Hundreds of bank branches across the UK permanently shut their doors during the coronavirus crisis, a new report has found.
More than 500 branches have closed since the start of the pandemic last year, according to the consumer champion Which?.
Repeated national lockdowns appear to have accelerated a shift to online banking for many customers.
But there are growing concerns over the impact the closure of branches in towns could have on vulnerable customers who rely on in-person banking.
Which? found that 529 bank branches have closed since March 23 last year when the first national lockdown was imposed. Stock image
The Financial Conduct Authority had urged banks to delay branch closures during the pandemic where possible to do so.
THE STANDARD
FINANCIAL STANDARD
Reginald Kadzutu, Amana Capital acting CEO.
For the past few years, Reginald Kadzutu and Amana Capital have been joined at the hip.
The source of their shared torment has been the ghosts of collapsed giant retailer Nakumatt, which sank with the investment firm’s Sh255 million.
And any attempts to exorcise Nakumatt’s ghosts have proven unsuccessful so far. A strategic investor touted to pump Sh300 million and recapitalise the investment firm shied away at the last minute.
It was not clear why Sanjeet Thethy, the strategic investor, backed out.
Now, Kadzutu is back at Amana Capital in his third stab at turning around the company.
Equity, Co-op Bank owe State millions in loans
Monday May 10 2021
By CONSTANT MUNDA
Summary
The Treasury has listed the two top-tier lenders among 56 firms, mostly parastatals, which held Sh867 billion in outstanding loans from the national government at the end of June 2020.
In documents tabled in the National Assembly on April 29, the Treasury says Equity the country’s biggest lender by deposit accounts had Sh493.47 million outstanding out of the Sh654.3 million loans it had received.
Loans yet to be cleared by Co-operative Bank the country’s third largest bank by assets amounted to Sh287.42 million out of Sh417.86 million it was advanced.
The Reserve Bank of India has imposed a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Sagar, Madhya Pradesh for contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC).
This penalty has been imposed in exercise of powers vested in RBI and after taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.