EU COMMISSIONER CALLS FOR TROIKA TO BE ABOLISHED

EU Justice Commissioner and vice-president of the European Commission, Viviane Reding calls for the “troika” of the European Commission, the European Central Bank and the International Monetary Fund (IMF) to be dissolved.

According to Reding “the time of the troika is over. Getting the IMF on board in recent years was an emergency solution. In future, we Europeans have to be able to resolve our problems on our own.”

The troika negotiates with countries in crisis, such as Greece, Portugal and Ireland, on austerity and reform measures they have to undertake in return for bailouts. It also supervises the implementation of such steps. Reding said European institutions could manage this without the IMF…
European Commission

EU COMMISSIONER CALLS FOR TROIKA TO BE ABOLISHED

RBI penalises 22 banks for violating KYC/anti-money laundering norms

The Reserve Bank of India (RBI) slapped a penalty of nearly Rs 50 crore among 22 banks for violation of Know Your Customer (KYC) and anti money laundering (ALM) norms. Moreover, it warned seven more banks by issuing cautionary letters.

Among private sector lenders, RBI found violations of regulatory instructions (in terms of KYC and ALM) in Yes Bank (fined Rs 2 crore), Kotak Mahindra Bank (Rs 1.501 crore), ING Vysya Bank (Rs 1.50), Federal Bank (Rs 3 crore), Development Credit Bank or DCB (Rs 1 crore), Dhanlaxmi Bank (Rs 2 crore), Lakshmi Vilas Bank (Rs 2.50 crore) and Jammu & Kashmir Bank (Rs 2.501).

South-based public sector lenders including Canara Bank, Andhra Bank and Vijaya Bank will have to shell out to the tune Rs 3.001 crore, Rs 2.50 crore and Rs 2 crore respectively.

North-based Punjab National Bank ( PNB ) and Punjab & Sind Bank are carrying a fine of Rs 2.50 crore each. Oriental Bank of Commerce (OBC) will pay a sum of 2 crore. Kolkata-based United Bank of India ( UBI ) is also penalised by Rs 2.50 crore.

Deutsche Bank A. G. is the only foreign lender to have appeared in the list of 22 banks. It will have to share Rs 1 crore with the central bank as fine…RBI Press Release

Violating anti-money laundering norms

M&T Bank to fix anti-money laundering flaws, Fed says

The Federal Reserve found wide-ranging problems with M&T Bank Corp.’s (MTB) efforts to combat money laundering, a compliance issue that had caused regulators to put a hold on MTB’s $3.7 billion bid to buy Hudson City Bancorp. Artikel

The Fed is requiring M&T to hire an independent consultant to review all accounts and transactions tied to high-risk customers during the last six months of 2012. The consultant should determine whether there was any suspicious activity in those accounts and whether the bank identified any problems. TB has Warren Buffett’s Berkshire Hathaway Inc as a major shareholder. Report FED  M&T

Ladies in finance industries: Women working in banking sector

He Jinzhu is the head of China CITIC bank’s Qingsi branch office. Despite stressful and competitive work, she always keeps smiling. As the head of the branch, she holds a very responsible position and burdens heavy workload. she has daily meeting at 8:30 a.m, checks work progress, and solves problems if any, arranges intraday duties before the bank opens at 9 a.m.

From annual plan to monthly schedule and daily work, from overall situation to handling details, she must take care of everything. Women in financial industry are more competitive because they pay attention to details, she said proudly….article Ladies in finance industries  Women working in banking sector