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Saudi regulator ties up with Ripple for payments

Reported by | Updated: February 20, 2018

Saudi Arabian Monetary Authority, the country’s central bank, has signed an agreement with U.S.-based Ripple to help banks in the kingdom to settle payments using blockchain. The central bank is intending to do a pilot program, which will be the first of its kind to be launched by a central bank, allowing banks in the […]

Sri Lanka award for Dr Seetharaman

Reported by | Updated: February 20, 2018

The Sri Lankan government has presented an ‘Award of Excellence’ to Dr R. Seetharaman, CEO of Doha Bank. The award was presented at a cultural program organized by the Sri Lankan embassy in Qatar in association with Sri Lanka Coordinating Committee marking Sri Lanka’s 70th Anniversary of independence. Sri Lanka’s ambassador to Qatar A.S.P. Liyanage […]

Wells Fargo sells Puerto Rico unit

Reported by | Updated: February 20, 2018

Wells Fargo is selling its Puerto Rico banking subsidiary to Popular for about $1.7 billion. The Puerto Rico unit has been majorly handling auto loans and Wells Fargo has decided to exit this business. The all-cash deal will include about $1.5 billion in retail auto loans and $340 million in commercial loans from Wells Fargo’s […]

Doha Bank opens Chennai branch

Reported by | Updated: February 20, 2018

Doha Bank has opened its branch in Chennai. The bank had received Reserve Bank of India’s approval to relocate one of its two branches in Mumbai – Raheja Center branch – to Chennai. The bank will now have branches in 3 cities in – Mumbai, Chennai and Kochi. The bank is offering corporate banking, retail […]

City Union Bank faces cyber attack

Reported by | Updated: February 20, 2018

City Union Bank said it faced a cyber attack on its systems and the hackers could transfer nearly $2 million through 3 unauthorized remittances to lenders overseas using the SWIFT platform. The bank said the remittances were sent via correspondent banks to accounts in Dubai, Turkey and China. N. Kamakodi, MD and CEO of the […]

TalentSprint launches tech program for banking professionals

Reported by | Updated: February 20, 2018

TalentSprint, a leading youth career accelerator for IT and banking sector, has announced two foundations for fintech and blockchain and a new state-of-the-art program for technology and finance professionals. It will be a hybrid program with online, contact and action learning components and executed in association with industry leaders Ripple, PayPal, Paytm Payments Bank, ICICI […]

Fairfax to buy 51% stake in Catholic Syrian Bank

Reported by | Updated: February 20, 2018

Fairfax Holdings of Prem Watsa is buying 51% stake in Catholic Syrian Bank. The deal, which sets the stage for the first ever takeover of a bank by a foreign institution, has been valued at Rs 140 a share. That translates into a deal value of around Rs12,000 crore. The deal is subject to shareholder […]

SBI opens Global NRI Center in Kochi

Reported by | Updated: February 20, 2018

State Bank of India has launched its Global NRI Center in Kochi. The center is a one-stop customer service point for all NRI banking-related activities. At the center, customers will also get other services like wealth management. Besides, customers can also avail of the services of the chatbot, SBI Intelligent Assist. Rajnish Kumar, chairman, SBI, […]

HKMA sees report from Indian bank branches

Reported by | Updated: February 20, 2018

The Hong Kong Monetary Authority has started a process of questioning officials of Indian banks located in Hong Kong about the Rs 11,300 crore Punjab National Bank fraud. The Hong Kong regulator is understood to have sought a report from those banks which have extended finance to jewelry companies founded by Nirav Modi and Mehul […]

Mahindra Insurance Brokers get P-CMM Level 5 certification

Reported by | Updated: February 20, 2018

Mahindra Insurance Brokers, a subsidiary of Mahindra & Mahindra Financial Services, and which undertakes the business of insurance broking, has received the CMMI Institute’s People Capability Maturity Model (P-CMM) certification and rated at Maturity Level 5. The company is the first insurance broking company globally to achieve this international benchmark. The appraisal was led by […]

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