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Private sector lender <keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword> on Tuesday said it has raised ₹ 3,099 crore through qualified institutional placement route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value ₹ 2 each to eligible qualified institutional buyers at an issue price of ₹ 131.90 per unit, including a premium of ₹ 129.90 per share, reflecting a discount of ₹ 0.69 (0.52%) on the floor price of ₹ 132.59, Federal Bank said in a regulatory filing. Last week, the board had fixed a floor price of ₹ 132.59 per equity share for the Qualified Institutional Placement (QIP). Following the allotment of shares, the paid-up equity share capital of the bank stands increased from ₹ 4,23,63,28,436 crore - comprising 2,11,81,64,218 shares - to ₹ 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said. The bank had posted a 42% rise in net profit at ₹ 1,147 crore for the June quarter, as against ₹ 807 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to ₹ 5,757 crore, from ₹ 4,081 crore in the same period a year ago.

Federal Bank raises ₹3,099 crore via qualified institutional placement

<ul><li><keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword> has invited applications from freshers for its internship programme of two years.</li><li>The last date to apply for this internship programme is October 23.</li><li>Interns would be offered a monthly stipend of ₹27,500 and also an opportunity to earn incentives up to ₹20,000 per month based on internship grades.</li></ul>Private sector bank, Federal Bank, which has its headquarters in Kochi, has invited applications from freshers for its internship programme. The duration of the internship programme is two years, which will help freshers to have a deeper understanding of banking, business communication, financial planning and wealth management. The last date to apply for this internship programme is October 23. Federal bank has partnered with Manipal Global Education Services (MaGE), which will help the interns with relevant domain knowledge while experiencing retail banking. Interns would be offered a monthly stipend of ₹27,500 and also an opportunity to earn incentives up to ₹20,000 per month based on internship grades. The interns will also be offered personal accident coverage of ₹2,00,000 and medical insurance coverage of ₹2,00,000. On successful completion of the programme, the participant will also be awarded with a post graduate diploma certificate in banking from Manipal Academy of Higher Education (MAHE). The selection process involves four rounds — online aptitude assessment, group discussion, robotic interview and final interview. The date for online aptitude assessment is tentatively November 7. The 80 minutes test comprises five sections -- English/verbal ability, quantitative ability, logical reasoning, general awareness, and sales awareness. There will be negative marks of 0.25 for each wrong answer. The online test will be followed by a psychometric questionnaire for a maximum duration of 15 minutes. Candidates who are shortlisted shall pay a learning fees of ₹1,00,000 plus taxes to get admission in the internship programme. After completing the internship programme, two interns with top internship grades will be offered a full time role with the bank as probationary officer in retail banking subject to good conduct. The learning fees paid by the interns, who will be offered full-time roles, will be reimbursed. Eligibility criteria for the internship programme — <ol><li>Candidates should have a minimum aggregate of 60% or above in class 10, class 12 and graduation (in any domain from a recognised university).</li><li>The maximum age cap for applying for the internship programme is 27 years as on October 1, 2021.</li><li>The place of domicile of the candidates can be any of the states of Andhra Pradesh, Delhi, Goa, Haryana, Gujarat, Karnataka, Kerala, Maharashtra, Punjab, Tamil Nadu, Telangana, or Uttar Pradesh.</li></ol>Here’s how you can apply for the internship opportunity — <ol><li>Open the bank’s official <a href="https://www.federalbank.co.in/">website</a> on any smart device. </li><li>Then click on careers and then click on the option named as ‘Federal Internship Programme’ . </li><li>Then click on the ‘Apply Now’ button to register for the programme. </li><li>Enter your mobile no, email id, and then click on ‘Verify’ after entering the one-time password (OTP), which will be sent to your mobile. </li><li>Then enter your personal details and academic qualifications. Make sure you enter correct information. </li><li>After adding all the details, click on ‘I Agree’ in the declaration tab after verifying all your details. </li><li>Upload your signature and photo as per required specification. </li><li>Then click on ‘Proceed to pay’ which will be visible on your screen. </li><li>Click on ‘Proceed Pay’ only after verifying the details. </li></ol>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-plans-to-rebrand-itself-to-a-metaverse-company-with-a-new-name/articleshow/87150303.cms">Facebook plans to rebrand itself to a metaverse company with a new name</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/google-pixel-6-vs-pixel-6-pro-heres-whats-different/slidelist/87150487.cms">Google Pixel 6 vs Pixel 6 Pro: Here’s what’s different</a>

Federal Bank is offering internships for fresh graduates — Check out stipend, incentives and other details

<keyword id="6356495" type="General" weightage="20" keywordseo="federal-bank" source="Orion">Federal Bank</keyword> subsidiary Fedbank Financial Services Ltd (FedFina) has initiated the process of an initial public offering (IPO), the bank said on Tuesday. The board of directors of the bank FedFina in a meeting on January 11, 2022, has approved initiating the process of an initial public offering (IPO) by way of fresh issue and offer for sale, Federal Bank said in a regulatory filing. The board approval is subject to market conditions and receipt of applicable approvals, including that of Sebi and other considerations, it said. "The size of the IPO, portion of an offer for sale (if any), price and other details with respect to the proposed IPO by FedFina will be determined in due course. "Post the undertaking of the proposed IPO, FedFina would continue to be a subsidiary of our bank, '' the lender said. As of January 12, 2022, shares of Federal Bank were at Rs 98.45 apiece on BSE, up by 2 per cent from its previous close. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-stock-has-gained-51-in-the-last-five-days-on-investors-new-found-love-for-electric-vehicles/articleshow/88841859.cms">This stock has gained 51% in the last five days on investors’ new-found love for electric vehicles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-owning-vodafone-idea-is-just-half-the-task-the-other-half-is-to-find-the-money/articleshow/88836355.cms">Government owning Vodafone Idea is just half the task – the other half is to find the money</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-near-normal-performance-in-q3-fails-to-impress-analysts/articleshow/88837288.cms">DMart is focussing on being a cost-effective grocer, but the market wants it to be more than that</a>

Federal Bank's subsidiary FedFina initiates process for an IPO

Reserve Bank has accorded approval to HDFC Mutual Fund to raise its stakes in Federal Bank as well as in Equitas Small Finance Bank to up to 9.5 per cent. The clearance has been granted with reference to the application made by <keyword id="174045" type="General" weightage="20" keywordseo="hdfc-amc" source="Orion">HDFC AMC</keyword> to RBI, according to a regulatory filing on Thursday. "...the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of Federal Bank," the bank said in the filing. In a separate filing, Equitas Small Finance Bank said HDFC AMC got RBI's approval on September 20 to raise 'aggregate holding' of up to 9.5 per cent of the paid-up equity capital or voting rights in the small finance bank. HDFC AMC holds a 4.49 per cent stake in Kerala-based Federal Bank, and a 4.68 per cent stake in Equitas Small Finance Bank as of June 30, 2023. The approval granted by the <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> is subject to compliance with the relevant provisions of the <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword> Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India (Sebi), and any other guidelines, regulations and statutes as applicable, the filing said. As per the RBI intimation, it said HDFC AMC must ensure that the aggregate holding in the bank does not exceed 9.5 per cent of the paid-up share capital or voting rights of the bank at all times. Further, it said, if the aggregate holding falls below 5 per cent, prior approval of RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the bank.

HDFC MF gets Reserve Bank nod for raising stake in Federal Bank, Equitas SFB to 9.5%

New Delhi, Mar 14 () Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per Equity share," a regulatory filing said. According statement this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of lndia and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity. Private lender ICICI Bank also announced investing Rs 1,000 crore for an equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. KKS MRMR

Federal Bank to invest Rs 300 crore in Yes Bank

<ul><li>The retail credit book grew by 18.7 % and wholesale credit book grew by 20.2 %.</li><li>The bank's total deposits aggregated to ₹189,146 crore, a growth of 10 % since last year.</li><li>The <keyword id="6422019" type="General" weightage="80" keywordseo="casa" source="Orion">CASA</keyword> ratio reached 36.41 % (Q2 FY23) from 36.16 % (Q2 FY2 2).</li></ul> Private sector <keyword id="6356495" type="General" weightage="100" keywordseo="federal-bank" source="Orion">Federal Bank</keyword>'s gross advances stood at ₹163,956 crore as of September 2022 logging 19.4 % year-on-year (YoY) growth. In a regulatory filing Federal Bank said that its gross advances grew by 19.4 % to ₹163,956 crore from ₹137,313 crore as of September 30,2021. The retail credit book grew by 18.7 % and wholesale credit book grew by 20.2 %. Retail to wholesale ratio at 54:46. The bank's total deposits aggregated to ₹189,146 crore, a growth of 10 % over ₹171,995 crore as of September 30, 2021. The Bank's CASA (Current Account,Savings Account) deposits aggregated to ₹ 68,873 crore, a growth of 10.7 % over ₹ 62,191 crore as of September 30, 2021. The CASA ratio reached 36.41 % (Q2 FY23) from 36.16 % (Q2 FY2 2). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-sanmina-completes-jv-to-build-manufacturing-hub-in-india/articleshow/94637228.cms">RIL, Sanmina completes JV to build manufacturing hub in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/authorities-suspended-mobile-internet-in-parts-of-jammu-rajouri-districts/articleshow/94636542.cms">Authorities suspended mobile internet in parts of Jammu, Rajouri districts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/national-green-tribunal-slaps-telangana-with-a-3800-cr-fine-for-waste-management-failure/articleshow/94636341.cms">National Green Tribunal slaps Telangana with a ₹3,800 cr fine for waste management failure</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

Federal Bank logs 19% y-oy growth in advances at ₹1,63,956 cr

New Delhi, Mar 13 () Federal Bank on Friday said its asset quality is healthy and the capital adequacy is much above the regulatory requirement, amid broader concerns triggered by the Yes Bank crisis. "To reiterate the bank's strengths: Federal Bank is now having a CRAR (capital adequacy ratio) of 14.14 per cent (FY2019) which is higher than the regulatory minimum of 9 per cent. "As on December 31, 2019, the total CRAR of the bank was 13.64 per cent, with tier 1 capital being at 12.62 per cent and this indicates a strong position on capital," it said in a statement. Also, gross NPA (non-performing asset) ratio in Federal Bank is 2.92 per cent against the industrial average of 9.1 per cent. Stress book to average assets of Federal Bank has come down from 1.96 per cent in third quarter of 2018-19 to 1.59 per cent in the same quarter this fiscal. "These figures show that the asset quality of the bank is safe and healthy. Federal Bank's deposits have been growing at a healthy rate of 14 per cent year-on-year (December 2019 vs December 2018)," it added. The lender also said nearly 90 per cent of the bank's deposits are granular. "This means, the percentage of deposits which are of value Rs 2 crore or below in our base, is close to 90 per cent. This reduces the risk of dependency on high-value deposits for the bank," it said. The lender also said its shareholder base is very widely held with no promoter groups holding shares. "The history of Federal Bank dates back to the pre-independence era. Federal Bank is an extremely well-capitalized private bank with a strong financial base and a legacy close to 9 decades and having a customer base of 10 million," it said. Federal Bank has more than 1,000 branches and ATMs across different states in India. The bank is showing consistent growth in profit on year-on-year basis and its dividend paying capacity track record is also good, the statement said. Several private sector lenders have issued statements about their financial condition in the wake of Yes Bank crisis which has triggered panic among customers as to whether their deposits are safe in private banks. Federal Bank stock was trading at Rs 67, up 6.18 per cent, on the BSE. KPM KPM ANUANU

Federal Bank says well capitalised, asset quality healthy

<keyword id="6356495" type="COMPANY" weightage="100" keywordseo="Federal-bank">Federal Bank</keyword>, the Indian commercial bank based in Kochi, has signed an agreement with wallet application <a href="http://www.businessinsider.in/The-worlds-largest-start-up/articleshow/51614203.cms">Reliance Jio</a> Money for one-click payment service. The app will soon be launched for mobile devices and Federal bank will be enabling a direct payment option for its customers. 
 
Also read: <a href="http://www.businessinsider.in/MobiKwik-raises-50million-funding/articleshow/52087962.cms">MobiKwik’s parent raises $50million in funding</a> 
 
This agreement would allow its customers to transact without funding the wallet, by <a href="http://www.businessinsider.in/MobiKwik-raises-50million-funding/articleshow/52087962.cms">directly paying</a> from their account for the services that the wallet offers. Through this arrangement, customers will be able to retain cash in their account and use it only when they actually pay for something. Generally, users are required to feed money in their <a href="http://www.businessinsider.in/Walletscannot-succeed-on-a-standalone-basis-Sirish-Kumar/articleshow/52240123.cms">wallets</a>, which could be lying there when not used. 
 
Also read: <a href="http://www.businessinsider.in/Samsung-Pay-vs-Apple-Pay/articleshow/52863710.cms">Samsung to use Samsung Pay in fight against rival Apple</a> 
 "This arrangement would empower customers to retain the funds with their accounts while enjoying the host of services available in the App. Bank is very keen on improving customer experience in the digital space and will be coming up with lot more arrangements and innovations to excite the customers," <keyword id="3123417" type="UNKNOWN" weightage="100" keywordseo="Shalini-Warrier">Shalini Warrier</keyword>, COO of Federal Bank told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/federal-bank-ties-up-with-reliance-jio-money/articleshow/53316066.cms">ET</a>. 
 
Also read: <a href="http://www.businessinsider.in/Youcan-now-send-and-receive-money-on-WhatsApp-using-FreeCharge/articleshow/52415635.cms">You can now send and receive money on WhatsApp using FreeCharge</a> 
 
<a href="http://rtn.asia/wp-content/uploads/2015/06/federal-bank-india.png">Image source</a>

Federal Bank and Reliance Jio Money join hands for one-click payment service

<ul class="summary-list"><li>Monetary policy is where it needs to be, and Congress needs to act quickly on new stimulus if it aims to avoid another economic slump, <keyword id="472013" type="ORGANIZATION" weightage="60" keywordseo="Federal-Reserve-Bank-of-Cleveland">Federal Reserve Bank of Cleveland</keyword> President <keyword id="2271477" type="PERSON" weightage="60" keywordseo="Loretta-Mester">Loretta Mester</keyword> said Thursday.</li><li>The lack of new fiscal aid after months of negotiations "is concerning," she added in an interview on Bloomberg TV.</li><li>The legislative stalemate comes as <a href="https://www.businessinsider.com/us-economic-outlook-indicators-weakened-recovery-jobless-claims-consumer-sentiment-2020-11">economic indicators point to a weakening recovery</a> and COVID-19 case counts repeatedly hit fresh records.</li><li>Monetary policy, on the other hand, "is doing the right thing in keeping things very accommodative," Mester said, adding that further easing can't make up for the absence of fiscal support.</li></ul>Congress needs to act soon if it aims to avoid another bout of economic turmoil, <keyword id="137604" type="CITY" weightage="60" keywordseo="Federal-Reserve-Bank">Federal Reserve Bank</keyword> of Cleveland President Loretta Mester said Thursday.Fears of a double-dip recession are escalating as the US contends with its worst wave yet of COVID-19 infections. Daily case counts continue to hit new records, and several economic indicators <a href="https://www.businessinsider.com/us-economic-outlook-indicators-weakened-recovery-jobless-claims-consumer-sentiment-2020-11">point to a weakening pace of recovery</a>.While the start of the coronavirus recession was met with a historic monetary and fiscal response, the absence of new stimulus is "very concerning," Mester said in an interview on <a href="https://www.bloomberg.com/news/videos/2020-11-19/fed-s-mester-u-s-needs-more-fiscal-policy-not-monetary-video">Bloomberg TV</a>."The idea that we're asking people to make a sacrifice again, and not having that aid in place, is going to be really burdensome on the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> going forward and certainly burdensome on the families that are bearing the brunt," she added.Read more: <a href="https://www.businessinsider.com/bitcoin-price-prediction-upside-potential-greg-king-osprey-funds-crypto-2020-11">'I still think there's a long way to go': A crypto CEO breaks down why he's bullish on Bitcoin even after its surge back to $18,000 — and shares the other cryptocurrency he thinks is here to stay</a>President-elect Joe Biden's victory and the likelihood of a Republican-controlled Senate cut into optimism for a front-loaded fiscal relief measure in 2021. Democrats and Republicans remain worlds apart in deciding how much money to spend on new aid, as well as what to spend it on.Dashed hopes for a near-term bill led Wall Street to look back at the <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> for additional support. JPMorgan analysts said Monday that the <keyword id="6358156" type="ORGANIZATION" weightage="60" keywordseo="central-bank">central bank</keyword> will likely <a href="https://www.businessinsider.com/federal-reserve-monetary-stimulus-treasury-purchase-program-covid19-cases-jpmorgan-2020-11">extend the maturity of its $80-billion-per-month Treasury purchases</a> to drag long-term rates lower. The central bank currently purchases $120 billion in Treasurys and mortgage-backed securities to aid market functioning and encourage borrowing.Though changes may materialize at the Fed's December meeting, Mester sees monetary policy as needing little adjustment for the time being."That's what's the tension here, is that monetary policy is doing the right thing in keeping things very accommodative, and yet, we don't have the other side," she said. "And it's not an either-or. One can't substitute for the other."Some areas of the economy, namely the automotive and housing <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword>, already recovered and exceeded pre-pandemic levels of activity. When there's "such disparity across sectors," fiscal policy is best suited to providing critical aid, the <keyword id="2543825" type="PERSON" weightage="60" keywordseo="Fed-President">Fed president</keyword> added.Mester serves as a voting member of the Federal Open Market Committee. The group of Fed policymakers is set to meet on December 15 and 16, where it will all but certainly elect to keep interest rates at record lows.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-companies-with-improving-sales-growth-jefferies-2020-11">Buy these 15 cheap, unheralded stocks that will take off in 2021 thanks to their accelerating sales growth, Jefferies says</a>

Congress must pass new stimulus now to fend off another virus-driven economic slowdown, says one Fed president

<ul class="summary-list"><li>Presidents of <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> Banks in major American cities are speaking out about the poor federal response to the pandemic, saying that it eliminates any potential of a quick economic recovery.</li><li>The president of the San Francisco Federal Reserve said on Wednesday that the <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> may never recover from the pandemic — and eliminating aid like $600 unemployment benefits only underscores that.</li><li>On the same day, the president of the Boston Federal Reserve said the US response to the virus has been "inconsistent" and that economic activity likely won't spike upwards until Americans no longer feel threatened by the virus.</li><li>Similarly, the president of the Dallas Federal Reserve said people must follow "protocols like wearing masks" because the virus' resurgence this summer has led to a "muted" economic recovery.</li></ul>The <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic has decimated the US economy in just a few months. More than <a href="https://www.businessinsider.com/us-jobless-claims-labor-market-unemployment-insurance-filings-recession-coronavirus-2020-8">56 million Americans</a> have filed for unemployment over the last 21 weeks. Business Insider's Carmen Reinicke previously reported that unemployment claims swiftly surpassed the <a href="https://www.businessinsider.com/us-jobless-claims-unemployment-insurance-filings-recession-coronavirus-labor-economy-2020-7">37 million filed during the 18-month Great Recession.</a> The road to economic recovery is expected to <a href="https://www.businessinsider.com/us-economy-recovery-coronavirus-cbo-report-nearly-decade-pandemic-recession-2020-6">take years</a> — and now the country's central bankers are starting to speak out about how that recovery has been further hindered by the federal coronavirus response.Most recently, congress <a href="https://www.businessinsider.com/congress-gop-fights-replacement-federal-unemployment-benefit-expire-jobless-boost-2020-7">failed to replace the stimulus package</a> that lapsed at the end of July. With negotiations seemingly deadlocked, President Donald Trump <a href="https://www.businessinsider.com/what-trump-wants-next-stimulus-package-unemployment-executive-order-payroll-tax-2020-8">filed a series of executive actions</a> of questionable legality to temporarily extend certain stimulus provisions. Mary Daly, the president of the <keyword id="467648" type="ORGANIZATION" weightage="60" keywordseo="Federal-Reserve-Bank-of-San-Francisco">Federal Reserve Bank of San Francisco</keyword>, told reporters on Wednesday that congress needs to agree on a new stimulus package as the US economy may flat out never recover from the pandemic, according to the <a href="https://www.ft.com/content/dadda74d-9ec1-411d-8f80-6e895bfb3127">Financial Times.</a>"It's certainly possible that we don't come back, at least in certain sectors in the same way as before," she said. "That will mean a large number of workers are not able to go back to the same jobs they had before the pandemic."Central bankers in other major US cities have echoed Daly's statements.Eric Rosengren, the president of the <keyword id="1177955" type="ORGANIZATION" weightage="60" keywordseo="Federal-Reserve-Bank-of-Boston">Federal Reserve Bank of Boston</keyword>, slammed the country's coronavirus pandemic response in a Wednesday virtual meeting with the South Shore Chamber of Commerce in Massachusetts, according to The <a href="https://www.wsj.com/articles/fed-official-warns-pandemic-response-is-hobbling-economic-rebound-11597241418">Wall Street Journal.</a>"Limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death, but are also likely to prolong the economic downturn," he said.<a href="https://www.housingwire.com/articles/feds-rosengren-slams-u-s-pandemic-response/">He noted</a> that as long as the virus "poses significant threats to public health," economic activity will not tick up as individuals will "voluntarily avoid activities that place their health at risk." He stated that tighter restrictions on economic activity in Europe at the height of the virus in the spring allowed for successful retail and recreational reopenings and a fast economic recovery period.Daly also pointed to the US government letting unemployment lapse on July 31 as an example of the inconsistent response that is ultimately <a href="https://www.ft.com/content/dadda74d-9ec1-411d-8f80-6e895bfb3127">further hobbling the economy</a>. Letting the $600 unemployment benefit expire "creates the potential for a little bit of a hole in consumer spending," she said. As <a href="https://www.businessinsider.com/second-stimulus-check-september-if-congress-agrees-this-week-2020-8">congress debates the next round of stimulus</a>, millions of Americans are <a href="https://www.businessinsider.com/jobless-benefits-increase-how-people-helped-rescue-american-economy-impact-2020-8">struggling to make ends meet</a> — let alone increase consumer spending by the amount needed to prop up the economy.Robert Kaplan, the president of the <keyword id="763104" type="ORGANIZATION" weightage="60" keywordseo="Federal-Reserve-Bank-of-Dallas">Federal Reserve Bank of Dallas</keyword>, said that the recent resurgence of the coronavirus has <a href="https://www.reuters.com/article/usa-fed-kaplan/dallas-feds-kaplan-us-recovery-muted-by-virus-resurgence-idUSW1N28N01B">"muted" the economic recovery</a> in virtual remarks to the Lubbock Chamber of Commerce on Wednesday. Bolstering the recovery "requires adherence to protocols, particularly wearing masks," he said. "If we don't follow that, while people may feel freer, the economy will grow slower."

Vocal critics of the US pandemic response are emerging: central bankers

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Wells-Fargo-Stumpf/a744bfe5b4c849789f160afacfec498d/11/0">Mark Lennihan/AP</a>Wells Fargo CEO John Stumpf thinks changes regulators are pushing the bank to make to its capital reserves aren't needed.</div></div></div>Wells Fargo, the biggest bank in the US, may <a href="http://www.wsj.com/articles/wells-fargo-must-issue-about-40-billion-in-debt-to-meet-requirement-1446819110">have to raise $60 billion</a> in debt to offset potential losses in the event of another financial crisis following a <a href="http://www.federalreserve.gov/newsevents/press/bcreg/20151030a.htm">Federal Reserve ruling</a>.CEO John Stumpf isn't all that keen on the idea. "I don't think that's something we really needed," Stumpf said in an interview with CNBC December 1 with Kayla Tausche. "It's what we've been asked to do. I think that we have enough capital the way it is, but if loss absorbing capital is required through debt, we're going to raise it. We will be able to manage it. But I can't tell you sitting here that I thought that was necessary."The Fed regulation on 'total loss-absorbing capacity' means banks must have cash on hand to cover writing off 18% or more of 'risk-weighted' assets in the event of a loss. That means Wells Fargo will have to add billions to its balance sheet in cash reserves.Stumpf isn't the first Wells Fargo executive to sound off on the Federal Reserve's latest requirement, which is particularly onerous for the biggest bank in the US by market capitalization. Last month, Wells Fargo CFO John Shrewsberry called the bank <a href="http://www.wsj.com/articles/wells-fargo-must-issue-about-40-billion-in-debt-to-meet-requirement-1446819110">"victims" of the Fed's new rule.</a>Stumpf was quick to point out that Wells Fargo and other firms have already shored up cash reserves."The industry has more than doubled its capital [reserves]," he told Tausche. "We surely have in the last seven years." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/james-altucher-american-dream-college-housing-debt-career-2015-11">JAMES ALTUCHER: The American Dream is a lie</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pxa24weTqtZQduLr4vlODX7xiO2oUVG5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The biggest bank in the US is miffed at the Federal Reserve

New Delhi, Dec 12 () Global payments technology major Mastercard has joined hands with Federal Bank to provide an additional layer of security for digital transactions.
 Mastercard has entered into a partnership with Federal Bank to offer identity check to the bank's cardholders, it said in an announcement.
 Mastercard Identity Check is a global authentication program that uses the latest authentication standards of EMV 3-D Secure to provide an additional layer of security for digital transactions and facilitate higher approval rates, improving the authentication experience for merchants, issuers and cardholders.
 It provides banks with a secure and user-friendly way to authenticate cardholders without the use of static passwords, increasing approval rates.
 The facility decreases online shopping cart abandonment, reduces fraud and improves conversion rates for e-commerce merchants. Implementation in other regions has shown an increase in digital transaction approvals of nearly 13 per cent.
 "We believe that this new solution will provide a seamless experience and will find instant affinity among our Mastercard cardholders," said Shalini Warrier, chief operating officer, Federal Bank.
 The launch of Identity Check program by Federal Bank and Mastercard will go a long way in providing ease of payments with advanced security to shoppers, said Govind Setlur, chief executive officer, Wibmo, payment solutions partner for Federal Bank.
 "Mastercard is committed to creating innovative payments solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences," said Sujay Vasudevan, vice-president, cyber &amp; intelligence solutions, South Asia, Mastercard. KPM HRS

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