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The Latest Breaking News on Financial Services

MHA clearance for credit of foreign contribution is necessary; mere registration under the FCR Act is not enough: Karnataka High Court

Mere possession of permanent registration under the Foreign Contribution (Regulation) Act, 2010, does not create a right in favour of an organisation to get the amounts, received from foreign countries, credited to their designated savings bank account, the High Court of Karnataka has said.

The Hindu

Account owned by serial killer Rose West kept open by Co-op Bank

It is understood the bank thought closing the account would cause problems for West’s daughter

The Guardian - UK

J.D. Power Ranks American Express Top Card Issuer

The annual survey ranks credit cards by consumer satisfaction and reports on trends, like rising credit card debt.

Kiplinger

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‘Ethical’ bank let Rose West keep account

Bosses at the organisation deemed keeping West as a customer carried little risk to the bank’s reputation

The Independent UK

The ‘debt help solutions’ that could actually make money problems worse

Promises of ‘quick fixes’ to debt problems are tempting, but could lead to people being offered unsuitable and unaffordable remedies. By Vicky Shaw

The Independent UK

Which Bank Stock Is Worth Investing In: Citigroup Inc. (C) vs. Bank of America (BAC)?

After stabilizing briefly, the banking sector finds itself in a tough spot because of the negative stance of major credit rating agencies. Amid this uncertain environment, which is a better investment option between Citigroup (C) and Bank of America (BAC)? Keep reading….

StockNews.com

BRICS Bank Eyes Cutting Dollar Reliance With Local Currency Loans

A deliberate attempt by the Shanghai-based New Development Bank to reduce dependency on the US is to offer loans.

Zenger

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ED freezes Moideen’s bank accounts

The Enforcement Directorate (ED) that raided the residence and office of former Minister and Communist Party of India (Marxist) MLA A.C. Moideen in connection with the multi-crore loan scam at Karuvannur Service Cooperative Bank took steps to freeze his two bank accounts on Wednesday. It is reported that these accounts have…

The Hindu

Which of These Bank Stocks Should You Keep an Eye On?

The banking industry has grappled with several challenges this year, with the recent anxieties over rating downgrades exerting constant pressure on banking stocks. Amid this uncertainty, let’s evaluate Citigroup Inc. (C), M&T Bank Corporation (MTB), and Comerica Incorporated (CMA) to identify which among these you should keep an eye on.…

StockNews.com

Ex-NatWest boss Alison Rose set for £2.4m payout after resigning over Farage row

Ms Rose resigned after she admitted to being the source of an inaccurate story about Nigel Farage’s finances.

The Independent UK

New York bank manager arrested for murder-for-hire plot on Facebook against her brother-in-law

Reshma Massarone, 39, faces up to 10 years in prison if convicted of alleged scheme

The Independent UK

S&P Global cuts several U.S. bank ratings, citing tough climate for lenders

S&P Global, following a similar move by Moody's, lowered the credit rating of several regional lenders.

The Street

‘Don’t do a Rose’ — NatWest chief’s exit amid Farage controversy prompts a new set of rules for bosses

Media Watch: NatWest CEO Dame Alison Rose was seen as one of the safest pairs of hands in the City. Now businesses are on red alert

Evening Standard

Santander cuts mortgage rates but experts warn price war ‘won’t last’

The UK’s top lenders have been cutting mortgage rates after they rose dramatically from May to July, with all of the “Big Six” having cut prices on multiple occasions

Evening Standard

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The Hindu

Ex-CVC Suresh N Patel to head advisory board to examine role of top bank officials in frauds

CVC Suresh N Patel appointed Chairman of Advisory Board for Banking & Financial Frauds (ABBFF). Board members incl. Ravikant, Rajni Kant Mishra, David Rasquinha & Partha Pratim Sengupta. ABBFF to examine role of bank officials in fraud cases > Rs 3 crore.

The Guardian - UK

National Trust resists pressure to ditch Barclays over environmental concerns

Attempt to cut ties with bank, which directly invests in new fossil fuel projects, fails at AGM

The Hindu

J&K Bank sacks Chief Manager Sajad Bazaz for ‘State’s security interests’

J&K Bank terminates Chief Manager Sajad Bazaz's services, citing "State's security interests". No formal inquiry held. Govt constituted STF to identify and scrutinise employees involved in anti-national activities. PDP president Mehbooba Mufti questions move.

StockNews.com

JPMorgan Chase & Co. (JPM), Wells Fargo & Company (WFC), and Bank of America (BAC): What Does Smart Money Think About These Stocks?

After facing several challenges earlier this year, the banking industry stabilized over the past few months. However, the recent concerns surrounding the rating downgrades keep banking stocks under pressure. Amid this uncertainty, what does smart money think about JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo & Company…

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Kiplinger

Online Banking Site Launched for U.S. Soldiers

A community bank joins forces with a financial technology startup to serve military members.

The Hindu

Noble intentions: On the PM Vishwakarma scheme for traditional workers

The challenges traditional craftspeople and artisans face are far deeper than just the availability of cheap credit under the PM Vishwakarma scheme

The Independent UK

Donohoe: Bank outage ‘extremely serious’ but didn’t damage Ireland’s reputation

Bank of Ireland has moved to assure customers that their account balances should be up-to-date after glitch on Tuesday.

StockNews.com

Is Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) a Good Investment Right Now?

Amid the persistent market instability, the Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) could be a dependable investment, which not only has the potential to navigate the tumultuous market conditions but also could deliver a consistent income stream. Read on….

Crikey

Murdochs delay disclosing their bloated pay packets, after reaping more than $1bn

More companies are releasing annual reports and executive salary data on the same day, yet one media monolith has been conspicuously absent.

Evening Standard

Bank of Ireland technical issue allowed customers to withdraw extra cash

People queued to withdraw more money than they had in their accounts following the glitch

The Independent UK

Bank of Ireland: Money withdrawn while online service down will still be debited

The bank said it does not have an estimated time for when its normal app and web services will be restored.

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