Banking

  Bloomberg The Reserve Bank of India (RBI) will support internationalisation of the country’s popular unified payments interface (UPI) digital payments system, part of its vision for the coming years. “Enhanced interest evinced by major countries across the globe in India’s UPI could accelerate growth in trade and commerce with partnering countries while reducing speed and cost of remittances,” the ...

  Bloomberg Prime Minister Fumio Kishida said the Bank of Japan’s (BOJ) policy of monetary easing should remain on track for now, considering the negative impact a change would have on smaller companies. Monetary policy “should be judged comprehensively by taking into account the trends of the economy as a whole,” Kishida said on a Fuji Television network program. “A ...

Bloomberg European companies could find it hard to bargain for the kinder interest rates that the relationship-driven corporate loan market typically offers, as inflation and tighter monetary policy begin to bite into their funders’ pockets. Pricing is likely to rise for corporate loan borrowers in the near future, said Carlo Fontana, head of global syndicate at UniCredit SpA. “Banks’ cost ...

  Bloomberg Chinese banks kept their main lending rates unchanged on Monday, with the start of a gradual economic recovery from Covid lockdowns and tighter monetary policy in the rest of the world clouding the outlook for more central bank stimulus. The one-year loan prime rate was left at 3.7%, in line with forecasts and where it’s been since a ...

  Bloomberg BNP Paribas SA has expressed interest in a potential acquisition of ABN Amro Bank NV, the Dutch consumer lender that’s been government-owned since the financial crisis, according to people with knowledge of the matter. France’s biggest bank reached out for a meeting with the Dutch government and discussed its interest in a transaction, the people said, asking not ...

  Bloomberg Banks are often criticised for the financing they provide to fossil-fuel companies. But it doesn’t stop there. There’s also the funding they offer to companies that are damaging the world’s rainforests and indigenous communities. Since the Paris climate agreement was announced at the end of 2015, seven banks arranged at least $22.5 billion via loans and debt and ...

  Bloomberg The Financial Conduct Authority (FCA) told more than 3,500 lenders they need to provide customers in vulnerable circumstances with more support as the rising cost of living threatens to tip millions into financial difficulty. The UK regulator said on Thursday that it was concerned consumers aren’t getting the support they need across the sector. “Changing pressures on consumers” ...

  Bloomberg A prosecutor has identified more than $60 million that he believes was laundered through Credit Suisse Group AG, in the precursor to what would be an historic Swiss criminal indictment against the bank. Geneva’s top financial-crime prosecutor, Yves Bertossa, identified a series of eight transactions the bank let slide between 2008 and 2014 at a hearing last week, ...

  Bloomberg Hungary unexpectedly raised the country’s key interest rate after the forint fell to a record this week. The one-week deposit rate was increased by 50 basis points to 7.25% on Thursday, the second rate increase in three weeks. All economists in a Bloomberg survey expected no change, in line with central bank messaging to try to keep rate ...

  Bloomberg Development Bank Ghana, which officially starts operations with about $800 million in capital, plans to grow fivefold over the next five years to help end a shortage of funding to small and medium sized enterprises. It will lend money to financial institutions, which should in turn give loans to business owners at an affordable interest rate, Kwamina Duker, ...