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Banks unlock new business with fintech

In the tech world, banking’s dynamic with fintech companies is due to a confluence of factors from a competitive landscape to the sheer sophistication of technology to the brainpower behind it all that’s allowing these startups to go to market in droves. In many ways, though, fintech’s themselves weren’t developing …

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Government tells Nabard to initiate pension process in RRBs

The government has directed the National Bank for Agriculture Rural Development (Nabard) to implement the long awaited pension scheme for 30,000-odd regional rural bank retirees, who have won a protracted legal battle demanding parity in pension with nationalised bank employees in April this year. The government has sent a communication …

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First Midwest goes where other banks fear to tread

DELINQUENCY By comparison, much larger Discover Financial, the Riverwoods-based credit card company that also has a substantial online consumer lending business, had a delinquency rate of 1.4 percent on its $7.3 billion in personal loans as of June 30. Net charge-offs were 4 percent. Discover‘s personal loans are higher-priced than …

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Louisiana Bans Bank of America, Citi from Bond Sale Over Gun Policies

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0. 8em)–sm” type=”text” content=”Louisiana is using the bond market to stick up for the Second Amendment.” data-reactid=”22″>Louisiana is using the bond market to stick up for the Second Amendment. <p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0. 8em)–sm” type=”text” content=”The state’s bond commission voted 7 to 6 …

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Smartphone-only bank Monzo eyes billion-pound valuation

Monzo, a digital bank popular with millennials, is set to become one of the UK’s technology “unicorns” after lining up new finance that would value the three-year-old company at more than $1bn (£787m). The London-based bank has organised $150m of funding from investors, including Silicon Valley’s Accel Partners, which was …

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British watchdog says cryptocurrency scams on the rise

[LONDON] Cryptocurrency scams are using images of celebrities and upmarket London addresses to hoodwink consumers into parting with cash, Britain’s Financial Conduct Authority said on Friday. Cryptocurrencies such as bitcoin and ether are not regulated in Britain, and the FCA said it has received a rising number of reports about …

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Australian regulators grilled on financial misconduct

SYDNEY (Reuters) – Australia’s top financial regulators took to the stand at an inquiry into financial-sector misconduct on Friday to defend their low-key enforcement of laws designed to protect the country’s A$2.6 trillion ($1.9 trillion) pension system. Under questioning at the Royal Commission of inquiry, the Australian Prudential Regulation Authority …

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