Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

Indian Banks' Association and bank employee unions have reached an agreement, promising a 17% annual wage hike and recognizing Saturdays as holidays for Public Sector Undertaking bank employees

Now banks won't open on Saturdays; Government bank employees to also get 17% salary hike

Indian Banks' Association and bank employee unions have reached an agreement, promising a 17% annual wage hike and recognizing Saturdays as holidays for Public Sector Undertaking bank employees

Indian Banks' Association (IBA) and bank employee unions have sealed a historic pact, promising a bundle of benefits to employees of Public Sector Undertaking (PSU) banks. The agreement, finalized on Friday, entails a significant annual wage hike of 17%. Notably, all Saturdays are set to be recognized as holidays, contingent upon government notification.
The signing of the 9th Joint Note and 12th Bipartite Settlement marks a crucial milestone for the banking industry, according to Sunil Mehta, CEO of IBA. The wage revision, scheduled to take effect from November 1, 2022, is expected to incur an additional annual expenditure of approximately ₹8,284 crore for PSU banks.
This hike, benefiting around 8 lakh bank employees, also introduces some noteworthy alterations in working conditions. The revised working hours will come into effect post notification by the government, as stated by the All India Bank Officers&rsquo; Confederation.
Outlined below are the top 5 benefits for PSU bank employees under the new agreement:
1. A 17% salary hike effective from November 1, 2022. Furthermore, officers completing CAIIB (CAIIB Part-II) will receive two additional increments.
2. Incorporation of new pay scales post-pact, including the merger of Dearness Allowance corresponding to 8088 points. The effective load on basic pay post-merger of dearness allowance stands at 4.20%.
3. Female employees are entitled to one sick leave day per month without requiring a medical certificate.
4. Accumulated privilege leave can be encashed up to 255 days upon retirement or in the unfortunate event of an employee's demise during service.
5. Retired employees will receive a monthly ex-gratia amount, supplementing the pension or family pension provided by Public Sector Banks, including SBI. This provision extends to pensioners and family pensioners eligible to draw pension on or before October 31, 2022.
The comprehensive pact signifies a collaborative effort towards ensuring the welfare of bank employees while reinforcing the stability of the banking sector. Also Watch:<a href="https://www.editorji.com/business-news/march-2024-bank-holidays-important-dates-to-note-for-financial-planning-1709104856956"> March 2024 bank holidays: Important dates to note for financial planning</a>

Among the unclaimed deposits, a substantial ₹36,185 crore resided in public sector banks, whereas private sector banks held ₹6,087 crore by March 2023.

Unclaimed bank deposits surge to ₹42,270 crore in 2023

Among the unclaimed deposits, a substantial ₹36,185 crore resided in public sector banks, whereas private sector banks held ₹6,087 crore by March 2023.

The recent data disclosed in Parliament on December 19 has shed light on a substantial upsurge of 28% in unclaimed deposits harbored by banks, reaching a towering sum of ₹42,270 crore by the closure of March 2023.
Comparing figures to the previous fiscal year (FY22), where unclaimed deposits across public and private sector banks amounted to ₹32,934 crore, the latest statistics paint a stark picture of a hefty surge to ₹42,272 crore by March 2023, denoting a formidable 28% escalation.
Within this colossal pool of unclaimed deposits, a staggering ₹36,185 crore remained lodged within public sector banks, while private sector banks accounted for ₹6,087 crore by the conclusion of March 2023.
Addressing the management of these unclaimed deposits, Union Minister of State (MoS) for Finance, Bhagwat K Karad, emphasized the proactive measures adopted by the Reserve Bank of India (RBI). He highlighted the RBI's directive urging banks to publish lists of inactive accounts holding unclaimed deposits on their websites, aiming to reconnect with customers or their legal heirs, thereby facilitating the rightful return of these deposits.
In compliance with RBI guidelines, banks are mandated to formulate board-approved policies for handling unclaimed deposits, establish effective grievance redressal mechanisms for timely issue resolution, maintain meticulous records, and periodically review accounts holding unclaimed deposits.
RBI has introduced the Unclaimed Deposits Gateway to Access Information (UDGAM), a centralized web portal enabling searches for unclaimed deposits across various banks. Furthermore, the '100 Days 100 Pays' initiative, launched by the RBI, concentrated on settling the top 100 unclaimed deposits per bank in each district within 100 days from June 1, 2023, to September 8, 2023. Consequently, 31 major banks refunded a collective sum of ₹1,432.68 crore during this drive.
In addition to these developments, Minister Karad highlighted a declining trend in Gross Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs) over successive financial years, indicating a substantial decrease from ₹9,33,779 crore (Gross NPA ratio of 9.07 percent) in March 2019 to ₹5,71,544 crore (Gross NPA ratio of 3.87 percent) in March 2023.
Despite the surge in digital payment transactions, reported frauds increased from 3,596 in 2021-22 to 6,659 in 2022-23 in areas such as credit cards, debit cards, and internet banking. Minister Karad outlined the division of responsibilities between states/UTs and the central government in combating cyber frauds, emphasizing the need for collaborative efforts to address these issues effectively. Also Watch: <a href="https://www.editorji.com/business-news/rbi-launches-udgam-portal-to-track-unclaimed-deposits-1692285853756">RBI launches UDGAM- portal to track unclaimed deposits</a>

The unions' firm request for a 5 day banking remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled. 

Bank unions secure 17% salary hike agreement; Demand 5 day work week

The unions' firm request for a five-day work week remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled. 

Bank unions secure 17% salary hike agreement; Demand five-day work week

<h2>The unions' firm request for a five-day work week remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled.&nbsp;</h2>

Bank Employees Salary Hike: Bank unions have recently reached an agreement with the Indian Banks Association (IBA) to implement a substantial 17% annual salary hike over five years, starting from the fiscal year 2021-22. This consensus, set to take effect from November 1, 2022, aims to enhance the financial remuneration for bank employees across the country.
This wage revision agreement, announced marks a significant milestone between the IBA and various bank unions. However, the unions have set forth a pivotal condition before fully endorsing the deal - the declaration of all Saturdays as public holidays for banks.
While a memorandum of understanding (MoU) has been formalized between the IBA and the United Forum of Banks along with other unions and associations, the final agreement hinges upon the assurance of a 5-day banking.
The 17% increase in salaries and allowances for the fiscal year 2022-23 would amount to approximately Rs 12,449 crore, encompassing all public sector banks, including the esteemed State Bank of India (SBI).
Per the terms outlined in the MoU, the new pay scales will incorporate the merging of dearness allowance (DA) amounting to 8,088 points with the basic pay as of October 21, 2022, coupled with a 3% loading, totaling ₹1,795 crore.
To allocate the annual wage hike among bank employees, the distribution will be calculated separately and proportionally based on the establishment expenses for the fiscal year 2022.
<h3>5 Days Banking</h3>
Further discussions between the parties are scheduled to finalize a comprehensive Bipartite Settlement or Joint Note, encompassing various consensual matters. It's noteworthy that the IBA has urged the government to designate all Saturdays as holidays within the banking sector under the Negotiable Instruments Act of 1881.
The unions&rsquo; insistence on a five-day work week stands as a significant demand, underlining their intent to not fully ratify the wage agreement until this condition is met, ensuring improved work-life balance for bank employees. Also Watch: <a href="https://www.editorji.com/business-news/iba-s-proposal-banks-consider-transition-to-five-day-workweek-1701956872154#google_vignette">IBA's proposal: Banks consider transition to five-day workweek</a>

The bipartite negotiations come as the current wage agreement for PSB employees expired on November 1, 2022. Since then, the IBA and the unions representing bank employees have been negotiating a new wage agreement

Bank Salary: PSB employees may get hike and 5-days work week by mid-December

<h2>The bipartite negotiations come as the current wage agreement for PSB employees expired on November 1, 2022. Since then, the IBA and the unions representing bank employees have been negotiating a new wage agreement</h2>

Public sector bank (PSB) employees, may get salary hikes of 15-20% and implementation of a five-day work week by mid-December as the 12th bipartite settlement talks between bank unions and associations and the Indian Banks' Association (IBA) have entered final stages, reported the Financial Express
"This is the first time in the history of negotiations that the offer [for wage hike] is starting with 15 per cent. It [wage hike] will likely be between 15% and 20%," IBA sources told Financial Express.
The report further mentioned that the announcement of the five-day work week will be made either concurrently with or immediately following the pay raise declaration by the Centre or the IBA. The wage revision and change in work days would also apply to regional rural banks.
Also Read: <a href="https://www.editorji.com/business-news/all-india-bank-employees-to-go-on-strike-from-december-4-banking-services-may-be-hit-1700217252807">All India Bank employees to go on strike from December 4; banking services may be hit</a>
As per Financial Express, the implementation of the five-day workweek will lead to branches remaining closed on weekends however employees may be asked to work for extra hours during the week to compensate for lost working hours
<h3>Wage Agreement</h3>
This comes as the current wage agreement for PSB employees expired on November 1, 2022. Since then, the IBA and the unions representing bank employees have been negotiating a new wage agreement. One final meeting will be held between the IBA and the bank unions where the two parties will sign a MoU, which will then be handed to the finance ministry for final approval.
In 2020, the IBA and the United Forum of Bank Unions signed a memorandum of understanding (MoU) by which around 85,000 bank employees got a 15% increase in their salary packages.&nbsp;
&nbsp;

UCO Bank withdraws Diwali sweet plan for top 10 NPA borrowers. Initially aiming to bridge the gap with customers, the bank reversed its decision, emphasizing the challenges faced in recovering dues

UCO Bank reverses Diwali sweets plan for NPA borrowers

UCO Bank withdraws Diwali sweet plan for top 10 NPA borrowers. Initially aiming to bridge the gap with customers, the bank reversed its decision, emphasizing the challenges faced in recovering dues

UCO Bank, a prominent public sector lender based in Kolkata, has decided to withdraw its plan to distribute sweets to its top 10 Non-Performing Assets (NPA) borrowers for Diwali this year. The decision, which was announced in a circular on November 1, has been reversed, as stated in the bank's latest circular issued on November 2.
Initially, the bank had planned to distribute sweet packets to the top 10 NPA borrowers of each branch, following the example set by peer Public Sector Banks (PSBs). The bank's Recovery Department Head Office had suggested that branch heads personally meet and greet these borrowers, fostering a connection between them and the bank. The rationale behind this initiative was to bridge the gap between the bank and its NPA borrowers, acknowledging that these individuals were once valued customers of the institution.
In the circular, the bank highlighted the challenges faced by branch officials in recovering dues from NPA borrowers. It emphasized that not all NPA borrowers are willful defaulters, citing reasons such as business failure, loss, or unavoidable circumstances that lead to accounts becoming NPAs. The bank also acknowledged that conflicts between customers and bank officials sometimes contribute to accounts turning into NPAs.
UCO Bank is gearing up to unveil its financial results for the second quarter of the fiscal year 2023-2024 on November 3, 2023. The bank's performance in the previous quarter showcased a significant improvement, with an 81% surge in net profit, reaching ₹223.48 crore, compared to ₹123.61 crore in the same period last year. The bank also saw a decline in its gross non-performing assets (GNPAs) from 7.42% to 4.48% and a decrease in net non-performing assets (NPAs) from 2.49% to 1.18%. Additionally, the bank's Net Interest Income (NII) increased by 21.78%, rising to ₹2,008.80 crore in Q1FY24.

RBI's Deputy Governor Swaminathan J has said that banks must ensure their employees understand that their primary responsibility is to serve customers’ financial needs.

Bank employees' primary responsibility is addressing customer needs: RBI Deputy Governor

RBI deputy governor Swaminathan J mentioned that Banks must have a clear and transparent incentive structure for financial advice while framing policy on customer appropriateness and product suitability framework to help reduce mis-selling

<h2>RBI deputy governor Swaminathan J mentioned that Banks must have a clear and transparent incentive structure for financial advice while framing policy on customer appropriateness and product suitability framework to help reduce mis-selling</h2>

Reserve Bank of India's Deputy Governor Swaminathan J has said that banks must ensure their employees understand that the primary responsibility is to serve a customers&rsquo; financial needs.&nbsp;
He further mentioned that banks should have a policy on customer appropriateness and product suitability framework to help reduce mis-selling.&nbsp;
&ldquo;Being commercial entities, there&rsquo;s nothing wrong in being target-driven, but regulated entities must ensure employees understand their primary responsibility is to serve customers&rsquo; financial needs", he said while speaking to top executives of major banks on customer grievances.
<h3>Reward for Customer Care</h3>
Swaminathan also stressed on having a clear and transparent incentive structure that rewards employees for delivering quality financial advice and services rather than just making sales.&nbsp;
<h3>Fintech, an opportunity not a threat</h3>
While saying that Banks should treat Fintechs as an opportunity rather than a threat, he also mentioned that Banks should &nbsp;have adequate oversight whenever a product or service is offered in partnership with a fintech.
&ldquo;I am glad that most of you have adopted such a collaborative approach, but please bear in mind the principal responsibility to your customers lies with you and not with partners. It is therefore essential to have adequate oversight when a product or service is being offered through such partnership channels", said Swaminathan
<h3>Five Key Areas</h3>
He listed out five key areas that require the complete focus of Banks. The areas include, the need for a customer-centric approach, addressing the root cause for complaints, importance of resolution at first point of contact, responsible handling of complaints and combating cybercrime.&nbsp;
He also warned the Banks against the practice of classifying certain complaints as queries and ignoring them.&nbsp;

The provision to permit compromise settlement for wilful defaulters has been an established regulatory stance for more than 15 years

Banks may lend loan to wilful defaulters after 5 years of compromise settlement: Report

The provision to permit compromise settlement for wilful defaulters has been an established regulatory stance for more than 15 years

Wilful defaulters may get a loan from banks after 5 years of compromise settlement only if there is change in promoters, reported Business Standard. The banks can also restructure the debt.&nbsp;
On 8th June, the RBI issued a notification regarding the compromise settlement, that said the proposals for compromise settlement for wilful defaulters would require approval by a board.
As per Business Standard, in May 2007, the RBI had advised through a letter to the Indian Banks&rsquo; Association that the lenders might enter into compromise settlement with wilful defaulters/fraudulent borrowers without prejudice to the criminal proceeding underway against such borrowers. Such cases have to be vetted by the management committee of the Board or the Board itself.
Also Read: <a href="https://www.editorji.com/business-news/sbi-chairman-earned-this-much-in-fy23-public-vs-private-bank-salary-debate-resurfaces-1686912792885">SBI Chairman earned this much in FY23; public vs private bank salary debate resurfaces</a>
The RBI had also issued a framework in 2019 that barred restructuring of accounts of wilful defaulters and fraud accounts without a change in promoter. This was also applicable in the context of compromise settlement.&nbsp;
Business Standard cited sources and said that the provision to permit compromise settlement for wilful defaulters without prejudice to criminal proceeding underway has been a established regulatory stance for more than 15 years.
The current notification by the RBI has only rationalised the already existing regulatory guidance on compromise settlements and has consolidated various instructions issued in the past.
This is also seen as a way to help maximise the recovery prospects for regulated entities, without any compromise on pursuing the legal proceedings.
Earlier, India's bank unions had opposed the Reserve Bank's move to allow lenders to settle loans of wilful defaulters under compromise settlement.

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

Roger Federer to Swiss football: Sports sponsorships face uncertain future after Credit Suisse collapse

From Roger Federer to Switzerland's national team, the takeover of Credit Suisse has left the sporting fraternity with a big question mark hanging over sponsorship deals.

#Sports #Switzerland #CreditSuisse

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals.
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's new stadium were all sponsored by the bank, which is being taken over by Swiss rival UBS.
The deal was hastily arranged on Sunday afer Credit Suisse's share price plunged.
Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports.
"Our sponsorships reflect our passion for excellence, sustainability, and partnership," Credit Suisse boasts.
The Neue Zurcher Zeitung newspaper said that no matter how much Credit Suisse got embroiled in scandals or rejigged its strategies, "the bank has always been a reliable partner for sports".
"For the time being, we will continue our corresponding commitments unchanged," a Credit Suisse spokesman told AFP.
But UBS, which has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, may not necessarily continue with the deals.
Football focus Credit Suisse has been the main sponsor of the Swiss Football Association (SFA) governing body since 1993.
The men's national team, ranked 12th in the world, has enjoyed some of its best years since the bank came on board.
Having only appeared at one World Cup between 1966 and 2006, Switzerland have qualified for the last five World Cups, reaching the last 16 in four of those tournaments.
The contract runs until June 30 next year. It is worth around five million Swiss francs ($5.4 million) per year, according to Blick newspaper.
The Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, SFA spokesman Adrian Arnold said ahead of Saturday's Euro 2024 qualifier against Belarus.
"We had good discussions with our contacts at Credit Suisse, who assured us that the existing contracts would be honoured," Arnold said.
"We would like the partnership to continue thereafer, in whatever form."
Credit Suisse is also the main sponsor of Switzerland's bid to host the 2025 women's European Championships, and the takeover comes shortly before the hosting decision is due on April 4.
The bank is the title sponsor of the Super League, Switzerland's 10-team top football division, including well-known clubs like Young Boys, Grasshopper, FC Zurich and FC Basel.
Blick said the contract runs until 2025 and is worth around eight million Swiss francs ($8.7 million) per season.
Money goes into every club as well as the tournament, with the bank's name appearing on all team strips and on advertising boards around the stadiums.
In 2019, the bank won the naming rights for a proposed new football stadium in Zurich, where Grasshopper and FC Zurich are expected to play.
But the planned "Credit Suisse Arena" has faced delays. It was due to open in mid-2022, but little progress has been made and its future now seems even more uncertain.
Roger Federer Federer is by far the biggest name associated with Credit Suisse.
Although Switzerland's greatest sports star retired in September, he remains a brand ambassador for Credit Suisse. The bank was on board for his transition into a post-tennis career, saying: "We look forward to many more years together".
Federer has a host of other sponsors he can fall back on, including Rolex, Lindt, Mercedes-Benz and Moet et Chandon.
Credit Suisse also sponsors the Federer-instigated Laver Cup, which features six top men's tennis players from Europe against six from the rest of the world, captained by Bjorn Borg and John McEnroe.
The Laver Cup did not respond when contacted by AFP.
 Sponsors leave, others arrive In golf, Credit Suisse sponsored the European Masters golf tournament in Crans-Montana and Spanish former world number two Garcia, who won the 2017 Masters.
European Masters tournament director Yves Mittaz said the contract runs until the 2024 tournament so the event is not at risk.
"There is no reason to panic," he told the Tribune de Geneve newspaper.
"That's the business of sport: sponsors leave, others arrive."
In equestrianism, Credit Suisse is a main sponsor of the Concours Hippique International de Geneve and White Turf in St. Moritz, a glitzy exclusive event featuring horse racing on a frozen lake.
Also read: <a href="https://www.editorji.com/sports-news/football/cristiano-ronaldo-on-the-verge-of-creating-another-world-record-1679553591987">Cristiano Ronaldo on the verge of creating another WORLD RECORD</a>

Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall “the situation is stabilising." "And the U.S. banking system remains sound,”

US banking stabilizing, may intervene more if needed: Treasury Secretary Janet Yellen

U.S Treasury Secretary, Janet Yellen, said that the overall &ldquo;the situation is stabilising", with respect to the banking crisis, adding that the U.S. banking system remains sound.&nbsp;

Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is &ldquo;sound&rdquo; but additional rescue arrangements &ldquo;could be warranted&rdquo; if any new failures at smaller institutions pose a risk to financial stability.
Yellen, in an excerpt of remarks prepared for delivery to the American Bankers Association on Tuesday, says that overall &ldquo;the situation is stabilising." "And the U.S. banking system remains sound,&rdquo; Yellen says.
Yellen's remarks come after a series of troubling bank developments this month.
Silicon Valley Bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid anxiety over the bank's health. It was the second-largest bank collapse in U.S. history. Regulators convened over the following weekend and announced that New York-based Signature Bank also had failed.
They said that all depositors at both banks, including those holding uninsured funds, those exceeding USD 250,000, would be protected by federal deposit insurance.
And last week a third bank, San Francisco-based First Republic Bank, was fortified by USD 30 billion in funds raised by 11 of the biggest U.S. banks in an attempt to prevent it from collapsing.
The government is now determined to restore public confidence in the banking system and to prevent any more turmoil. The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden has called on Congress to strengthen rules on regional banks and to impose tougher penalties on executives of failed banks.
Yellen, in her prepared remarks, says the government's intervention was necessary to &ldquo;protect the broader banking system" and more rescue efforts could be necessary.

The Federal Deposit Insurance Corp. announced late Sunday that New York Community Bank has agreed to pay USD 2.7 billion to acquire a sizeable portion of the failed Signature Bank.

 New York Community Bank to buy failed Signature Bank

 New York Community Bank to buy failed Signature Bank in $2.7bn 

The Federal Deposit Insurance Corp. announced late Sunday that New York Community Bank has agreed to pay&nbsp; $2.7 bn to acquire a sizeable portion of the failed Signature Bank.

New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a USD 2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank's subsidiaries.
The deal will include the purchase of USD 38.4 billion in Signature Bank's assets.&nbsp;
The FDIC said USD 60 billion in Signature Bank's loans will remain in receivership and are expected to be sold off in time.
The FDIC says it expects Signature Bank's failure to cost the deposit insurance fund USD 2.5 billion, but that figure may change as the regulator sells off assets. The deposit insurance fund is paid for by assessments on banks and taxpayers do not bear the direct cost when a bank fails.&nbsp;

In an attempt to prevent further market-shaking turmoil in the global banking system, banking giant UBS is purchasing troubled rival Credit Suisse for almost $3.25 billion.

UBS to buy Credit Suisse for nearly $3.25B to calm turmoil

UBS set buy Credit Suisse for nearly $3.25Bn

In an attempt to prevent further market-shaking turmoil in the global banking system, banking giant UBS is purchasing troubled rival Credit Suisse for almost $3.25 billion

Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers.&nbsp;
Following news of the Swiss deal, the world's central banks announced coordinated financial moves to stabilize banks in the coming week. This includes daily access to a lending facility for banks looking to borrow US dollars if they need them, a practice which widely used during the 2008 financial crisis. Three months after Lehman Brothers collapsed in September of 2008, such swap lines had been tapped for USD 580 billion.
As part of the deal, approximately 16 billion francs (USD 17.3 billion) in Credit Suisse bonds will be wiped out. European bank regulators use a special type of bond designed to provide a capital cushion to banks in times of distress. But these bonds are designed to be wiped out if a bank's capital falls below a certain level, which was triggered as part of this government-brokered deal.
Many of Credit Suisse's problems are unique and do not overlap with the weaknesses that brought down Silicon Valley Bank and Signature Bank, whose failures led to a significant rescue effort by the Federal Deposit Insurance Corp. and the Federal Reserve. As a result, their downfall does not necessarily signal the start of a financial crisis similar to what occurred in 2008.
The deal capped a highly volatile week for Credit Suisse, most notably on Wednesday when its shares plunged to a record low after its largest investor, the Saudi National Bank, said it wouldn't invest any more money into the bank to avoid tripping regulations that would kick in if its stake rose about 10%.&nbsp;

In the study, it was found that 62% of couples who had a joint account also spent their money in the same way. Know more

Study finds couples with joint bank accounts are happier and stay together for longer

Couple that banks together, lasts together: Study

In a study, it was found that 62% of couples who had joint accounts spent their money in the same way. Know more

Sharing finances is a touchy issue. Either it can make a relationship or break it. However, a recent study published in the Cornell University/the University of Colorado found that couples who have joint bank accounts often have happier relationships.&nbsp;
In the study, it was found that 62% of couples who had a joint account spent their money in the same way. The team also found that couples who have joint accounts, stay together for longer.&nbsp;
Other than this, couples who bank together are more satisfied in their relationships. And, even when they spend money differently, they tend to spend more on sensible, utilitarian stuff and less on hedonic stuff.&nbsp;
Also Read: <a href="https://www.editorji.com/lifestyle-news/health/man-children-exist-and-they-are-killing-sexual-drive-of-women-says-study-1670761113751">Man-children exist and they are killing sexual drive of women, says study</a>

The biggest US banks pledged $30 billion of fresh cash for First Republic Bank to stem the turmoil that has sent depositors fleeing from regional banks and shaken the country’s financial system.


 Big banks create USD 30B rescue package for First Republic

The biggest US banks pledged $30 billion of fresh cash for First Republic Bank to stem the turmoil that has sent depositors fleeing from regional banks and shaken the country&rsquo;s financial system.

In an effort to keep the California-based bank from becoming the third bank to collapse in less than a week and stave off a wider crisis in the banking sector, eleven of the largest banks in the United States revealed a $30 billion rescue plan for First Republic Bank on Thursday.
First Republic has a comparable clientele to Silicon Valley Bank, which collapsed on Friday as a result of about $40 billion in deposits being withdrawn in a matter of hours. It seems that First Republic, which as of December 31 had accounts worth USD 176.4 billion, was dealing with the same problems.
JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo have each committed to contribute $5 billion in uninsured deposits to First Republic as part of the aid package. Morgan Stanley and Goldman Sachs would each put $2.5 billion into the bank during this time. BNY Mellon, State Street, PNC Bank, Truist, and US Bank each contributed $1 billion towards the final $5 billion.
America's biggest banks' actions "reflect their trust in the nation's banking system," the banks claimed in their statement.
However, Silicon Valley Bank failed because its closest and most devoted clients&mdash;venture capitalists and start-ups&mdash;left the bank at the first indication of trouble, whereas the banks saved one of their rivals.

Silicon Valley bank shut down: a look at biggest banking failures since 2008

Silicon Valley bank shut down: a look at biggest banking failures since 2008

US regulators shuttered Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis.
The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers.
Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed:
- HBOS (United Kingdom), on 09/17/2008 (Around $811 billion)
- Washington Mutual (United States), on 09/25/2008 ($307 billion)
- Silicon Valley Bank (United States), on 03/10/2023 ($209 billion)
- Sachsen LB (Germany), on 08/26/2007 (Around $92 billion)
- Bradford &amp; Bingley (United Kingdom), on 09/29/2008 (Around $63 billion)
- IndyMac (United States), on 07/11/2008 ($32 billion)
In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008.
Its assets at the time were worth $639 billion.
Also Watch:<a href="https://www.editorji.com/business-news/markets/global-financial-rout-erupts-after-silicon-valley-bank-seized-by-us-regulator-1678504139632"> Silicon Valley Bank collapses, largest retail bank failure since 2008</a>

The Silicon Valley Bank collapsed within a period of two days. Here's the sequence of events that led to the largest banking collapse since 2008 

Silicon Valley Bank Collapse: The timeline & how it happened

The Silicon Valley Bank collapsed within a period of two days. Here's the sequence of events that led to the largest banking collapse since 2008&nbsp;

Its perhaps the biggest bank failure since the Global Financial Crisis of 2008. The Silicon Valley Bank (SVB) collapse has sent shockwaves across the globe and has far-reaching ramifications.
So, how did one of the biggest banking collapses in the history of the U.S actually happen?
Silicon Valley Bank amassed huge deposits in 2021. As per the Federal Deposit Insurance Corporation, SVB had over $175 billion in deposits as of December 31st 2022 and over $200 billion in total assets.
SVB invested heavily in bonds which were being issued when interest rates were very low due to the covid pandemic. As per reports, SVB&rsquo;s balance sheet for 2022-end showed $91.3 billion of securities.&nbsp; But, as the world emerged out of the pandemic, inflation reared its head, soaring to 8.2% in October 2022. This was the highest inflation that the U.S had seen in over 4 decades. In response, the Federal Reserve began raising interest rates. Fed Chairman, Jerome Powell, made it very clear, that interest rates had to go up, to clamp down on inflation.&nbsp;
As a result of rising interest rates, the value of SVB's bond holdings, which were issued at lower rates, began falling. At the same time, many startups, who were the bank&rsquo;s customers, began withdrawing deposits to survive, amid a funding crunch. As a result, SVB was forced to sell whatever bonds it could, at a loss. On Wednesday, 8th of March, SVB sold $21 billion worth of bond assets at a loss of $1.8 billion. The bank also announced that it was conducting a capital raise. Despite this announcement, there was a wave of withdrawals from the bank.&nbsp;
Meanwhile, on the 8th of March, crypto-focussed lender &ndash; Silvergate bank said it planned to wind down operations and liquidate because of heavy losses following the collapse of crypto exchange FTX. This caused another wave of fresh withdrawals on Thursday followed by the SVB stock in a downward spiral, crashing over 60%.&nbsp;
As per a regulatory filing, SVB had a negative cash balance of $958 million at the end of business on 9th of March. The filing also said that &ldquo;despite the bank being in sound financial condition prior to March 9th, investors and depositors reacted by withdrawing $42 billion of deposits, causing a run on the bank&rdquo;. This massive withdrawal, led to the bank becoming insolvent and unable to payoff its obligations.
On Friday, March 10th, Federal Deposit Insurance Corporation (FDIC) announced that SVB &ldquo;was closed today by the California Department of Protection and Innovation, which appointed the FDIC as receiver&rdquo;. FDIC also said that all insured depositors would have full access to their deposits until Monday, March 13th. However, the insured deposits have a cap of $250,000. Anyone who has over $250,000 in their accounts are required to call a toll-free number. Going forward, FDIC will oversee the sale of the assets of SVB. The uninsured depositors will be paid dividends from the asset sale.&nbsp;

Shareholders filed a lawsuit against SVB Financial Group and two of its senior executives on Monday. It was the first of numerous lawsuits that are almost certainly going to be filed regarding the failure of Silicon Valley Bank.

Silicon Valley Bank CEO, CFO sued by shareholders for fraud

Shareholders filed a lawsuit against SVB Financial Group and two of its senior executives on Monday. It was the first of numerous lawsuits that are almost certainly going to be filed regarding the failure of Silicon Valley Bank.

Shareholders of Silicon Valley Bank have filed a lawsuit against SVB Financial Group and two of its top executives CEO, CFO Greg Becker &amp; Daniel Beckon the grounds that they failed to disclose how rising interest rates would make its Silicon Valley Bank subsidiary, which failed last week, "particularly susceptible" to a bank run.
Before its closure, Silicon Valley Bank had an estimated $209 billion in assets and $175.4 billion in deposits, But the bank surprised the depositors and investors by announcing an after-tax loss from investment sales of $1.8 billion and that it intended to raise capital.
The lawsuit that has been filed primarily demands unspecified damages for investors between the time period of June 16, 2021, and March 10, 2023. SVB declared on Monday that it will investigate and curate strategic options for the company's remaining operations after the removal of its primary banking division.
In the industry other lenders that have a wealthy clientele feared a ripple effect in the industry of deposit withdrawal. These included big regional banks, venture capital-backed businesses, and technology start-ups.&nbsp;

To strengthen public confidence in the country’s banking system, the Biden administration announced that depositors of the failed Silicon Valley Bank will have access to their money from today

Silicon Valley Bank depositors will have access to their Money from Today

To strengthen public confidence in the country&rsquo;s banking system, the Biden administration announced that depositors of the failed Silicon Valley Bank will have access to their money from today

In a step aimed at protecting the US economy by strengthening public confidence in the country&rsquo;s banking system, the Biden administration has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday.
&ldquo;The depositors will have access to all their money starting Monday, that is, March 13. No losses associated with the resolution of the Silicon Valley Bank (SVB) will be borne by the taxpayer,&rdquo; said a joint statement by FDIC, Federal Reserve and Department of Treasury.&nbsp; According to the interagency federal statement, shareholders and certain unsecured debt holders, however, will not be protected.
After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, and consulting with the president, Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the Santa Clara, California-based Silicon Valley Bank (SVB) in a manner that fully protects all depositors, an official statement said.
California-based Silicon Valley Bank, the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the FDIC as its receiver.
SVB was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups; its abrupt fall marked one of the largest bank failures since the 2008 global financial crisis.
According to the interagency federal statement, shareholders and certain unsecured debt holders, however, will not be protected

The collapse of the Silicon Valley Bank could have repercussions for Indian startups too. Several Indian startups have higher deposits in SVB, than what is insured by the Federal Deposit Insurance Corporation.

Silicon Valley Bank collapse: Impact on Indian startups 

The collapse of the Silicon Valley Bank could have repercussions for Indian startups too. Several Indian startups have higher deposits in SVB, than what is insured by the Federal Deposit Insurance Corporation.

The collapse of Silicon Valley Bank (SVB) has sent shockwaves across the globe. One of the biggest bank failures since the 2008 global financial crisis, the collapse of SVB has far-reaching ramifications. This includes a significant impact on the Indian startup ecosystem.&nbsp;
SVB has been one of the preferred bank of startups and venture capitalists globally. Several Indian startups have exposure to the bank. In fact a large number of Indian startups, especially in the SaaS sector that services U.S clients, have accounts and deposits at the bank. Reports say that Indian startups have over $250,000 parked at SVB, this is more than what is insured by the Federal Deposit Insurance Corporation (FDIC).&nbsp;
"All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023", said FDIC in a statement that also asked customers with accounts that had over $250,000 to contact a toll-free number.&nbsp;
The other fallout of the SVB bank collapse will also impact the fundraising ability of Indian startups as the bank was a key source of funding for tech startups. As per reports, SVB has invested in several Indian firms including InMobi, Carewale, and Bluestone among others. For these companies, their raised funds could get stuck and lead to a cash crunch.
Also watch: <a href="https://www.editorji.com/business-news/markets/silicon-valley-bank-shut-down-a-look-at-biggest-banking-failures-since-2008-1678526214050">Silicon Valley Bank collapse: a look at biggest banking failures since 2008</a> A combination of all these factors will further exacerbate the rough weather and a funding crunch that Indian startups were already facing. In fact, in the last few months, Indian startups have already been cutting costs and announcing layoffs, a situation that may only worsen going forward.&nbsp;&nbsp;
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits.&nbsp;
&nbsp;

Silicon Valley Bank seized by US regulator as depositors pull cash

The bank failed after depositors &mdash; mostly technology workers and venture capital-backed companies &mdash; began withdrawing their money creating a run on the bank.
&nbsp;
&nbsp;

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
The bank failed after depositors &mdash; mostly technology workers and venture capital-backed companies &mdash; began withdrawing their money creating a run on the bank.
Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation.
The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment.
Notably, the FDIC did not announce a buyer of Silicon Valley's assets, which is typically when there's an orderly wind down of a bank. The FDIC also seized the bank's assets in the middle of the business day, a sign of how dire the situation had become.
Also Watch: <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-meltdown-over-70-billion-wiped-off-crypto-market-in-24-hours-1678454540855">Crypto meltdown: Over $70 billion wiped off crypto market in 24 hours</a>

Watch: Bihar women constables save bank from robbers who fled to save their lives

Watch: Bihar women constables who foiled robbery attempt to be rewarded for 'courage'

The incident took place in broad daylight at Uttar Bihar Gramin Bank in Senduari Chowk where Juhi Kumari and Shanti Kumari were deployed

Two women police constables from Bihar's Gajipur district are being lauded for thwarting a robbery attempt.&nbsp; A senior police official told NDTV that the women will be rewarded for their courage.
The incident took place in broad daylight at Uttar Bihar Gramin Bank in Senduari Chowk where Juhi Kumari and Shanti Kumari were deployed.
The CCTV footage shows the two accused entering the bank and interacting with the women. When asked to show their documents, one of the two accused drew his pistol and charged at the police personnel which followed a scuffle.
As per an NDTV report, the robbers eventually fled the scene after being intimidated by the female constables and did not rob the bank.
Juhi who sustained injuries in the incident was about to shoot the robbers before they ran away to save their life, the report added. Search is on for the two accused, and a probe has been launched for the attempted robbery.
Also <a href="https://www.editorji.com/india-news/watch-canines-married-amid-band-baaja-and-baarat-in-up-s-aligarh-1674005600027">Watch: canines married amid 'band, baaja and baarat' in UP's Aligarh</a>

bank

Categories