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(NEXSTAR) – Citibank will not get back the nearly $ 900 million it accidentally sent to lenders, a U.S. District Court judge has ruled. In August, Citibank intended to wire around $ 7.8 million to lenders of makeup brand Revlon. According to the court ruling, she “rather committed one of the biggest blunders in the …

Why do banks sell Banks are looking to sell retail bad debt to CRAs as it is difficult to have a centralized collection strategy for these accounts. Since retail accounts are typically managed by branch managers, banks have a harder time overseeing the collection process from headquarters, the first of the three anonymous managers cited …

No one can accuse First Internet Bancorp CEO David Becker of being shy. He wants the online bank with $ 3.7 billion in assets to quickly become one of the country’s top Small Business Administration lenders. Fishers, Ind., Is close to finalizing its acquisition of the small business lending division of First Colorado National Bank …

Dixons Carphone has closed 531 stores due to the lockdown // Dixons Carphone online sales make up for loss suffered by stores closed due to Covid-19 lockdown // Electricity retailer canceled its annual dividend to shareholders // Online channels saw colossal 166% sales growth Dixons Carphone said its online sales in the UK and Ireland …

The lenders of Reliance Communications Ltd., Reliance Infratel Ltd. and Reliance Telecom Ltd. are preparing for a lengthy court battle as they seek to classify these companies’ loan accounts as “fraud”. The consortium of lenders is set to challenge an order of the Delhi High Court dated December 28, which asked them to maintain a …

The Indian government is relying on two state-owned non-bank lenders to provide relief to struggling power utilities, which in turn were delaying payments to power producers. To break the cycle, Power Finance Corp. Ltd. and Rural Electrification Corp. Ltd. were responsible for providing nearly Rs 90,000 crore on loan to state nightclubs. The rules have …

The regulator has asked lenders to have a board-approved policy in place and to conduct regular audits of the system. Banks and non-bank financial companies will need to perform regular vulnerability testing of their systems to provide a secure experience for their customers. The banking regulator has asked lenders to adopt the highest security standards …

The Indian Banking Association is once again launching the idea of ​​creating a “bad bank” like structure, which can ease the burden of stressed assets on the books of Indian lenders. Bankers want a portion of the bad debts to be transferred to an independent asset management company for resolution, said two bankers with first-hand …

An interim Supreme Court instruction preventing banks from marking defaulted accounts as non-performing assets is still in place for a fourth consecutive month, forcing bankers to find solutions to deal with stray borrowers. In an order dated September 3, the Supreme Court said accounts that had not been declared as NPA before August 31 could …

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