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The Latest Breaking News on Financial Services

Metro Bank gets another shot at redemption – but too late for the small shareholders

Chief executive’s boast that there is nothing wrong with its business model will sound hollow to those nursing a 97% loss

The Guardian - UK

Bank assistant manager, businessman convicted of cheating SBM of ₹2.70 crore

CBI court in Dharwad convicts bank assistant manager and businessman of cheating State Bank of Mysore of Rs 2.70 crore. Sentenced to one-year jail and fined Rs 1.20 lakh. Fraud committed by assistant manager to help borrowers. CBI argued case before Special Judge for CBI cases N. Subramanya.

The Hindu

What is happening at Metro Bank? What customers need to know

Millions of users awaiting news of bank’s survival

Evening Standard

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Metro Bank to slash costs after £925m rescue deal

Lender confirms customers have started to pull money out amid worries over its financial health

The Guardian - UK

Karuvannur bank scam casts Thrissur LS constituency at the centre of a high-stakes CPI(M)-BJP political battle

In Thrissur, the Karuvannur Cooperative Bank scam has become a major political issue ahead of the 2024 Lok Sabha polls. BJP's Suresh Gopi has increased the party's vote share in the district, and CPI(M) is on the offensive, accusing BJP of using ED to further Gopi's candidacy. BJP's K. Surendran…

The Hindu

Metro Bank agrees rescue deal with investors

Lender secures £325m capital from new and existing shareholders and £600m of debt refinancing

The Guardian - UK

Resilience of Australian businesses under a microscope

A health check on the business sector and consumers will reveal how well the economy is holding up as price pressures persist and interest rates remain high.

AAP

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Consumer rights panel in Kerala asks banks to put out service information, SMS alerts in regional languages

Kerala commission advises banks to offer forms, service conditions in regional languages with option for customers to choose language for SMS alerts. Petitioner lost ₹45,000 in fraudulent ATM transactions, but bank argued no negligence. Commission dismissed complaint, but recommended banks offer info in regional languages for debit/credit cards, net banking,…

The Hindu

Metro Bank shares rebound amid reports of £600m capital offer

Lender’s stock hit all-time low after news it was exploring selling off up to 40% of mortgage book

The Guardian - UK

RBI doubles gold loan limits for urban cooperative banks to Rs 4 lakh

MUMBAI: The Reserve Bank of India on Friday announced doubling the lending limits for gold loans under the bullet repayment scheme for urban cooperative banks to Rs 4 lakh.

The Times of India

What is happening at Metro Bank and why is it in need of so much money?

Shares have tumbled by 30% in the bank now operating at the edges of its capital requirements

The Guardian - UK

Six high-street banks given ‘red’ warning over eco policies, Which? reveals

JP Morgan Chase, Santander, Barclays, HSBC, NatWest Group and Lloyds Banking Group were criticised by the consumer champion.

The Independent UK

Metro Bank shares plummet as bank seeks to shore up balance sheet

Stock falls by quarter after news high street lender looking to sell off mortgages or tap investors for more cash

The Guardian - UK

Metro Bank considering raising hundreds of millions from investors

High street lender recently failed to convince regulators it could be trusted to hold less cash against its mortgage risks

The Guardian - UK

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Evening Standard

Former Co-op Bank boss in court accused of fraud

Paul Flowers, 73, appeared in court with the aid of a Zimmer frame

The Hindu

CM fooling people that their investments are safe with Karuvannur bank: Satheesan

Congress party was apprehensive about the outcome of the case, says Opposition leader; he also wants the government to do everything to give back depositors the life savings that they had lost

The Hindu

Fixing the rot in the cooperative sector

Societies and urban banks are controlled by politicians with no domain expertise

The Guardian - AU

Judge stands aside in ANZ pregnancy discrimination case after ‘candid’ comments revealed

‘Extraordinary turn of events’ sees judge in long-running court case step aside after being recorded making remarks

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StockNews.com

Navigating the Banking Storm: Is It Time to Invest in JPMorgan (JPM) and U.S. Bancorp (USB)?

The U.S. banking sector currently feels the pressure of credit rating downgrades. Additionally, with interest rates unlikely to be cut soon, the banking industry will likely face higher deposit costs and slowing loan growth. Amid this backdrop, will investing in JPMorgan Chase (JPM) and U.S. Bancorp (USB) be wise? Read…

The Hindu

As polls approach, coop. bank scam may impact parties’ fortunes

The Enforcement Directorate (ED) investigation into the money laundering aspect of the Karuvannur Service Cooperative Bank scam will have a bearing on the Communist Party of India (Marxist) [CPI(M)], the Congress, and the Bharatiya Janata Party (BJP), especially in the Thrissur parliamentary constituency, and perhaps wider, as the Lok Sabha…

The Guardian - UK

How to get the best out of using a credit card

They are not for everyone but can reap rewards if handled in the right way

AAP

Reserve Bank likely to stay on data watch in October

The key cash interest rate is likely to remain unchanged at 4.1 per cent after the first central bank monetary policy meeting led by governor Michele Bullock.

AAP

Woman charged over alleged role in card-skimming scheme

Financial Crime Squad detectives in Sydney have charged a third person as investigations into a $3.75 million international bank card-skimming scheme continue.

The Guardian - US

Brazil bank’s past slavery ties to be investigated in unprecedented inquiry

Banco do Brasil, one of country’s biggest banks, under scrutiny as institutions called to account for role in trafficking of Africans

The Hindu

Internal probe reveals major loan scam at Mylapra cooperative bank

Internal investigation into Mylapra Service Cooperative Bank in Pathanamthitta reveals embezzlement of ₹18.83 crore by former bank secretary Joshua Mathew through 28 loans to relatives. Former bank president Jerry Oommen Easo and his family also took loans worth ₹2 crore. Crime Branch probe on to investigate benami loans worth ₹86.12…

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