Failed Banking

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OPINION | FRDI Bill: New version must ensure adequate protection of bank deposits

Yahoo Daily News 18 Oct 2019

The current bank deposit insurance scheme covers all types of bank deposits — savings, fixed and recurring — up to Rs 1 lakh. The deposits are insured by Deposit Insurance and Credit Guarantee Corporation, an arm of the Reserve Bank ... Another problem is that deposits held at different branches of the failed bank are clubbed for the insurance coverage....

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Equitas appoints investment banks for ESFB public issue

The Times of India 18 Oct 2019

Last month, after the small bank failed to be listed within the stipulated timeframe as per the licence agreement, the banking regulator, Reserve Bank of India (RBI), refused to extend the listing deadline for ESFB and barred it from opening new branches till further orders ... Small finance banks have been attracting a lot of investor interest....

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Outraged at Chime Outage? What You Can Do in a Bank #Fail

Fowler Tribune 18 Oct 2019

A serious outage at banking app Chime prevented some customers from making debit card transactions and accessing their accounts via the mobile app and website, leading to a flurry of ... The article Outraged at Chime Outage? What You Can Do in a Bank #Fail originally appeared on NerdWallet....

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Grab what you can in India’s bad loan melee

Business Line 18 Oct 2019

Rajnish Kumar, Chairman of State Bank of India, sat down for a chat with me at the Bloomberg Equality Summit in Mumbai this week ... The Reserve Bank is playing with fire. Imagine the consequences if, say, housing societies decide to move money out of smaller institutions and into too-big-to-fail SBI or HDFC Bank....

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How India's $200bn NPA crisis affects banks, depositors 'Opportunistic behavior going to worsen India’s $200 ...

Deccan Herald 18 Oct 2019

Rajnish Kumar, chairman of State Bank of India, sat down for a chat with me at the Bloomberg Equality Summit in Mumbai this week ... When asked why his HDFC Bank Ltd ... The Reserve Bank is playing with fire. Imagine the consequences if, say, housing societies decide to move money out of smaller institutions and into too-big-to-fail SBI or HDFC Bank....

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CBN Releases Part of N499bn Credit Penalty to Banks

This Day 18 Oct 2019

The Central Bank of Nigeria (CBN) has Released to some banks part of the N499,175,535,097 deducted from 12 banks as additional cash reserves after the affected banks failed to meet a target to provide more credit ... The apex bank had on July 3, 2019, directed banks to maintain a minimum Loan Deposit Ratio (LDR) of 60 per cent by September 30, 2019....

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Nunes Raised Steele Dossier in Sondland Hearing

The Daily Beast 18 Oct 2019

During a closed-door impeachment meeting on Capitol Hill, Rep. Devin Nunes (R-CA) brought up a topic that surprised some attendees. the Steele dossier ... “It was nutso,” said one person familiar with the exchange ... security aid ... (Manafort was later convicted on tax and bank fraud charges, along with a charge of failing to disclose a foreign bank account.)....

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Maharashtra elections: Say sorry for communal speech, Muslims tell Mangal Prabhat Lodha

The Times of India 18 Oct 2019

MUMBAI ... "It only shows the frustration of BJP and its city chief, who has targeted an area which has been peaceful ... Lodha addressed Sakpal's campaign meeting, which was later addressed by Sena youth wing chief Aditya Thackeray too ... BJP has failed on the economic front. Banks are sinking and depositors are dying of heart attack ... Mumbai. City . ....

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'The Laundromat' on Netflix: What are the Panama Papers?

Newsweek 18 Oct 2019

International tax avoidance does not seem like the typical subject of a comedy, but that did not stop director Steven Soderbergh from making The Laundromat ... What were the Panama Papers? ... Netflix ... At the time, The Guardian reported ... The firm says it cannot be blamed for failings by intermediaries, who include banks, law firms and accountants." ... Culture . ....

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5 Halloween Headaches and How Insurance Can Help

Guthrie News Leader 18 Oct 2019

When ghosts and goblins run amok, only people with the right insurance will be in luck. Find out which policies pay when Halloween pranks are more trick than treat — or when something more serious happens.1. Your car gets egged ... Raw eggs, pumpkins and rocks are all common projectiles ... Email ... Outraged at Chime Outage? What You Can Do in a Bank #Fail ... ....

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Patients eligible for charity care instead get big bills

Omaha World-Herald 18 Oct 2019

Then St ... St ... “Clearly, this policy isn’t working, and that’s a major failing.” ... St ... In their IRS filings explaining the bad debt and in interviews, hospitals said that even when they give applications to patients, some fail to submit them or do not provide complete records of their finances, which can include tax returns and bank statements ... St ... ——— ... ———....

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In-Depth: Recent Court Case Could Leave Banks on Hook for Customers’ Losses

Caixin Online 17 Oct 2019

In late August, the Beijing High People’s Court upheld rulings by lower courts which said a local branch of China Construction Bank Corp ... However, the court said the letter Wang signed only mentions the general risk of investment and that the bank had failed to inform her of the specific risks presented by the product in which she was investing....

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Centre plans new FRDI Bill, hike in deposit insurance

Deccan Chronicle 17 Oct 2019

With several financial institutions in the country standing on the edge of distress, the Central government is likely to increase insurance cover for bank deposits ... “The government wants to hike the insurance cover of customers of a failed financial institution from Rs 1 lakh per depositor at present....