Tag Archives: bank

J&K Bank case: I-T dept raids Kashmir business group, seizes Rs 1.28 crore assets

The Income Tax Department said on Tuesday that it has conducted raids against a Kashmir-based business group and seized unaccounted assets worth Rs 1.28 crore in connection with its tax evasion probe against entities linked to the financial operations of J&K Bank. Alleged irregularities in loan disbursal activities and appointments at the state-owned lender came to light recently… Read More »

Bank of England faces strike action over pay as union launches ballot

Staff at the Bank of England will begin voting on Thursday on whether to hold a strike this year in protest at below-inflation pay rises, union sources told Reuters. Unite, Britain’s biggest union, is consulting members on whether to take industrial action at the 323-year-old Bank, which employs around 3,600 people, after they were awarded a 1 percent… Read More »

Bank of Ireland fined 3.2 million euros over money laundering controls

Ireland’s central bank has fined Bank of Ireland (BKIR.I) 3.15 million euros ($3.52 million) for “significant failures” in its controls against money laundering and terrorist financing, it said on Tuesday, the third lender to be hit with such a reprimand in six months. The Central Bank of Ireland said the failures dated back to 2010 and persisted on… Read More »

Kotak Mahindra Bank to focus on building stressed asset business

Uday Kotak, vice chairman and managing director at Kotak Mahindra Bank at the launch at the launch of the bank’s new paperless zero-balance savings account, in Mumbai on Wednesday. Mumbai: Kotak Mahindra Bank Ltd will focus on building its stressed asset resolution and turnaround business in the coming years, Uday Kotak, vice chairman and managing director of the… Read More »

New £5 note: Bank to keep note despite animal fat content

The new £5 note will not be withdrawn, despite concerns that it contains traces of animal fat, the Bank of England says. The Bank said it had concluded it would be “appropriate” to keep the £5 polymer note in circulation. It will also issue the £10 polymer note as planned in September, it added. Vegans and some religious… Read More »

Britain’s struggling Co-operative Bank puts itself up for sale

Britain’s Co-operative Bank, rescued from the brink of collapse by a group of hedge funds in 2013, has put itself up for sale after struggling to meet regulatory capital requirements. The bank said on Monday that it had made considerable progress implementing a turnaround plan, cutting its cost base by a fifth since 2014, but it still expects… Read More »

Venezuela postpones bank note ban after chaos and cash shortages

Sudden pulling of 100-bolivar note from circulation leads to vast lines at banks, looting, protests and at least one death Venezuelan president Nicolas Maduro on Saturday suspended the elimination of the country’s largest denomination bill, which had sparked cash shortages and nationwide unrest, saying the measure would be postponed until early January. The surprise pulling of the 100-bolivar… Read More »

Millions of bank customers on raw deals, figures suggest

Millions of people who have basic bank accounts may be paying higher fees than necessary, government figures indicate. Basic bank accounts are designed for people who do not already have a bank account and are ineligible for a standard current account. While eight million people have basic accounts, around half of them are still liable to pay fees… Read More »

Deutsche Bank to pay $60 million to settle U.S. gold price-fixing case

Deutsche Bank AG has agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense. The preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge’s approval. Deutsche Bank denied wrongdoing. The… Read More »

Deutsche Bank cuts ties with 3,400 clients in trading business

Deutsche Bank’s Global Markets division will cut ties with about 3,400 clients in its debt and equities sales activities, the bank said on Friday. Deutsche Bank will immediately cease debt sales services to some financial institutions and hedge funds as well as equity sales activities, the execution of equities trading orders and equity structuring activities for some clients,… Read More »