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Tag: bank

The World Bank is preparing for the world's first blockchain bond

The World Bank is preparing for the world's first blockchain bond

Finance
The World Bank has mandated Commonwealth Bank of Australia to arrange the world's first blockchain bond. The Kangaroo bond, referring to foreign bonds issued in Australia in the local currency, has been named bond-i, an acronym standing for Blockchain Offered New Debt Instrument. (It's also a reference to Bondi Beach, an iconic spot in Sydney.) According to the institution, the bond will be the first in the world to be created, allocated, transferred and managed with blockchain technology. That tech, which underpins cryptocurrencies like bitcoin, refers to the distributed ledger technology that securely records all transactio...
Bank of England poised to raise interest rates

Bank of England poised to raise interest rates

Business
The Bank of England is poised to lift interest rates from their financial crisis lows for the first time in almost a decade. The Bank's Monetary Policy Committee is widely expected to increase the cost of borrowing from 0.5% to 0.75% on Thursday.The decision, which will be announced alongside the Bank's quarterly Inflation Report, would bring to an end nine and a half years in which Bank rate was at or below 0.5%.Economists said they expected a split vote among the nine member MPC, but said that strong employment growth, above-target inflation and a relatively robust economy made the decision likely.They pointed out that higher rates would allow the Bank more room for manoeuvre if there is a future crisis, or in the event of a hard Brexit.However, some economists said that ...
India Post Payments Bank to start operations soon with 650 branch

India Post Payments Bank to start operations soon with 650 branch

Finance
NEW DELHI: India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations. "We are looking at launch date. From an operational, technology and market perspective, we are ready to go live," India Post Payments Bank (IPPB) MD and CEO Suresh Sethi told PTI. He confirmed that RBI has given approval to IPPB after testing its entire system. The final approval for the launch of IPPB was pending before the RBI. According to sources in the communications ministry the launch of IPPB is expected in August. When asked about the launch schedule, Sethi without specifying the timings said: "It is very much around the corner". IPPB was the third entity to receive payments bank permit after Airtel ...
We don't want sarkari culture in our bank: Kishor Kharat, CEO, Indian Bank

We don't want sarkari culture in our bank: Kishor Kharat, CEO, Indian Bank

Finance
Kishor Kharat, managing director and CEO of Indian Bank, tells Shantanu Nandan Sharma that his bank does not want to confine its competitive landscape to its public sector peers. Instead, it wants to take on similar-sized private banks. Edited excerpts: On Indian Bank making a profit amid the banking gloomThis bank was in trouble in the mid-1990s. The government rescued it by infusing capital, and we survived. From then, our approach has remained conservative. We have the lowest non-performing assets (NPA) in the industry because we did not lend carelessly. While many banks were caught in problematic sectors such as road, power, cement, textiles, etc, we were better off as our exposure to those sectors was very low. Hence we could make a decent profit. On competition with private banksWe a...
Advertisement featuring Bachchan, daughter raises hackles of bank union

Advertisement featuring Bachchan, daughter raises hackles of bank union

Finance
A one-and-a-half minute long advertisement for a Kerala-based jewellery chain featuring Amitabh Bachchan and his daughter has come under attack from a bank union which termed it "disgusting" and aimed at creating distrust in the banking system. All India Bank Officers' Confederation, an organisation claiming to have membership of around 3,20,000 officers, today threatened to sue Kalyan Jewellers accusing it of "casting aspersion and hurting the sentiments of millions of personnel" through the advertisement. AIBOC general secretary Soumya Datta alleged that the theme, tone and tenor of the Ad were "disgusting, derogatory, to say the least and is aimed to create distrust in the banking system, for pure commercial gain." Kalyan Jewellers rejected the allegation, saying it was "pure fiction." ...