BANK FAILURE
Kotak Bank gets pulled into Hindenburg-Adani-SEBI wormhole; here what it said
Kotak Hindenburg Adani SEBI: US-based short-seller Hindenburg Research disclosed that SEBI accused them of violating Indian regulations, calling the charges "nonsense" and alleging they aim to silence critics of powerful figures. For the first time, Hindenburg implicated Kotak Mahindra Bank in the Adani controversy, causing the stock to dip sharply.
Paytm Bank, auditor lock horns over business viability
Paytm Payments Bank faces audit qualification disputes over viability, seeking RBI intervention. Compliance issues led to operational restrictions, prompting directions to transfer businesses. KYC guideline non-compliance has halted income generation and eroded net worth.
Income tax refund: How to raise refund reissue request; a step-by-step guide
Income tax refund: The tax department begins processing refunds after the taxpayer verifies the form electronically. The refund is typically credited to the taxpayer's account in four to five weeks. If your refund has failed, you have to submit a “Refund Reissue Request” as applicable.
PSBs clock higher failure rates for UPI payments
In comparison, private players like HDFC Bank, Axis Bank, ICICI Bank, Yes Bank and IDFC First have an average UPI technical decline of 0.04%. Among private players, Bandhan Bank has seen technical declines of over 1%.
Banks well capitalised to handle macro shocks
"Under the baseline scenario, the aggregate CRAR (capital to risk weighted asset ratio) of 46 major banks is projected to slip from 16.7% in March 2024 to 16.1% by March 2025," the RBI said in its June 2024 Financial Stability Report.
Big US banks withstand Fed's commercial real estate shock scenario
Amid economic uncertainties, the Federal Reserve's stress tests revealed big U.S. banks' resilience to a 40% drop in commercial real estate values. The tests underscored the challenges faced by regional banks and the need for robust risk assessment in the banking sector.
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Big US banks expected to be cautious on shareholder payouts
Big U.S. lenders brace for Fed stress tests evaluating capital resilience in economic hardships, impacting returns to investors amid challenges in regional lending and commercial real estate.
Orders to freeze bank accounts of varsities in Bihar revoked
The education department in March had ordered freezing of the bank accounts of all the state-run universities, barring one, and withheld salaries of their vice-chancellors for allegedly remaining absent in a review meeting convened by the department in the last week of February this year. The department had issued letters to all VCs barring Kameshwar Singh of Darbhanga Sanskrit University, asking them to clarify why they did not attend the meeting to discuss the status of pending examinations and other issues.
RBI’s ASISO system faces glitch
The RBI faced a technical glitch in the Automatic Sweep-In and Sweep-Out (ASISO) facility, impacting banks' funds visibility. Daily money market data publication was delayed. The RBI is resolving the issue to reconcile banks' outstanding transactions. Market participants, bank treasury executives, and sources are monitoring the situation. The glitch occurred before the usual 9 a.m. data publication time.
RBI suffers system failure in automated system for banks’ liquidity management
The Reserve Bank of India faced a technical glitch in the ASISO facility, impacting funds visibility. Daily money market operations data publication was delayed. RBI is working to reconcile banks' outstanding lending or borrowing, ensuring SDF and MSF bids are managed effectively.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
Here are the key mistakes that founders make at different stages of building startups
When you a building a startup you must know what are the things that could go wrong while launching your dream project. To make it easier for you, we have made a list of mistakes that founders are likely to make at different stages of growth and funding of a startup.
Lesson for entrepreneurs: What are the common mistakes startup founders make and how to avoid them?
India has the third largest startup ecosystem in the world, with 1.17 lakh entities (DPIIT), nearly 1,710 venture capital funds, 794 accelerators and incubators (Tracxn), and several government initiatives like Startup India. Despite this fervour and support, financial and otherwise, the startup journey is extremely difficult.ET Wealth lists the typical mistakes most founders make and tell you how to tackle these
Kotak Mahindra Bank revises savings, salary account charges, limits: Know latest cash transaction limits, ATM charges & more
The bank has revised average balance criteria, free cash transaction limits, free ATM transaction limits, standing instruction failure fee, free cheque book limit.
View: Iran’s President Raisi, who died in chopper crash, was a failure
Iran president Helicopter Crash: Since the early 1980s, Iranian presidents have reflected the supreme leader's needs. Ebrahim Raisi, close to Ayatollah Khamenei, aimed to restore faith in the Islamic Revolution but failed. His crackdown on female dress codes sparked protests, revealing his lack of popularity. Raisi's death has now opened up new possibilities for succession.
How to overcome financial loss
When someone loses money, there is always the judgement that one could have avoided it. The society dissects the failure with the benefit of hindsight and points out what should have been done instead. Failed businessmen bear that burden and are constantly reminded of the mistakes they made while managing their now-failed enterprises.
US regulators seize troubled lender Republic First, sell it to Fulton Bank
Regulators seized Republic First Bancorp, selling to Fulton Bank via FDIC. Challenges for regional banks post-collapse of Silicon Valley, Signature, and First Republic. 32 branches in NJ, PA, NY to reopen as Fulton Bank.
Why following successful investors may set you up for failure - Part 1
If you want to become rich or successful should you copy the methods of the richest and most successful investors in the first place?
Kerala CM attacking Rahul Gandhi to hide govt failures, help BJP in LS polls: Congress
The opposition Congress in Kerala accused Chief Minister Pinarayi Vijayan of diverting attention from his government's failures by targeting the Congress and Rahul Gandhi while ignoring the BJP and Narendra Modi. Leader of Opposition V D Satheesan questioned Vijayan's focus on attacking the Congress, emphasizing the need to combat communalism and fascism.
Five killed, several injured as parachute fails to open during aid drop in Gaza
A pallet from a failed humanitarian airdrop killed five civilians in Gaza. The Gaza government denounced the airdrops and called for food to enter through land borders. The UN warned of famine in Gaza due to Israeli restrictions. UNRWA condemned the military offensive, which caused death and destruction.
HSBC fined 57 million pounds for 'serious' deposit protection failures
HSBC faces a £57.4 million ($73 million) fine from the Bank of England for "serious failings" in safeguarding certain customer deposits. The bank inaccurately identified deposits eligible for the Financial Services Compensation Scheme (FSCS), breaching rules to ensure proper compensation in case of a firm's failure.
Fall of the zombies? Why corporate failures could surge in 2024
Debt-laden companies in Europe, the Middle East, and Africa are facing a $500 billion refinancing challenge in the first half of 2024. This could lead to the demise of many "zombie" businesses, despite an expected peak in interest rates offering some relief. The rush to secure cash comes as banks reduce risk ahead of stricter capital rules. Weaker businesses are seeking new loans and debt deals just as government borrowing costs increase globally. Failure to secure affordable funding could result in insolvencies and job losses.
In wake of Credit Suisse, Switzerland told to prepare for bank failure
Switzerland was urged to prepare properly for the failure of a big bank on Friday by a group of experts in the wake of the collapse of Credit Suisse but their report to government skirted radical reform some say is needed.
Senior Fed official calls for 'impartial' review into bank failures
Fed governor Michelle Bowman said Sunday that a recent report into banking failures put together by the US central bank's vice chair for supervision, Michael Barr, was "not reviewed by the other members of the Board prior to its publication."
First Citizens deposits beat estimates in wake of SVB deal
The bank said deposits were $140.05 billion for the first three months of the year, beating analyst estimates of $119 billion. It also said net income included a $9.82 billion preliminary gain on the acquisition and the new SVB unit added $65 million of net interest income to its $850 million of NII for the quarter.
Warren Buffett faults handling of bank failures, upbeat on U.S., Berkshire
Speaking at Berkshire's annual shareholder meeting, Buffett criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors.
JPMorgan to buy embattled First Republic Bank after seizure by regulators
JPMorgan Chase & Co has agreed to buy First Republic Bank after the regulatory authorities took over the troubled lender. JPMorgan will assume all of First Republic's uninsured and insured deposits, in addition to substantially all of its assets, according to a statement by the California Department of Financial Protection and Innovation. The move came after the regulator saw fewer opportunities for a rescue and private-sector efforts failed to produce a deal.
Why First Republic failed. Are other banks to follow?
First Republic Bank, the second regional bank with assets over $200bn to fail in a few weeks after Silicon Valley Bank, was seized by the government. First Republic was also catering to a wealthy clientele that helped it grow deposits, but this may have also contributed to its undoing. The large loans in First Republic's books dropped in value as the Federal Reserve rapidly increased interest rates last year. Depositors withdrew more than $100bn from the bank after Silicon Valley Bank failed, most of it during a few days in mid-March.
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