Banks including RBS, NatWest and Lloyds have rolled out coronavirus relief, with NatWest opening a £5bn fund for small businesses and RBS offering a three-month mortgage holiday.
Reserve Bank of India took control of Yes Bank, imposed a $630 withdrawal limit and arrested cofounder Rana Kapoor over alleged money laundering, leaving customers queuing from 8AM.
Xinja stopped new sign-ups to its 2.25% savings account after an RBA rate cut, and Ross Gallagher calls the explanation a little bit of spin.
UK Banks Offer Coronavirus Relief as Markets Tumble
Funding and deals
Yes Bank. India's fifth largest private bank, seized by the central bank, gets a State Bank of India rescue, reported by the FT at $1.3bn.
Guest interviews
Valentina Kristensen, Director of Growth and Communications at OakNorth. OakNorth made £65.9m in pre-tax profit, up 95%, on revenue up 74% to £104m. She credits a focus on doing one thing well, with a cost income run rate of 26%, and says the bank reached net carbon zero on its own emissions. She doubts Xinja's strategy, given its deposits cost about 7.5m Australian dollars a year.
Pranav Sood, Executive General Manager for EMEA at Airwallex. He cites roughly 50,000 small businesses going bust each year from late payments, so relief must arrive quickly. He says Yes Bank has been in trouble almost since its founding, and that nearly 50% of MPs in India's lower house are accused of crimes. He calls Olympic sponsorship sensible for Starling because awareness of challenger banks is low.
News
UK banks launch coronavirus relief for customers. RBS offers a three month mortgage holiday and NatWest opens a £5bn SME fund, while Lloyds defers loan payments. Ross Gallagher says this lays groundwork for recovery, but Sarah Kocianski worries about depleted bank capital.
Standard Chartered launches Hong Kong virtual bank Mox. Built with two telcos and a travel agency, Mox is in beta and launches in the coming months. Sarah Kocianski praises the HKMA for its sandbox, and Revolut and Tandem have shown interest in Hong Kong.
Xinja shuts new sign-ups to its savings account. The 2.25% account closed after an RBA rate cut, with 350m Australian dollars in deposits. Sarah Kocianski calls the explanation spin but sensible, since the deposits will fund a coming mortgage launch.
Revolut reportedly seeks a UK banking licence. It now operates in the UK on an e-money licence and wants a banking licence before the end of the year. Ross Gallagher asks whether it is late to the party.
Starling becomes Team GB's official bank for Tokyo. Each competitor gets a £100 credit. Ross Gallagher sees Starling moving away from Wonga-style sponsorship toward a feel-good message about money.
Tap a name to go there · tap a line to see why they are linked