Bloomberg A big portion of consumer deposits at retail banks could shift to digital currencies if governments start offering them, the Bank of England (BOE) indicated in a discussion paper about the issue. The UK central bank modeled the impact of introducing digital forms of money on the retail banking sector and in one scenario considered what would happen if ...

Bloomberg India’s foreign exchange reserves have by all indications crossed $600 billion, central bank chief Shaktikanta Das said, a huge buffer that will help insulate Asia’s third-largest economy from global spillovers and volatile external flows. Earlier this year, the country’s foreign-exchange reserves briefly surpassed Russia’s to become the world’s fourth-largest, as the Reserve Bank of India continued to hoard dollars ...

Bloomberg Citigroup Inc has begun hiring financial advisers as the lender looks to expand its wealth-management offerings around the globe. The firm is structuring compensation for the newly hired advisers in a way that gives Citigroup shareholders more power than wealth managers themselves, Chief Executive Officer Jane Fraser said during a virtual investor conference. Generally, the wealth-management industry has been ...