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S&P 500 barely strikes record high as Federal Reserve commits to economic recovery

S&P 500 barely strikes record high as Federal Reserve commits to economic recovery

Business
April 7 (UPI) -- The S&P 500 scraped its way to a record close on Wednesday in a mixed day of trading as the Federal Reserve indicated it would remain committed to policies supporting economic recovery. The equity benchmark gained 0.15% to a new closing high of 4,079.95. The Dow Jones Industrial Average rose 16.02 points, or 0.048%, while the Nasdaq Composite dipped slightly to close down 0.07%. Advertisement Markets reacted to minutes from the Fed's March policy meeting where officials indicated the pace of asset purchases is likely to remain the same as the central bank works toward its economic goals. "Participants noted that it would likely be some time until substantial further progress toward the Committee's maximum-employment and price-stability goals would be realized and that...
Reserve Bank of India cautions against unauthorised digital lending platforms, mobile apps

Reserve Bank of India cautions against unauthorised digital lending platforms, mobile apps

Finance
MUMBAI: The Reserve Bank of India (RBI) on Wednesday cautioned individuals and small businesses against falling prey to growing number of unauthorised digital lending platforms and mobile apps on promises of getting loans in quick and hassle-free manner. These platforms charge excessive rates of interest and additional hidden charges, adopt unacceptable and high-handed recovery methods and misuse agreements to access data on mobile phones of borrowers. "Members of public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/firm offering loans online or through mobile apps," said the central bank. Moreover, consumers should never share copies of KYC documents with unidentified persons, unverified/unauthorised apps and should report ...

Federal Reserve joins global group focused on fighting climate change

Finance
Federal Reserve Chair Jerome Powell prepares for a House Financial Services Committee hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response" in the Rayburn House Office Building in Washington, D.C. on Dec. 2, 2020.Jim Lo Scalzo | ReutersThe Federal Reserve has made a move that cements its nod to the risk that climate change could pose to the financial system.In a statement released Tuesday, the central bank said it has formally joined a global peer group that is addressing climate's impact on finance. The Network of Central Banks and Supervisors for Greening the Financial System, as it's called, was formed in 2017 and now has 83 members from around the world. The U.S. already had been an informal participant for more than a year."As we develop our under...
Reserve Bank of India appeals to Supreme Court to allow NPA classification

Reserve Bank of India appeals to Supreme Court to allow NPA classification

Finance
MUMBAI: India's central bank has appealed to the country's top court to let banks classify loans as nonperforming, saying a ban imposed to help borrowers in the COVID-19 pandemic could greatly harm the nation's financial system. The Reserve Bank of India, in a filing to the Supreme Court late on Friday, warned that failure to immediately lift an interim stay on banks classifying any loan as a non-performing asset (NPA) would also undermine the central bank's regulatory mandate. The court granted the stay last month, responding to a plea filed by an Indian optician, later joined by a wide range of borrowers whose income or revenue was hit by the COVID-19 pandemic. The court is set to rule on the matter on Tuesday. The ruling could have far-reaching consequences not only for millions of bo...
Reserve Bank of India looks to sort out e-KYC matter for non-bank lenders

Reserve Bank of India looks to sort out e-KYC matter for non-bank lenders

Finance
Kolkata: The Reserve Bank of India and the government are working closely on how to allow the digital customer authentication facility to non-bank entities to help them to reach out and cater to a wider section of population, two people familiar with the matter said. This assumes significance amid the spread of coronavirus when physical proximity is best avoidable. At present, only banks are allowed to do customer identification online through OTP (one-time password) based Aadhaar card authentication. The government has been hesitant to give non-banks entities the access to the Unique Identification Authority of India’s (UIDAI) database following the complaints of misuse of it. Non-bank lenders and microfinance companies which are not allowed to do so, are lobbying for similar facilities.