Cannabis Banking Dilemma: Companies Struggle to Access Financial Services Despite Legalization The Biden administration's move to reclassify marijuana as a less dangerous but still controlled drug was hailed as a monumental step in reshaping national policy. But it might do little to ease a longstanding problem in the cannabis industry a lack of loans, checking accounts and banking services that other businesses take for granted. As far as financial institutions, I don't necessarily think it's

Azentio wins three awards at IBSi Digital Banking Awards 2024 Azentio Software (Azentio) (www.Azentio.com), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won three awards with its respective clients, at the IBSi Digital Banking Awards 2024 ceremony, held as a part of the prestigious Cedar-IBSi Digital Banking & AI Summit, on April 19 in Bengaluru, India. The company was declared Segment Winners I SME/Corporate Banking, Regional Win

Fraudulent Activities in Vietnam Uncover Loopholes in Banking Systems Hanoi, Apr 25 (The Conversation) The financial crisis of 2008 showed just how much the world depends on banks being well run. Since then, regulators have been given new powers to keep some of the biggest institutions on a much shorter leash to stamp out risk, greed and corruption. But this approach hasnt worked everywhere. On April 11 2024, a businesswoman in Vietnam was sentenced to death for taking out USD 44 billion (35bn)

Germany's Scholz calls for banking union in Europe German Chancellor Olaf Scholz on Tuesday called for the completion of a European banking union, calling it a 'priority' and urging more uniformity in financial markets across the region. Banking union is a project designed after the financial crisis to centralise supervision of big lenders at the European Central Bank. A central element of the plan, however, a joint deposit protection scheme, has not been agreed in the face of German opposition.

Macquarie's banking unit to stop offering new car loans Financial conglomerate Macquarie Group said on Monday its banking and financial services unit will cease to offer new car loans through direct, broker and novated lease channels in a bid to prioritise growth of home loan and deposit offerings.

China urges banking, financial institutions to boost support for manufacturing China's regulators on Tuesday urged banking and financial institutions to have separate credit plans for the manufacturing sector, according to a statement released by the financial regulator. China will promote more credit resources to support the manufacturing industry, and increase the proportion of medium to long-term loans in the sector, the National Financial Regulatory Administration (NFRA) said. Insurance fund

Goldman Sachs profit beats as investment banking fuels highest earnings since 2021 Goldman Sachs' profit beat Wall Street estimates, fueled by a recovery in underwriting, deals and bond trading in the first quarter that lifted its earnings per share to the highest since late 2021. The results reflected a strong comeback for investment banking - Goldman's traditional mainstay - after a slowdown over the last two years. Rivals JPMorgan Chase and Citigroup cited improving conditions for dealmaking

Finmin for enhanced KYC, due diligence for merchants & banking correspondents to check fraud In a bid to check incidence of BoB World app scam and other such financial frauds, the finance ministry makes a case for an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks, sources said. Appropriate due diligence of merchants and Business Correspondents (BCs) who offer banking services in rural and

ANALYSIS-Swiss banking plan leaves 'relieved' UBS out of immediate firing line UBS could take years to feel the bite of new regulations after the Swiss government set out plans aimed at keeping the monster bank in line that were light on detail and heralded a tortuous political process to enshrine them in law. Shares in the Zurich-based lender took a knock on Wednesday after the finance ministry said its oo big to fail recommendations envisaged tougher capital requirements for UBS and other sys

Switzerland protecting economy and taxpayers with banking proposals, minister says Switzerland is acting to protect taxpayers and its economy after the merger of UBS and Credit Suisse left it with only one remaining global systemically relevant bank, Finance Minister Karin Keller-Sutter said on Wednesday. UBS is now the only remaining globally systemically important bank in our country, Keller-Sutter at a press conference in Bern, after unveiling new recommendations to safeguard the country from

BJP banking on ex-IPS officer to halt TMCs juggernaut in Bengals Birbhum The BJP has sprung a surprise in West Bengals Birbhum constituency, pitting former IPS officer Debasish Dhar, who was suspended by the Mamata Banerjee government after the 2021 assembly elections, in a bid to halt TMC's Satabdi Roy from winning a fourth consecutive term. The absence of TMC's former Birbhum district president Anubrata Mondal, whose strong-arm tactics and controversial comments lent both fear and colour to th

With AI and blockchain, RBI should study a new banking structure to fund future needs: PM Modi Speaking at the 90th-anniversary celebration of the Reserve Bank of India (RBI), Prime Minister Narendra Modi on Monday asked the central bank to assess a newer banking structure to fund future needs. PM Modi said an assessment of the credit needs should be done by the RBI, keeping in mind the growth prospects and potential of the country. Modi said there may be a requirement for newer ways of financin

Yellen would welcome US legislation to aid cannabis banking access U.S. Treasury Secretary Janet Yellen said on Thursday she would welcome legislation that would rectify the conflict between federal and state laws on the sale and use of marijuana that is preventing cannabis firms from accessing the banking system. Asked at a U.S. House of Representatives Appropriations subcommittee hearing about the issue, which forces cannabis businesses to hold large amounts of cash, Yellen said: I think it's

Lok Sabha polls: People banking hopes on Congress, says partys MP chief Patwari Madhya Pradesh Congress chief Jitu Patwari on Sunday said that the people in the state were looking at his party with hopes ahead of the Lok Sabha polls as none of the Modi ki Guarantee has been fulfilled since 2014. Lok Sabha elections will be held in seven phases beginning April 19 and votes will be counted on June 4. The polls in MP will be held in four phases April 19, April 26, May 7 and May 13. People in MP ar

FCA signals watchdog open to ending to free banking in Britain Britain's Financial Conduct Authority would not stand in the way of moves to end Britain's free banking model if lenders chose to offset rising regulation costs by charging fees for holding accounts, its CEO said. In remarks prepared for a speech later on Thursday, Nikhil Rathi defended the watchdog's bid to prioritise retail customer protection via its Consumer Duty rules, and said he had heard concerns that regulation had played a

Launch of interoperable payment system for internet banking in 2024: RBI Guv Reserve Bank Governor Shaktikanta Das on Monday said the launch of interoperable payment system for internet banking is likely in 2024 which will facilitate quicker settlement of funds for merchants. Internet banking is one of the oldest modes for online merchant payment transactions and is a preferred channel for payments like income tax, insurance premium, mutual fund payments, and e-commerce, among others. Currently,

BJP banking on its sitting MPs as it targets to win all 80 Lok Sabha seats in UP After the declaration of candidates on 51 seats by the ruling BJP for the upcoming Lok Sabha polls, the political picture of the contest in Uttar Pradesh is becoming clear. INDIA bloc partner Samajwadi Party (SP) has so far declared tickets on 31 seats, including Varanasi, which it later withdrew due to the seat-sharing arrangement with the Congress. Amidst party workers' demand of fielding Rahul Gandhi and Priyanka