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The Latest Breaking News on Financial Services

Four former top officials of Indian Bank sentenced to imprisonment of three years

Officials from Indian Bank were convicted and sentenced to three year-rigorous imprisonment with fine of ₹10,000 each

The Hindu

Lebanon to shut banks after string of raids by people taking out life savings

The break-ins reflect public anger at the banks’ strict controls on cash withdrawals, as a result of the financial crisis

Evening Standard

Banks must ensure their systems speak to each other for better service to customers: Finance minister

MUMBAI: Finance minister Nirmala Sitharaman on Friday urged banks to ensure that their systems speak to each other so that they are able to serve customers in a better way.

The Times of India

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Lebanese depositors storm banks amid historic economic crisis

Lebanese depositors, including one armed with a hunting rifle, broke into at least four banks Friday to demand their trapped savings, a sign of growing chaos in the small Mediterranean nation amid a historic economic meltdown.

France 24

Russia vows to continue Mir bankcard expansion after new U.S. sanctions

Russia's central bank on Friday pledged to keep expanding the number of countries that accept its Mir bank cards after new U.S. sanctions targeting people and entities accused of helping Moscow skirt financial sanctions.

Reuters

Bank holdups snowball in Lebanon as depositors demand their own money

Five Lebanese banks were held up by depositors seeking access to their own money frozen in the banking system on Friday, in a spiralling spate of holdups this week spurred by frustration over a financial implosion with no end in sight.

Reuters

Interest rates all but certain to rise in October but end of big hikes nearing, RBA governor says

Reserve Bank board will consider either a 25 or 50 basis point rise at next month’s meeting, Philip Lowe tells MPs

The Guardian - AU

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RBA urges fiscal reform

The Reserve Bank has urged the government to not use the national credit card to pay for services.

The Canberra Times

BoT to improve payment system standard

The Bank of Thailand plans to upgrade the country's payment system standard to stabilise financial services and prevent digital banking glitches.

Bangkok Post

State Bank opening rupee accounts for trade with Russia

State Bank of India (SBI), the country’s largest lender, is opening special rupee accounts to handle Russia-related trade settlements in the local currency but is not the main bank for such business.

The Times of India

Global economy poses challenges for RBA

The head of the Reserve Bank of Australia is facing questions about rapid interest rate rises putting pressure on mortgage holders around the country.

AAP

What exactly is the review of the Reserve Bank of Australia hoping to discover?

Here are four key areas to watch ahead of the review making its recommendations to the treasurer

The Guardian - AU

The City’s five biggest banker bonuses since 2006

Big paydays for the financial sector could be here again as the chancellor considers abolishing the bonus cap

The Guardian - UK

Lebanese Activists Promise More Bank Raids after Woman Retrieves Locked Savings

A Lebanese activist group on Thursday vowed to organize more bank heists to help people retrieve their locked savings as the country's years-long economic crisis continues to worsen. Activists from Depositors' Outcry group accompanied Sali Hafez into a Beirut bank branch on Wednesday, and she was able to retrieve some…

Asharq Al-Awsat

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Reuters

Analysis-Lula unlikely to repeat Brazil state bank lending binges

Over more than a decade in power, Brazilian leftist Luiz Inacio Lula da Silva and his handpicked successor used state banks to bolster corporate "national champions" and major sectors their Workers Party saw as essential to the economy.

The Guardian - UK

Kwasi Kwarteng planning to scrap caps on bankers’ bonuses

Critics question chancellor’s idea of abolishing rules imposed after 2008 financial crash during cost of living crisis

The Hindu

SBI raises benchmark lending rate by 0.7%

SBI announcement would make loan repayment linked to Benchmark Prime Lending Rate costlier

France 24

'Nothing more to lose': Lebanese woman holds up bank to pay for sister's cancer treatment

Two people held up Lebanese banks on Wednesday to access their own accounts, which were frozen during the country's financial crisis. One of the suspects told local media that the gun used was actually a toy and that she needed the money for her sister's cancer treatment. Last month a…

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Tribune News Service

US seeks to sidestep Taliban with $3.5 billion Afghan aid plan

The U.S. will put $3.5 billion in Afghanistan’s central bank reserves under the control of a Swiss-based oversight board to pay for limited financial services in the country while ensuring the Taliban regime doesn’t get access to the money, the U.S. Treasury Department said.

The Independent UK

‘Nothing to lose’: Woman holds up Beirut bank to get £11,000 from savings for sister’s cancer treatment

‘I had begged the branch manager before for my money,’ says Sali Hafez

Asharq Al-Awsat

Woman with Toy Gun Grabs Trapped Savings from Beirut Bank

A woman accompanied by activists and brandishing what she said was a toy pistol broke into a Beirut bank branch on Wednesday, taking $13,000 from her trapped savings. Sali Hafez told the local Al-Jadeed TV that she needed the money to fund her sister’s cancer treatment. She said she had…

Reuters

Factbox-Just how bad is Lebanon's economic crisis?

Savers held up two banks in Lebanon on Wednesday to demand access to their own deposits frozen in the country's paralysed financial system, underlining desperation among citizens unable to access savings since an economic crisis began in 2019.

Asharq Al-Awsat

Digital Bank Wio Launches in UAE

State-backed digital bank Wio announced Tuesday its official launch in the United Arab Emirates, becoming the first platform bank in the region. This step aims to transform banking operating models towards a more digital future. It comes in line with the UAE’s Digital Economy Strategy that aims to double the…

Reuters

Depositors hold up two Lebanese banks to grab their own money

Two seemingly armed and desperate Lebanese depositors held up banks on Wednesday to force access to their own money, which has been blocked during a national financial meltdown.

The Independent UK

Armed woman breaks into Beirut bank, takes trapped savings

Eyewitnesses say an armed woman and a dozen activists broke into a Beirut bank branch and took more than $13,000 from her trapped savings

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