the formal financial sector and become a part of the big Indian dream to realise their own small, yet important dreams. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Financial literacy enables poorest to follow their dreams

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement.

But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data.

ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion.

Quarterly provisions fell to $507 million from $865 million a year ago.&nbsp;

Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter.

Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth.&nbsp;

The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth. Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data. ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion. Quarterly provisions fell to $507 million from $865 million a year ago. Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter. Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth. The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

Lower provisions help ICICI bank swing to first-quarter profit

The Central Bureau of Investigation (CBI) on Tuesday launched a special search operation in connection with alleged bank fraud cases involving Rs 640 crore of siphoned funds.

Searches are underway at over 50 places in 18 cities across 12 states and union territories. Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Palani, Gaya, Gurgaon, Chandigarh, Bhopal, Surat and Kolar are the various cities where the operation is on, agency sources said.

Various companies including Wilson diamond in Thane, Supreme Tax Mark in Ludhiana, S K Knit India Ltd in Gujarat, S L Consumer Product Ltd in Delhi, International Mega Food Park Ltd in Delhi among the places where the operation is being conducted, the sources said.

According to officials, 14 cases have been registered against accused including various companies/firms, their promoters/directors and bank officials.

The amount involved in these banking scams is around Rs. 640 crore, officials said. Further details are awaited.&nbsp;

The Central Bureau of Investigation (CBI) on Tuesday launched a special search operation in connection with alleged bank fraud cases involving Rs 640 crore of siphoned funds.

The Central Bureau of Investigation (CBI) on Tuesday launched a special search operation in connection with alleged bank fraud cases involving Rs 640 crore of siphoned funds. Searches are underway at over 50 places in 18 cities across 12 states and union territories. Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Palani, Gaya, Gurgaon, Chandigarh, Bhopal, Surat and Kolar are the various cities where the operation is on, agency sources said. Various companies including Wilson diamond in Thane, Supreme Tax Mark in Ludhiana, S K Knit India Ltd in Gujarat, S L Consumer Product Ltd in Delhi, International Mega Food Park Ltd in Delhi among the places where the operation is being conducted, the sources said. According to officials, 14 cases have been registered against accused including various companies/firms, their promoters/directors and bank officials. The amount involved in these banking scams is around Rs. 640 crore, officials said. Further details are awaited.

CBI launches special operation against banking frauds; searches underway

Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were among the focus areas of Prime Minister Narendra Modi's interaction with economists and industry experts on Saturday to achieve higher economic growth, said sources.

During the interactive session, ahead of the presentation of the Union Budget next month, speakers made a case for "single minded pursuit" to achieve growth, they added.

A release issued by the Prime Minister's Office (PMO) said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts.

"During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health," the release said.

Meanwhile, Modi in a tweet said he had a fruitful interaction with economists and other experts. "The inputs received were insightful and will benefit our growth trajectory."

N Chandrasekaran (Chairman, Tata Sons), T V Narendran (Global CEO and MD, Tata Steel), Anil Agarwal (Chairman, Vedanta Resources), Sanjiv Puri (Chairman and MD, ITC), and Vijay Shekhar Sharma (CEO, Paytm) were among the industry leaders who put forth their views in the meeting.

Among the economists and experts present at the meeting were Bimal Jalan (former RBI Governor), Shankar Acharya (former Chief Economic Adviser), Surjit Bhalla (former PMEAC member), Vikram Limay (CEO, NSE), Sonal Varma (Chief Economist, Nomura), Shekhar Shah (DG, NCAER), and Bibek Debroy (Chairman, EAC-PM).

Sources said that key issues like creation of jobs, boosting exports amid trade wars and initiating more structural reforms too were focus of the interactive session.

Niti Aayog, the government think-tank, termed the session as "lively, vibrant, constructive" where extremely positive discussions took place.

Tata Sons Chairman Chandrasekaran appreciated the Niti Aayog's policy of pushing eco-friendly electric vehicles in the country, according to sources.

The Aayog has asked conventional two- and three-wheeler makers to suggest within two weeks concrete steps towards transition to electric mobility keeping in mind 2025 deadline.

During the session, Vedanta's Anil Agarwal made a case for further liberalisation of the coal and mining sector.

The PMO release said the Prime Minister thanked all participants for their suggestions and observations on various aspects of the economy.

The meeting was also attended by Commerce and Industry Minister Piyush Goyal and Minister of State (independent charge) for Statistics and Programme Implementation Rao Inderjeet Singh.

Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and senior government officials were also present.

Finance Minister Nirmala Sitharaman will be presenting the full Budget for 2019-20 on July 5 in the Lok Sabha.

It will be the first full Budget of the Modi 2.0 government.&nbsp;

Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were among the focus areas of Prime Minister Narendra Modi's interaction with economists and industry experts on Saturday to achieve higher economic growth, said sources.

Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were among the focus areas of Prime Minister Narendra Modi's interaction with economists and industry experts on Saturday to achieve higher economic growth, said sources. During the interactive session, ahead of the presentation of the Union Budget next month, speakers made a case for "single minded pursuit" to achieve growth, they added. A release issued by the Prime Minister's Office (PMO) said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts. "During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health," the release said. Meanwhile, Modi in a tweet said he had a fruitful interaction with economists and other experts. "The inputs received were insightful and will benefit our growth trajectory." N Chandrasekaran (Chairman, Tata Sons), T V Narendran (Global CEO and MD, Tata Steel), Anil Agarwal (Chairman, Vedanta Resources), Sanjiv Puri (Chairman and MD, ITC), and Vijay Shekhar Sharma (CEO, Paytm) were among the industry leaders who put forth their views in the meeting. Among the economists and experts present at the meeting were Bimal Jalan (former RBI Governor), Shankar Acharya (former Chief Economic Adviser), Surjit Bhalla (former PMEAC member), Vikram Limay (CEO, NSE), Sonal Varma (Chief Economist, Nomura), Shekhar Shah (DG, NCAER), and Bibek Debroy (Chairman, EAC-PM). Sources said that key issues like creation of jobs, boosting exports amid trade wars and initiating more structural reforms too were focus of the interactive session. Niti Aayog, the government think-tank, termed the session as "lively, vibrant, constructive" where extremely positive discussions took place. Tata Sons Chairman Chandrasekaran appreciated the Niti Aayog's policy of pushing eco-friendly electric vehicles in the country, according to sources. The Aayog has asked conventional two- and three-wheeler makers to suggest within two weeks concrete steps towards transition to electric mobility keeping in mind 2025 deadline. During the session, Vedanta's Anil Agarwal made a case for further liberalisation of the coal and mining sector. The PMO release said the Prime Minister thanked all participants for their suggestions and observations on various aspects of the economy. The meeting was also attended by Commerce and Industry Minister Piyush Goyal and Minister of State (independent charge) for Statistics and Programme Implementation Rao Inderjeet Singh. Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and senior government officials were also present. Finance Minister Nirmala Sitharaman will be presenting the full Budget for 2019-20 on July 5 in the Lok Sabha. It will be the first full Budget of the Modi 2.0 government.

PM-economists meet: 'Single-minded pursuit' for growth, FDI in banking, divestment discussed

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds.

Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said.

The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points or 1.68 per cent, higher at 35,011.65.

This is its highest closing since October 4, when it had finished at 35,169.16.

The NSE Nifty leapt 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session.

On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively.

Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent on higher supply from the world's major producers.

Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures.

The Finance Ministry Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes.

Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month. 
Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed.

The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7.

'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.&nbsp;

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds.

Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and a fresh flow of foreign funds. Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said. The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points or 1.68 per cent, higher at 35,011.65. This is its highest closing since October 4, when it had finished at 35,169.16. The NSE Nifty leapt 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session. On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent on higher supply from the world's major producers. Adding to the upbeat mood, GST collections in October crossed the Rs 1 lakh crore mark, after a gap of five months, on the back of festive spending and anti-evasion measures. The Finance Ministry Thursday said 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs 1,00,710 crore as taxes. Auto stocks were the centre of brisk activity during the session after some automakers came out with encouraging sales figures for October month. Foreign institutional investors (FIIs), which had been selling on the Indian bourses, made fresh purchases worth Rs 348.75 crore Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 509.17 crore, provisional data showed. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7. 'Muhurat' trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hrs and 1830 hrs, the stock exchanges said.

Sensex climbs 580 points to reclaim 35,000-mark; banking, auto shares steal the show

India's Infrastructure Leasing &amp; Financial Services (IL&amp;FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday.

The new board of IL&amp;FS does not underestimate the challenge, Uday Kotak told reporters.

The government replaced the company's entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector.

"We have listed down various options available to us as the next steps," said Kotak, who is also the managing director of Kotak Mahindra Bank.

"Depending on the various assessment of facts, we will be able to take a view on which of the roads to take and there are two or three or four options clearly available with us and you will see them unfold over the new few days and weeks," he said.

It would take time to revive the company and the new board would try to ensure a fair value for the assets of IL&amp;FS, Kotak said.

The new board was made aware that there are 348 entities of the IL&amp;FS group, which underscores the task at hand, Kotak said.

The board also appointed Vineet Nayyar, a former civil servant with a reputation for turning companies around, as its managing director.

Nayyar, currently executive vice-chairman of Tech Mahindra, helped revive failed computer services company Satyam, also following government intervention.

The Mahindra group acquired Satyam in 2009.

Nayyar was also the founding chairman of the state-run gas firm GAIL India Ltd.

India's Infrastructure Leasing & Financial Services (IL&FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday.

India's Infrastructure Leasing & Financial Services (IL&FS), a debt-laden infrastructure financing and construction company, will consider all available options to revive the firm, its new non-executive chairman said on Thursday. The new board of IL&FS does not underestimate the challenge, Uday Kotak told reporters. The government replaced the company's entire board on Monday after recent defaults on some of its debt obligations triggered declines in stock and debt markets, leading to concerns about broader risk in the country's financial sector. "We have listed down various options available to us as the next steps," said Kotak, who is also the managing director of Kotak Mahindra Bank. "Depending on the various assessment of facts, we will be able to take a view on which of the roads to take and there are two or three or four options clearly available with us and you will see them unfold over the new few days and weeks," he said. It would take time to revive the company and the new board would try to ensure a fair value for the assets of IL&FS, Kotak said. The new board was made aware that there are 348 entities of the IL&FS group, which underscores the task at hand, Kotak said. The board also appointed Vineet Nayyar, a former civil servant with a reputation for turning companies around, as its managing director. Nayyar, currently executive vice-chairman of Tech Mahindra, helped revive failed computer services company Satyam, also following government intervention. The Mahindra group acquired Satyam in 2009. Nayyar was also the founding chairman of the state-run gas firm GAIL India Ltd.

New board to consider all options to revive IL&FS

Finance Minister Arun Jaitley Thursday said the government is determined to contain the crisis at the IL&amp;FS at the earliest so that it does not leave any adverse impact.

The government earlier this week superseded the board of IL&amp;FS, which has a debt burden of Rs 91,000 crore and has defaulted on a series of loan repayments. The crisis at the IL&amp;FS has triggered concerns of a liquidity squeeze in the NBFCs and mutual funds.

The government has put in place a new board led by eminent banker Uday Kotak. The new board held its first meeting on Thursday.

"The government is determined to make sure that since this is an internal factor to India this should be contained quickly so that no adverse impact of it is left," Jaitley told reporters here.

He said there has been a "significant impact" on the markets in last few days on account of the contagion effect that took place on account of uncertainties over IL&amp;FS.

"The government has taken a decisive step in that regard, replaced the board and of course under the new board now it would take various decisions," he said.

Finance Minister Arun Jaitley Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact.

Finance Minister Arun Jaitley Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact. The government earlier this week superseded the board of IL&FS, which has a debt burden of Rs 91,000 crore and has defaulted on a series of loan repayments. The crisis at the IL&FS has triggered concerns of a liquidity squeeze in the NBFCs and mutual funds. The government has put in place a new board led by eminent banker Uday Kotak. The new board held its first meeting on Thursday. "The government is determined to make sure that since this is an internal factor to India this should be contained quickly so that no adverse impact of it is left," Jaitley told reporters here. He said there has been a "significant impact" on the markets in last few days on account of the contagion effect that took place on account of uncertainties over IL&FS. "The government has taken a decisive step in that regard, replaced the board and of course under the new board now it would take various decisions," he said.

Government determined to contain IL&FS crisis so that there is no adverse impact: Jaitley

India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&amp;FS) will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters.

The federal government on Monday replaced the board of IL&amp;FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through Indian financial markets.

The beleaguered company's debt pile had grown to more than 900 billion rupees ($12.33 billion) as it rode a lending boom among so-called non-bank financial companies (NBFCs), or the shadow banking sector, which manage an aggregate loan book of nearly $300 billion.

But IL&amp;FS had compromised on corporate governance and risk management norms, the government told the company law tribunal on Monday as it explained why it intended to take over the firm.

The new six-member IL&amp;FS board will prepare a revival plan, but it is becoming clear some of its lenders will need to suffer major losses, one finance ministry official said.

"It may be difficult to save it (IL&amp;FS) unless the lenders agree to take substantial haircuts," said the official, who declined to be identified due to the sensitivity of the matter.

The official added that there had been no discussions with the company's lenders, among them India's largest bank, the State Bank of India, and state-owned lenders, such as Bank of India and Punjab National Bank.

A second government source echoed those views, saying IL&amp;FS needed nearly 150 billion rupees ($2 billion) in financial support to avert a collapse and could only be saved if lenders agreed to take a big haircut.

The IL&amp;FS fallout has already roiled stock markets and the government has scrambled to contain the further damage that could undermine confidence in the financial sector.

A credit crunch in financial markets also does not bode well for Prime Minister Narendra Modi, who is already facing a growing backlash over rising fuel prices, a falling rupee currency and farmer protests over low crop prices months before he seeks a second term at an election due by next May.

The government has said IL&amp;FS was presenting a "rosy picture and camouflaging" its financial statements but still wants to ensure adequate liquidity for it to avoid further defaults.

One of the government sources, however, cautioned that more defaults cannot be ruled out, as IL&amp;FS needs to repay more than 250 billion rupees by March 2019.

India's parliamentary panel on finance on Wednesday decided to investigate the IL&amp;FS matter and its members will visit Mumbai this month to meet the new board, a source with direct knowledge of the deliberations said.

They will also talk to finance ministry officials, the source added.

Separately, India's Serious Fraud Investigation Office (SFIO) has launched an inquiry into alleged financial irregularities at IL&amp;FS, questioning its top management and searching its offices, the Economic Times newspaper said.

Reuters could not immediately reach SFIO officials to seek comment.

India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters.

India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters. The federal government on Monday replaced the board of IL&FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through Indian financial markets. The beleaguered company's debt pile had grown to more than 900 billion rupees ($12.33 billion) as it rode a lending boom among so-called non-bank financial companies (NBFCs), or the shadow banking sector, which manage an aggregate loan book of nearly $300 billion. But IL&FS had compromised on corporate governance and risk management norms, the government told the company law tribunal on Monday as it explained why it intended to take over the firm. The new six-member IL&FS board will prepare a revival plan, but it is becoming clear some of its lenders will need to suffer major losses, one finance ministry official said. "It may be difficult to save it (IL&FS) unless the lenders agree to take substantial haircuts," said the official, who declined to be identified due to the sensitivity of the matter. The official added that there had been no discussions with the company's lenders, among them India's largest bank, the State Bank of India, and state-owned lenders, such as Bank of India and Punjab National Bank. A second government source echoed those views, saying IL&FS needed nearly 150 billion rupees ($2 billion) in financial support to avert a collapse and could only be saved if lenders agreed to take a big haircut. The IL&FS fallout has already roiled stock markets and the government has scrambled to contain the further damage that could undermine confidence in the financial sector. A credit crunch in financial markets also does not bode well for Prime Minister Narendra Modi, who is already facing a growing backlash over rising fuel prices, a falling rupee currency and farmer protests over low crop prices months before he seeks a second term at an election due by next May. The government has said IL&FS was presenting a "rosy picture and camouflaging" its financial statements but still wants to ensure adequate liquidity for it to avoid further defaults. One of the government sources, however, cautioned that more defaults cannot be ruled out, as IL&FS needs to repay more than 250 billion rupees by March 2019. India's parliamentary panel on finance on Wednesday decided to investigate the IL&FS matter and its members will visit Mumbai this month to meet the new board, a source with direct knowledge of the deliberations said. They will also talk to finance ministry officials, the source added. Separately, India's Serious Fraud Investigation Office (SFIO) has launched an inquiry into alleged financial irregularities at IL&FS, questioning its top management and searching its offices, the Economic Times newspaper said. Reuters could not immediately reach SFIO officials to seek comment.

India's rescue of debt-ridden IL&FS may spell major losses for lenders: Sources

India on Monday took control of Infrastructure Leasing and Financial Services (IL&amp;FS), in a rare move that it said was needed to protect the country's financial system and markets from potential collapse.

The government applied to the National Company Law Tribunal (NCLT) on Monday to remove the board of IL&amp;FS, warning that the continuance of the current directors in their jobs would be prejudicial and not in the interest of the public.

The NCLT approved the government's interim application to replace IL&amp;FS's board with six selected nominees, on Monday.

"The current IL&amp;FS crisis could have an adverse impact on the financial stability of the economy," Sanjay Shorey a lawyer for the government told the NCLT, a quasi-judicial body for corporate grievances, on Monday.

He said a collapse of IL&amp;FS, an Indian infrastructure financing and construction group, could threaten the stability of mutual funds and the non-banking financial services sector.

A string of defaults by IL&amp;FS in recent weeks has led to a series of credit rating downgrades on the company and its subsidiaries that hold some of its 910 billion rupees ($12.48 billion) debt pile. Its rapid fall from grace has spooked financial markets and sparked fears that its troubles could cause a crisis in the non-banking financial services sector.

ILFS's problems could threaten India's economic growth as lenders cut exposure to what are known as non-banking finance companies (NBFCs) in India or shadow banks.

These firms have played a major role in lending growth in India in the last two years, as Indian banks, saddled with some $150 billion of bad debt, slowed lending.

India has rarely stepped in to take control of a private company. The government's attempt to take control of debt-laden realty firm Unitech Ltd in late 2017 was stalled by the Supreme Court.

The government did take control of Satyam Computer Services in 2009 when an accounting scandal at the firm shook investor confidence in the information technology sector.

The new six-member IL&amp;FS board named by the NCLT includes the managing director of Kotak Mahindra Bank Uday Kotak as IL&amp;FS' non-executive chairman.

The NCLT ruled that IL&amp;FS must make its response to the tribunal by October 15. It set a follow-up hearing for October 31.

Restructuring plan&nbsp;

The government's intervention could cast doubt on IL&amp;FS' restructuring plan for which it has just secured shareholder support.

"The government decided to intervene ... could be disruptive at this stage," Shriram Subramanian, managing director at proxy advisory firm InGovern, said.

IL&amp;FS on Sunday said its shareholders had approved a plan to raise funds via debt and equity issuances. Earlier, the company had said its board would develop a "comprehensive" restructuring plan including asset sales and a rights issue.

India's Life Insurance Corp Ltd, which is IL&amp;FS' biggest shareholder with a more than 25 per cent stake, said last week it would participate in the rights issue.

The state-owned insurer has often stepped in to help bail out troubled entities. Earlier this year LIC agreed to acquire a 51 per cent stake in IDBI Bank.

IL&amp;FS's other large investors are Japan's ORIX Corp with a 23.54 per cent stake and Abu Dhabi Investment Authority (ADIA) with 12.56 per cent.

India's biggest lender by assets, State Bank of India (SBI), also owns a 6.42 per cent stake in IL&amp;FS.

LIC and Orix did not respond to requests for comment on the Indian government's move to seize control of IL&amp;FS on Monday.

SBI and ADIA declined to comment, while IL&amp;FS said it would not comment.

India on Monday took control of Infrastructure Leasing and Financial Services (IL&FS), in a rare move that it said was needed to protect the country's financial system and markets from potential collapse.

India on Monday took control of Infrastructure Leasing and Financial Services (IL&FS), in a rare move that it said was needed to protect the country's financial system and markets from potential collapse. The government applied to the National Company Law Tribunal (NCLT) on Monday to remove the board of IL&FS, warning that the continuance of the current directors in their jobs would be prejudicial and not in the interest of the public. The NCLT approved the government's interim application to replace IL&FS's board with six selected nominees, on Monday. "The current IL&FS crisis could have an adverse impact on the financial stability of the economy," Sanjay Shorey a lawyer for the government told the NCLT, a quasi-judicial body for corporate grievances, on Monday. He said a collapse of IL&FS, an Indian infrastructure financing and construction group, could threaten the stability of mutual funds and the non-banking financial services sector. A string of defaults by IL&FS in recent weeks has led to a series of credit rating downgrades on the company and its subsidiaries that hold some of its 910 billion rupees ($12.48 billion) debt pile. Its rapid fall from grace has spooked financial markets and sparked fears that its troubles could cause a crisis in the non-banking financial services sector. ILFS's problems could threaten India's economic growth as lenders cut exposure to what are known as non-banking finance companies (NBFCs) in India or shadow banks. These firms have played a major role in lending growth in India in the last two years, as Indian banks, saddled with some $150 billion of bad debt, slowed lending. India has rarely stepped in to take control of a private company. The government's attempt to take control of debt-laden realty firm Unitech Ltd in late 2017 was stalled by the Supreme Court. The government did take control of Satyam Computer Services in 2009 when an accounting scandal at the firm shook investor confidence in the information technology sector. The new six-member IL&FS board named by the NCLT includes the managing director of Kotak Mahindra Bank Uday Kotak as IL&FS' non-executive chairman. The NCLT ruled that IL&FS must make its response to the tribunal by October 15. It set a follow-up hearing for October 31. Restructuring plan The government's intervention could cast doubt on IL&FS' restructuring plan for which it has just secured shareholder support. "The government decided to intervene ... could be disruptive at this stage," Shriram Subramanian, managing director at proxy advisory firm InGovern, said. IL&FS on Sunday said its shareholders had approved a plan to raise funds via debt and equity issuances. Earlier, the company had said its board would develop a "comprehensive" restructuring plan including asset sales and a rights issue. India's Life Insurance Corp Ltd, which is IL&FS' biggest shareholder with a more than 25 per cent stake, said last week it would participate in the rights issue. The state-owned insurer has often stepped in to help bail out troubled entities. Earlier this year LIC agreed to acquire a 51 per cent stake in IDBI Bank. IL&FS's other large investors are Japan's ORIX Corp with a 23.54 per cent stake and Abu Dhabi Investment Authority (ADIA) with 12.56 per cent. India's biggest lender by assets, State Bank of India (SBI), also owns a 6.42 per cent stake in IL&FS. LIC and Orix did not respond to requests for comment on the Indian government's move to seize control of IL&FS on Monday. SBI and ADIA declined to comment, while IL&FS said it would not comment.

Government takes control of infrastructure group IL&FS to stem contagion

Shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes.

BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30.&nbsp

Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent.

Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

Shares ended lower on Tuesday, snapping three sessions of gains, with lenders such as ICICI Bank Ltd and State Bank of India weighing on the indexes. BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30. Nifty bank index ended 1.4 percent lower and the Nifty PSU bank index dropped 2.95 percent. Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.

Sensex slips below 35,000, Nifty settles at 10,633 due to banking stocks

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