Banking Sector

Class action ANZ begins today

Class action ANZ begins todayToday the $57 million class action against ANZ has begun and it could turn into a multi-billion-dollar claim against the nation's banks.  Lawyers representing 43,500 Australian ANZ customers in a dispute over fees claim that the bank's directors drove plans to charge the maximum amounts possible from the customers.

Lending scheme (FLS) on business get preference not mortgage borrowers.

Lending scheme (FLS) on business get preference not mortgage borrowers.Mark Carney, The Bank of England's governor say that supporting mortgage lending was "no longer necessary".

Considering the price rise in many regions he mentioned that an overheated housing market would be a risk to the economy.

Funding for Lending will be refocused on businesses from January 2014, the governor said.

Customers join hands to file lawsuit against Kiwibank

Customers join hands to file lawsuit against KiwibankCustomers of the state-owned Kiwi Bank who want to join hands in filing lawsuit against the bank asserting unfair penalty fees have time until 11 pm tonight to register.

Bharatiya Mahila Bank offers special loans to women on its first day

Bharatiya Mahila Bank offers special loans to women on its first dayOn Tuesday, the Indian Prime Minister Manmohan Singh inaugurated Bharatiya Mahila Bank (BMB) the country’s first all-women national commercial bank.

On its very first day the bank guaranteed higher interest rate on savings bank accounts and introduced “kitchen loans” and to entice women customers.

HSBC elusive over subsidiary model

HSBC elusive over subsidiary modelGuidelines were issued earlier this month by the RBI allowing  foreign banks to  incorporate Wholly-Owned Subsidiary (WOS) branches to acquire local private sector lenders and expand branch-network across the country without any restrictions.

Funding of SMEs- German bank comes to help

Funding of SMEs- German bank comes to helpThe Frankfurt-based German development bank KfW is support funding to the planned Ireland Strategic Investment Fund, part of the remit of which will be to improve funding availability to domestic SMEs.

The state-owned German bank has already pledged €1bn in aid to support Spain's small business community and is also assessing support for Greek SMEs.

Economic outlook to be upgraded by Bank of England

Economic outlook to be upgraded by Bank of EnglandThe Bank of England is expected to raise its outlook for the UK economy and job prospects when it comes out with its quarterly inflation report today.

The policy makers pledge that they will not consider lifting rates above the current historic low of 0.5% until employment rate has reached 7%.

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