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Top related persons:
Chris Helgren - 1 Jonathan Stempel - 1 Chris Reese - 1 Nirmala Sitharaman - 1 Narendra Modi's - 1 I'm - 1 Sitharaman - 1 Manch - 1
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Toronto , Ontario Canada Puerto Rican New York DELHI India Gujarat Singapore
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Thomson - 2 Citigroup Inc - 1 Citi - 1 REUTERS - 1 Citigroup - 1 U.S . Securities - 1 Exchange Commission - 1 Citi International Financial Services - 1

Search resuls for: "International Financial Services"


5 mentions found


☆ SEC fines Citigroup, former unit over customer disclosures
  + stars: | 2023-09-28 | by ( ) www.reuters.com   time to read: +1 min
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. Neither Citigroup nor the former Citi International Financial Services, a Puerto Rican-based business that the bank sold last year and now known as Insigneo International Financial Services, admitted wrongdoing in agreeing to settle. The accord resolves claims Citigroup did not comply with Regulation Best Interest when it programmed about 360,000 accounts to receive disclosures electronically without receiving appropriate consent from customers. Reporting by Jonathan Stempel in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Chris Helgren, Jonathan Stempel, Chris Reese Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, U.S . Securities, Exchange Commission, Citi International Financial Services, Financial Services, Thomson Locations: Toronto , Ontario, Canada, Puerto Rican, New York
☆ India lets firms list on Modi's flagship finance hub to draw foreign capital
  + stars: | 2023-07-29 | by ( ) www.reuters.com   time to read: +1 min
Listed and unlisted companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT), which is Prime Minister Narendra Modi's flagship project. "I'm pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges," Sitharaman said. Indian companies can currently only list on foreign exchanges through instruments such as depository receipts. The government had announced plans in 2020 to allow firms to have their primary listings on foreign exchanges. The government has said companies can use the IFSC route to access similar benefits of foreign capital.
Persons: Nirmala Sitharaman, Narendra Modi's, I'm, Sitharaman, Manch, Aftab Ahmed, Muralikumar Organizations: International Financial Services, Gujarat International Financial Tech City, Singapore, International Exchange, Thomson Locations: DELHI, India, Gujarat, Singapore, City, New Delhi
☆ SVB Crisis Tests India’s New Finance Hub Potential
  + stars: | 2023-03-17 | by ( Megha Mandavia | ) www.wsj.com   time to read: +1 min
Many Indian startups rushed this week to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city. The swift collapse of Silicon Valley Bank has cast an aspiring Indian finance center into sudden relief. India, which has long been a bit player in global finance, has a chance to boost its role—but only if it moves swiftly to rectify some regulatory barriers. This week, many Indian startups rushed to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city, once they regained access to their SVB deposits. Accounts set up within the hub’s International Financial Services Center, or IFSC, are free of India’s stringent capital controls since the funds are held in U.S. dollars.
☆ India watchdog ire cools foreign banks’ ambitions
  + stars: | 2022-11-16 | by ( Shritama Bose | ) www.reuters.com   time to read: +4 min
India is bristling at the idea of foreign regulators inspecting its entities which settle trades in government bonds, foreign exchange and more. The higher costs will make the services of European Union and British banks in India uncompetitive, prompting clients to switch to other foreign or domestic banks. Bosses of smaller foreign banks already complain in private that their returns in India are lousy. The Reserve Bank of India, for example, could in theory strike a deal that sets boundaries on on-site visits, as Singapore has done. The Indian regulators include Reserve Bank of India, Securities and Exchange Board of India and International Financial Services Centres Authority, ESMA said.
☆ Exclusive: India's RBI asks banks to stop building positions in offshore market
  + stars: | 2022-10-13 | by ( Nimesh Vora | ) www.reuters.com   time to read: +3 min
The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee, one of the bankers said. For instance, the USD/INR NDF 1-month rate is currently 7 paisa higher than the corresponding onshore rate and the 3-month forward rate is about 25 paisa higher. To take advantage of this arbitrage, eligible banks could buy spot dollars onshore and pay 1-month premium while selling USD/INR 1-month in the NDF market. Bankers argue that the RBI's curbs on the activity of banks on NDF will not ease pressure on the rupee. Instead, it would lead to offshore rates once again having more influence on the rupee exchange rate.
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