Mumbai: The Reserve Bank of India (RBI) on Monday directed all banks to put in place a facility to enable a remitter to verify the beneficiary bank account name before initiating a transaction using the RTGS or NEFT system. “All banks who are direct members or sub-members of RTGS and NEFT are advised to offer … Read more
And yet, some argued that the government still found enough money to satisfy less urgent — and more political — priorities. Along with the tax cuts and parental subsidies, a proposed windfall tax on banks was watered down to avoid irking the pro-business flank of the ruling coalition. The mooted imposition of a larger tax … Read more
SRP Federal Credit Union, a South Carolina-based financial institution, had a major data breach impacting more than 240,000 people. The credit union handles highly sensitive information of hundreds of thousands of Americans, which is now in the hands of cybercriminals. SRP revealed in a notice that the data breach was part of a two-month attack … Read more
The Commerzbank AG headquarters, in the financial district of Frankfurt, Germany, on Thursday, Sept. 12, 2024. Emanuele Cremaschi | Getty Images News | Getty Images Italy’s UniCredit said on Wednesday it has raised its potential stake in Commerzbank to 28% using further derivatives, as markets watch whether it will take the leap with a buyout … Read more
Only, some in the boat are baling and paddling more vigorously than others. As Bank of France Governor François Villeroy de Galhau told a radio interviewer recently, France is alone in not having made the reforms that many of its neighbors (“even the Italians!”) have made since the last crisis. And, while political will at … Read more
The Bundesbank flagged that the labor market, which it had previously expected to sustain the post-pandemic recovery, is now also visibly weakening. Unemployment is already at its highest in four years, at 6.1 percent of the workforce, and a wave of layoff announcements in the manufacturing sector — most notably at automaker Volkswagen — has … Read more
Markus Ferber (another German) who is the center-right coordinator for economic files, will determine Berger’s replacement within the next week. Among the names being floated to fill the role is a former Spanish central banker Fernando Navarrete Rojas. The digital euro is a virtual counterpart to euro coins and banknotes that the European Central Bank … Read more
“It is true that we spend more on defense now than we did a decade ago,” said Rutte. “But we are still spending far less than during the Cold War. Even though the threats to our freedom and security are just as big — if not bigger.” “During the Cold War, Europeans spent far more … Read more
The ECB also refrained from offering new guidance on the expected speed and scope of interest rate cuts next year, repeating that it will stick to a “data-dependent and meeting-by-meeting approach.” “Most measures of underlying inflation suggest that inflation will settle at around the Governing Council’s 2 percent medium-term target on a sustained basis,” the … Read more
Last Updated:December 11, 2024, 22:36 IST Nirmala Sitharaman on Wednesday termed the allegation of Leader of Opposition (LoP) Rahul Gandhi against state-owned banks as an insult to the hardworking employees. Union Finance Minister Nirmala Sitharaman (File photo: PTI) Finance Minister Nirmala Sitharaman on Wednesday termed the allegation of Leader of Opposition (LoP) Rahul Gandhi against … Read more
