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Barclays Bank charged over Qatar loans

Barclays Bank charged over Qatar loans

Business
The Serious Fraud Office (SFO) has charged Barclays Bank PLC with "unlawful financial assistance" related to billions of pounds raised from Qatar in 2008.The same charges were bought against Barclays PLC in June last year.The move to charge Barclays Bank as well is significant because it holds the banking licence that allows it to operate in different countries.So, if Barclays was found guilty, it could lose that crucial licence.In 2008, to avoid a government bailout, Barclays took a £12bn loan from Qatar Holdings, which is owned by the state of Qatar.Under that deal Barclays loaned £2.3bn back to Qatar Holdings.The SFO alleges that loan was used either directly, or indirectly, to buy shares in Barclays, which the SFO says is "unlawful financial assistance".In response, Barclays said: "Bar
India Post Payments Bank will begin nationwide rollout in April

India Post Payments Bank will begin nationwide rollout in April

Finance
India Post Payments Bank will begin its nationwide rollout in April, the government said on Saturday, refuting reports of revised or delayed timelines. "India Post Payments Bank (IPPB) Expansion Programme continues to make brisk progress and a nation-wide roll-out is scheduled beginning April 2018. No decision has been taken to revise the timelines as reported in some sections of the media," the government said in statement. "Once the proposed expansion is completed, IPPB will be providing the largest financial inclusion network in the country, covering both urban as well as rural hinterland with ability to provide digital payment services at the doorstep with the help of Postmen and Gramin Dak Sewaks (GDS)," the statement added. IPPB will also enable more than 17 crore active accoun...
Magicbricks teams up with State Bank of India to launch Big Bang Home Carnival

Magicbricks teams up with State Bank of India to launch Big Bang Home Carnival

Finance
MUMBAI: The country's largest lender State Bank of India and the No.1 property site Magicbricks on Friday announced the launch of the Big Bang Home Carnival, a month-long online housing carnival. The housing festival will showcase nearly 16,000 units, across 22 Indian cities and will culminate on March 9. 62 developers have come on board to showcase 97 projects while SBI is offering a host of loan deals in SBI and RERA Approved Projects. "We are offering home loans at Zero processing Fee with an attractive interest rates and additional 20% loan for the young generation having age upto 45 years," said P.K. Gupta, MD (Retail & Digital Banking), SBI. "The customers can get home loans pre-approved even before they decide the property to be purchased. To improve customer home loan jou...
Lloyds Bank bans Bitcoin purchases on its credit cards

Lloyds Bank bans Bitcoin purchases on its credit cards

Business
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not apply to debit cards, only to the banking group's eight million credit card customers.The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall.Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."Bitcoin ended last week down 30% at $ 8,291.87 - its worst week since April 2013 and far below the $ 19,000 it reached last November.However, the c...
India seeing huge inflows into financial savings: ICICI Bank CEO Chanda Kochhar

India seeing huge inflows into financial savings: ICICI Bank CEO Chanda Kochhar

Finance
DAVOS: India is seeing a huge surge in the net inflows into financial savings and has reached nearly Rs 28 lakh crore in the last 18 months -- an amount equivalent to entire GDP of countries like Thailand, top banker Chanda Kochhar has said. She also said the flow into financial savings has surged significantly since the demonetisation exercise of November 2016. Kochhar, who was here to participate in the World Economic Forum annual meeting, told PTI in an interview that formalisation of economy and digitisation of banking transactions have proved to be among the most significant benefits of the demonetisation exercise. On the GST and other reforms undertaken in India, she said since 2014, the government has focused on several structural reforms which are strengthening the econom...