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Rice 'safely conserved' in Philippines gene bank

Rice 'safely conserved' in Philippines gene bank

Science
Scientists say that more than 100 thousand varieties of rice have been safeguarded for the future.Samples in the world's largest rice gene bank in the Philippines are being used to help farmers develop rice crops that can survive drought and flooding.The International Rice Research Institute (IRRI) gene bank has secured permanent funding from the Crop Trust.It is part of international efforts to store seeds in gene banks to protect food supplies in a warming world."These seeds are miracles - we believe that in this natural diversity of rice you have almost any trait that you would want to look for," said Marie Haga, executive director of the international non-profit organisation, the Crop Trust.She said rice is relatively easy to...
Indian Bank revises interest rates on FCNR(B) deposits

Indian Bank revises interest rates on FCNR(B) deposits

Finance
CHENNAI: Public sector Indian Bank Saturday said it has revised the foreign currency non-resident banking term deposits with immediate effect. For FCNR(B) desposits, in USD terms, the revised interest rates for deposits of one year and above, but less than two years has been fixed at Rs 3.78 per cent, the city headquartered bank said in a statement. For deposits of two years and above, but less than three years, interest rates have been revised at 3.98 per cent. Interest rates for deposits of three years and above, but less than four years have been fixed at 4.06 per cent and for deposits of four years and above, but less than five years interest rates have been fixed at 4.07 per cent. For deposits of upto five years, the interest rates have been fixed at 4.10 per cent, the release added. ...
Tesco Bank fined £16.4m over cyber attack

Tesco Bank fined £16.4m over cyber attack

Technology
Tesco Bank has been fined £16.4m by the City watchdog over a "largely avoidable" cyber attack on the lender, in the first penalty of its kind. The Financial Conduct Authority (FCA) said deficiencies at the bank had left account holders vulnerable to an incident that netted cyber criminals £2.26m.The bank had received a specific warning that was not properly addressed until the attack had started and the response was "too little, too late", the watchdog concluded.It is the first time the FCA has issued a fine for a cyber-related incident.Tesco Bank said that since the incident in November 2016 it had "significantly enhanced" security measures, and apologised to customers.The FCA investigation concluded that the lender failed to exercise due skill, care and dilige...
RBI slaps Rs 5 crore penalty on Karur Vysya Bank

RBI slaps Rs 5 crore penalty on Karur Vysya Bank

Finance
The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives. According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts". "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement added. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times
Vijay Denanath Baroda Bank: Challenges of the urge to merge

Vijay Denanath Baroda Bank: Challenges of the urge to merge

Finance
NEW DELHI: In August last year, the government asked the 21 public-sector banks (PSBs) to come up with their plans for consolidation. With the proposed merger of Bank of Baroda, Vijaya Bank and Dena Bank — now being jokingly called Vijay Denanath Baroda Bank on social media — the government has taken one more step towards consolidation aimed at creating just a few banks so big that they matter globally. The merger will bring down the number of PSBs to 19. The merger has raised questions due to the health of Dena Bank. Due to its burden of NPAs, it is currently under the Prompt Corrective Action framework of the RBI and has been restrained from further lending. The government believes that the merger would improve the operational synergy and would be better than several entities competing