Banks (Finance)
The ICICI Bank and the Punjab National Bank, two major lenders in India, have increased their Marginal Cost of Lending Rate (MCLR) by 5 basis points in response to rising inflation, effective from September 1, 2023. This move is expected to impact millions of customers who have plans to secure
Banks (Finance)
High Street banks and building societies, including NatWest and Virgin Money, are reserving the best savings rates for customers who manage their accounts online, rather than in branch. This practice could cost in-branch customers thousands of pounds in lost interest. According to experts, the Financial Conduct Authority's (FCA)
Banks (Finance)
FHLBank Chicago, a regional bank in the Federal Home Loan Bank System, has announced expanded discounted lending and grants to support small businesses in low- and moderate-income communities in Illinois and Wisconsin. The bank's commitment to providing access to capital for small business owners is critical, as they
Banks (Finance)
Reputable non-banking financial companies (NBFCs) like Bajaj Finance, Muthoot Finance, and LIC Housing Finance offer attractive interest rates on fixed deposits (FDs) to entice investors. Although these companies provide higher interest rates to compensate for the associated credit risk, investors must prioritize safety to avoid defaults and repayment delays. In
Banks (Finance)
The Bank of England is under increasing pressure to raise interest rates next month after a significant jump in wages was reported in June. The total pay, including bonuses, rose by 8.2% a year in the three months to June, exceeding the expected 7.3% growth. Regular pay, which
Banks (Finance)
Bank of America analysts have forecasted a one last interest rate hike in November, citing upside risks to food and energy prices and a resilient economy as main drivers. The analysts believe the Federal Reserve will hand down a single 25 basis point hike, with the timing being a close
Banks (Finance)
The UK economy will be closely monitored this week as the Office for National Statistics releases key indicators, including wages and prices data, which will significantly impact the Bank of England's decision on interest rate hikes. With interest rates potentially reaching their peak in the coming months, the
Banks (Finance)
Fixed deposit interest rates have increased significantly in the last year due to the Reserve Bank of India's (RBI) 250 basis points (bps) repo rate hike. However, with two back-to-back pauses in repo rate hikes, banks have started reducing interest rates on fixed deposits. Experts believe that interest
Banks (Finance)
A new report from the Reserve Bank of Australia (RBA) warns that the country's economic output per person is forecast to shrink in the second half of 2023 due to higher interest rates and rising cost of living. Despite steady wage increases at an annual rate of 3.
Banks (Finance)
Nine of Britain's biggest lenders passed on an average of 28% of base rate rises between January and May in their instant access savings offers, compared with an average of 80% in the five years through 2009, the Financial Conduct Authority (FCA) said in a report. This disparity
Banks (Finance)
NatWest's decision to push out its chief executive, Dame Alison Rose, has set off a chain reaction in the banking sector, underlining the gravity of the breach of confidentiality she made. In a fractious 24 hours, NatWest's chairman, Sir Howard Davies, condemned Rose's actions,
Banks (Finance)
NatWest Bank chief executive Alison Rose stepped down after leaking information to the BBC about the closure of Nigel Farage's account, highlighting the bank's growing role as a moral arbiter and sparking questions about how banks approve customers. Farage, a prominent Brexit advocate, was dropped as
