Urjit Patel, the head of the Reserve Bank of India, resigns

LAST MONTH Viral Acharya, a deputy governor of the Reserve Bank of India (RBI), suggested in a speech that the Indian government was risking “economic fire” by meddling with the bank. If he was right, on December 10th the last chance of dousing the flames may have been missed. Urjit Patel, the RBI’s governor, abruptly […]

The first charges for money-laundering are laid against Danske Bank

AS EUPHEMISMS FOR suspected money-laundering go, “insufficiently legitimised” takes some beating. That is how Denmark’s Financial Supervisory Authority (FSA) described some of Danske Bank’s customers in a report in 2012. The country’s largest bank now faces criminal charges at home and investigations elsewhere. The dirty-money scandal swirling around Danske is the largest ever uncovered. Over […]

For Europe’s stockmarkets to recover, bank shares need to rally

NOT SO LONG ago, a stockbroker trying to interest an American fund manager in European shares would be met with an eye-roll. But sentiment is fickle and attitudes change. These days the likely response is a hard stare. Over the years in which stockmarket returns in America pulled ahead of everywhere else, any residual feelings […]

The person who is doing most to undermine the Reserve Bank of India

SOMETIME IN THE 1990s Jagdish Bhagwati, one of India’s most distinguished economists, encountered Swaminathan Gurumurthy, a financial commentator associated with the Rashtriya Swayamsevak Sangh (RSS), a Hindu-nationalist organisation. Mr Gurumurthy was making the case that globalisation, brought in by well-connected financiers, was destroying India. Mr Bhagwati came to a caustic conclusion. If RSS ideologues like […]

French bank pays huge US fine for doing business in Cuba, Iran

Societe Generale has agreed to pay $ 1.34 billion to US federal and state authorities to settle a pending legal dispute over violations of US trade sanctions against Iran and other countries. One of France’s largest banks has also pledged to pay $ 95 million to resolve another dispute over violations of anti-money laundering regulations. […]