Latest News for: Banking system


State Bank directs banks to increase footprint of Islamic banking

The News International 04 Dec 2022
... Riba free banking system in Pakistan in five years. The government also showed its intentions to ensure interest-free banking and financial system in five years period by adopting the approach of implementing the Shariah-compliant banking and financial system in a phased manner.

‘CBDC has potential to be a game changer’

Financial Express 04 Dec 2022
The RBI earlier this week allowed CBDC for retail payments on a pilot basis for four banks in the first phase.Also Read. ‘Fintechs replacing banks a misconception; CBDC experience so far comforting’ ... Banks should be alert in adoption of technology, as what seems to be a small part of the business might come to change the entire system, he said.

Senate Democrats to reportedly push banking reforms for cannabis industry

The Observer 04 Dec 2022
The legislation, titled the Secure and Fair Enforcement Banking Act, would provide a “safe harbor” for regulated banks to work with cannabis firms in states where it’s legal ... Legalization of the industry’s access to the banking system is an incremental work-around to federal prohibition, which came into effect across the US a century ago.

Surprise rate hike pushes PSX to close week in red

Dawn 04 Dec 2022
... received $500 million from Asian Infrastructure Investment Bank ... Meanwhile, scrip-wise positive contributors were Pakistan Services Ltd (87 points), the Hub Power Company Ltd (59 points), Systems Ltd (24 points), Habib Bank Ltd (12 points) and Ibrahim Fibres Ltd (four points).

Swati Dhingra of the Bank of England: ‘Are we going to end up deepening the recession?’

The Observer 04 Dec 2022
As the newest policymaker at the Bank of England responsible for setting interest rates, Swati Dhingra can see a problem ... Before the MPC’s next meeting on 15 December, City economists are betting the central bank’s most aggressive tightening cycle in decades still has further to run, as it fights to squeeze 11% inflation out of the system.

Activists dragged from famous ‘Salt Bae’ restaurant after protest

Metro UK 04 Dec 2022
This is not a sustainable food system.#PlantBasedFuture— Animal Rebellion (@RebelsAnimal) December 3, 2022 ... ‘Restaurants like these are symbolic of a broken system. ‘Whilst two million people are relying on food banks in the UK right now, influencer chefs are selling gold-plated steaks for more than £1,000.

Banks must ensure customer-centric innovations: SBP

Dawn 03 Dec 2022
He reiterated SBP’s resolve to foster a dynamic and stable banking system; geared towards the economic welfare of society. “Banking system can better serve business sector activities by offering smart and innovative digital ...

RBI raps banks for giving up UPI space to fintechs

The Times of India 03 Dec 2022
"How is it that a system of transactions between two bank accounts has evolved in a way where most of the business is owned by non-banks? Clearly, banks have missed a step here," Sankar said, while addressing bankers at the 18th organized by the Indian Banks' Association in Mumbai on Saturday.

Banks must ensure their core activities are not outsourced: RBI ED

Business Line 03 Dec 2022
This will ensure stability of the banking system. “As the technology and systems are evolving, we are observing an increase in the outsourcing of services in the banking and ...

Fintechs replacing banks a misconception: RBI Deputy Governor

Live Mint 03 Dec 2022
Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Saturday said that the speculation around fintechs replacing banks is a ‘misconception’, though lenders need to be more diligent in adopting technological changes.He said that the banks will be able to embrace ...

‘Fintechs replacing banks a misconception; CBDC experience so far comforting’

Financial Express 03 Dec 2022
There are many advantages and use cases which a CBDC offers, like upping privacy of users and also international payments and settlements, he said.“Private money in the modern age can only be bank money,” Sankar said, adding that technology will help achieve trust and greater ...

Russian banking giant Sber to expand support for Ethereum and MetaMask

Coinnounce 03 Dec 2022
The biggest bank in Russia, Sber, has said (1) that Ethereum and MetaMask would be supported on its blockchain ... The updated features enable smart contracts and decentralized finance (DeFi) on Sber bank's open-source blockchain ... Additionally, interaction with the bank's information systems enables the use of smart contracts for payments."

Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask

Bitcoin 03 Dec 2022
Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the Metamask wallet ... Sber Bank to Provide Ethereum and Metamask Support on Proprietary Blockchain ... The integration with the bank’s information systems makes it possible to order payments under smart contracts in Russian rubles.

How is technology changing as neo-banks and cryptocurrency plan to co-exist

Financial Express 03 Dec 2022
The future is here, and it is hinting at the development of a more inclusive digital payment infrastructure – especially as countries around the world are becoming privy to cross-border transactions, quicker remittances, and a more compassionate space that doesn’t need to rely on traditional banking systems.

Indian CBDC Fails to Impress Bankers in Initial Trials: Report

CryptoPotato 03 Dec 2022
The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out ... In contrast, payments are netted off before sending them to the clearing agency for bulk settlements in the established interbank payment system.

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