Category: News
NPCI Aims for Sky-High UPI Transaction Rates with New Features
After setting a new record with 10 billion UPI transactions in August, the National Payments Corporation of India (NPCI) is formulating plans to increase this volume to 100 billion transactions per month. To support this ambitious target, NPCI has rolled out four fresh UPI features. Key Upgrades in UPI Functionality by NPCI 1. Credit Access through UPI : – This new offering aims to link…
NPCI Introduces HELLO Voice-Activated Payments at Global Fintech Fest
During this week’s Global Fintech Fest, India’s leading payment organization, NPCI, rolled out a pair of innovative conversational payment platforms to improve ease-of-use and broaden reach for consumers. The new feature, dubbed ‘Hello UPI,’ lets individuals carry out transactions just by speaking with their mobile devices. From dividing a meal tab to transferring funds to a friend or paying household bills, the application is designed…
SoftBank’s Arm Targets T. Rowe Price, Other Investors in IPO Roadshow
On Tuesday, SoftBank Group’s chip design subsidiary, Arm Holdings Ltd, initiated its promotional campaign for its forthcoming IPO in Baltimore, emphasizing the importance of asset management giant T. Rowe Price as a likely significant investor. Concurrently, Arm is in talks with other potential backers, such as Virginia-based Sands Capital, insiders revealed. Before the company sets its IPO price on September 13, it plans to court…
Tech Glitch Leads to Legal Trouble for Westpac: ASIC Seeks Penalties
On Tuesday, the corporate governance authority in Australia revealed it’s taking Westpac Banking Corp to court. The bank is accused of not meeting mandated time limits to answer customers’ financial hardship requests, spanning years from 2015 to 2022. This situation is at odds with Australia’s National Credit Code, which stipulates that lenders must reply in writing within 21 days to such requests. The Australian Securities…
Italy’s Economy Minister Stands By Controversial Bank Tax While Hinting at Refinements
On Sunday, Italy’s Economy Minister Giancarlo Giorgetti acknowledged that the recently introduced tax on bank profits could be fine-tuned. However, he disputed the idea that the tax was unjust. Giorgetti made these remarks while speaking at the Ambrosetti economic forum, saying, “It’s possible to enhance the current tax structure, but labeling it as unjust isn’t something I can support.” Last month, a surprise announcement came…
Uday Kotak Steps Down Early as Kotak Mahindra Bank’s CEO: What’s Next?
Uday Kotak, the multi-billionaire who established Kotak Mahindra Bank, has vacated his roles as CEO and Managing Director ahead of his term’s scheduled end, according to a weekend securities exchange announcement from the bank. While the bank cited personal matters as the reason for Kotak’s unexpected departure, industry experts suggest it could ease the transition to new leadership. Dipak Gupta, who currently serves as the…
Shaktikanta Das Named World’s Top Central Bank Governor by Global Finance
The U.S.-based publication Global Finance has designated Shaktikanta Das, the head of the Reserve Bank of India, as the most effective central bank leader worldwide. In its 2023 Central Banker Report Cards, Das secured an ‘A+’ grade, leading a trio of central bank governors who also achieved this top rating. The evaluation methodology spans from ‘A’, symbolizing outstanding governance, down to ‘F’ for poor performance….
RBC’s $10 Billion Buyout of HSBC’s Canadian Unit Gets Regulatory Nod
Canada’s regulatory authority, the Competition Bureau, recently greenlighted the Royal Bank of Canada’s (RBC) intent to acquire HSBC’s Canadian arm for a sum of C$13.5 billion ($10 billion). This decision clears obstacles for RBC, the nation’s top bank, to finalize its most significant buyout ever. Even though the bureau did express reservations about diminishing competitiveness between Canada’s largest and its seventh-largest financial institutions, it ultimately…
JPMorgan Under Legal Scrutiny: U.S. Virgin Islands Reveals $1 Billion Epstein Transactions
Last week, a legal advisor for the U.S. Virgin Islands disclosed that JPMorgan Chase had admitted to U.S. authorities that it managed financial transactions exceeding $1 billion for Jeffrey Epstein over a span of 16 years. Speaking during a legal proceeding, Mimi Liu, counsel for the U.S. territory, indicated that the bank had reported these dealings as questionable to the U.S. Treasury after Epstein took…
FCA Notes Positive Trend in UK Banks’ Savings Account Rates
As competition intensifies in the financial sector, an increasing number of savings accounts are now featuring elevated interest rates. Nonetheless, the UK’s Financial Conduct Authority (FCA) mentioned last Friday that regulatory actions might still be necessary to ensure consumer fairness. Elected officials have taken banks to task for quickly transferring the burden of elevated interest rates from the Bank of England onto loan recipients, while…
