Fitch Ratings, the prominent credit ratings agency has issued a stark warning that it might downgrade several major Banks including the likes of JP Morgan Chase.

Fitch Ratings considers downgrades for dozens US banks

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

From Intesa Sanpaolo to Unicredit and Monte dei Paschi di Siena, banks lost between six and eight per cent in early morning trading in Milan on the news of the tax, adopted by Prime Minister Giorgia Meloni's ministers late Monday.&nbsp;

The government was "using part of the banks' billion-dollar profits to help families and businesses affected by rising interest rates", Deputy Prime Minister Matteo Salvini said on X, formerly known as Twitter.&nbsp;

He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes.

The rate hike by the ECB -- the central bank for the 20 countries that use the euro, including Italy -- has boosted banks' profits but increased the cost of money for households and businesses, he said.

Meloni is also using the tax to raise funds for the draft budget for 2024, in part to counter a surprise 0.3 per cent decline in gross domestic product (GDP) in the second quarter of 2023.

Italian banks, like their European counterparts, saw their net interest income soar in the wake of the rise in interest rates.

Italy's biggest bank Intesa Sanpaolo saw its net profit jump 80 per cent to 4.2 billion euros in the first half, while its rival UniCredit posted a half-yearly net profit of 4.4 billion euros.

Spain's left-wing government has also introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB.

Salvini described the Italian cabinet's move as "common sense", but Francesco Galietti, from the Policy Sonar consultancy, said it was a "hugely controversial tax".

Parliament now has two months to convert the cabinet's decree into law, during which time it can be significantly changed. 
 
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Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates.

Shares in Italian banks plunged early Tuesday after the country's right-wing cabinet approved a surprise 40 per cent windfall tax on "surplus profits" generated by the rise in interest rates. From Intesa Sanpaolo to Unicredit and Monte dei Paschi di Siena, banks lost between six and eight per cent in early morning trading in Milan on the news of the tax, adopted by Prime Minister Giorgia Meloni's ministers late Monday. The government was "using part of the banks' billion-dollar profits to help families and businesses affected by rising interest rates", Deputy Prime Minister Matteo Salvini said on X, formerly known as Twitter. He told reporters in Rome after the cabinet meeting that the tax would be levied on banks' "surplus profits" generated by the European Central Bank's interest rate hikes. The rate hike by the ECB -- the central bank for the 20 countries that use the euro, including Italy -- has boosted banks' profits but increased the cost of money for households and businesses, he said. Meloni is also using the tax to raise funds for the draft budget for 2024, in part to counter a surprise 0.3 per cent decline in gross domestic product (GDP) in the second quarter of 2023. Italian banks, like their European counterparts, saw their net interest income soar in the wake of the rise in interest rates. Italy's biggest bank Intesa Sanpaolo saw its net profit jump 80 per cent to 4.2 billion euros in the first half, while its rival UniCredit posted a half-yearly net profit of 4.4 billion euros. Spain's left-wing government has also introduced a similar tax on banks scheduled for 2023 and 2024, drawing criticism from the ECB. Salvini described the Italian cabinet's move as "common sense", but Francesco Galietti, from the Policy Sonar consultancy, said it was a "hugely controversial tax". Parliament now has two months to convert the cabinet's decree into law, during which time it can be significantly changed. 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.

Italy govt shocks with 40 per cent windfall tax on banking sector, leading to share plunge

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe $105,40 million or Rs 87,295 crore to banks and financial institutions.

Of this, top 10 wilful defaulters owe&nbsp;4,929 million (Rs 40,825) crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years (RBI provisional data for FY 2022-23), he said.

"The Reserve Bank of India (RBI) has apprised that the amount owed by top 50 wilful defaulters in SCBs was Rs 87,295 crore as on March 31, 2023," he said.Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. It is followed by Era Infra Engineering Limited owing Rs 5,750 crore, REI Agro Limited Rs 5,148 crore, ABG Shipyard Limited Rs 4,774 crore, and Concast Steel and Power Limited Rs 3,911 crore.

Other wilful defaults are Rotomac Global Private Limited Rs 2,894 crore, Winsome Diamonds and Jewellery Limited Rs 2,846 crore, Frost International Limited Rs 2,518 crore, Shri Lakshmi Cotsyn Limited Rs 2,180 crore and Zoom Developers Private Limited Rs 2,066 crore.

Karad said the provision enabling banks to enter into compromise settlement in respect of borrowers categorised as fraud or wilful defaulter is not a new regulatory instruction and has been the settled regulatory stance for more than fifteen years.

"RBI had advised IBA, vide letter dated May 10, 2007, that, banks may enter into compromise settlement with wilful defaulters/ fraudulent borrowers without prejudice to the criminal proceeding underway against such borrowers and all such cases of compromise settlements should be vetted by Management Committee/Board of banks," he said.

Further, he said, compromise settlement with borrowers classified as wilful defaulters or fraud is also covered in RBI's Master Circular on Wilful Defaulters dated July 1, 2015 and Master Directions on Frauds dated July 1, 2016.

The compromise settlement, however, is not a matter of right for borrower but is a discretion to be exercised by lenders based on their commercial judgements, he said.

As per RBI's circular dated June 8, 2023, he said, regulated entities may undertake compromise settlements or technical write-offs in respect of accounts classified as fraud or wilful defaulter without prejudice to the criminal proceeding underway against such borrowers, and all such proposals need to be approved by the board.

As per inputs received from RBI, he said, the framework prescribes minimum cooling-off period of 12 months as a general prescription for normal cases of compromise settlements, without prejudice to the penal measures applicable in respect of borrowers classified as a wilful defaulter.

"Such penal measures, as per the RBI's Master Circular on Wilful Defaulters dated July 1, 2015, entail, inter alia, that no additional facilities should be granted by any bank/financial institutions to borrowers listed as wilful defaulters, and that such companies (including their entrepreneurs/promoters) get debarred from institutional finance for floating new ventures for a period of five years from the date of removal of their name from the list of wilful defaulters," he said.

Replying to another question, Karad said public at large have benefited from the amalgamation as the amalgamated bank is offering enhanced access to banking services through a stronger and larger network, greater financial inclusion of the underprivileged, wider and customised array of banking and other financial products and services, and improved digital experience through investments in technology.

Employees have benefited through opening up of wider career and geographical opportunities, enhanced depth and breadth of employees' exposure and improved perquisites through harmonisation of benefits on best-across-banks basis, while ensuring that no employee has lost his or her job as a result of the amalgamation, he said.

In a separate reply, Karad said 66,069 frauds were reported in 2022-23 causing a loss of Rs 85.25 crore. In the previous year, 65,893 frauds were reported with financial implication of Rs 115.36 crore.

In order to prevent fraudulent online transactions, he said, RBI has been issuing various instructions to the regulated entities from time to time.

"RBI had issued a comprehensive circular on Cyber Security Framework for Banks in June, 2016 and for Urban Cooperative Banks in October, 2018 respectively. As per these circulars, banks were advised to put in place a board-approved cyber security policy elucidating the strategy containing an appropriate approach to combat cyber threats given the level of complexity of business and acceptable levels of risk," he said.

Further, he said, to enhance the cyber security posture of online transaction and prevent cyber frauds, Indian Computer Emergency Response Team (CERT-In) issues alerts and advisories regarding latest cyber threats/vulnerabilities and countermeasures to protect computers and networks on an ongoing basis, tracking and disabling phishing websites and facilitating the investigation of fraudulent activities in coordination with service providers, regulators, and law enforcement agencies.

With regard to complaints received by the JanSamarth Portal, he said, total 23,276 grievances have been received since its launch, out of which 21,250 complaints have been closed in a time-bound manner.

JanSamarth Portal was launched to provide a common platform for availing loan under few credit-linked government schemes to start with.

(With inputs from agencies)

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The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe $105,40 million or Rs 87,295 crore to banks and financial institutions.

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe $105,40 million or Rs 87,295 crore to banks and financial institutions. Of this, top 10 wilful defaulters owe 4,929 million (Rs 40,825) crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years (RBI provisional data for FY 2022-23), he said. "The Reserve Bank of India (RBI) has apprised that the amount owed by top 50 wilful defaulters in SCBs was Rs 87,295 crore as on March 31, 2023," he said.Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. It is followed by Era Infra Engineering Limited owing Rs 5,750 crore, REI Agro Limited Rs 5,148 crore, ABG Shipyard Limited Rs 4,774 crore, and Concast Steel and Power Limited Rs 3,911 crore. Other wilful defaults are Rotomac Global Private Limited Rs 2,894 crore, Winsome Diamonds and Jewellery Limited Rs 2,846 crore, Frost International Limited Rs 2,518 crore, Shri Lakshmi Cotsyn Limited Rs 2,180 crore and Zoom Developers Private Limited Rs 2,066 crore. Karad said the provision enabling banks to enter into compromise settlement in respect of borrowers categorised as fraud or wilful defaulter is not a new regulatory instruction and has been the settled regulatory stance for more than fifteen years. "RBI had advised IBA, vide letter dated May 10, 2007, that, banks may enter into compromise settlement with wilful defaulters/ fraudulent borrowers without prejudice to the criminal proceeding underway against such borrowers and all such cases of compromise settlements should be vetted by Management Committee/Board of banks," he said. Further, he said, compromise settlement with borrowers classified as wilful defaulters or fraud is also covered in RBI's Master Circular on Wilful Defaulters dated July 1, 2015 and Master Directions on Frauds dated July 1, 2016. The compromise settlement, however, is not a matter of right for borrower but is a discretion to be exercised by lenders based on their commercial judgements, he said. As per RBI's circular dated June 8, 2023, he said, regulated entities may undertake compromise settlements or technical write-offs in respect of accounts classified as fraud or wilful defaulter without prejudice to the criminal proceeding underway against such borrowers, and all such proposals need to be approved by the board. As per inputs received from RBI, he said, the framework prescribes minimum cooling-off period of 12 months as a general prescription for normal cases of compromise settlements, without prejudice to the penal measures applicable in respect of borrowers classified as a wilful defaulter. "Such penal measures, as per the RBI's Master Circular on Wilful Defaulters dated July 1, 2015, entail, inter alia, that no additional facilities should be granted by any bank/financial institutions to borrowers listed as wilful defaulters, and that such companies (including their entrepreneurs/promoters) get debarred from institutional finance for floating new ventures for a period of five years from the date of removal of their name from the list of wilful defaulters," he said. Replying to another question, Karad said public at large have benefited from the amalgamation as the amalgamated bank is offering enhanced access to banking services through a stronger and larger network, greater financial inclusion of the underprivileged, wider and customised array of banking and other financial products and services, and improved digital experience through investments in technology. Employees have benefited through opening up of wider career and geographical opportunities, enhanced depth and breadth of employees' exposure and improved perquisites through harmonisation of benefits on best-across-banks basis, while ensuring that no employee has lost his or her job as a result of the amalgamation, he said. In a separate reply, Karad said 66,069 frauds were reported in 2022-23 causing a loss of Rs 85.25 crore. In the previous year, 65,893 frauds were reported with financial implication of Rs 115.36 crore. In order to prevent fraudulent online transactions, he said, RBI has been issuing various instructions to the regulated entities from time to time. "RBI had issued a comprehensive circular on Cyber Security Framework for Banks in June, 2016 and for Urban Cooperative Banks in October, 2018 respectively. As per these circulars, banks were advised to put in place a board-approved cyber security policy elucidating the strategy containing an appropriate approach to combat cyber threats given the level of complexity of business and acceptable levels of risk," he said. Further, he said, to enhance the cyber security posture of online transaction and prevent cyber frauds, Indian Computer Emergency Response Team (CERT-In) issues alerts and advisories regarding latest cyber threats/vulnerabilities and countermeasures to protect computers and networks on an ongoing basis, tracking and disabling phishing websites and facilitating the investigation of fraudulent activities in coordination with service providers, regulators, and law enforcement agencies. With regard to complaints received by the JanSamarth Portal, he said, total 23,276 grievances have been received since its launch, out of which 21,250 complaints have been closed in a time-bound manner. JanSamarth Portal was launched to provide a common platform for availing loan under few credit-linked government schemes to start with. (With inputs from agencies) 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.

India: Top 50 wilful defaulters owe $105,40 million to banks

Top banks have finally spoken about a major threat, which will eventually put pressure on the global economy. Top European banks have pointed out that. Bad loans are going to negatively impact global finance, as well as people's confidence in the banking system.

Top European banks worry about bad loans | World Business Watch

Worries about recent bank failures and bailouts are rippling through the world economy, from New York to Beijing, and central bankers are working to calm depositors and financial markets. WION-VOA brings you this report from California, where a major player in the tech industry, Silicon Valley Bank, collapsed earlier this month.

WION-VOA Co-Production: Fears of bank failure grip markets

Slaying elevated inflation and combating a financial crisis - that's the challenge keeping the US Federal Reserve and other central bankers on their toes. Both these issues are not new.

Slaying elevated inflation and combating a financial crisis - that's the challenge keeping the US Federal Reserve and other central bankers on their toes. Both these issues are not new. But what happens when they need to be addressed at the same time? Is there a playbook that central banks can turn to? Former Federal Reserve Chair Paul Volcker slayed inflation, and Ben Bernanke saved the banks, but can current Chief Jerome Powell do both? Well, that is the need of the hour. The current banking crisis threatens financial stability, while inflation threatens to push ahead. And that is not restricted to the confines of the US but risks spreading beyond its borders. At first glance, the Fed under Powell's leadership and other major central banks continued this week with the same policy they have had in place for the past year, which is to raise interest rates to bring down inflation. In reality, however, everything is different now that a series of bank failures has sent tremors through global financial markets. Threats to financial stability were not even on the radar of central bankers until recently. To hear Powell and his colleagues tell it, avoiding another round of inflation like the one experienced in the 1970s is still job one. But the signal is shifting that is warranting a policy similar to what Ben Bernanke used during and after the global financial crisis. Bernanke fought off the 2008 crisis by adopting unprecedented methods, including doling out free cash to banks. Turning for the worse? After Silicon Valley Bank failed and Credit Suisse was taken over by a shotgun marriage, the Fed only raised interest rates by half as much as was anticipated. The European Central Bank and the Swiss National Bank hiked as expected, but they refrained from providing any forward guidance. The recent wild swings in market bets on policy show that investors, too, are having a hard time figuring this out. After SVB's failure, they shifted from pricing in an aggressive Fed that hikes several more times to pricing in a "we're all doomed" scenario of imminent rate cuts. Analysts say the core dilemma for policymakers is that prescriptions for controlling prices and boosting banks point in opposite directions. ALSO READ | US Fed delivers 25 points rate hike amid global banking turmoil According to Ethan Harris, Head of Global Economics Research at Bank of America, "the market is acting as if we're in the midst of a pretty serious crisis." "It's putting a very high weight on an adverse scenario where you have a big financial event and a very bad economy," added BofA's Harris, who was the former head of research at Lehman Brothers before its collapse in 2008. WATCH | Silicon Valley Bank's bankruptcy faces challenges × To get inflation down, central banks jack up rates. They give money to struggling lenders and lower the cost of borrowing to avert crises. And the danger is that they end up with the worst of both worlds: a full-blown crisis that triggers a recession. Then central banks would be forced to abandon the fight against inflation before it was over. Anna Wong, Chief US economist at Bloomberg, drawing on a study of American banking crises over the last 140 years, said, "the tension between fighting inflation versus preserving financial stability is now more stark than any time in the Fed's history." The current crisis would have to take a significant turn for the worse," she says referring that tighter credit would take a decent-sized bite out of inflation. And if that doesn’t happen, "markets will have to revise up their estimates for the Fed’s policy path." So, what remains to be seen is, have the predictions now turned for the worse, or the better? A softer tone or an aggressive one will define the path the world's largest economy takes. WATCH WION LIVE HERE:

Analysis: Can the US Fed save banks and fight inflation at the same time?

The largest banks in the United States on Thursday moved to rescue the First Republic, easing growing fears that the regional lender may be next to fall after some recent collapses which include Silicon Valley Bank.

A group of 11 private banks in the United States, which include Citigroup, JPMorgan Chase and Bank of America, announced that $30 billion will be deposited by them into the First Republic.

The step marks a dramatic initiative by the lenders to support the system after the failures of three lenders in the last week.

ALSO READ | <a href="https://www.wionews.com/business-economy/us-first-republic-bank-drops-70-amid-silicon-valley-bank-collapse-regional-banks-raise-concern-571937">US: First Republic Bank drops 70% amid Silicon Valley Bank collapse, regional banks raise concern</a>

"This action by America's largest banks reflects their confidence in the First Republic and in banks of all sizes," stated the group, in a joint statement.

"Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most," the banks added.

"This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," stated leaders of the Federal Deposit Insurance Corporation, US Federal Reserve, Treasury Department and Office of the Comptroller of the Currency in a joint statement.

JPMorgan Chase, Bank of America, Wells Fargo and Citigroup each are making an uninsured deposit of $5 billion in the First Republic, while Morgan Stanley and Goldman will pump in $2.5 billion each.

Another group of five lenders, which include US Bank and PNC Bank, will each allot $1 billion.

First Republic founder Jim Herbert and CEO Mike Roffler, in a statement, said the "collective support strengthens our liquidity position... and is a vote of confidence for First Republic and the entire US banking system."

WATCH | SVB Collapse: Moody's to re-evaluate ratings of six banks

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Meanwhile, US banks were lent nearly $12 billion by the Federal Reserve under a new one-year lending programme announced on Sunday, as steps were taken by the authorities to relax stress on the financial system after the collapse of Silicon Valley Bank.

Under the Bank Term Funding Programme, the total outstanding amount of all advances reached $11.9 billion by Wednesday, said the US central bank in a statement on Thursday.

(With inputs from agencies)

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The largest banks in the United States on Thursday moved to rescue the First Republic, easing growing fears that the regional lender may be next to fall after some recent collapses which include Silicon Valley Bank.

The largest banks in the United States on Thursday moved to rescue the First Republic, easing growing fears that the regional lender may be next to fall after some recent collapses which include Silicon Valley Bank. A group of 11 private banks in the United States, which include Citigroup, JPMorgan Chase and Bank of America, announced that $30 billion will be deposited by them into the First Republic. The step marks a dramatic initiative by the lenders to support the system after the failures of three lenders in the last week. ALSO READ | US: First Republic Bank drops 70% amid Silicon Valley Bank collapse, regional banks raise concern "This action by America's largest banks reflects their confidence in the First Republic and in banks of all sizes," stated the group, in a joint statement. "Together, we are deploying our financial strength and liquidity into the larger system, where it is needed the most," the banks added. "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," stated leaders of the Federal Deposit Insurance Corporation, US Federal Reserve, Treasury Department and Office of the Comptroller of the Currency in a joint statement. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup each are making an uninsured deposit of $5 billion in the First Republic, while Morgan Stanley and Goldman will pump in $2.5 billion each. Another group of five lenders, which include US Bank and PNC Bank, will each allot $1 billion. First Republic founder Jim Herbert and CEO Mike Roffler, in a statement, said the "collective support strengthens our liquidity position... and is a vote of confidence for First Republic and the entire US banking system." WATCH | SVB Collapse: Moody's to re-evaluate ratings of six banks Meanwhile, US banks were lent nearly $12 billion by the Federal Reserve under a new one-year lending programme announced on Sunday, as steps were taken by the authorities to relax stress on the financial system after the collapse of Silicon Valley Bank. Under the Bank Term Funding Programme, the total outstanding amount of all advances reached $11.9 billion by Wednesday, said the US central bank in a statement on Thursday. (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

Largest banks move to shore up First Republic Bank in United States

The US announced a new set of sanctions on Moscow on Friday marking the one-year anniversary of the Ukraine war to impose further economic costs on Russia. In coordination with G7 partners and allies, the US Departments of the Treasury and State will implement sweeping sanctions against key revenue-generating sectors like defence&nbsp;and banks, besides blocking access to semiconductors.&nbsp;

As per a White House press release, the new sanctions&nbsp;will result in sanctions being imposed on over 200 individuals and entities, including both Russian and third-country actors across Europe, Asia, and the Middle East "that are supporting Russia’s war effort."

The White House said in a statement that it was joining with partners in the Group of Seven countries to impose new financial penalties designed to stop the funding of Moscow’s war machine.&nbsp;The&nbsp;measures will include sanctions on 200 people and companies, restricting exports to Russia and increasing tariffs on products from the country.

US President Joe Biden said in&nbsp;a tweet on Friday, “From Kherson to Kharkiv — Ukrainian fighters have reclaimed their land. And in more than half of the territory Russia held last year, the Ukrainian flag proudly waves once more.”

Also Read | <a href="https://www.wionews.com/world/russia-resorting-to-spammer-tactics-to-control-online-conversations-about-ukraine-war-says-meta-565431">Russia resorting to spammer tactics to control online conversations about Ukraine war, says Meta</a>

The target will be a dozen Russian financial institutions, as well as Russian officials and proxy authorities "illegitimately" operating in Ukraine.&nbsp;Sanctions were also announced on "additional actors tied to Russia’s defence and technology industry, including those responsible for backfilling Russian stocks of sanctioned items or enabling Russian sanctions evasion."

"It also includes the targeting of Russia’s future energy capabilities in a manner that does not impact current production to minimize market disruption. The United States also is expanding its sanctions authorities to Russia’s metals and mining sector, tailored to minimize market disruption," the press release added.&nbsp;

Moreover, to restrict exports to Russia, the US Department of Commerce will take several export control actions, listing nearly 90 Russian and third-country companies, including in China among other countries, for engaging in activities in support of Russia’s defence sector.&nbsp;

These listings will prohibit the targeted companies from purchasing items, such as semiconductors, whether made in the US or with certain US technology or software abroad. "Commerce will also take action alongside G7 partners and allies to align measures on industrial machinery, luxury goods, and other items, as well as issue new restrictions to prevent components found in Iranian drones from making their way onto the battlefield in Ukraine," the statement read.&nbsp;

Also Read | <a href="https://www.wionews.com/world/boris-johnson-might-not-support-rishi-sunaks-northern-ireland-deal-565423">Boris Johnson might not support Rishi Sunak’s Northern Ireland deal</a>

Another sanction includes increasing tariffs on Russian products. This will raise tariffs on certain Russian products imported to the United States, building on previous efforts to strip Russia of its international trade privileges.&nbsp;

These measures, the White House said, are designed to target key Russian commodities generating revenue for the Kremlin while reducing US reliance on Russia.&nbsp;

"These measures are carefully calibrated to impose costs on Russia while minimising costs to US consumers. Today’s action will result in increased tariffs on more than 100 Russian metals, minerals, and chemical products worth approximately $2.8 billion to Russia."

Watch | <a href="https://www.wionews.com/videos/wion-speed-news-un-general-assembly-votes-on-ukraine-peace-resolution-565525">WION Speed News: UN General Assembly votes on Ukraine peace resolution</a>

It will also significantly increase costs for the aluminium that was smelted or cast in Russia to enter the US market "in order to counter harm to the domestic aluminium industry, which is being squeezed by energy costs as a result of Russia’s invasion of Ukraine." 
 
(With inputs from agencies)

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The US announced a new set of sanctions on Moscow on Friday marking the one-year anniversary of the Ukraine war to impose further economic costs on Russia. In coordination with G7 partners and allies, the US Departments of the Treasury and State will implement sweeping sanctions against key revenue-generating sectors like defence and banks, besides blocking access to semiconductors.

The US announced a new set of sanctions on Moscow on Friday marking the one-year anniversary of the Ukraine war to impose further economic costs on Russia. In coordination with G7 partners and allies, the US Departments of the Treasury and State will implement sweeping sanctions against key revenue-generating sectors like defence and banks, besides blocking access to semiconductors. As per a White House press release, the new sanctions will result in sanctions being imposed on over 200 individuals and entities, including both Russian and third-country actors across Europe, Asia, and the Middle East "that are supporting Russia’s war effort." The White House said in a statement that it was joining with partners in the Group of Seven countries to impose new financial penalties designed to stop the funding of Moscow’s war machine. The measures will include sanctions on 200 people and companies, restricting exports to Russia and increasing tariffs on products from the country. US President Joe Biden said in a tweet on Friday, “From Kherson to Kharkiv — Ukrainian fighters have reclaimed their land. And in more than half of the territory Russia held last year, the Ukrainian flag proudly waves once more.” Also Read | Russia resorting to spammer tactics to control online conversations about Ukraine war, says Meta The target will be a dozen Russian financial institutions, as well as Russian officials and proxy authorities "illegitimately" operating in Ukraine. Sanctions were also announced on "additional actors tied to Russia’s defence and technology industry, including those responsible for backfilling Russian stocks of sanctioned items or enabling Russian sanctions evasion." "It also includes the targeting of Russia’s future energy capabilities in a manner that does not impact current production to minimize market disruption. The United States also is expanding its sanctions authorities to Russia’s metals and mining sector, tailored to minimize market disruption," the press release added. Moreover, to restrict exports to Russia, the US Department of Commerce will take several export control actions, listing nearly 90 Russian and third-country companies, including in China among other countries, for engaging in activities in support of Russia’s defence sector. These listings will prohibit the targeted companies from purchasing items, such as semiconductors, whether made in the US or with certain US technology or software abroad. "Commerce will also take action alongside G7 partners and allies to align measures on industrial machinery, luxury goods, and other items, as well as issue new restrictions to prevent components found in Iranian drones from making their way onto the battlefield in Ukraine," the statement read. Also Read | Boris Johnson might not support Rishi Sunak’s Northern Ireland deal Another sanction includes increasing tariffs on Russian products. This will raise tariffs on certain Russian products imported to the United States, building on previous efforts to strip Russia of its international trade privileges. These measures, the White House said, are designed to target key Russian commodities generating revenue for the Kremlin while reducing US reliance on Russia. "These measures are carefully calibrated to impose costs on Russia while minimising costs to US consumers. Today’s action will result in increased tariffs on more than 100 Russian metals, minerals, and chemical products worth approximately $2.8 billion to Russia." Watch | WION Speed News: UN General Assembly votes on Ukraine peace resolution It will also significantly increase costs for the aluminium that was smelted or cast in Russia to enter the US market "in order to counter harm to the domestic aluminium industry, which is being squeezed by energy costs as a result of Russia’s invasion of Ukraine." (With inputs from agencies) 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.

US announces new sanctions on Russian banks, defence sector, blocks semiconductor access

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels. The initiative launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 organisations across 45 countries with assets of more than $130 trillion who signed up to align their investments with the goal of limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels.&nbsp;

The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance claims that 56 of the largest member banks of the Net-Zero Banking Alliance (NZBA), a subgroup under GFANZ have provided $270 billion to 102 major fossil fuel developers through 134 loans and 215 underwriting arrangements. This includes several major banks across Europe, the United Kingdom as well as the United States. &nbsp; 
 
"These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent&nbsp;of the new oil and gas the industry intends to bring on-line by 2030," stated the report.&nbsp;

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🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero <a href="https://twitter.com/hashtag/GFANZ?src=hash&amp;ref_src=twsrc%5Etfw">#GFANZ</a>, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣 
 
It's the finding of a report published today by 13 NGOs including Reclaim Finance.<a href="https://twitter.com/hashtag/GFANZFuelsFire?src=hash&amp;ref_src=twsrc%5Etfw">#GFANZFuelsFire</a> <a href="https://twitter.com/hashtag/wef23?src=hash&amp;ref_src=twsrc%5Etfw">#wef23</a> <a href="https://t.co/iYWzgEPEeI">pic.twitter.com/iYWzgEPEeI</a>
— Reclaim Finance (@ReclaimFinance) <a href="https://twitter.com/ReclaimFinance/status/1615264364654649345?ref_src=twsrc%5Etfw">January 17, 2023</a></blockquote>
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“GFANZ members are acting as climate arsonists. They’ve pledged to achieve net zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said Paddy McCully, senior analyst and the author of the report, as per the Guardian. He added, “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil and fossil gas expansion.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/three-big-central-banks-financing-deforestation-of-brazils-amazon-forest-report-520610">Three big central banks financing Brazil’s Amazon forest deforestation firms: Report</a>

Meanwhile, 58 of the largest members of Net Zero Asset Managers (NZAM), another group under GFANZ hold at least $847 billion in stocks and bonds in 201 major fossil fuel companies, as of September last year, said the report. According to the&nbsp;France-based group,&nbsp;the fossil fuel companies in question&nbsp;develop new coal-related power plants, mines and infrastructure or new oil and gas fields, pipelines and terminals.&nbsp;

The report accounts for 161 GFANZ members who have provided financial support to at least 230 of the world’s largest fossil fuel developers. Some of the major names from Wall Street include Citigroup and Bank of America (BofA) who have reportedly contributed at least $53 billion to oil, gas and coal firms either in underwriting or lending since they became a part of the NZBA in April 2021. In the UK, Legal &amp; General Investment Management Limited (LGIM), which is the biggest company in the country to be a part of the initiative, held at least $13 billion worth of assets in fossil fuel developers, said the report.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-climate-tracker-united-states-protests-against-world-bank-investing-in-fossil-fuels-525204">WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels</a>

“The science is very clear: we must stop the development of new coal, oil and gas projects as soon as possible if we are to meet our climate objectives and avoid a doomsday scenario. . Yet it is business as usual for the majority of banks and investors who continue to support booming fossil fuel companies without restriction, despite their high-profile commitments to carbon neutrality,” said Lucie Pinson founder of Reclaim Finance, in a statement. She also went on to accuse banks and investors of “greenwashing” and called it “damaging” as it casts a doubt on all net zero commitments as well as undermines efforts of people who really act for the climate.&nbsp; 
 
&nbsp;

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A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels.

A recent analysis comparing industry pledges to climate action by the France-based group Reclaim Finance shows banks and financial institutions, a part of the Glasgow Financial Alliance for Net Zero (GFANZ) initiative, continue to invest billions in fossil fuels. The initiative launched by the former Bank of England governor, Mark Carney, in 2021 includes 450 organisations across 45 countries with assets of more than $130 trillion who signed up to align their investments with the goal of limiting global temperature rise by 1.5 degree Celsius above pre-industrial levels. The report published, on Tuesday (January 17), by 13 NGOs, including Reclaim Finance claims that 56 of the largest member banks of the Net-Zero Banking Alliance (NZBA), a subgroup under GFANZ have provided $270 billion to 102 major fossil fuel developers through 134 loans and 215 underwriting arrangements. This includes several major banks across Europe, the United Kingdom as well as the United States. "These 102 companies are currently planning to bring into production an extra 137 billion barrels of oil equivalent, equal to 60 per cent of the new oil and gas the industry intends to bring on-line by 2030," stated the report. 🚨 NEW REPORT: since joining the Glasgow Financial Alliance for Net Zero #GFANZ, financial institutions have provided HUNDREDS OF BILLIONS of $ to fossil fuel expansion 💣 It's the finding of a report published today by 13 NGOs including Reclaim Finance.#GFANZFuelsFire #wef23 pic.twitter.com/iYWzgEPEeI — Reclaim Finance (@ReclaimFinance) January 17, 2023 × “GFANZ members are acting as climate arsonists. They’ve pledged to achieve net zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said Paddy McCully, senior analyst and the author of the report, as per the Guardian. He added, “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil and fossil gas expansion.” ALSO READ | Three big central banks financing Brazil’s Amazon forest deforestation firms: Report Meanwhile, 58 of the largest members of Net Zero Asset Managers (NZAM), another group under GFANZ hold at least $847 billion in stocks and bonds in 201 major fossil fuel companies, as of September last year, said the report. According to the France-based group, the fossil fuel companies in question develop new coal-related power plants, mines and infrastructure or new oil and gas fields, pipelines and terminals. The report accounts for 161 GFANZ members who have provided financial support to at least 230 of the world’s largest fossil fuel developers. Some of the major names from Wall Street include Citigroup and Bank of America (BofA) who have reportedly contributed at least $53 billion to oil, gas and coal firms either in underwriting or lending since they became a part of the NZBA in April 2021. In the UK, Legal & General Investment Management Limited (LGIM), which is the biggest company in the country to be a part of the initiative, held at least $13 billion worth of assets in fossil fuel developers, said the report. ALSO WATCH | WION Climate Tracker | United States: Protests against World Bank investing in fossil fuels “The science is very clear: we must stop the development of new coal, oil and gas projects as soon as possible if we are to meet our climate objectives and avoid a doomsday scenario. . Yet it is business as usual for the majority of banks and investors who continue to support booming fossil fuel companies without restriction, despite their high-profile commitments to carbon neutrality,” said Lucie Pinson founder of Reclaim Finance, in a statement. She also went on to accuse banks and investors of “greenwashing” and called it “damaging” as it casts a doubt on all net zero commitments as well as undermines efforts of people who really act for the climate. 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.

‘Climate arsonists’: Financial actors invest billions into fossil fuels despite net zero pledges, says study

US banking giants are forecast to report lower fourth quarter profits this week as lenders stockpile rainy-day funds to prepare for an economic slowdown that is battering investment banking.

World Business Watch: U.S. banks get ready for profit crunch

Reports say U.S banks and financial institutions have processed roughly 1.2 billion dollars in likely ransomware payments last year. Watch this report.

U.S. Banks' record ransomware payments: 50% of attacks attributed to Russian cyber attacks

Banks that vowed to back Elon Musk's acquisition of Twitter have reportedly begun disbursing a combined $13 billion to finalise the deal.

A few hours after Musk visited Twitter's headquarters in San Francisco, California, word of the transfers broke.

The CEO of Tesla has formally started the $44 billion buyout of Twitter by sending borrowing notifications to banks, the Wall Street Journal (WSJ) reported on Wednesday. Funding notices, like the one Musk issued to the banks, are typically delivered three to five days prior to the requirement for the funds.

Also read |&nbsp;<a href="https://www.wionews.com/world/where-did-the-tweeters-go-twitter-is-losing-its-most-active-users-report-suggests-528400">Where did the Tweeters Go? Twitter is losing its most active users, report suggests</a>

Banks have apparently begun delivering funds for the acquisition, according to people with knowledge of the situation who spoke to WSJ, sparking speculation that<a href="https://www.wionews.com/world/musk-tells-bankers-co-investors-he-will-close-44bn-twitter-deal-by-friday-report-528370"> the sale is about to close</a>. These people said that Musk will have access to the money after the last loan contract closing requirements are satisfied so he can complete the purchase of Twitter by the end of the week.

An internal message reviewed by WSJ revealed that Twitter told its employees they will hear a word directly from Musk Friday regarding the acquisition.

Earlier, Musk shared a video of his visit to Twitter's corporate headquarters. The SpaceX founder is shown cheerfully walking into the office carrying a bathroom sink. "Let it sink in," he wrote in the post's description as he entered Twitter HQ.

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Entering Twitter HQ – let that sink in! <a href="https://t.co/D68z4K2wq7">pic.twitter.com/D68z4K2wq7</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1585341984679469056?ref_src=twsrc%5Etfw">October 26, 2022</a></blockquote>
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Musk also listed "Twitter HQ" as his location and modified his Twitter bio to "<a href="https://www.wionews.com/world/elon-musk-changes-twitter-bio-to-chief-twit-shares-clip-of-entering-hq-watch-528692">Chief Twit</a>." He said that he would be meeting "a lot of cool people" on Wednesday at the headquarters.

Twitter had filed a lawsuit against Musk, and Delaware Judge Kathaleen McCormick is presiding over it. She agreed to delay the trial until Friday. The trial will begin if Musk doesn't complete his acquisition by then.

It is unclear how venture capital firms that committed to funding Musk's purchase of Twitter will react to recent events involving bank turnovers for the transaction.

As a result of claims that Musk intends to eliminate 75% of the company's workers after he completes the takeover, a recent data analysis indicated that hundreds of employees had left Twitter to work for other internet behemoths.

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Banks that vowed to back Elon Musk's acquisition of Twitter have reportedly begun disbursing a combined $13 billion to finalise the deal. A few hours after Musk visited Twitter's headquarters in San Francisco, California, word of the transfers broke.

Banks that vowed to back Elon Musk's acquisition of Twitter have reportedly begun disbursing a combined $13 billion to finalise the deal. A few hours after Musk visited Twitter's headquarters in San Francisco, California, word of the transfers broke. The CEO of Tesla has formally started the $44 billion buyout of Twitter by sending borrowing notifications to banks, the Wall Street Journal (WSJ) reported on Wednesday. Funding notices, like the one Musk issued to the banks, are typically delivered three to five days prior to the requirement for the funds. Also read | Where did the Tweeters Go? Twitter is losing its most active users, report suggests Banks have apparently begun delivering funds for the acquisition, according to people with knowledge of the situation who spoke to WSJ, sparking speculation that the sale is about to close. These people said that Musk will have access to the money after the last loan contract closing requirements are satisfied so he can complete the purchase of Twitter by the end of the week. An internal message reviewed by WSJ revealed that Twitter told its employees they will hear a word directly from Musk Friday regarding the acquisition. Earlier, Musk shared a video of his visit to Twitter's corporate headquarters. The SpaceX founder is shown cheerfully walking into the office carrying a bathroom sink. "Let it sink in," he wrote in the post's description as he entered Twitter HQ. Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7 — Elon Musk (@elonmusk) October 26, 2022 × Musk also listed "Twitter HQ" as his location and modified his Twitter bio to "Chief Twit." He said that he would be meeting "a lot of cool people" on Wednesday at the headquarters. Twitter had filed a lawsuit against Musk, and Delaware Judge Kathaleen McCormick is presiding over it. She agreed to delay the trial until Friday. The trial will begin if Musk doesn't complete his acquisition by then. It is unclear how venture capital firms that committed to funding Musk's purchase of Twitter will react to recent events involving bank turnovers for the transaction. As a result of claims that Musk intends to eliminate 75% of the company's workers after he completes the takeover, a recent data analysis indicated that hundreds of employees had left Twitter to work for other internet behemoths. WATCH WION LIVE HERE:

Twitter takeover: As Elon Musk visits HQ, banks transact $13 billion in cash for deal

As Lebanese pound hits record low against dollar, tensions seem to rise. Protests broke out in the capital city of Beirut. Watch this video to understand what's behind Lebanon's economic crisis? Why people are being forced to rob banks for their money?

What's behind Lebanon's economic crisis? Why people are being forced to rob banks for their money?

Banks in Lebanon have said they will close for three days next week, after depositors stormed several branches on Friday, holding employees hostage and forcibly demanding to withdraw their savings.

Lebanese banks to close next week; violent raids by depositors surge in Lebanon

Are you tired of standing in line at the bank? Not finding the branch or ATM of your bank nearby? Neobanks can soon solve these problems. A neobank is a type of digital bank that does not have any physical locations.

What is a Neobank? A bank without a building

China's banking system is in trouble with citizens complaining of fraud and worsening energy crisis. The economy seems to be in trouble and to make matter worse, agricultural banks in Henan province are also struggling to repay citizens.

China: Agriculture banks in Henan struggle to repay citizens; citizens question scandals in economy

A large group of angry demonstrators faced off with the police and the staff on Sunday in the city of Zhengzhou. The protest is against the financial scandal that has now grabbed the attention of the entire nation.

China: Protests over freezing of bank deposits; three rural banks under investigation

The Reserve Bank of India has once again raised the primary lending rate and this time by 50 basis points as inflation continues to remain above its comfort level. Now the new lending rate from reserve bank to other public and private banks has now been increased to 4.9% from 4.4%.

Indian Central Bank raises key lending rate by 50 basis points

A phased oil embargo has been announced by the European Union's chief executive on Wednesday, media reports said. &nbsp;

This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine. &nbsp;

More Russian banks will also be hit with sanctions. &nbsp;

In an address to the European Parliament in Strasbourg, European Commission President Ursula von der Leyen announced the measures after 0630 GMT. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/despite-the-ukraine-war-russian-gas-supplies-to-china-soar-by-60-in-2022-report-476197">Despite Ukraine war, Russian gas supplies to China soar by 60% in 2022: Report</a>

These efforts must also be agreed by EU governments. &nbsp;&nbsp;

"We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets," von der Leyen said. &nbsp;&nbsp;

The EU's leader has also called on the bloc to support the move to ban oil imports. &nbsp;

The proposed measures include phasing out supplies of Russian crude oil within six months. It also looked to end the import of refined products by the end of the year. &nbsp;

Watch:&nbsp;'Moscow can end exports and contracts,' Putin warns West over sanctions

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The sixth round of sanctions will also affect Russia's top lender Sberbank, diplomats told Reuters. &nbsp;

It will also get excluded from the SWIFT messaging system. &nbsp;

At the EU level, the ban has not yet been properly discussed as the bloc heavily relies on Russian oil. &nbsp;

Meanwhile, the European Union has also proposed sanctions on the head of Russian Orthodox Church, news agency AFP reported, citing an official document. &nbsp;

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(With inputs from agencies)&nbsp;

Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.&nbsp;

A phased oil embargo has been announced by the European Union's chief executive on Wednesday, media reports said. This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine.

A phased oil embargo has been announced by the European Union's chief executive on Wednesday, media reports said. This development seems to be the latest effort of the bloc to isolate Russia after it invaded Ukraine. More Russian banks will also be hit with sanctions. In an address to the European Parliament in Strasbourg, European Commission President Ursula von der Leyen announced the measures after 0630 GMT. Also Read | Despite Ukraine war, Russian gas supplies to China soar by 60% in 2022: Report These efforts must also be agreed by EU governments. "We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets," von der Leyen said. The EU's leader has also called on the bloc to support the move to ban oil imports. The proposed measures include phasing out supplies of Russian crude oil within six months. It also looked to end the import of refined products by the end of the year. Watch: 'Moscow can end exports and contracts,' Putin warns West over sanctions × The sixth round of sanctions will also affect Russia's top lender Sberbank, diplomats told Reuters. It will also get excluded from the SWIFT messaging system. At the EU level, the ban has not yet been properly discussed as the bloc heavily relies on Russian oil. Meanwhile, the European Union has also proposed sanctions on the head of Russian Orthodox Church, news agency AFP reported, citing an official document. WATCH WION LIVE HERE (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

European Union looks to phase out Russian oil in six months, sanction more banks

Britain also ratcheted up sanctions on Russia. UK in a similar move to the United States has targeted Russia's largest bank and has decided to end all new British investment in Moscow, the latest round of sanctions were in response to the reports of civilians being killed by Russian forces in Bucha.

New sanctions on Russia: UK targets Sberbank and credit bank of Moscow

Although most people are aware of the saying "time is money," few consider it to be a legitimate substitute for cash, and even fewer have utilised it as such.

While time used to be donated on a voluntary basis or as part of a mutual support agreement among neighbours or friends, technology has made time banking a reality.

For the first time, a huge number of individuals can track their time accurately and quickly, turning it into a money that can be banked and exchanged for desired goods and services.&nbsp;

Swiss citizens can save their time and put it to better use later by depositing it in banks.The Swiss Ministry of Health created the Time Bank concept as an old-age assistance programme.

Under the 'time bank' scheme, people save time and volunteer to look after the elderly who require assistance and the number of hours they spend with or caring for seniors is deposited in their individual social security account.

When the volunteer reaches the age when he or she wants support.He or she can take advantage of the "time bank."

He or she will be looked after by a volunteer.

In 2018, a panel of the National Human Rights Commission recommended that India adopt the "time bank" scheme.&nbsp; 
 
Watch |&nbsp;

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What is the scheme?

Time Bank is a barter system that allows people to "deposit" and "withdraw" their time based on their abilities and needs.

This ideology is both basic and noble in its vision, and it is founded on altruistic principles that date back to a simpler era.&nbsp;

How does it work?

The concept of time banking is straightforward.A time-based service is provided by one individual or entity to another entity.

This service could include IT services, consultations, babysitting, hairdressing, gardening, construction, tutoring, or any other time-consuming job.

A time bank is used to track the amount of time spent providing the service.

When time-based units collect in the time bank, they can be used to buy time-based services from other people.&nbsp;

Which countries have begun to implement this system?

Aside from Switzerland, the UK has adopted the 'time bank' plan, and Singapore is considering doing likewise.&nbsp;

(With inputs from agencies)

Although most people are aware of the saying "time is money," few consider it to be a legitimate substitute for cash, and even fewer have utilised it as such. While time used to be donated on a voluntary basis or as part of a mutual support agreement among neighbours or friends, technology has made time banking a reality.

Although most people are aware of the saying "time is money," few consider it to be a legitimate substitute for cash, and even fewer have utilised it as such. While time used to be donated on a voluntary basis or as part of a mutual support agreement among neighbours or friends, technology has made time banking a reality. For the first time, a huge number of individuals can track their time accurately and quickly, turning it into a money that can be banked and exchanged for desired goods and services. Swiss citizens can save their time and put it to better use later by depositing it in banks.The Swiss Ministry of Health created the Time Bank concept as an old-age assistance programme. Under the 'time bank' scheme, people save time and volunteer to look after the elderly who require assistance and the number of hours they spend with or caring for seniors is deposited in their individual social security account. When the volunteer reaches the age when he or she wants support.He or she can take advantage of the "time bank." He or she will be looked after by a volunteer. In 2018, a panel of the National Human Rights Commission recommended that India adopt the "time bank" scheme. Watch | What is the scheme? Time Bank is a barter system that allows people to "deposit" and "withdraw" their time based on their abilities and needs. This ideology is both basic and noble in its vision, and it is founded on altruistic principles that date back to a simpler era. How does it work? The concept of time banking is straightforward.A time-based service is provided by one individual or entity to another entity. This service could include IT services, consultations, babysitting, hairdressing, gardening, construction, tutoring, or any other time-consuming job. A time bank is used to track the amount of time spent providing the service. When time-based units collect in the time bank, they can be used to buy time-based services from other people. Which countries have begun to implement this system? Aside from Switzerland, the UK has adopted the 'time bank' plan, and Singapore is considering doing likewise. (With inputs from agencies)

Watch | 'Time is money': People in Switzerland can actually deposit their time in banks

In letters to the National Command and Operation Centre (NCOC) and the provincial home department on Sunday, the health department of Sindh, Pakistan wrote that it is seeking to make vaccination certificates mandatory for people to get services at banks, post offices, restaurants, hotels and courier services' offices.

Watch:&nbsp;Tehreek-E-Taliban Pakistan claims attack in Quetta

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Seeking "obligatory vaccination regime", the NCOC has been requested by the provincial health department to direct bankers and post office staff to offer services to only vaccinated citizens after production of valid proof. &nbsp;

The health department has asked the home department to ensure that vaccination certificates be made essential for restaurants and hotels too. It urged the home secretary to issue "necessary directions" to the concerned officials. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-holds-virtual-meet-with-afghanistans-neighbours-410935" hreflang="en">Pakistan holds virtual meet with Afghanistan’s neighbours</a>

“To make the vaccination drive more successful, it is highly recommended that all the restaurants/hotels may provide their hospitality services (check in/outdoor dining services) to only those people, who are vaccinated,” the health department wrote. &nbsp;

The provincial health department wants the vaccination to be made an obligatory part of the COVID-19 standard operating procedures (SOPs) issued for these places.&nbsp;

In letters to the National Command and Operation Centre (NCOC) and the provincial home department on Sunday, the health department of Sindh, Pakistan wrote that it is seeking to make vaccination certificates mandatory for people to get services at banks, post offices, restaurants, hotels and courier services' offices.

In letters to the National Command and Operation Centre (NCOC) and the provincial home department on Sunday, the health department of Sindh, Pakistan wrote that it is seeking to make vaccination certificates mandatory for people to get services at banks, post offices, restaurants, hotels and courier services' offices. Watch: Tehreek-E-Taliban Pakistan claims attack in Quetta × Seeking "obligatory vaccination regime", the NCOC has been requested by the provincial health department to direct bankers and post office staff to offer services to only vaccinated citizens after production of valid proof. The health department has asked the home department to ensure that vaccination certificates be made essential for restaurants and hotels too. It urged the home secretary to issue "necessary directions" to the concerned officials. Also Read: Pakistan holds virtual meet with Afghanistan’s neighbours “To make the vaccination drive more successful, it is highly recommended that all the restaurants/hotels may provide their hospitality services (check in/outdoor dining services) to only those people, who are vaccinated,” the health department wrote. The provincial health department wants the vaccination to be made an obligatory part of the COVID-19 standard operating procedures (SOPs) issued for these places.

Pakistan’s Sindh looks to make Covid inoculation mandatory to enter banks, post offices, restaurants

In pics| Kabul residents protest against closure of banks

Iran's chief nuclear negotiator said on Saturday, Tehran expects US sanctions on oil, banks and most individuals and institutions to be lifted based on agreements so far in Vienna talks, Iranian media reported, while Washington again played down the prospect of an imminent breakthrough.&nbsp;

Russia and Western European powers, meanwhile, gave contrasting accounts of the task ahead in the talks to bring Iran and the United States fully back into compliance with a 2015 nuclear deal, as the talks adjourned for six days.&nbsp;

"Sanctions ... on Iran's energy sector, which include oil and gas, or those on the automotive industry, financial, banking and port sanctions, all should be lifted based on agreements reached so far," Deputy Foreign Minister Abbas Araqchi was quoted as saying by Iranian state media.&nbsp;

Araqchi did not say under which mechanism sanctions would be lifted or refer to how Tehran would meet Washington's demands and return to its commitments under the deal.&nbsp;

"We will negotiate until the two sides’ positions come closer and our demands are met," he said. "If they are met there will be an agreement, if not, there will naturally be no agreement."&nbsp;

Asked to comment, the US State Department referred back to past statements, including remarks on Friday from the US national security adviser, Jake Sullivan, who said the talks were in ‘an unclear place’.&nbsp;

"We've seen willingness of all sides, including the Iranians, to talk seriously about sanctions relief restrictions and a pathway back into the JCPOA," Sullivan said, referring to the Joint Comprehensive Plan of Action, the nuclear deal's title. &nbsp;

"But it is still uncertain as to whether this will culminate in a deal in Vienna," he said. &nbsp;

The State Department also referred to remarks by State Department spokesman Ned Price on Thursday, when he said the sides were 'not on the cusp of any breakthrough' and there was 'a potentially long road ahead’.&nbsp;

President Joe Biden is seeking to return to the deal that former President Donald Trump withdrew from in 2018. Trump reimposed sanctions against Tehran and Iran responded by breaching many of the deal's limits on its nuclear activities.&nbsp;

Talks began last month in Vienna with the remaining parties to the deal - Iran, Russia, China, France, Britain and Germany - meeting in the basement of a luxury hotel, and the United States based in another hotel across the street. Iran has refused to hold direct meetings with US officials.&nbsp;

"We have much work, and little time, left. Against that background, we would have hoped for more progress this week," senior diplomats from the so-called E3 - France, Britain and Germany - said in a statement. &nbsp;

Officials have said they hope to reach a deal by May 21, when an agreement between Tehran and the UN nuclear watchdog on continued monitoring of some Iranian nuclear activities is due to expire. &nbsp;

"We have yet to come to an understanding on the most critical points. Success is by no means guaranteed, but not impossible," they added.&nbsp;

Russia's ambassador to the UN nuclear watchdog, Mikhail Ulyanov, told reporters after a meeting of the remaining parties wrapping up the third round of talks that breakthroughs should not be expected in the days to come. He said the talks would reconvene on Friday. &nbsp;

"We need simply to continue diplomatic, day-to-day work, and we have all the reasons to expect that the outcome, (the) final outcome, will be successful and it will come quite soon, in a few weeks," said Ulyanov, one of the more optimistic voices at the talks. &nbsp;

The break in talks was widely expected as diplomats said officials from several countries are also involved in the Group of Seven foreign ministers' meeting in London that begins on Monday and ends on Wednesday.&nbsp;

In his remarks, Araqchi said that "There are individuals and institutions that have been specifically sanctioned and their (the US) list is long. Talks on the list are still ongoing". He added that under what had been agreed so far, more than a majority of the list would have the sanctions lifted.&nbsp;

(With inputs from agencies) &nbsp;

Iran's chief nuclear negotiator said on Saturday, Tehran expects US sanctions on oil, banks and most individuals and institutions to be lifted based on agreements so far in Vienna talks, Iranian media reported, while Washington again played down the prospect of an imminent breakthrough.

Iran's chief nuclear negotiator said on Saturday, Tehran expects US sanctions on oil, banks and most individuals and institutions to be lifted based on agreements so far in Vienna talks, Iranian media reported, while Washington again played down the prospect of an imminent breakthrough. Russia and Western European powers, meanwhile, gave contrasting accounts of the task ahead in the talks to bring Iran and the United States fully back into compliance with a 2015 nuclear deal, as the talks adjourned for six days. "Sanctions ... on Iran's energy sector, which include oil and gas, or those on the automotive industry, financial, banking and port sanctions, all should be lifted based on agreements reached so far," Deputy Foreign Minister Abbas Araqchi was quoted as saying by Iranian state media. Araqchi did not say under which mechanism sanctions would be lifted or refer to how Tehran would meet Washington's demands and return to its commitments under the deal. "We will negotiate until the two sides’ positions come closer and our demands are met," he said. "If they are met there will be an agreement, if not, there will naturally be no agreement." Asked to comment, the US State Department referred back to past statements, including remarks on Friday from the US national security adviser, Jake Sullivan, who said the talks were in ‘an unclear place’. "We've seen willingness of all sides, including the Iranians, to talk seriously about sanctions relief restrictions and a pathway back into the JCPOA," Sullivan said, referring to the Joint Comprehensive Plan of Action, the nuclear deal's title. "But it is still uncertain as to whether this will culminate in a deal in Vienna," he said. The State Department also referred to remarks by State Department spokesman Ned Price on Thursday, when he said the sides were 'not on the cusp of any breakthrough' and there was 'a potentially long road ahead’. President Joe Biden is seeking to return to the deal that former President Donald Trump withdrew from in 2018. Trump reimposed sanctions against Tehran and Iran responded by breaching many of the deal's limits on its nuclear activities. Talks began last month in Vienna with the remaining parties to the deal - Iran, Russia, China, France, Britain and Germany - meeting in the basement of a luxury hotel, and the United States based in another hotel across the street. Iran has refused to hold direct meetings with US officials. "We have much work, and little time, left. Against that background, we would have hoped for more progress this week," senior diplomats from the so-called E3 - France, Britain and Germany - said in a statement. Officials have said they hope to reach a deal by May 21, when an agreement between Tehran and the UN nuclear watchdog on continued monitoring of some Iranian nuclear activities is due to expire. "We have yet to come to an understanding on the most critical points. Success is by no means guaranteed, but not impossible," they added. Russia's ambassador to the UN nuclear watchdog, Mikhail Ulyanov, told reporters after a meeting of the remaining parties wrapping up the third round of talks that breakthroughs should not be expected in the days to come. He said the talks would reconvene on Friday. "We need simply to continue diplomatic, day-to-day work, and we have all the reasons to expect that the outcome, (the) final outcome, will be successful and it will come quite soon, in a few weeks," said Ulyanov, one of the more optimistic voices at the talks. The break in talks was widely expected as diplomats said officials from several countries are also involved in the Group of Seven foreign ministers' meeting in London that begins on Monday and ends on Wednesday. In his remarks, Araqchi said that "There are individuals and institutions that have been specifically sanctioned and their (the US) list is long. Talks on the list are still ongoing". He added that under what had been agreed so far, more than a majority of the list would have the sanctions lifted. (With inputs from agencies)

Based on accords so far, US sanctions on oil, banks would be lifted, says Iran negotiator 

New Zealand could make banks reveal their impact on climate change, marking the first such legislation anywhere in the world to make banking sector’s environmental impact transparent.

The legislation forces&nbsp;banks to&nbsp;reveal the impact caused by their investments. New Zealand’s Commerce Minister David Clark said that this law makes reporting compulsory for not only banks but also investment firms and insurance companies.

"Becoming the first country in the world to introduce a law like this means we have an opportunity to show real leadership and pave the way for other countries to make climate-related disclosures mandatory," AFP cited him as saying.

As part of this move, New Zealand is set to compel its financial institutions to report its climate impact in the real world, opening up arrays for the public to judge their climate performance. "It is important that every part of New Zealand's economy is helping&nbsp;us cut emissions and transition to a low-carbon future," he added.

Also read:&nbsp;<a href="http://13.235.153.162/world/new-zealand-mp-golriz-ghahraman-questions-arderns-ban-on-travellers-from-india-376517" hreflang="en">New Zealand MP Golriz Ghahraman questions Ardern's ban on travellers from India</a>

The legislation was introduced on Monday and would make climate reporting compulsory by 2023 if passed.

Clark added that the legislation would ensure financial organisations disclose all their actions corresponding to climate change, while forcing them to take affirmative action against climate change.

New Zealand’s Climate Change Minister James Shaw said that these annual climate reports would undermine high-carbon investments while shedding light on how such investments cannot flourish as the country aims to curb emissions. "We simply cannot get to net-zero carbon emissions by 2050 unless&nbsp;the financial sector&nbsp;knows what impact their investments are having on the climate," Shaw was cited by AFP as saying.

Also read:&nbsp;<a href="http://13.235.153.162/world/hope-it-breaks-taboo-says-new-zealand-lawmaker-behind-miscarriage-bereavement-leave-law-374069" hreflang="en">Hope it breaks taboo, says New Zealand lawmaker behind miscarriage bereavement leave law</a>

In addition, Shaw hopes that this move would help bring climate risks and ways to fight it into the “heart of financial and business decision making”.

New Zealand’s Prime Minister Jacinda Ardern has committed to becoming carbon neutral by 2050. In addition, the country aims to generate all its energy from renewable sources by 2035.

(With inputs from agencies)

New Zealand could make banks reveal their impact on climate change, marking the first such legislation anywhere in the world to make banking sector’s environmental impact transparent.

New Zealand could make banks reveal their impact on climate change, marking the first such legislation anywhere in the world to make banking sector’s environmental impact transparent. The legislation forces banks to reveal the impact caused by their investments. New Zealand’s Commerce Minister David Clark said that this law makes reporting compulsory for not only banks but also investment firms and insurance companies. "Becoming the first country in the world to introduce a law like this means we have an opportunity to show real leadership and pave the way for other countries to make climate-related disclosures mandatory," AFP cited him as saying. As part of this move, New Zealand is set to compel its financial institutions to report its climate impact in the real world, opening up arrays for the public to judge their climate performance. "It is important that every part of New Zealand's economy is helping us cut emissions and transition to a low-carbon future," he added. Also read: New Zealand MP Golriz Ghahraman questions Ardern's ban on travellers from India The legislation was introduced on Monday and would make climate reporting compulsory by 2023 if passed. Clark added that the legislation would ensure financial organisations disclose all their actions corresponding to climate change, while forcing them to take affirmative action against climate change. New Zealand’s Climate Change Minister James Shaw said that these annual climate reports would undermine high-carbon investments while shedding light on how such investments cannot flourish as the country aims to curb emissions. "We simply cannot get to net-zero carbon emissions by 2050 unless the financial sector knows what impact their investments are having on the climate," Shaw was cited by AFP as saying. Also read: Hope it breaks taboo, says New Zealand lawmaker behind miscarriage bereavement leave law In addition, Shaw hopes that this move would help bring climate risks and ways to fight it into the “heart of financial and business decision making”. New Zealand’s Prime Minister Jacinda Ardern has committed to becoming carbon neutral by 2050. In addition, the country aims to generate all its energy from renewable sources by 2035. (With inputs from agencies)

New Zealand's new legislation will force banks to report impact on climate

It is reported that bank employee unions and the Indian Banks Association (IBA) have agreed for an annual wage hike of 15 per cent to the staff, a move that will result in an additional yearly outgo of around Rs 7,900 crore for the banks. As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.&nbsp;

This means bank staff will get the salary hike with retrospective effect from November, 2017

Under the agreement reached, Performance Linked Incentive will also be introduced for public sector bank staff and it will be based on operating or net profit of individual banks concerned. Close to 37 banks, including public, private and foreign banks, have mandated the IBA to negotiate with bank unions on wage hikes for their staff.

People in India now hear everyday about closure of number of medium and small scale industrial and commercial units and private companies reducing the salary of employees steeply and millions of self employed people belonging to unorganised class going through miserable economic conditions. In such circumstances, it is totally insensitive for the bank managements to provide steep salary hike to the bank staff.

It is well known that several banks have been incurring losses and dishonest practices and scandals in the transactions of the banks are now reported too frequently. When the banks are not making profits and interest rates on deposits are being reduced, is it appropriate for the bank managements to further increase the salary of the bank staff who are already well paid? Are not the bank managements concerned about the economics of the bank operations?

It is &nbsp;shocking that the bank staff &nbsp;would get such steep salary hike, which will make common man suspect about the social consciousness of bank staff in a period of high stress in Indian economy and difficult job scenario due to COVID 19 crisis. Possibly, some enlightened bank staff may feel embarrassed to receive such pay hike at the present time.

At a time like this, when employees all over India are losing their jobs due to lockdown conditions, it is highly distressing that the State Bank of India has opened its doors to former employees for different roles in the banks. As per the decision of State Bank of India, those upto 63 years of age who served on scale 1 to scale 5 officers and retired at 60 are eligible to apply. What is the logic in the decision of the State Bank of India to re-employ retired persons, when hundreds of young people remain unemployed and aspire for jobs in the bank? It is strange that the banks are introducing voluntary retirement scheme and at the same time re-employ retired persons.

It is well known that the bank unions are well organised and have the capacity and willingness to paralyse the functioning of the banks and consequently the Indian economic process, if their demands, however unjustified, would be rejected by the management and the government. Obviously, the bank managements are buying peace with the bank staff, possibly fearing strike and agitations.

One need not be surprised that guided by the “success” of the bank employees in getting their salaries raised even in the present miserable conditions in the country due to COVID-19 conditions, the other public sector employees and even government staff at central and state level would be emboldened to demand pay hike for themselves under one pretext or the other, unmindful of the coronavirus crisis.

Certainly, this salary hike for the bank employees at the present time is bound to cause unhappiness and frustration amongst the common men. They would wonder as to whether Prime Minister Modi , who has been constantly talking about the problems of poor and &nbsp;downtrodden, empowerment of the distressed people and promotion of employment opportunities, would look into the matter and find some way to stop the salary hike for the bank staff and the move of the Staff Bank of India to recruit retired employees.

Prime Minister Narendra Modi can certainly understand that the above moves of the banks are against the present mood of the people and it will affect the morale of the country men, particularly the poor people, who expect that the society and the government would take care of them in the present distressed period.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp;

It is reported that bank employee unions and the Indian Banks Association (IBA) have agreed for an annual wage hike of 15 per cent to the staff, a move that will result in an additional yearly outgo of around Rs 7,900 crore for the banks.

It is reported that bank employee unions and the Indian Banks Association (IBA) have agreed for an annual wage hike of 15 per cent to the staff, a move that will result in an additional yearly outgo of around Rs 7,900 crore for the banks. As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017. This means bank staff will get the salary hike with retrospective effect from November, 2017 Under the agreement reached, Performance Linked Incentive will also be introduced for public sector bank staff and it will be based on operating or net profit of individual banks concerned. Close to 37 banks, including public, private and foreign banks, have mandated the IBA to negotiate with bank unions on wage hikes for their staff. People in India now hear everyday about closure of number of medium and small scale industrial and commercial units and private companies reducing the salary of employees steeply and millions of self employed people belonging to unorganised class going through miserable economic conditions. In such circumstances, it is totally insensitive for the bank managements to provide steep salary hike to the bank staff. It is well known that several banks have been incurring losses and dishonest practices and scandals in the transactions of the banks are now reported too frequently. When the banks are not making profits and interest rates on deposits are being reduced, is it appropriate for the bank managements to further increase the salary of the bank staff who are already well paid? Are not the bank managements concerned about the economics of the bank operations? It is shocking that the bank staff would get such steep salary hike, which will make common man suspect about the social consciousness of bank staff in a period of high stress in Indian economy and difficult job scenario due to COVID 19 crisis. Possibly, some enlightened bank staff may feel embarrassed to receive such pay hike at the present time. At a time like this, when employees all over India are losing their jobs due to lockdown conditions, it is highly distressing that the State Bank of India has opened its doors to former employees for different roles in the banks. As per the decision of State Bank of India, those upto 63 years of age who served on scale 1 to scale 5 officers and retired at 60 are eligible to apply. What is the logic in the decision of the State Bank of India to re-employ retired persons, when hundreds of young people remain unemployed and aspire for jobs in the bank? It is strange that the banks are introducing voluntary retirement scheme and at the same time re-employ retired persons. It is well known that the bank unions are well organised and have the capacity and willingness to paralyse the functioning of the banks and consequently the Indian economic process, if their demands, however unjustified, would be rejected by the management and the government. Obviously, the bank managements are buying peace with the bank staff, possibly fearing strike and agitations. One need not be surprised that guided by the “success” of the bank employees in getting their salaries raised even in the present miserable conditions in the country due to COVID-19 conditions, the other public sector employees and even government staff at central and state level would be emboldened to demand pay hike for themselves under one pretext or the other, unmindful of the coronavirus crisis. Certainly, this salary hike for the bank employees at the present time is bound to cause unhappiness and frustration amongst the common men. They would wonder as to whether Prime Minister Modi , who has been constantly talking about the problems of poor and downtrodden, empowerment of the distressed people and promotion of employment opportunities, would look into the matter and find some way to stop the salary hike for the bank staff and the move of the Staff Bank of India to recruit retired employees. Prime Minister Narendra Modi can certainly understand that the above moves of the banks are against the present mood of the people and it will affect the morale of the country men, particularly the poor people, who expect that the society and the government would take care of them in the present distressed period. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Salary hike for bank staff: An anti-climax in times of coronavirus

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks.

The wage revision will be effective from 1 November, 2017. The wage revision will benefit nearly 10 lakh employees.

“The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as of March 31, 2017, which works out to be Rs 7,898 crore on pay slip components (annually),” according to a memorandum of understanding between the Indian Banks’ Association and the United Forum of Bank Unions, representing workmen unions and officers’ associations.

"We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed," All India Bank Employees' Association (AIBEA) General Secretary CH Venkatachalam said.

The new pay scales will be constructed after merging dearness allowance corresponding to 6352 points (average index point as applicable for the quarter of June-July, August, 2016) and adding thereon a loading of 2.5% on basic pay plus dearness allowance as on March 31, 2017 amounting to around ₹1,155 crore.

They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. 
&nbsp; 
The bank's contribution to National Pension Scheme will be raised to 14 per cent from the current 10 per cent.

(With inputs from agencies)

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks.

The representative organization of bank employees United Forum of Bank Unions (UFBU) and Indian Banks' Association (IBA) have agreed on a 15 per cent hike in the existing wage bill of 35 lenders, along with a first-of-its-kind performance-linked incentive (PLI) for state-owned banks. The wage revision will be effective from 1 November, 2017. The wage revision will benefit nearly 10 lakh employees. “The annual wage increase in salary and allowances is agreed at 15 per cent of the wage bill as of March 31, 2017, which works out to be Rs 7,898 crore on pay slip components (annually),” according to a memorandum of understanding between the Indian Banks’ Association and the United Forum of Bank Unions, representing workmen unions and officers’ associations. "We are happy to state that in the meeting between the IBA and the UFBU at Mumbai, a broad understanding has been reached and a Memorandum of Understanding (MoU) was signed," All India Bank Employees' Association (AIBEA) General Secretary CH Venkatachalam said. The new pay scales will be constructed after merging dearness allowance corresponding to 6352 points (average index point as applicable for the quarter of June-July, August, 2016) and adding thereon a loading of 2.5% on basic pay plus dearness allowance as on March 31, 2017 amounting to around ₹1,155 crore. They also agreed for encashment of privilege leave at five days every year - seven days for workers and officers aged 55 and above - during any festival. The bank's contribution to National Pension Scheme will be raised to 14 per cent from the current 10 per cent. (With inputs from agencies)

Banks, trade unions agree on 15% wage hike for bank employees

Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency S&P Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level.

COVID-19 to cost global banks $2.1 trillion by the end of 2021

The domestic stock markets were trading over one per cent higher on Thursday, lifted by rally in financials for second straight day, ahead of the expiry of futures and options contracts of May series.&nbsp;

At 1:30 pm, Sensex was up 571.26 points or 1.81% at 32176.48, and the Nifty jumped 169.70 points or 1.82% at 9484.65.

Hero MotoCorp and Larsen &amp; Tubro (both up 5%) were the top Sensex gainers. Besides, the HDFC twins also inched 2 per cent higher and contributed majorly to the index's up move.

Gold edged up on after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by the central bank and government largesse to cushion the blow from the pandemic.

The domestic stock markets were trading over one per cent higher on Thursday, lifted by rally in financials for second straight day, ahead of the expiry of futures and options contracts of May series.

The domestic stock markets were trading over one per cent higher on Thursday, lifted by rally in financials for second straight day, ahead of the expiry of futures and options contracts of May series. At 1:30 pm, Sensex was up 571.26 points or 1.81% at 32176.48, and the Nifty jumped 169.70 points or 1.82% at 9484.65. Hero MotoCorp and Larsen & Tubro (both up 5%) were the top Sensex gainers. Besides, the HDFC twins also inched 2 per cent higher and contributed majorly to the index's up move. Gold edged up on after hitting a two-week low in the previous session as the rift between Washington and Beijing over Hong Kong escalated, with prices also supported by the central bank and government largesse to cushion the blow from the pandemic.

Sensex rises 500 points, Nifty above 9,450 as banks, autos gain

The domestic stock market indices slipped down from session highs to fall 1% on Friday even though Reserve Bank of India (RBI) Governor Shaktikanta Das announced measures to help cope with the economic fallout from the coronavirus pandemic.

At noon, the S&amp;P BSE Sensex was down 6.20 points, or 0.021%, at 29,940.57 levels and the Nifty50 index slipped below the 9,000-mark, to hover around 8,688.15 levels, down 46.70 points.&nbsp;

Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das today cut interest rates by 75 basis points to 4.4%. He also announced several measures to inject Rs 3.74 lakh crore liquidity into the system.

These measures come just hours after Moody's Investors Service cut India's growth forecasts for the 2020 calendar year to 2.5% from 5.3%. 
 
Banking stocks were trading with decent gains&nbsp;after RBI&nbsp;slashed the repo rate by 75 basis points (bps) to 4.4 per cent, to fight Coronavirus (Covid-19) pandemic. The Nifty Bank index moved higher by 4 per cent in intra-day deals post the announcements.

On Thursday, Union Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore relief package under Garib Kalyan Yojana — in the wake of the lockdown imposed due to the spurt in coronavirus cases in the country. The tally now stands at&nbsp;735 — with 17 deaths.

Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown to stem the growth of coronavirus in the country. 
 
(With inputs from agencies)

The domestic stock market indices slipped down from session highs to fall 1% on Friday even though Reserve Bank of India (RBI) Governor Shaktikanta Das announced measures to help cope with the economic fallout from the coronavirus pandemic.

The domestic stock market indices slipped down from session highs to fall 1% on Friday even though Reserve Bank of India (RBI) Governor Shaktikanta Das announced measures to help cope with the economic fallout from the coronavirus pandemic. At noon, the S&P BSE Sensex was down 6.20 points, or 0.021%, at 29,940.57 levels and the Nifty50 index slipped below the 9,000-mark, to hover around 8,688.15 levels, down 46.70 points. Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das today cut interest rates by 75 basis points to 4.4%. He also announced several measures to inject Rs 3.74 lakh crore liquidity into the system. These measures come just hours after Moody's Investors Service cut India's growth forecasts for the 2020 calendar year to 2.5% from 5.3%. Banking stocks were trading with decent gains after RBI slashed the repo rate by 75 basis points (bps) to 4.4 per cent, to fight Coronavirus (Covid-19) pandemic. The Nifty Bank index moved higher by 4 per cent in intra-day deals post the announcements. On Thursday, Union Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore relief package under Garib Kalyan Yojana — in the wake of the lockdown imposed due to the spurt in coronavirus cases in the country. The tally now stands at 735 — with 17 deaths. Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown to stem the growth of coronavirus in the country. (With inputs from agencies)

Sensex slips below 30,000 despite RBI's rate cut

A day after Finance Minister Nirmala Sitharman announced a Rs 1.7 lakh crore relief package for the poor of the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Indian banking sector is safe and deposit of bank customers is safe. 
 
<a href="https://www.wionews.com/india-news/centre-announces-coronavirus-stimulus-package-promises-cash-transfer-food-provision-288637">Also read: Centre announces coronavirus stimulus package; promises cash transfer, food provision</a> 
 
"Public should not worry about their deposit in private sector banks, they should not resort to panic withdrawal," said RBI governor.

Here are the top highlights of RBI Governor Shaktikanta Das's press conference

<ul>
	<li>RBI cuts repo rate by 75 bps to 4.4% from 5.15%. It cuts reverse repo rates by 90 basis points.</li>
	<li>Cash Reserve Ratio (CRR) cut by 1% to 3%.&nbsp;</li>
	<li>Minimum daily CRR maintenance will be 80%</li>
	<li>All Banks, HFCs, NBFCs allowed 3 months moratorium for EMI</li>
</ul>

On Thursday, Union Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore relief package under Garib Kalyan Yojana — in the wake of the lockdown imposed due to the spurt in coronavirus cases in the country. The tally now stands at&nbsp;735 — with 17 deaths.

Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown to stem the growth of coronavirus in the country.

Meanwhile, Moody's Investors Service on Friday slashed its estimate of India's GDP growth during the 2020 calendar year to 2.5 per cent from an earlier estimate of 5.3 per cent, on account of the rising economic cost of the coronavirus pandemic.

This compares to 5 per cent growth in 2019.

Moody's said, at the 2020 estimated growth rate, a sharp fall in incomes in India is likely, further weighing on domestic demand and the pace of recovery in 2021.

(With inputs from agencies)

A day after Finance Minister Nirmala Sitharman announced a Rs 1.7 lakh crore relief package for the poor of the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Indian banking sector is safe and deposit of bank customers is safe.

A day after Finance Minister Nirmala Sitharman announced a Rs 1.7 lakh crore relief package for the poor of the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Indian banking sector is safe and deposit of bank customers is safe. Also read: Centre announces coronavirus stimulus package; promises cash transfer, food provision "Public should not worry about their deposit in private sector banks, they should not resort to panic withdrawal," said RBI governor. Here are the top highlights of RBI Governor Shaktikanta Das's press conference RBI cuts repo rate by 75 bps to 4.4% from 5.15%. It cuts reverse repo rates by 90 basis points. Cash Reserve Ratio (CRR) cut by 1% to 3%. Minimum daily CRR maintenance will be 80% All Banks, HFCs, NBFCs allowed 3 months moratorium for EMI On Thursday, Union Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore relief package under Garib Kalyan Yojana — in the wake of the lockdown imposed due to the spurt in coronavirus cases in the country. The tally now stands at 735 — with 17 deaths. Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown to stem the growth of coronavirus in the country. Meanwhile, Moody's Investors Service on Friday slashed its estimate of India's GDP growth during the 2020 calendar year to 2.5 per cent from an earlier estimate of 5.3 per cent, on account of the rising economic cost of the coronavirus pandemic. This compares to 5 per cent growth in 2019. Moody's said, at the 2020 estimated growth rate, a sharp fall in incomes in India is likely, further weighing on domestic demand and the pace of recovery in 2021. (With inputs from agencies)

No need to panic, Indian banks are safe and stable, says RBI Governor Shaktikanta Das

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