Bank detail – MMOG Accounts http://mmogaccounts.com/ Wed, 29 Jun 2022 18:24:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://mmogaccounts.com/wp-content/uploads/2021/06/icon-66.png Bank detail – MMOG Accounts http://mmogaccounts.com/ 32 32 DOJ says allies froze $30 billion in Russian oligarch’s assets https://mmogaccounts.com/doj-says-allies-froze-30-billion-in-russian-oligarchs-assets/ Wed, 29 Jun 2022 15:37:09 +0000 https://mmogaccounts.com/doj-says-allies-froze-30-billion-in-russian-oligarchs-assets/ The 106m long and 18m high super luxury motor yacht Amadea, one of the largest yachts in the world, is seen after being anchored at Pasatarlasi jetty for bunkering with 9 tankers, on 18 February 2020 in Bodrum district of Mugla province in Turkey. Anadolu Agency | Getty Images The Justice Department said on Wednesday […]]]>

The 106m long and 18m high super luxury motor yacht Amadea, one of the largest yachts in the world, is seen after being anchored at Pasatarlasi jetty for bunkering with 9 tankers, on 18 February 2020 in Bodrum district of Mugla province in Turkey.

Anadolu Agency | Getty Images

The Justice Department said on Wednesday that the United States and its allies had frozen more than $30 billion in the Russian oligarch’s assets and tied up about $300 billion in Moscow’s central bank funds.

The Russian Elites, Proxies and Oligarchs Task Force (REPO) has released new details on the progress of a multilateral effort to seize high-value properties from Russian business titans.

World leaders believe their attempts to seize oligarchs’ luxuries, including yachts worth hundreds of millions of dollars, will fuel continued political pressure on Russian President Vladimir Putin to end his invasion of Russia. ‘Ukraine.

While the Justice Department deemed the task force’s first 100 days a success, it said the work “is not done yet.”

Over the coming months, the REPO task force “will continue to track Russian-sanctioned assets and prevent sanctioned Russians from undermining the measures that REPO members have jointly imposed,” the DOJ said in a press release.

“We seek to maximize the impact of sanctions on designated individuals and entities while protecting against fallout that affects global commodity markets and food supplies, which Russia has disrupted by choosing and continuing to wage war. “, added the department.

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US law enforcement and treasury sanctions officials say Russian yacht and yacht management companies are key to a vast network of front companies used by the country’s elites to secure ill-gotten profits .

Many sequestered ships feature luxury amenities and construction, with gold and marble bathrooms, rare wooden decks sized to accommodate helicopters, multiple cars, and multiple swimming pools.

Since Putin began his invasion in February, the United States and other world powers have united to support Kyiv through economic sanctions against Moscow and munitions deliveries to Ukrainian forces.

Russia’s attack has also breathed new life into NATO, the defensive military alliance formed in the aftermath of World War II that now comprises 30 member states.

In a historic move, the Western military organization on Wednesday sent formal invitations to Sweden and Finland, both of which cited Putin’s territorial aggression for moves to bolster their own alliances.

A NATO official said that “Finland and Sweden’s membership will make them more secure, NATO stronger and the Euro-Atlantic area more secure”, adding that the security of Finland and Sweden during the accession process is of “direct importance”.

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Stocks in the news: RIL, JSW Steel, ICICI Bank, Cipla and Bank of Baroda https://mmogaccounts.com/stocks-in-the-news-ril-jsw-steel-icici-bank-cipla-and-bank-of-baroda/ Tue, 28 Jun 2022 01:58:00 +0000 https://mmogaccounts.com/stocks-in-the-news-ril-jsw-steel-icici-bank-cipla-and-bank-of-baroda/ Nifty futures on the Singapore Stock Exchange traded 30 points or 0.19% lower at 15,804, signaling that Dalal Street was heading for a negative start on Tuesday. Here are a dozen stocks that could buzz the most in today’s trading: Trusted industries: Altigreen, an electric utility vehicle manufacturer backed by Mukesh Ambani’s conglomerate in conjunction […]]]>
Nifty futures on the Singapore Stock Exchange traded 30 points or 0.19% lower at 15,804, signaling that Dalal Street was heading for a negative start on Tuesday. Here are a dozen stocks that could buzz the most in today’s trading:

Trusted industries: Altigreen, an electric utility vehicle manufacturer backed by Mukesh Ambani’s conglomerate in conjunction with last mile delivery service provider Vidyut Parivahan inaugurated its EV service center at Wagholi in Pune on Monday.

ICICI Bank: The private lender will maintain its strong market position and market capitalization over the next 12 to 18 months, S&P Global Ratings said and affirmed its “BBB-” long-term credit rating with a stable outlook.



Quote:
The pharmaceutical company has agreed to acquire an additional stake of almost Rs 26 crore in digital technology company GoApptiv Private to increase its stake to 22.02%. The investment will be made in shares and mandatory convertible preferred shares and is expected to be completed within 30 days.


JSW steel:
Moody’s Investors Service has announced that it has raised the steelmaker’s Corporate Family Rating (CFR) from Ba2 to Ba1. At the same time, Moody’s changed the rating outlook for and Periama Holdings LLC from “positive” to “stable”.


Bank of Baroda:
The public sector lender said it would raise Rs 5,000 crore by issuing long-term infrastructure bonds. The board at its meeting held on Monday approved the proposal to issue long-term bonds for financing infrastructure and affordable housing projects worth Rs 5,000 crore.

Star Health and allied insurances: The recently listed health insurance company signed a corporate agency agreement with

for the distribution of its health insurance solutions to the bank’s customers.

Companies of the Brigade: The real estate company said it has reached an agreement to develop a housing project in Chennai with an estimated revenue of Rs 1,500 crore over the next five years. The company has signed a Joint Development Agreement (JDA) to develop approximately 2.1 million square feet in Chennai.


Aurobindo Pharma:
The drugmaker said it received a warning letter from financial markets regulator Sebi for not disclosing details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the Food and Drug Administration of the United States (USFDA).

Poonawalla Fincorp: Two people sold NBFC shares worth Rs 105 crore through open market transactions. Based on block deal data available with ESB, Sanjay Chamria and Mayank

sold a total of 43,79,793 shares at an average price of Rs 240 each.


Prestige TTK:
The appliance maker has announced that it will acquire a 51% majority stake in Ultrafresh Modular Solutions, a move that will help the kitchen appliance leader in the growing modular kitchen solutions segment.

Bilcare: The health technology company said the board had appointed Shreyans Bhandari as an additional director and chief executive officer of the company. He is the son of Mohan Bhandari, former Chairman and Managing Director, who is now appointed Managing Director.

Edelweiss financial services: The financial firm announced that credit rating agency ICRA reaffirmed the ICRA-A+ credit rating for the Retail NCD program and raised the outlook from negative to stable. The upward revision to the outlook reflects stable financial performance, sustained debt reduction and strong fundamentals.

Sterling Tools: A subsidiary of fast food company Sterling Gtake E-mobility (SGEM) has made a foray into the E-LCV segment. With this development, SGEM continues to strengthen its presence in the various segments of E-mobility. Starting with supplies to a single Electric 2W customer a year ago, the company has now confirmed orders from over 10 customers.


Mishtann foods:
Building on the success of its new launches, the firm FMCG is launching a new variant of salt in the form of salt crystals which has several nutritional benefits on the auspicious occasion of ‘Rath Yatra’ on July 1, 2022.

Indian Map Clothing: The textile company said the board had declared a special interim dividend of Rs 25 per share on a nominal value of Rs 10 each for the financial year 2022-23. The board also gave its approval for the acquisition of the remaining 40% stake in Garnett Wire, UK – the company’s overseas subsidiary, from joint venture partner – Joseph Sellers & Son.

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New puzzle for the cops: cybercriminals buy personal data in bulk https://mmogaccounts.com/new-puzzle-for-the-cops-cybercriminals-buy-personal-data-in-bulk/ Sun, 26 Jun 2022 07:22:06 +0000 https://mmogaccounts.com/new-puzzle-for-the-cops-cybercriminals-buy-personal-data-in-bulk/ “Dear customer, your account with xxxx has been suspended. Please complete your KYC (know your customer) with this link…”; “Dear user, please update your KYC for your account with this link/number…”; “Dear customer, you have earned reward points worth Rs 5000 in your account xxx…” These are just some of the mass messages received on […]]]>

“Dear customer, your account with xxxx has been suspended. Please complete your KYC (know your customer) with this link…”; “Dear user, please update your KYC for your account with this link/number…”; “Dear customer, you have earned reward points worth Rs 5000 in your account xxx…”

These are just some of the mass messages received on thousands of phones every day, sent by scammers waiting for people to click on phishing links and share personal information. But what has exacerbated the headache for law enforcement lately is the proliferation of websites that sell people’s names and numbers in bulk, senior Delhi police officers told The Indian Express. The agents added that the scammers have become proficient at creating similar websites of banks, telecom providers or brands to steal information and siphon off money – between a few thousand and several hundred thousand dollars. – vulnerable people.

In March, the Delhi Police’s Cyber ​​Cell arrested 23 people for sending such messages daily and ‘tricked’ people into visiting fake websites under the guise of updating KYC information – otherwise they “lose” their account at a major public sector bank.

Once a person parted with their personal information online, the money would quickly disappear from their account.

A senior public sector bank official, who did not wish to be named, said: “Last year we had over 500 complaints in November-December. We had to send out alerts on social media, newspapers and on our app. Fraudsters continued to send mass messages asking people to update their KYC or else they would lose their account. We have also reported the matter to the Delhi Police and the Home Ministry. It is very serious. These people pose as bank officials and cheat customers out of hundreds of thousands of rupees. We would never send such messages to our customers.

KPS Malhotra, DCP (Cyber ​​Cell), explained how it works: “The men sent messages en masse with links that allegedly lead to a fake public sector bank app page. The account holder would provide personal information on the fake online banking page and the accused would take that information, log into the original account and siphon money from there.

“It was a pan-Indian network; we had over 100 complaints with us. More than 51 of them were in Delhi. The defendants were arrested at different locations,” the DCP added.

In fact, many FIRs often file hundreds of complaints – last year, for example, Dwarka’s Cyber ​​Cell recorded eight KYC fraud cases, each involving over 500 complainants from across the country.

In the March case, the police found many victims lost up to Rs 1 lakh. According to the police, these gangs operate from different cities in the country – which poses problems of competence for the investigators – and have several modules to manage different tasks.

For example, some men are tasked with creating phishing links, mass texting, and creating bank accounts to transfer the money to, while others work to obtain data on their targets. .

According to Cyber ​​Cell, obtaining victim data is key to the operation. An ACP level officer told The Indian Express that the defendants buy it from websites where the personal details of thousands of people are sold in bulk for as low as Rs 600 and up to Rs 7,000.

The Indian Express connected to some of these websites and saw how easily one could buy data – names, phone numbers and even addresses. The data is differentiated into different categories for “marketing purposes”.

The categories include ‘Students looking for a job’, ‘Seniors’, ‘Delhi-NCR doctors’ and ‘Delhi-NCR car owners’, which allows fraudsters to focus more easily on the group they wanted to target.

The data is available in the form of different files, it is enough to create an account on the sites and to buy it.

A team led by CPA Raman Lamba discovered that the defendants obtained numbers from these websites and regularly sent mass messages.

“They mainly target senior citizens, retired civil servants and frequent buyers. The data of these people is readily available on websites,” an officer said. The Indian Express contacted one of the websites and asked about the data being sold online.

The company, which declined to be named, claimed that details such as name, email ids and phone numbers could be shared and sold as these are categorized as ‘data’. general”. However, data such as credit card details and medical records cannot be shared online as they are “sensitive/personal”.

“There are no laws protecting the sale of general data. Data can be categorized and sold online for marketing purposes. Many brands want their “target audience/customers” and need such data. This data selling business was started to provide data for marketing purposes, but cyber criminals can also use it for illegal purposes… Data is only shared for promotional activities… It is the responsibility of the user,” the company spokesperson said.

Asked how the websites collected this data in the first place, the spokesperson said: “As there are a lot of companies that sell data, so they buy data from each other as needed. However, the original source of the data is unknown. But as far as I know, some data such as B2B company data, doctor data, chemist data is collected from web directory sites where name, address and contact numbers are openly available. And other data can be sold by the companies themselves – for example, I opened an account (with a broker) for trading, and after a few days I start to receive calls from different companies for purposes commercial, so we can believe that the data is obviously sold by the company itself, and when that data is used by those companies, it comes into the open market to be resold by small, medium-sized sellers.

In the event that a fake banking app was created, the accused would send mass messages to thousands of people every day and then wait for people to click on the link.

An officer said that when victims clicked on the link, they were directed to the fake/phishing website, while the accused opened the original website. As the person typed in their username and password, the accused would see it in real time, the officer said.

At this point, an OTP or one-time password would be required for login.

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“Since the OTP is a crucial part of the login, the accused would also put an OTP link on the fake site. As soon as the victim types the received OTP on his mobile number, the accused would use it on the original website and would have access to the account,” the officer said.

Moreover, the accused would send more OTPs to continue withdrawing money from the account. On the victim’s mobile/laptop screen, she would see the KYC formalities being completed and the site asking for yet another OTP to complete the process.

“As the victim thinks he is completing his KYC process or registration for reward points, the accused is simply stealing OTPs and withdrawing money from his account,” the officer added.

In one specific case, the defendants were arrested with more than Rs 2 crore. “They started the operation during the pandemic; in fact, many gangs did. We received more than 25 complaints with the same modus operandi. Most of the complainants were 45 and older. One of the complainants, a retired DU professor, was defrauded of Rs 1.7-2 lakh. It was the highest amount.

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82 Palestinians injured in Israeli raids in the West Bank https://mmogaccounts.com/82-palestinians-injured-in-israeli-raids-in-the-west-bank/ Fri, 24 Jun 2022 17:05:00 +0000 https://mmogaccounts.com/82-palestinians-injured-in-israeli-raids-in-the-west-bank/ Palestinian protesters are seen during clashes with Israeli forces near the occupied West Bank city of Nablus, June 24, 2022. (Photo by Palestinian Ma’an News Agency) The Palestinian Red Crescent Society (PRCS) said at least 82 Palestinian protesters were injured in raids by Israeli forces in and around the occupied West Bank city of Nablus. […]]]>
Palestinian protesters are seen during clashes with Israeli forces near the occupied West Bank city of Nablus, June 24, 2022. (Photo by Palestinian Ma’an News Agency)

The Palestinian Red Crescent Society (PRCS) said at least 82 Palestinian protesters were injured in raids by Israeli forces in and around the occupied West Bank city of Nablus.

The Palestinian Ma’an news agency quoted Ahmed Jibril, the director of the PRCS emergency and ambulance center in Nablus, as saying the injuries arose as a result of Israeli violence in the city and nearby villages on Friday. .

Jibril said Red Crescent workers treated the wound of a paramedic volunteer (pictured below) to the face with a tear gas canister, in addition to 15 cases of suffocation with tear gas in Beit Dajan.

They also treated four cases of gas suffocation and injuries following a fall on Jabal Sabih hill in Beita town. PRCS crews also treated one injured in Burin, in addition to 61 cases of gas inhalation in the village of Qaryut, south of Nablus.

For the past few months, violent clashes have taken place every week between the Israeli occupying forces and the Palestinians over the expansion of the Tel Aviv settlement into the Palestinian territories.

About 600,000 Israelis live in more than 230 settlements built since the 1967 occupation of Palestinian territories in the West Bank and eastern Al-Quds.

The Palestinians want the West Bank to be part of a future independent Palestinian state, with al-Quds East as its capital. The last round of Israeli-Palestinian talks collapsed in 2014. Among the major sticking points in those negotiations was the continued expansion of Israeli settlements.

All Israeli settlements are illegal under international law because they are built on occupied land. The UN Security Council has condemned Israel’s settlement activities in several resolutions.

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After a bank transfer, it’s not your money anymore | Dickinson, Mackaman, Tyler & Hagen, PC https://mmogaccounts.com/after-a-bank-transfer-its-not-your-money-anymore-dickinson-mackaman-tyler-hagen-pc/ Wed, 22 Jun 2022 19:08:02 +0000 https://mmogaccounts.com/after-a-bank-transfer-its-not-your-money-anymore-dickinson-mackaman-tyler-hagen-pc/ A daily feed of titles highlights cybersecurity incidents affecting organizations large and small. Faced with this coverage, most organizations have realized the importance of cybersecurity and have taken basic steps to secure their information technology. However, many still do not recognize the substantial risk that cyber fraudsters pose to their organization’s funds in the bank. […]]]>

A daily feed of titles highlights cybersecurity incidents affecting organizations large and small.

Faced with this coverage, most organizations have realized the importance of cybersecurity and have taken basic steps to secure their information technology. However, many still do not recognize the substantial risk that cyber fraudsters pose to their organization’s funds in the bank.

The modern banking system has rightly given organizations the sense of security that their funds are safe. Bank runs, fraud and defaults are virtually non-existent, so depositors no longer worry about their money evaporating after it is deposited. What many organizations fail to understand, however, is that modern rules governing funds transfers prioritize speed and finality over accuracy. This means that banks can process wire transfers and other electronic funds transfers even if there is evidence that the transaction was initiated by or for fraudsters.

Fraudsters, perhaps unwittingly, have exploited this feature of the US payment system with devastating effect. Many organizations only realize when it’s too late that banks will process a wire transfer initiated at the request of or by fraudsters, and the wire transfer is irrevocable.

The affair of Lucky Star Enterprises III, LLC v. Wells Fargo Bank, NA, illustrates these issues in great detail. The case started with a de facto model that has become mainstream. Lucky Star owns and operates fitness centers and has hired a construction company to remodel one of them. A Lucky Star employee received an email that appeared to be from the contractor with an invoice for $125,621.85. The Lucky Star employee followed the instructions in the email and transferred the funds to an account at Wells Fargo from Lucky Star’s US bank account.

Unbeknownst to the Lucky Star employee, the Wells Fargo account did not actually belong to the contractor. Even though the account number on the Lucky Star wire transfer matched the account number of the account at Wells Fargo, the name on the Wells Fargo account belonged to fraudsters.

Lucky Star learned after the transfer that the “entrepreneur” account was in fact controlled by fraudsters who eventually wired the funds overseas. Although the court ruling does not say so, the fraudsters likely had usurped the contractor’s email account or taken control of it.

The problem in this case is that before the fraudsters could transfer the funds overseas, Wells Fargo flagged the accounts as potentially fraudulent. Lucky Star and US Bank contacted Wells Fargo and asked Wells Fargo to return the funds. Wells Fargo didn’t, however, and the scammers then transferred the funds overseas, out of anyone’s reach.

Lucky Star sued Wells Fargo, but the United States District Court for the Western District of Washington dismissed the case. In doing so, the District Court relied on Article 4A of the Uniform Commercial Code (“UCC”). Lucky Star argued that Wells Fargo should never have deposited the wire transfer into Wells Fargo’s account because the name on the account did not match the name Lucky Star had included on the wire transfer. The Court rejected this argument because under the UCC:

When the payment order designates the beneficiary “both by name and by . . . bank account number and name and [account] number identifying different people, “the beneficiary’s bank”can rely on the number as the appropriate identifier of the order recipientif he “does not know that the name and number refer to different people”.

(emphasis added). In other words, Lucky Star may have instructed Wells Fargo to “deposit funds for the contractor into account 1234”, but Wells Fargo had the right to just look at the account number and deposit the funds into the “1234 account”, although this account may have been under the name “Fraudsters, Inc.”

Under the UCC, banks have the right to ignore conflicting names on wire transfers and deposit funds based on the account number associated with the transfer. The only exception to this rule is if a human being at Wells Fargo knew at the time the funds were first deposited into the account that there was a mismatch between the name on the transfer and the name on the account. Since all wire transfers are processed electronically, the possibility of a Wells Fargo employee learning about the mismatch was virtually impossible.

This basic principle of Article 4A UCC has allowed fraudsters to take advantage of organizations of all shapes and sizes. Good star and UCC reflect the fact that the US payment processing system prioritizes speed and finality over accuracy. Once the transfer is made, banks do not need to return the funds, even if there is evidence of an unauthorized transfer.

This does not mean, however, that organizations have no recourse. This blog previously covered a case where an organization was allowed to sue his bank to send an unauthorized transfer. This blog has also covered how financial institutions can mitigate their risk of liability for unauthorized transfers by updating their security agreements and procedures. Each case of unauthorized transfer should be assessed based on the specific circumstances.

However, the bottom line for organizations is that a financial institution may not be responsible for correcting an unauthorized or fraudulent transfer of funds. Organizations of all kinds and sizes should take steps to secure checks for sending payments – Lucky Star could have called to verify the contractor’s bank account number. The banking system will make sure the payment gets to where an organization sends it, but organizations may not always like where the payment ends up.

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RBI prohibits non-bank PPIs from loading lines of credit; details here https://mmogaccounts.com/rbi-prohibits-non-bank-ppis-from-loading-lines-of-credit-details-here/ Tue, 21 Jun 2022 05:34:09 +0000 https://mmogaccounts.com/rbi-prohibits-non-bank-ppis-from-loading-lines-of-credit-details-here/ The Reserve Bank of India (RBI) has banned all non-bank issuers of prepaid payment instruments (PPIs) from charging lines of credit, according to its recent notification. The central bank has ordered PPIs to stop this practice immediately if they haven’t already. The notification read: “The PPI-MD does not allow the loading of PPIs from credit […]]]>

The Reserve Bank of India (RBI) has banned all non-bank issuers of prepaid payment instruments (PPIs) from charging lines of credit, according to its recent notification. The central bank has ordered PPIs to stop this practice immediately if they haven’t already.

The notification read: “The PPI-MD does not allow the loading of PPIs from credit lines. Such a practice, if followed, must be stopped immediately. Failure to comply in this regard may result in criminal prosecution under the provisions contained in the Payment and Settlement Systems Act 2007. »

It further mentioned: “PPIs shall be permitted to be loaded/reloaded in cash, debited to bank account, credit and debit cards, PPIs (as permitted from time to time) and other payment instruments issued by Indian regulated entities and must be in INR only.

Shortly after the announcement was posted, CEO and co-founder of fintech startup Covnverj Parry Ravindranath said, “I’m no one to give startup gyan, but I think startups and fintech VCs need to be forward-looking in regulation if they are not. not already.

Founder of Wallet Management Service (PMS) Capital Mind Deepak Shenoy tweeted: “So non-bank prepaid wallets are specifically told that they cannot be loaded from a ‘line of credit’ ( as in the case of credit at the request of a lender). This changes business models for NBFC-linked wallets that allowed for a “buy now, pay later” thing with on-demand lending. »

He further stated that NBFCs cannot have accounts that allow you to pay using them and issue cards. He explained, “NBFCs cannot have ‘accounts’ that allow you to pay using them. You can deposit the money in your bank account and pay from the bank. NBFCs are not authorized to issue cards. Wallet providers are not allowed to issue credit. Maybe the idea is that NBFC loans should hit a bank account.

VP of Partnerships and Special Projects of online exam prep app testbook.com Ravisuntanjani Kumar tweeted: “Big Breaking: RBI issues guidelines on PUPs that it cannot be loaded at the help from lines of credit. Fintech founders and VC startup hate me for saying this, but pay later cards are not credit cards but a loan + prepaid card for the end customer.

Harish N of Jar App tweeted that banks such as State Bank of Mauritius will not be affected due to the latest RBI notification. He wrote: “Guys please note who has partnered with banks such as SBM will not be affected I guess. RBI says “non-bank PUPs”, but the justification logic says that RBI will also clarify and tell them to stop it because the essence is that “PUPs cannot be used as credit cards”!”

PPIs refer to instruments that facilitate the purchase of goods and services, the conduct of financial services, enable funds transfer facilities, etc. against the value stored there.

They can be issued by banks and non-banks. While banks can issue PPIs after RBI approval, non-bank PPI issuers are companies incorporated in India and registered under the Companies Act 1956/2013. These entities can operate a payment system for issuing PPI to individuals and/or organizations after receiving RBI authorization, according to the RBI FAQ dated April 11, 2022.

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HSBC Oman will hold talks on a possible merger offer from Sohar International Bank https://mmogaccounts.com/hsbc-oman-will-hold-talks-on-a-possible-merger-offer-from-sohar-international-bank/ Sun, 19 Jun 2022 10:36:00 +0000 https://mmogaccounts.com/hsbc-oman-will-hold-talks-on-a-possible-merger-offer-from-sohar-international-bank/ The HSBC logo is seen on a bank branch in the financial district of New York, U.S., August 7, 2019. REUTERS/Brendan McDermid Join now for FREE unlimited access to Reuters.com Register DUBAI, June 19 (Reuters) – HSBC Bank Oman (HBMO.OM) said on Sunday it would hold preliminary talks with local rival Sohar International Bank (BKSB.OM) […]]]>

The HSBC logo is seen on a bank branch in the financial district of New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

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DUBAI, June 19 (Reuters) – HSBC Bank Oman (HBMO.OM) said on Sunday it would hold preliminary talks with local rival Sohar International Bank (BKSB.OM) after the latter announced last week the possibility of cash payment. share transaction to merge the two lenders.

In a statement, the UK-based unit of HSBC Holdings (HSBA.L) said it had reviewed the letter of intent it had received from Sohar and agreed to enter into preliminary discussions to obtain more information on the possible offer.

“If the parties agree to proceed with the merger, it will be subject to various conditions, including (…) the approval of the competent regulatory authorities and shareholders at the extraordinary general meeting of each bank”, has he added.

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Sohar has so far given no details on the terms of its possible offer, saying only that its board of directors has decided to explore the possibility of a cash and stock transaction, subject to various approvals.

Any combination would come amid a trend of industry consolidation in the Gulf region as profit margins have been squeezed by lower government spending as banks attempt to expand to become more regionally competitive.

For example, Saudi Arabia’s largest lender, National Commercial Bank (1180.SE) (NCB), merged with smaller lender Samba Financial Group to create Saudi National Bank with over $240 billion in assets. .

Abu Dhabi has also seen two major bank mergers.

HSBC Oman’s market capitalization was $587 million when it last closed. Its shares jumped 9.7% on Sunday. Sohar’s market value is nearly $816 million, according to data from Refinitiv Eikon. Its shares were down almost 1%.

HSBC has operated in Oman since 1948.

($1 = 3.7521 riyals)

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Reporting by Saeed Azhar; Editing by David Holmes

Our standards: The Thomson Reuters Trust Principles.

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pnb: PNB customers must provide details of high value checks prior to clearance https://mmogaccounts.com/pnb-pnb-customers-must-provide-details-of-high-value-checks-prior-to-clearance/ Fri, 17 Jun 2022 13:23:00 +0000 https://mmogaccounts.com/pnb-pnb-customers-must-provide-details-of-high-value-checks-prior-to-clearance/ To raise awareness of its customers against high value check fraud, on Friday they urged them to submit details of such checks at least one day before clearance under the Positive Payment System (PPS). The National Payments Corporation of India (NPCI) has developed the PPS under which a customer issuing a high value check is […]]]>
To raise awareness of its customers against high value check fraud, on Friday they urged them to submit details of such checks at least one day before clearance under the Positive Payment System (PPS). The National Payments Corporation of India (NPCI) has developed the PPS under which a customer issuing a high value check is required to re-confirm some vital details such as check number, check amount, date and payee name . This information is then cross-checked when presenting the check for payment.

National Bank of Punjab (

) has implemented positive payment confirmation from 4 April 2022 under the mandatory PPS for checks of Rs 10 lakh and above.

“As per bank guidelines, customers are required to submit their check details at least one business day prior to customs clearance to allow for a smooth verification process and avoid returned checks,” PNB said in a statement.

PNB said that it has implemented the PPS service in all branches, Internet Banking – Retail and Business – PNB ONE as well as SMS Banking and has requested its customers to avail the PPS service by submitting the required details of the check issued by them by these means.

The Reserve Bank of India had issued the guidelines to provide the PPS facility for checks of Rs 50,000 and above and indicated that banks may consider making it compulsory for checks of Rs 5 lakh and above.

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The PNB said it therefore made the facility available for checks of Rs 50,000 and above from January 2021 and then made it compulsory for checks of Rs 10 lakh and above in April 2022.

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European Central Bank announces efforts to end bond market turmoil. https://mmogaccounts.com/european-central-bank-announces-efforts-to-end-bond-market-turmoil/ Wed, 15 Jun 2022 14:11:07 +0000 https://mmogaccounts.com/european-central-bank-announces-efforts-to-end-bond-market-turmoil/ The European Central Bank said on Wednesday it would take further steps to guard against spiraling borrowing costs in some highly indebted European countries. The announcement came after an unexpected meeting of the bank’s board of governors amid growing concerns over the bond market. Borrowing costs for eurozone countries have diverged sharply in recent weeks […]]]>

The European Central Bank said on Wednesday it would take further steps to guard against spiraling borrowing costs in some highly indebted European countries. The announcement came after an unexpected meeting of the bank’s board of governors amid growing concerns over the bond market.

Borrowing costs for eurozone countries have diverged sharply in recent weeks in anticipation of an interest rate hike by the bank. This widening gap, known as fragmentation, could harm the bank’s ability to manage monetary policy in the 19 countries that use the euro. Christine Lagarde, president of the bank, said last week that policymakers would not tolerate it.

On Tuesday, Isabel Schnabel, a member of the bank’s board, described the fragmentation as “a sudden break” in the relationship between government borrowing costs and economic fundamentals.

Last week, the bank said it could consider using reinvestment of proceeds from maturing bonds in its €1.85 trillion ($1.9 trillion) pandemic-era bond purchase program. dollars) to avoid this fragmentation, by buying bonds that would help reduce borrowing costs for governments. .

Wednesday, the The bank confirmed that it would make these bond purchases flexibly and “accelerate” the design of a new tool to combat market fragmentation, without providing further details.

The divergent spreads emerged when the central bank changed its policy to fight inflation, which, at an annual rate of 8.1%, is the highest level since the creation of the euro in 1999. to end bond-buying programs that have large amounts of government debt, the bank also said it would raise interest rates in July for the first time in more than a decade. This decision will be followed by another, probably larger, rate hike in September.

As traders bet on the level to which the central bank will raise interest rates to contain inflation, concerns are growing over the impact of the rate hike on highly indebted countries. Italy, which has the second-highest public debt-to-GDP ratio in the euro zone, saw yields on its 10-year bonds climb above 4% this week for the first time since 2014. The spread between its yield and that of Germany, considered the region’s benchmark, reached its highest level since the start of 2020, when the pandemic rocked bond markets.

“The pandemic has left lasting vulnerabilities in the eurozone economy that are indeed contributing to the uneven transmission of our monetary policy normalization across jurisdictions,” the bank said in a statement on Wednesday.

The announcement sent bond yields lower across the eurozone. Italy’s 10-year yield fell to 3.71% from 4.17% the previous day. Its gap, or gap, with Germany’s performance has also narrowed.

The European Central Bank faces a particular challenge as it determines monetary policy in a range of economies. On the one hand, it is tightening its monetary policy in the face of high “undesirable” inflation, but on the other hand, it is trying to ease the financing conditions of certain countries through bond purchases.

“It will take a few days to see how the markets digest this, let alone more details from the ECB,” Claus Vistesen, an economist at Pantheon Macroeconomics, wrote in a note to clients. “The presence of an anti-fragmentation tool means the ECB has more room to raise rates without spreads widening excessively.”

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Analysis: Mr. Exit or Mr. BOJ? The race for c.bank’s top job in Japan heats up https://mmogaccounts.com/analysis-mr-exit-or-mr-boj-the-race-for-c-banks-top-job-in-japan-heats-up/ Mon, 13 Jun 2022 05:31:00 +0000 https://mmogaccounts.com/analysis-mr-exit-or-mr-boj-the-race-for-c-banks-top-job-in-japan-heats-up/ A man wearing a protective mask stands outside the Bank of Japan headquarters amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon Join now for FREE unlimited access to Reuters.com Register Both Nakaso and Amamiya have deep expertise in BOJ affairs Neither is likely to seek a quick exit from easy […]]]>

A man wearing a protective mask stands outside the Bank of Japan headquarters amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan, May 22, 2020.REUTERS/Kim Kyung-Hoon

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  • Both Nakaso and Amamiya have deep expertise in BOJ affairs
  • Neither is likely to seek a quick exit from easy politics
  • Difference in approaches, background may affect timing of discharge
  • Nakaso lays out BOJ exit plan, criticizes ‘Abenomics’
  • Amamiya is seen more as a political dove but could change course

TOKYO, June 13 (Reuters) – The decision on who will be the next head of the Bank of Japan is likely to center on two career central bankers whose different political approaches and backgrounds could affect the timing of an eventual exit from politics ultra-accommodating monetary policy.

As outgoing former deputy governors, Hiroshi Nakaso and Masayoshi Amamiya have deep expertise in central bank affairs, making them a sure pair of hands to guide a future exit from ultra-low interest rates. , however distant.

Long touted as frontrunners in the race for the BOJ leadership, neither would rush into monetary policy tightening given the fragility of the Japanese economy and the need to keep the cost of funding its huge public debt, say five former incumbent policymakers who worked with or under them.

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But the two could differ on when the BOJ should undo a complex framework of policies that combine huge asset purchases, negative short-term interest rates and a 0% yield cap that makes Japan an outlier amid a global rush to raise rates, they say.

“Nakaso belongs to a camp that thinks central banks shouldn’t intervene too deeply in markets, while Amamiya seems more flexible,” said Nobuyasu Atago, a former BOJ official who is now chief economist at Ichiyoshi. Securities.

“The main difference is in their views on how far central banks should push the limits of monetary policy.”

Prime Minister Fumio Kishida’s selection of a successor to BOJ Governor Haruhiko Kuroda, whose term ends in April next year, is expected to intensify after an upper house election in July.

A ruling party victory, which seems a virtual certainty due to weak opposition, would strengthen Kishida’s grip on power and allow him to differentiate his policy from the former prime minister’s ‘Abenomics’ economic stimulus. Shinzo Abe.

That may work in favor of Nakaso, who has criticized Abenomics for being too reliant on monetary policy and has repeatedly warned of the cost of prolonged easing.

In a recently published book, Nakaso detailed how the BOJ could end an ultra-loose policy: increase interest paid on excess reserves of financial institutions, stop reinvesting money from bonds when they mature and gradually reduce the bank’s balance sheet to levels where market functions recover.

“If the public accepts more of higher prices, interest rates will come under upward pressure and allow the BOJ to normalize monetary policy,” he told Reuters. Read more

Nakaso is currently president of the Daiwa Institute of Research, a private think tank.

An overview of the position of the members of the Board of Directors of the Bank of Japan on political issues. BOJ Board as of May 19, 2022.

By contrast, Amamiya, as Kuroda’s right-hand man, has always preached the need to keep rates rock-bottom to sustain growth, even if that meant straining financial institutions’ margins and draining market liquidity.

Unlike Nakaso, whose career has centered on international and market affairs, Amamiya spent most of his years at the BOJ drafting monetary policy ideas. He is known for orchestrating many unconventional monetary easing measures which earned him the nickname “Mr. BOJ”.

“A HUGE TASK”

Certainly, Kishida could opt for a dark horse with no experience in monetary policy. The uncertainty surrounding the economic and inflation outlook could sway the monetary policy stance one way or the other, regardless of who takes the helm of the BOJ.

Some analysts also caution against calling Amamiya an outright political dove. In a speech in 2017, he highlighted “many criticisms and concerns” about the risk that the BOJ’s yield cap policy would force it to fund public debt and make it difficult for a future exit from an ultra-debt policy. lax.

As a senior BOJ executive, Amamiya played a key role in shifting the BOJ’s policy focus in 2016 to interest rates relative to the pace of money printing – avoiding the bank’s buy bonds at a set rate.

He was also deeply involved in a policy review last year, when the BOJ dropped its promise to buy risky assets aggressively.

“If need be, he can easily change course as he is a pragmatist, rather than someone who clings to beliefs about the path the BOJ should take,” one of the sources said of the interview. ‘Amamiya.

“One thing is certain – whoever gets the job will face the daunting task of sorting out Kuroda’s recovery plan,” said Atago of Ichiyoshi Securities.

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Reporting by Leika Kihara; Editing by Sam Holmes

Our standards: The Thomson Reuters Trust Principles.

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