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Bank trading floors could be poised for a makeover in the wake of Covid-19

Finance
A member of exchange staff uses a fixed-line telephone while looking at financial data on computer screens on the trading floor of Bats Europe, the European arm of Bats Global Markets Inc., in London, U.K..Jason Alden/Bloomberg | Bloomberg | Getty ImagesTrading floors in banks have been immortalized in countless Hollywood movies. Chaotic scenes of financial professionals, often on the phone, and often screaming; rows of desks and endless monitors all convey highly stressful situations in an industry where time is literally money.While there's some fiction to this stereotype, the images of densely populated, cavernous spaces are grounded in the truth. And in the era of Covid-19, of course, all that frenetic activity and tightly-packed bodies pose a big challenge — even more so than in
India’s fraud-hit PMC Bank asked other major banks for a merger, says administrator

India’s fraud-hit PMC Bank asked other major banks for a merger, says administrator

Finance
By Aditya Kalra and Abhirup RoyNEW DELHI: India's fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank's administrator said in a court filing seen by Reuters. Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control of it after detecting financial irregularities. Thousands of PMC depositors have been unable to access their deposits for a year as the RBI has capped withdrawals at 100,000 rupees ($ 1,359). PMC has "tried to engage with the major banks of the country to request for a merger", the bank's administrator said in a Sept. 10 filing at the Delhi High Court, witho...
Central Bank of India reduces MCLR by 5 bps

Central Bank of India reduces MCLR by 5 bps

Finance
Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10 per cent from 7.15 per cent, a release said. Overnight and one-month MCLRs have been reduced to 6.55 per cent from 6.60 per cent earlier. The new three-month and six month MCLR will stand at 6.85 per cent and 7 per cent, respectively. Last week, Union Bank of India reduced MCLR by 5 bps across all tenors. Its one-year MCLR was revised to 7.20 per cent from 7.25 per cent earlier. Chennai-headquartered public sector lender Indian Overseas Bank has cut its MCLR by 10 bps across all tenors, effective September 10. Bank of Maharashtra also slashed MCLR by 10 bps for select tenors, l...
Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Finance
State-run Bank of Maharashtra has slashed its marginal cost of funds based lending rate (MCLR) by up to 10 basis points for select tenors effective Monday. Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10. Bank of Maharashtra has reduced its one-year and six-month MCLR to 7.30 per cent (from 7.40 per cent) and 7.25 per cent (from 7.30 per cent) respectively, it said in a release. For overnight, one-month and three-month tenors, the Pune-based lender's MCLRs have been revised to 6.80 per cent, 7 per cent and 7.20 per cent respectively. In a filing to exchanges, IOB said its one-year MCLR has been revised to 7.55 per cent from 7.65 per cent, effective September 10. Three-month and six-month MCLRs have been ...
Ex-World Bank head Robert Zoellick: ‘The world could look like 1900 again’

Ex-World Bank head Robert Zoellick: ‘The world could look like 1900 again’

Business
Media playback is unsupported on your device The former head of the World Bank has warned the world could look like it did in 1900 if countries don’t work together to tackle the current crisis.Robert Zoellick pointed to the rift between the US and China as a serious threat to the global economic recovery.Mr Zoellick, one of America’s most senior public officials, has advised six US presidents during his career.He told the BBC co-operation was “the only way the global economy will emerge from the recession”.Mr Zoellick, who was also the US deputy secretary of state, said his biggest concern was the escalating tensions between the US and China. “I think [the relationship] is in freefall today and I don’t think we know where the bottom is, and th