Customer Financial News

Mumbai: Building a more inclusive workplace to curtail attrition, improvements in customer service, and a stronger digital infrastructure are some of the priorities at India’s largest private sector lender HDFC Bank, its chief executive Sashidhar Jagdishan said on Wednesday. In a message to shareholders in the bank’s annual report, Jagdishan said that since talent, potential and capabilities can best be harnessed through an enabling culture, the bank has adopted the managerial behaviour architecture of nurture, care and collaborate. The ‘nurture, care, collaborate’ initiative covered over 12,000 managers in FY22 was extended to the senior leadership levels and over 6,000 new managers in FY23.

A unanimous SEC voted Wednesday to consider raising capital reserve requirements for broker-dealers who maintain custody of a substantial amount of customer cash and securities.

 In today's world, loyalty is seen as a long-term relationship with customers, not just a program. Companies are upgrading to meet the changing needs of consumers and build trust in their brand.

Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening some accounts without customer consent

Bank of America to pay $250 million for doubling up on fees and opening accounts without customer approval, CFPB says

ClimateDepot publisher Marc Morano discuss the EV push and how Ford is preparing another round of layoffs on ‘The Bottom Line.'

Thailand’s Securities and Exchange Commission (SEC) has issued new rules for digital asset service providers focused on investor protection.

Non-Resident Indians (NRIs) play an instrumental role in bolstering India’s economy. With inward gross remittances, they are fueling the country’s investment scenario and fattening foreign exchange reserves. Being a progressive economy, India has established itself as a leader in inward remittances by becoming the first country to touch the $107.5-billion mark in 2022.

Cryptocurrency brokerage Voyager Digital is preparing to reopen its app and allow customers to finally withdraw their funds — nearly one year after it filed for Chapter 11 bankruptcy.

Attorneys for Binance.US and Binance CEO Changpeng Zhao argued that the US Securities and Exchange Commission’s temporary restraining order to freeze its assets should be denied. 

FTX received court permission on Friday to remove customer names from all filings in its bankruptcy case, persuading a US judge that publishing the names would put people at risk of scams and identity theft. US Bankruptcy Judge John Dorsey in Wilmington, Delaware, ruled that FTX can permanently redact the names of individual customers from its bankruptcy filings, after hearing testimony that publishing customers' names would place them at risk even if other identifying information like their email address was kept secret. «It is the customers who are the most important issue in this case,» Dorsey said. «We want to make sure that they are protected and they don't fall victim to any types of scams.» In January, Dorsey had allowed FTX to keep secret the names of 9 million of its individual customers for three months.

Bankrupt cryptocurrency exchange FTX has been granted permission to remove individual customers from all court filings in its bankruptcy case. However, the names of companies and institutional investors will be sealed for another 90 days.

Bankrupt cryptocurrency exchange FTX has secured court permission to remove the names of its customers from all filings in its bankruptcy case. 

The list of around nine million FTX customers is “extraordinarily valuable” and could harm the crypto exchange’s sale value if released, a member of the FTX restructuring team has argued.

The United States Securities and Exchange Commission (SEC) has filed another document in its lawsuit against Binance.US, saying investors’ funds are at risk. 

Binance, the world's largest cryptocurrency exchange, is facing allegations of having commingled customer funds with company revenue in 2020 and 2021, violating U.S. financial rules that mandate the segregation of customer money, according to a special report by Reuters. Citing three sources familiar with the matter, the report claims that the exchange held mixed accounts at U.S. lender Silvergate Bank, with sums running into billions of dollars.

The world’s largest crypto exchange, Binance, has mixed company revenues with customer funds in the US, according to a Reuters report.

Reuters says it stands by its reporting following criticism it received from a Binance executive on its story that said the world’s largest crypto exchange commingled customer funds. 

Binance is pushing back against a Reuters report that said the world’s largest cryptocurrency exchange commingled customer funds with company revenue in 2020 and 2021. 

Crypto lender Voyager Digital said Wednesday that customers will soon recover about 35% of their cryptocurrency deposits as the company winds down operations after a failed buyout attempt by crypto exchange Binance.US. U.S. Bankruptcy Judge Michael Wiles approved Voyager's liquidation plan at a court hearing in Manhattan, allowing the company to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11. Customers may be able to make withdrawals by June 1, Voyager's official creditors committee said. Any distribution beyond the initial 35% would depend on the result of future litigation. Voyager filed for bankruptcy protection in July, citing volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital (3AC).

Arbitrum-based decentralized exchange (DEX) Swaprum has allegedly conducted a rug-pull on its users, with $3 million worth of customer deposits being swiped from the platform.