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Category: Banking

  • MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 24 April 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTIONS 9(3)-(5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 24 April 2025

    2 April 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 24 April 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. In the Offer Document, the offer period was set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”). The Initial Offer Period was subsequently extended to 20 March 2025, and on 19 March 2025, Nykredit published a supplement to the Offer Document, which extended the offer period to 3 April 2025 at 23:59 (CEST).

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which further extends the offer period for the Offer. The Supplement has been approved by the Danish FSA on 2 April 2025 in accordance with section 9(3)-(5) of the Danish Takeover Order. The Supplement should be read in conjunction with the Offer Document and the previous supplements as published on 18 February and 19 March 2025.

    With this Supplement, Nykredit further extends the offer period, such that the Offer will expire on 24 April 2025 at 23:59 (CEST). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 24 April 2025 at 23:59 (CEST) (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the offer period further.

    The extension of the offer period entails that the expected completion of the Offer and settlement of the offer price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 2 May 2025 (provided that the offer period is not extended further).

    This will result in an adjustment of the offer price in accordance with section 6.2 of the Offer Document, such that the offer price is increased by DKK 0.50 per share to DKK 210.50.

    The increase of the offer price affects all Spar Nord Bank shareholders who have already given their accept of the Offer and all Spar Nord Bank shareholders who accept the Offer following publication of the Supplement. Spar Nord Bank shareholders who have already accepted the Offer thus do not have to take further action.

    At the time of this announcement, Nykredit holds 32.79 per cent of the shares in Spar Nord Bank.

    In the supplement dated 19 March 2025 to the Offer Document, Nykredit announced that a preliminary compilation of the acceptances that Nykredit had information about showed that, including the irrevocable undertakings, acceptances corresponding to more than 46 per cent of the share capital of Spar Nord Bank had been submitted, and that Nykredit’s ownership interest in Spar Nord Bank, together with the irrevocable undertakings and the binding acceptances submitted that Nykredit had information about, totalled more than 80 per cent of the total share capital (excluding treasury shares) of Spar Nord Bank, indicating that the 67 per cent acceptance limit stated in the Offer has been reached.

    The final result of the Offer will be determined on expiry of the offer period and published in accordance with section 21(3) of the Danish Takeover Order.

    Nykredit intends to delist Spar Nord Bank from trading on Nasdaq Copenhagen and complete a compulsory acquisition of the remaining Spar Nord Bank shareholders, provided that Nykredit has obtained the necessary ownership interest, and the Offer has been completed. Spar Nord Bank shareholders who have opted not to accept the Offer, should expect that Nykredit, provided that the Offer is completed, will take steps to combine Nykredit Bank A/S and Spar Nord Bank, which will result in a further increase in Nykredit’s ownership interest in Spar Nord Bank. Not later than in continuation of the combination, Nykredit thus expects to hold a sufficient ownership interest to be able to delist Spar Nord Bank from trading on Nasdaq Copenhagen and complete a compulsory acquisition of the remaining Spar Nord Bank shareholders.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Supplement, the Offer Document, earlier supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 02, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 9,170
    Amount allotted (in ₹ crore) 9,170
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/11

    MIL OSI Economics –

  • MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on April 02, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 9,170
    Amount allotted (in ₹ crore) 9,170
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/11

    MIL OSI Global Banks –

  • MIL-OSI: 2024 Annual Report and Accounts and 2025 Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    LEI: 213800ZBKL9BHSL2K459

    2 April 2025

    OSB GROUP PLC
    (the Company)

    2024 Annual Report and Accounts and 2025 Notice of Annual General Meeting

    In accordance with Listing Rule 6.4.1R the Company has submitted today the Annual Report and Accounts for the year ended 31 December 2024 and the 2025 Notice of Annual General Meeting (AGM) and Form of Proxy to the National Storage Mechanism, and it will be available for inspection shortly in unedited full text at:

    https://data.fca.org.uk/#/nsm/nationalstoragemechanism

    The Annual Report and Accounts for the year ended 31 December 2024 can be viewed on the Company’s website at https://www.osb.co.uk/investors/results-reports-presentations and 2025 Notice of Annual General Meeting can be viewed on the Company’s website at https://www.osb.co.uk/investors/shareholder-services/agm-information

    The AGM will be held at 90 Whitfield Street, Fitzrovia, London W1T 4EZ on Thursday, 8 May 2025 at 11.00am.

    Enquiries:

    Dionne Mortley-Forde t: 01634 848 944
    Group Head of Governance & Secretariat  
       
    Investor relations  
    Alastair Pate
    Group Head of Investor Relations
    Email: osbrelations@osb.co.uk    		 t: 01634 838973
       
    Brunswick  
    Robin Wrench / Simone Selzer t: 020 7404 5959

    Notes to Editors

    About OSB GROUP PLC

    OSB began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the OSB Group. The Group provides specialist lending and retail savings and is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Group reports under two segments, OneSavings Bank and Charter Court Financial Services.

    The MIL Network –

  • MIL-OSI: CREDIT AGRICOLE SA: The European Central Bank authorizes Credit Agricole S.A. to increase Banco BPM stake to 19.9%

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Montrouge, April 2nd , 2025

    The European Central Bank authorizes Credit Agricole S.A.
    to increase Banco BPM stake to 19.9%

    Further to the press release of December 6, 2024, Crédit Agricole S.A. informs that:

    • On April 1st, the European Central Bank authorized Crédit Agricole S.A. – under the qualifying holding regime – to cross the 10% threshold in the share capital of Banco BPM S.p.A. (“Banco BPM”) and, therefore, to hold a stake up to 19.9%.
    • During Q4-24 and Q1-25, Crédit Agricole S.A entered into additional instruments relating to Banco BPM shares and has now a position through derivatives reaching 9.9% of Banco BPM’s share capital.
    • Crédit Agricole S.A intends to exercise its right to physical delivery of all Banco BPM shares underlying the position of derivatives1; as a result, Crédit Agricole S.A will hold 19.8% of Banco BPM’s share capital.

    As stated in the press release of December 6, 2024, the increase of its stake is consistent with Crédit Agricole’s strategy as a long-term investor and partner of Banco BPM.

    Crédit Agricole S.A. does not intend to launch a public offer for the capital of Banco BPM.

    Consequently,

    • In Q1 2025, the increased position in derivatives relating to Banco BPM’s share capital has a limited impact on Crédit Agricole S.A CET1 ratio.
    • In Q2 2025, the CET1 ratio of Crédit Agricole S.A will be impacted by c.-20 bps, resulting both from the increased stake in Banco BPM and from the impact linked to the crossing of the exemption threshold applicable to the deduction of significant equity investments in the financial sector.

    CRÉDIT AGRICOLE INVESTOR RELATIONS 

    Cécile Mouton  + 33 1 57 72 86 79  cecile.mouton@credit-agricole-sa.fr
    Institutional Shareholders  + 33 1 43 23 04 31  investor.relations@credit-agricole-sa.fr 
    Individual Shareholders  + 33 8 00 00 07 77  relation@actionnaires.credit-agricole.com 
         

    CRÉDIT AGRICOLE S.A. PRESS CONTACTS 

    1 Once it receives the last needed authorization from Bank of Italy.

    Attachment

    The MIL Network –

  • MIL-OSI Banking: ADB’s Work in Water: Overview of Water Operations

    Source: Asia Development Bank

    Transcript

    Water is life. It quenches our thirst, powers our progress, and feeds nature.

    With countless rivers, vast oceans, and thundering storms, water can seem infinite.

    But for over 2 billion people in Asia and the Pacific, their daily relationship with water is one of struggle and hardship.

    NORIO SAITO

    Despite many achievements in Asia and the Pacific, 1.5 billion people in rural areas and 600 million more in urban areas still lack basic water supply and safely managed sanitation services. ADB is working to improve water security and resilience in the region by supporting sustainable service delivery. From 2014 to 2023, ADB committed a total of 23.5 billion U.S. dollars to the water sector across the region to benefit the lives of 654 million people.

    QINGFENG ZHANG

    The water-food-energy nexus is emerging as a critical issue in Asia and the Pacific. Agriculture is the biggest consumer of water in Asia. As of 2021, ADB has allocated 2 billion U.S. dollars to irrigation, 1 billion U.S. dollars to water-based natural resources management, and 477 million U.S. dollars to rural flood protection.

    SATOSHI ISHII

    ADB has been a long-standing partner in finding solutions for our developing member countries in Asia and the Pacific. Attaining the SDGs also means collaborating with other institutions and organizations, opening new channels for financing and encouraging public and private partnerships.

    VIVEK RAMAN

    80 percent of the wastewater generated in Asian cities is disposed of, untreated into our water bodies, making our sanitation services ineffective and more importantly our water bodies unsafe. In line with SDGs 6 and 11, ADB’s work prioritizes the provision of basic sanitation services, wastewater management, urban drainage and flood management, and solid waste management in Asia’s cities.

    YASMIN SIDDIQI

    In already arid countries like those in the Central West Asia region, water scarcity exacerbated by climate change is not only a food and water security issue but a transboundary challenge. ADB’s Central Asia Regional Economic Cooperation Program, CAREC, aims to develop a climate resilient framework for member countries in Central Asia region. This will enhance knowledge and technology transfer to support improved water resources and energy management.

    NEETA POKHREL

    Every year thousands of people are displaced in fragile and conflict-affected situations and small island developing states due to water-related climate and disaster events. How can we make informed investment decisions in this challenging environment? Therefore, ADB applies flexible business processes, we encourage field presence, and we implement in-depth analytics to better understand fragility and help our clients implement these.

    FATIMA MABOR BAUTISTA

    In 2022, ADB announced the Asia and the Pacific Water Resilience Initiative, an ambition to mobilize more than 200 million financing from internal sources and external partners to leverage 10 billion climate adaptation financing for ADB water sector operations from 2021 to 2030.

    TANYA HUIZER

    The Water Financing Partnership Facility, or WFPF, supports the Asia and the Pacific Resilience Initiative in accelerating implementation of sustainable development goals. With contributions from financing partners such as the Government of Austria, Spain, and the Netherlands, and the Bill and Melinda Gates Foundation, WFPF has helped ADB to do business as unusual.

    NORIO SAITO

    To achieve ADB’s vision of prosperous, inclusive, resilient, and sustainable Asia and the Pacific, providing sound water management and reliable services to the vulnerable is of vital importance. We at ADB are committed to seeing this vision to fruition.

    END CREDITS
     

    MIL OSI Global Banks –

  • MIL-OSI China: Announcement on Open Market Operations No.63 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.63 [2025]

    (Open Market Operations Office, April 2, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB229.9 billion through quantity bidding at a fixed interest rate on April 2 , 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.50%

    RMB229.9 billion

    RMB229.9 billion

    Date of last update Nov. 29 2018

    2025年04月02日

    MIL OSI China News –

  • MIL-OSI China: China mulls nationwide expansion of cash-pooling program for multinationals

    Source: China State Council Information Office

    This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. [Photo/Xinhua]

    Chinese authorities are mulling the nationwide expansion of a pilot cash-pooling program that integrates domestic and foreign currency management for large multinational enterprises, according to a draft regulation released on Tuesday to solicit public opinion.

    A cash-pooling policy framework that integrates domestic and foreign currency management will be established to facilitate the transfer and use of funds, according to the document, which was issued by the People’s Bank of China — the country’s central bank — and the State Administration of Foreign Exchange.

    Two-way macro-prudential management will be implemented for relevant cross-border capital flows, per the document, which also pledges to strengthen in-process and ex-post oversight to forestall related risks.

    The regulation was formulated to facilitate the coordinated use of cross-border funds by enterprises, and to allow cross-border business services to support the real economy and promote trade and investment in an improved manner, the central bank said.

    The cash-pooling program was first launched in Beijing and the southern economic powerhouse of Shenzhen in 2021. It was later expanded to include more regions, and optimized further in 2024. 

    MIL OSI China News –

  • MIL-OSI Economics: Joint APRA-RBA Statement on Use of the RBA’s Overnight Standing Facility

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia’s (RBA) new approach to monetary policy implementation – the ‘ample reserves with full allotment’ system – allows eligible counterparties to borrow as many reserves as they demand at open market operations (OMO). The RBA has recently announced some important updates to the operation of this system for monetary policy implementation, including the configuration of its OMO and the role of the overnight standing facility.

    These facilities will play an important role to supply reserves needed to keep the cash rate close to its target. As the system transitions to, and in time reaches, an ample level of reserves, some market participants may experience periods when their demand for liquidity rises. This could require them to borrow reserves in private money markets from other counterparties that have a surplus relative to their needs. If market participants cannot find liquidity on suitable terms in private markets, or via weekly OMOs, they are expected and encouraged to use the overnight standing facility. Doing so will support the implementation of monetary policy under the ample reserves system.

    The RBA and Australian Prudential Regulation Authority (APRA) consider the use of the overnight standing facility by banks to be consistent with routine liquidity management activities. Both agencies are comfortable with banks using the facility as needed. The RBA and APRA will liaise with banks to ensure that they understand the role of the overnight standing facility and are ready to use it and comfortable doing so in their liquidity management practices.

    Further details on the RBA’s new approach to monetary policy implementation are outlined in a recent speech by RBA Assistant Governor, Financial Markets, Christopher Kent. Visit the RBA’s standing liquidity facilities webpage for more information.

    MIL OSI Economics –

  • MIL-OSI Economics: Consultation on the Future System for Monetary Policy Implementation in Australia – Summary of Stakeholder Feedback

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) today released a summary of the stakeholder feedback received in response to a consultation paper titled ‘The Future System for Monetary Policy Implementation’. The feedback informed recent changes to the configuration of the RBA’s open market operations (OMO), as discussed in a speech by Assistant Governor (Financial Markets) Christopher Kent.

    The consultation paper presented principles and options regarding the design of the future system and sought feedback from stakeholders on a list of topics. This list focused on the configuration of full allotment repo in the RBA’s OMO, the potential impacts of OMO repo on Australian financial markets, the demand for reserves and the role of non-repo operations.

    Eleven written responses were received, mostly from Australian and global banks. The RBA later met with some respondents to discuss their submissions in more detail. The summary released today is based on information received from these written responses and follow-up meetings.

    The RBA thanks respondents for their engagement with the consultation, and will continue to engage with stakeholders on the design of the monetary policy implementation system.

    MIL OSI Economics –

  • MIL-OSI Australia: The RBA’s Monetary Policy Implementation System – Some Important Updates

    Source: Airservices Australia

    Introduction

    I would like to thank KangaNews for the opportunity to discuss some important updates to the system for monetary policy implementation in Australia. The Reserve Bank Board discussed this late last year, and we are now ready to announce operational changes to our Open Market Operations (OMOs) that will support the transition to ample reserves.

    Monetary policy implementation is at the core of the financial system’s plumbing. It is how we give effect to changes in the cash rate target, influence other money market rates and provide liquidity to the banking system. Importantly, it enables us to conduct monetary policy in a way that best contributes to both price stability and full employment.

    The RBA achieves this by providing banks access to Exchange Settlement (ES) balances – otherwise known as reserves. Banks use these funds to settle payments with other banks and the RBA. Banks also hold reserves for precautionary and regulatory purposes. In response to various price signals, and to help manage their reserves and deal with their funding needs, banks borrow and lend reserves in money markets. These transactions underpin key interest rates in the Australian economy – such as the cash rate and short-term money market rates like bank bill swap rates.

    An effective monetary policy implementation system is critical for all market participants. It aids in the smooth transmission of monetary policy, supports good functioning of money markets and hence other key financial markets, and encourages greater resilience in the financial system.

    In March last year, the Reserve Bank Board endorsed the new system for implementing monetary policy. Banks’ demand for reserves would be satisfied in full at our OMOs, at a price near the cash rate target, using full allotment repurchase agreement (repo) auctions. We call this system ‘ample reserves with full allotment’ because it supplies as many reserves as banks demand at our OMOs.

    In April last year, I discussed why the Board endorsed this framework. In brief, it is a simpler and more robust system for us to operate compared with the alternatives. It is also similar to systems used by other central banks, including the European Central Bank and the Bank of England. Banks will determine the amount of reserves they hold to suit their liquidity needs. The system is resilient to structural changes affecting banks’ underlying demand for liquidity as well as policies that might affect the size of the RBA’s balance sheet (such as unconventional policies if they were to become necessary again). At the same time, it implies a materially larger steady-state balance sheet for the central bank compared with pre-pandemic times.

    Over the past year or so, we have been working on the detailed design of this system, and today I am announcing some important changes. I stress that these changes are operational in nature. They do not represent or signal a shift in the stance of monetary policy. Nor do they have a bearing on the Monetary Policy Board’s current approach to allowing bond holdings acquired during the pandemic to mature.

    Specifically, effective from 9 April 2025, we will:

    • increase the price of all new OMO repos by 5 basis points to 10 basis points over the cash rate target; OMO will continue to be offered at a floating rate
    • introduce a seven-day term, in addition to the existing 28-day term, at each weekly OMO.

    Before outlining the Reserve Bank Board’s deliberations and explaining why we have decided to make these changes, I want to review recent market developments.

    Recent developments in markets

    Reserves have declined around $110 billion over the past year (Graph 1). Most of this reflected the final repayment of the Term Funding Facility (TFF) in June 2024. Subsequently, the level of reserves has fluctuated around $240 billion, and the cash rate has remained close to, but slightly below, the cash rate target.

    Activity at our OMOs increased from around $3 billion a week in the June quarter of 2024 and has stabilised around $7 billion. This increase occurred shortly after the final repayment of the TFF, alongside a broader tightening in liquidity conditions in money markets globally. In response, banks accessed more reserves from OMO, and some of those funds appeared to have been recycled into other money markets. This was an early indication that the full allotment system was working as intended – reserves rose automatically in response to an increase in demand for liquidity while increases in money market rates were largely contained (Graph 2).

    Current market conditions suggest that the transition to ample reserves – that is, a level of supply that is in balance with banks’ underlying demand – is ongoing. The stock of reserves remains elevated, reflecting the bonds still on the RBA’s books that we purchased during the pandemic. Our expectation is that reserves will continue to decline gradually for a time in response to the decline in the RBA’s bond holdings. Eventually though, the supply of reserves will approach banks’ underlying demand, and thereafter banks’ participation in OMO should pick up to offset the effect of further declines in the RBA’s bond holdings.

    Underlying demand for reserves is hard to estimate and it will only become evident as we approach ample reserves. We have done modelling work and banks have also provided us with estimates of their own demand for reserves. This suggests that underlying reserves could be anywhere between $100 and $200 billion. An advantage of our full-allotment system in the face of such uncertainty is that the transition to ample reserves can occur without us needing to know the level of banks’ underlying demand ahead of time. OMO use will rise automatically. Such a move, combined with an assessment of market conditions and liaison with the banks, will indicate when reserves have reached an ‘ample’ level. Private market activity may also increase as we approach this point – particularly in the short-term repo and cash markets. This is because banks wanting additional reserves on non-OMO days will seek to borrow them in private markets. Other banks can lend reserves if they have more than they need. The scale of this activity will depend in part on the extent to which banks choose to economise on their reserve holdings, given that obtaining reserves at OMO and leaving them in ES accounts comes at a cost to the banks. I will come back to this point in a moment.

    Principles for an ample reserves system

    Over the past year, the RBA has consulted banks, estimated the underlying demand for reserves, and considered the ways in which the new ample reserves system might operate. We have published a summary of consultation responses on our website today; thank you to those who contributed. This work informed discussions at the Reserve Bank Board late last year at which three key principles for the ample reserves system were considered:

    1. Sufficient monetary control. The Board agreed that the primary objective for monetary policy implementation was to achieve sufficient ‘monetary control’. This involves the cash rate trading close enough to the target with other short-term interest rates tethered to the cash rate to be consistent with the desired stance of monetary policy.
    2. Supporting private markets. The Board agreed that we could achieve the primary objective of monetary control while still allowing deviations of the cash rate from target. Allowing the cash rate to trade within a modest range will avoid the RBA having an overly large presence in markets and thereby encourage banks to use private markets. Well-functioning private markets will help banks to better manage their funding needs in normal times and times of stress. Banks can be encouraged to use private markets by setting the price for OMO in a way that avoids the RBA having an overly large presence in the repo market. Using a mix of different operations to supply reserves could also be used to avoid an overly large presence in any one market.
    3. Minimising risk to the RBA balance sheet. Providing reserves carries risks for the RBA – both financial and operational. The size and nature of the risks depend on the quantity of reserves as well as the characteristics of the operations used to supply them. Under an ample system, the RBA will provide more reserves compared with the earlier corridor system. OMOs do not carry interest rate risk because the floating rate of our OMOs is linked directly to the rate we pay on our liabilities. However, the use of other operations to supply reserves could entail financial risk.

    A key question we considered was how to balance these principles given there is some tension between them. For example, we could have a high degree of monetary control by setting a low price for OMO close to the ES rate. But that would encourage banks to obtain a lot of reserves via OMO, crowding out private market activity and implying a large balance sheet for the RBA. Decisions on the configuration of OMO as well as the mix of other operations to supply reserves will need to balance these various trade-offs.

    Changes to the configuration of our OMOs

    We have been running full-allotment OMOs since the onset of the pandemic. We switched these from daily to weekly auctions from October 2021. We then offered a term of 28 days and at a price 5 basis points above overnight indexed swaps from early 2022. We then switched this price to a floating rate that was 5 basis points above the cash rate target from February of last year. The system has worked well under an excess reserves system and has delivered an acceptable degree of monetary control. However, as reserves will decline further, and demand for OMO will pick up when reserves are no longer in excess of banks’ underlying needs, we judged that some further changes were warranted.

    A key issue is that at a price of 5 basis points above the cash rate target, meeting a large increase in the demand for funds at OMO might impair, at least at the margin, the health of other private money markets. Similarly, this low price for OMO will lead to a larger RBA balance sheet than otherwise and implies a tighter degree of monetary control that we judged to be necessary. At the same time, the current 28-day tenor is too long for those banks that may need additional reserves for only short periods, and it is much longer than the tenor of some key markets, particularly for overnight cash.

    The changes I have announced will better allow us to balance the various trade-offs between meeting the three principles I have outlined. The two changes effective from 9 April 2025 are:

    • We will increase the price of all new OMO repos from 5 basis points to 10 basis points over the cash rate target.
    • We will offer a seven-day tenor in addition to the current 28-day tenor.

    Auctions will continue to take place once a week (generally on a Wednesday morning).

    An OMO rate of 10 basis points over the cash rate target remains consistent with the Board’s desired degree of monetary control. Under this higher OMO price, we expect the cash rate will trade within a reasonable range of the cash rate target. Accordingly, the cash rate, and other money market rates, will be consistent with the desired stance of monetary policy.

    Importantly, this higher price for OMO implies a lower overall demand for reserves than otherwise. The higher price will provide more of an incentive for participants to recycle reserves in private markets. Banks can still come to OMO to acquire reserves to meet their payment needs and obtain ‘precautionary reserves’ for unexpected liquidity needs or to lend to others. But the higher price will reduce banks’ incentives to obtain more reserves at OMO than necessary. A bank can make good use of private markets as a source of reserves if they face an unexpected need for funds.

    Offering a seven-day tenor has a couple of benefits. OMO will provide a closer substitute to overnight cash and funding from other short-term money markets. By itself, this will strengthen the degree of monetary control over those key markets. This decision is also consistent with feedback from market participants that a shorter tenor would help them to better manage their liquidity needs. However, respondents to the consultation also expressed an interest in the 28-day tenor. Retaining that longer tenor allows banks and the RBA to more efficiently manage their OMO activity by reducing operational burdens associated with more frequent rolling of positions.

    During consultation some market participants wanted more frequent operations, but we believe the current weekly auction is enough to anchor the cash rate and other money market rates to the target. This setup also encourages banks to use private markets, especially on non-OMO days. In line with APRA’s standards, banks must have strong frameworks for forecasting their liquidity demands and managing their liquidity risks. These processes are becoming more important as banks need to increasingly engage in private money markets to meet their liquidity needs.

    As we transition to the ample reserves system, the RBA and market participants will gain valuable insights. We will actively monitor market conditions, engage with banks, and respond if needed, including by adjusting our OMO or other administered rates.

    Features of the ample reserves system

    Private markets

    As we transition to ample reserves, some banks may need more liquidity than their current ES balances. One option is to borrow reserves from a bank with a surplus, benefiting banks on both sides of such transactions. This private activity may be associated with short-term volatility in money markets as prices adjust to supply and demand changes. Within reasonable bounds, this is a sign of healthy markets. Weekly full allotment OMOs will help banks meet their liquidity needs. But to limit volatility, banks should be ready to transact in various markets, including the cash market. Banks might use OMOs to acquire reserves for precautionary reasons or to lend into other markets when prices are high. Over time, banks will refine their reserve management approaches in the ample reserves system.

    The RBA’s overnight standing facility

    If banks face unexpected liquidity needs on a non-OMO day or after OMO has taken place, and cannot find liquidity on suitable terms in private markets, we would expect and encourage them to use the RBA’s overnight standing facility (OSF). This facility provides reserves overnight at 25 basis points above the cash rate target, thereby limiting deviations in money market rates from the cash rate target set by the Monetary Policy Board. While the price is set to avoid displacing private market activity, it provides an incentive for banks to use the facility when other sources are more expensive.

    Historically, market participants have been reluctant to use this facility. However, both the RBA and APRA expect that banks should use the OSF as part of their liquidity management if they fall short on their daily liquidity needs. We will encourage its use as part of the new normal.

    In the rare case of broader stress across the banking system, the RBA could run an unscheduled OMO. But that would not be the standard approach in the case of a few banks requiring additional liquidity that could otherwise be provided in the market or via the OSF.

    Other operations

    In addition to our open market repo operations, the RBA plans to use other operations to provide reserves across a range of markets, including foreign exchange swaps and purchases of short-dated government bonds. We would not use these to influence rates or liquidity in those markets. Rather, they will help the RBA to limit the extent of our footprint in any one market, particularly the repo market, and manage operational risks. The use of these operations is expected to be some time away since reserves supplied via OMO should gradually rise to meet demand as the supply of reserves from our existing bond holdings declines. We will outline our plans for these operations before actively using them to manage monetary policy implementation.

    The rate paid by the RBA on reserves

    When the RBA moved to an excess reserves system in March 2020, banks had little need to borrow in the cash market, and the cash rate became closely anchored to the ES rate (Graph 3). The Reserve Bank Board narrowed the spread between the cash rate target and ES rate to 10 basis points and announced the ES rate in its monetary policy decisions. As we continue to transition to ample reserves, borrowing rates in private markets will rise as demand for liquidity from those sources increases, partly due to the higher rate at our weekly OMO. Consequently, the ES rate will be less significant as an anchor. Because of this, starting in May the Monetary Policy Board will announce the cash rate target in its decisions but not the ES rate.

    Moreover, from time to time the RBA may adjust the ES rate if that will help to better meet the objectives of the ample reserves system. For example, we may need to provide market participants with more of an incentive to recycle excess reserves by altering the ES rate, thereby changing the opportunity cost of holding reserves. Any such adjustments would be purely operational in nature and would not represent a shift in the stance of monetary policy. Indeed, such changes in the ES rate could occur as needed. While we would convey these clearly to the market, such changes would not require the approval of, or announcement by, the Monetary Policy Board.

    Next steps

    To reiterate, the changes to our operations will take effect on 9 April 2025.

    It is important that banks focus on their liquidity management practices as we continue to transition to the ample reserves system. During the excess reserves period, many did not need to top up their reserves, but now all banks must be ready to use our facilities and transact in private markets.

    The RBA and APRA will encourage banks to use the overnight standing facility as needed as part of their routine liquidity management. Today we have released a joint statement to emphasise this commitment and together we will engage with banks to ensure they understand the role of the OSF and are comfortable and ready to use it to manage liquidity as the system transitions to an ample level of reserves.

    Meanwhile, we will continue to monitor conditions in key markets, including by talking regularly with market participants.

    Finally, I stress that these changes have no implications for the stance of monetary policy. They do, however, represent important changes in the plumbing that supports the transmission of monetary policy and underpins critical activities across the financial system.

    MIL OSI News –

  • MIL-OSI Australia: Joint APRA-RBA Statement on Use of the RBA’s Overnight Standing Facility

    Source: Airservices Australia

    The Reserve Bank of Australia’s (RBA) new approach to monetary policy implementation – the ‘ample reserves with full allotment’ system – allows eligible counterparties to borrow as many reserves as they demand at open market operations (OMO). The RBA has recently announced some important updates to the operation of this system for monetary policy implementation, including the configuration of its OMO and the role of the overnight standing facility.

    These facilities will play an important role to supply reserves needed to keep the cash rate close to its target. As the system transitions to, and in time reaches, an ample level of reserves, some market participants may experience periods when their demand for liquidity rises. This could require them to borrow reserves in private money markets from other counterparties that have a surplus relative to their needs. If market participants cannot find liquidity on suitable terms in private markets, or via weekly OMOs, they are expected and encouraged to use the overnight standing facility. Doing so will support the implementation of monetary policy under the ample reserves system.

    The RBA and Australian Prudential Regulation Authority (APRA) consider the use of the overnight standing facility by banks to be consistent with routine liquidity management activities. Both agencies are comfortable with banks using the facility as needed. The RBA and APRA will liaise with banks to ensure that they understand the role of the overnight standing facility and are ready to use it and comfortable doing so in their liquidity management practices.

    Further details on the RBA’s new approach to monetary policy implementation are outlined in a recent speech by RBA Assistant Governor, Financial Markets, Christopher Kent. Visit the RBA’s standing liquidity facilities webpage for more information.

    MIL OSI News –

  • MIL-OSI Australia: Consultation on the Future System for Monetary Policy Implementation in Australia – Summary of Stakeholder Feedback

    Source: Airservices Australia

    The Reserve Bank of Australia (RBA) today released a summary of the stakeholder feedback received in response to a consultation paper titled ‘The Future System for Monetary Policy Implementation’. The feedback informed recent changes to the configuration of the RBA’s open market operations (OMO), as discussed in a speech by Assistant Governor (Financial Markets) Christopher Kent.

    The consultation paper presented principles and options regarding the design of the future system and sought feedback from stakeholders on a list of topics. This list focused on the configuration of full allotment repo in the RBA’s OMO, the potential impacts of OMO repo on Australian financial markets, the demand for reserves and the role of non-repo operations.

    Eleven written responses were received, mostly from Australian and global banks. The RBA later met with some respondents to discuss their submissions in more detail. The summary released today is based on information received from these written responses and follow-up meetings.

    The RBA thanks respondents for their engagement with the consultation, and will continue to engage with stakeholders on the design of the monetary policy implementation system.

    MIL OSI News –

  • MIL-OSI USA: Sens. Markey, Cruz Secure 60 Cosponsors for Bipartisan Legislation to Protect AM Radio

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (April 1, 2025) – Senator Edward J. Markey (D-Mass.), member of the Commerce, Science, and Transportation Committee, and Senator Ted Cruz (R-Texas), Chairman of the Commerce, Science, and Transportation Committee, today celebrated their AM Radio for Every Vehicle Act securing a filibuster-proof 60 cosponsors in the Senate. This bipartisan and bicameral legislation would direct federal regulators to require automakers to include AM broadcast radio in their new vehicles at no additional charge.

    “With the addition of a 60th cosponsor, our AM Radio for Every Vehicle Act hit a key milestone, demonstrating the broad, bipartisan support for this commonsense bill. From emergency response to sports, entertainment, and news, AM radio is a lifeline for tens of millions of Americans. We are proud to fight for this legislation and ensure that AM radio can continue to play an important role in our constituents’ lives.”

    Senate cosponsors of the AM Radio in Every Vehicle Act include Senators Tammy Baldwin (D-Wisc.), Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Richard Blumenthal (D-Conn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Maria Cantwell (D-Wash.), Shelley Moore Capito (R-W.V.), Susan Collins (R-Maine), Chris Coons (D-Del.), Tom Cotton (R-Ark.), Catherine Cortez Masto (D-Nev.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Kirsten Gillibrand (D-N.Y.), Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.), Josh Hawley (R-Mo.), Mazie Hirono (D-Hawaii), John Hoeven (R-N.D.),  Jim Justice (R-W.V.), John Kennedy (R-La.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), James Lankford (R-Okla.), Ben Ray Luján (D-N.M.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Dave McCormick (R-Penn.), Jeff Merkley (D-Ore.), Ashley Moody (R-Fla.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Lisa Murkowski (R-Alaska), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Jack Reed (D-R.I.), Pete Ricketts (R-Neb.), Jacky Rosen (D-Nev.), Mike Rounds (R-S.D.), Bernie Sanders (I-Vt.), Rick Scott (R-Fla.), Jeanne Shaheen (D-N.H.), Tim Sheehy (R-Mont.), Tina Smith (D-Minn.), Dan Sullivan (R-Alaska), Tommy Tuberville (R-Ala.), Ron Wyden (D-Ore.), Todd Young (R-Ind.), Elizabeth Warren (D-Mass.), Roger Wicker (R-Miss.), and Sheldon Whitehouse (D-R.I.).

    In May 2023, Senators Markey and Cruz led their colleagues in introducing the AM Radio for Every Vehicle Act and reintroduced the legislation in January 2025. The AM Radio for Every Vehicle Act passed through the Senate Commerce Committee in February 2025.

    MIL OSI USA News –

  • MIL-OSI USA: 04.01.2025 Sen. Cruz Files Amicus Brief in Support of Overturning Obama-Era DHS Program

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), member of the Senate Judiciary Committee and Ranking Member of the Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights, filed an amicus brief in the case Save Jobs USA v. Department of Homeland Security.
    Sen. Cruz filed the amicus brief in support of a Petition for a Writ of Certiorari, seeking Supreme Court review of an Obama-era program that granted work permits to the spouses of certain foreign nationals. The programs were implemented by the Obama and Biden administrations, and allowed career bureaucrats to circumvent Congress’s authority to define who can enter the United States on nonimmigrant visas, how long they can stay, and whether they can lawfully work while here.
    About the amicus brief, Sen. Cruz said, “For far too long, career agency bureaucrats have sought to bypass Congress’s authority to prescribe laws regarding visas. We hope the Supreme Court will grant review in this case, end immigration visa abuse, and clarify the legal process to obtain lawful immigration status in the United States.”
    Joining Sen. Cruz in filing this amicus brief were Sens. Marsha Blackburn (R-Tenn.), Eric Schmitt (R-Mo.), Jim Banks (R-Ind.), Ted Budd (R-N.C.), and Mike Lee (R-Utah).
    Read the text for the amicus brief here.
    BACKGROUND
    In 2023, Sen. Cruz filed an amicus brief requesting the Supreme Court to review a similar case, Washington Alliance of Technology Workers v Department of Homeland Security.

    MIL OSI USA News –

  • MIL-OSI USA: ALLEGHENY COUNTY – Lt. Governor Austin Davis, Ag Secretary Russell Redding to Discuss Impact of Federal Funding Cuts, Proposed State Investments on Pittsburgh Area Farms, Families, Food Banks

    Source: US State of Pennsylvania

    April 02, 2025 – Duquesne, PA

    ADVISORY – ALLEGHENY COUNTY – Lt. Governor Austin Davis, Ag Secretary Russell Redding to Discuss Impact of Federal Funding Cuts, Proposed State Investments on Pittsburgh Area Farms, Families, Food Banks

    Lt. Governor Austin Davis and Agriculture Secretary Russell Redding will lead a roundtable at Greater Pittsburgh Community Food Bank on the impact of USDA funding cuts and proposed Shapiro Administration investments on food security, farmers, and families in the Pittsburgh region.

    Last week, Governor Josh Shapiro called on Sec. Redding to appeal USDA’s abrupt cancellation of $13 million in Local Food Purchasing Program funds that would benefit 189 Pennsylvania farms over the next three years.
    Following the discussion with food bank leadership, farmers, and others harmed by USDA’s decision, media are invited to a press conference recapping the potential impact of cancelled federal contracts. The positive impact of Governor Shapiro’s $8 million in proposed funding increases and additional initiatives to tackle root causes of food insecurity will be highlighted as well.

    WHO:
    Lt. Governor Austin Davis
    Agriculture Secretary Russell Redding
    Department of Human Services Deputy Secretary Hoa Pham
    State Representative Emily Kinkead
    Greater Pittsburgh Food Bank President and CEO Lisa Scales
    Harvest Valley Farms Co-owner Art King

    WHEN:
    Wednesday, April 2 at 2 p.m.

    WHERE:
    Greater Pittsburgh Regional Food Bank: 1 N. Linden Street, Duquesne, PA 15110

    RSVP:
    Press attending should RSVP to Shannon Powers, shpowers@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: McClellan, Sykes, Warner Reintroduce Bill to Improve Access to Healthy Foods, Eliminate Food Deserts

    Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)

    Washington, D.C. – In case you missed it: Congresswoman Jennifer McClellan (VA-04) and Congresswoman Emilia Sykes (OH-13) reintroduced the Healthy Food Access for All Americans Act. This legislation would provide incentives to food providers to expand access to healthy foods in underserved communities and reduce the number of food deserts nationwide. Senator Mark Warner (D-VA) reintroduced the Senate companion bill.

    “We all know that hungry children cannot learn and reach their full potential. That’s why it’s so important to have affordable, healthy food close to home,” said Congresswoman McClellan. “Unfortunately, too many families in Virginia live in food deserts and struggle to feed their children healthy food. I’m grateful to Rep. Sykes and Sen. Warner for their work to bridge this gap and empower families with the resources they need to grow and thrive.”

    Currently, an estimated 18.8 million Americans live in what the United States Department of Agriculture (USDA) classifies as a food desert — not living within a mile of a grocery store in urban communities or 10 miles of a grocery store in rural areas. The lack of healthy food options has devastating effects on the health of communities, leading to higher incidence of obesity, diabetes, and heart disease. 

    “No American should be denied access to healthy, nutritious foods simply because of the zip code they live in. The Healthy Food Access for All Americans would encourage food providers to establish grocery stores, food banks, and farmers markets in traditionally underserved communities to help ensure all Americans, no matter where they live, can put fresh, affordable food on the table,” said Congresswoman Sykes. “This commonsense legislation will combat food insecurity in our communities and ensure families and children have the nutritious, healthy food they need to thrive.”

    “Fresh and nutritious foods are a cornerstone of health and wellbeing, but too many families in Virginia and across America live in places where these foods are out of reach,” said Senator Warner. “This legislation will help us fight food deserts by incentivizing grocery stores to come to communities that have the hardest time accessing fresh produce.”

    Specifically, the Healthy Food Access for All Americans Act — which defines a grocery market as a retail sales store with at least 35 percent of its selection (or forecasted selection) dedicated to selling fresh produce, poultry, dairy, and deli items — would encourage investment in food deserts across the country that have a poverty rate of 20 percent or higher, or a median family income of less than 80 percent of the median for the state or metro area.

    It would grant tax credits or grants to food providers who service low-access communities and attain a “Special Access Food Provider” (SAFP) certification through the Treasury Department. Incentives would be awarded based on the following structure:

    • New Store Construction – Companies that construct new grocery stores in a food desert will receive a one time 15 percent tax credit after receiving certification.
    • Retrofitting Existing Structures – Companies that make retrofits to an existing store’s healthy food sections can receive a one time 10 percent tax credit after the repairs certify the store as an SAFP.
    • Food Banks – Certified food banks that build new (permanent) structures in food deserts will be eligible to receive a one time grant for 15 percent of their construction costs.
    • Temporary Access Merchants – Certified temporary access merchants (i.e. mobile markets, farmers markets, and some food banks) that are 501(c)(3)s will receive grants for 10 percent of their annual operating costs.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Continues to Champion Cryptocurrency, Calls President Trump the “Crypto President”

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) reintroduced two pieces of legislation related to protecting American cryptocurrency.
    Senator Tuberville’s first bill, the Financial Freedom Act, would reverse a Biden-era memo from the U.S. Department of Labor (DOL) that limits options for where Americans can invest their retirement earnings. The Financial Freedom Act would allow Americans to choose how they want to invest their money, including in crypto.
    “The Biden administration was hellbent on controlling every aspect of Americans’ lives,” said Senator Tuberville. “Meddling in 401(k) investments through overregulation restrains financial growth and restricts personal liberty. The federal government, which is $36 trillion debt, shouldn’t be telling anyone how to invest their money. My bill ensures that hardworking Americans have the financial freedom to make decisions about how to invest their retirement savings.”
    Senator Cynthia Lummis (R-WY) is a cosponsor of this legislation.
    Senator Tuberville’s second bill, the Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act, would prohibit the Commodity Futures Trading Commission (CFTC) from registering a digital commodity platform that is owned in whole or in part by an entity organized or established in China. It also requires the CFTC to revoke the registration of any digital commodity platform in the event an entity with ties to the Chinese Communist Party (CCP) acquires all or any part of the ownership of the entity.
    Digital commodity platforms collect and store personally identifiable information — including Social Security numbers, mailing addresses, and sensitive financial account data — of their users. Allowing entities based in the PRC to access this information raises serious concerns related to investor protection, data privacy, national security, sanctions compliance, and anti-money laundering efforts. Companies based in the PRC all ultimately answer to the CCP.
    “For four years, the Biden administration put America last – bowing to China at every turn and allowing our adversaries to get ahead,” said Senator Tuberville. “Thanks to President Trump, those days are over. Crypto is the future and we have to make sure our markets are protected from bad actors like China who want to destroy us. This critical bill will protect our markets and make Americans safer.”
    Senator Cindy Hyde-Smith (R-MS) is a cosponsor of this legislation.
    Senator Tuberville discussed his legislation on Fox Business with Larry Kudlow.
    BACKGROUND:
    FINANCIAL FREEDOM ACT
    The Financial Freedom Act would reverse regulatory guidance released by the Employee Benefits Security Administration, an agency inside of U.S. Department of Labor (DOL). The guidance attempts to bar 401(k) investors from investing in cryptocurrency and undermines the ability of 401(k) plans to offer brokerage windows, which give retirement plan participants the ability to personally control how their assets are invested.
    The DOL guidance threatens that employers and investment firms could be subject to investigation and enforcement actions should they allow individuals using brokerage windows to invest in cryptocurrency. Senator Tuberville’s bill would bar such investigations and enforcement actions, opening the door for Americans to invest their savings in investments of their choice. 
    Senator Tuberville has consistently been an outspoken advocate in Congress for personal financial freedom. 
    Senator Tuberville previously introduced the Financial Freedom Act in the 117th Congress and penned an op-ed warning against government infringement on personal investment decisions.
    Senator Tuberville spoke on the Senate floor in support of the Financial Freedom Act.
    Senator Tuberville joined 36 of his U.S. Senate colleagues in introducing the Fair Access to Banking Act, a bill to protect fair access to financial services by preventing banks and financial institutions from discriminating against law-abiding businesses.
    Senator Tuberville added his support to a resolution that would challenge the Biden administration’s rule to allow retirement fund managers to consider and prioritize Environmental, Social, and Governance (ESG) factors while making retirement investment decisions.
    Senator Tuberville introduced legislation to protect Americans’ financial privacy against government surveillance.
    Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act
    The CCP’s efforts to mine data and surveil the public are well known, and decisive action is needed to safeguard the American people. Under current law, U.S. regulators have limited tools to block the purchase of a U.S. digital commodity platform by a CCP-tied entity. The Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act will help to wall off the burgeoning U.S. digital asset industry from Chinese interference and help to ensure continued American leadership in financial innovation. 
    Senator Tuberville believes the CCP seeks to overtake the United States as the top global superpower and that America must face China’s growing military and non-military threats with clear-eyed resolve.
    Since assuming office in the U.S. Senate in 2021, Senator Tuberville has led and supported numerous efforts to protect American investments, intellectual property, and national security from China.
    Senator Tuberville led the call for an investigation into Webull Financial, LLC and Moomoo, Inc. – two Chinese-owned stock trading apps operating in the United States that are registered with the SEC and FINRA.
    Both apps are widely used by American investors and freely collect and store sensitive information about users, including Social Security numbers, mailing addresses, and financial account data.
    In May 2023, Senator Tuberville sent a letter to SEC Chair Gary Gensler and FINRA President and CEO Robert Cook calling for oversight of the trading platforms due to the potential CCP access of American user data. In the letter, Senator Tuberville asked for answers to critical questions about the ability of the SEC and FINRA to examine the Chinese companies’ compliance with U.S. law.
    In March 2023, Senator Tuberville led a congressional delegation to Panama to discuss countering China’s growing influence in the region.
    On the trip, Senator Tuberville met with American and Panamanian officials to strategize ways to combat Chinese attempts to control the Panama Canal, which would give China enormous influence over global supply chains.
    To curb Chinese influence in the economy, Senator Tuberville introduced legislation to ban members of the CCP from receiving B-1 and B-2 visas to the United States for vacation and non-official government business.
    The CCP is responsible for trillions of dollars of intellectual property theft each year. To curb growing foreign influence and crime and discourage other Chinese nationals from joining the CCP, the bill cosponsored by Senator Tuberville would bar all 93 million CCP members from entering the United States using nonimmigrant B-1 and B-2 visas.
    Senator Tuberville believes the retirement savings of our military and federal government employees, known as the Thrift Savings Plan (TSP), should not be invested in the economies of our adversaries, such as China.
    Senator Tuberville wrote about this issue in the Wall Street Journal in a column entitled, “I’ll Keep Veterans’ Pensions Safe From Communism” and discussed the issue on Fox Business.
    Senator Tuberville continued the push for accountability from the Federal Retirement Thrift Investment Board (FRTIB) surrounding the board’s policy on foreign investments. 
    Senator Tuberville placed a hold on nominees to the FRTIB until the nominees provided clarification regarding foreign investment policies, which forced the nominees to commit to opposing TSP investment in China.
    MORE:
    Tuberville Questions CFTC Chairman on Taxation of Cryptocurrency and the Need for a Regulatory Framework for Cryptocurrency
    Tuberville Leads Letter Calling for DOJ, SEC Investigation into China-Tied Crypto Firm Prometheum, Inc.
    Tuberville Leads Bipartisan Bill to Block CCP Ownership of American Crypto Companies
    Tuberville, Lummis Work to Establish Strategic Bitcoin Reserve
    Tuberville Takes Action to Protect Conservatives, Taxpayers from Political Discrimination by Banks
    ICYMI: Tuberville in Daily Caller: A Fed-Controlled Digital Dollar Could Mean The End Of Freedom In America
    Tuberville Reintroduces Bill to Keep the Government Out of Americans’ Investment Decisions 
    WHAT THEY ARE SAYING: Support Grows for Tuberville’s Legislation to Protect 401(k) Investment Freedom
    Tuberville Continues Push to Protect Retirement Savers’ Financial Freedom
    New Tuberville Legislation Promotes Financial Freedom for 401(k) Investors
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI: Business First Bancshares, Inc. Announces First Quarter 2025 Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., April 01, 2025 (GLOBE NEWSWIRE) — Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, is scheduled to release first quarter 2025 earnings after market close on Thursday, April 24, 2025. Executive management will host a conference call and webcast to discuss results on the same day (Thursday, April 24, 2025) at 4:00 p.m. CST.

    Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8825623, or asking for the Business First Bancshares conference call.

    The live webcast can be found at https://edge.media-server.com/mmc/p/ziae6qsd. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.

    About Business First Bancshares, Inc.

    Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.9 billion in assets, $6.9 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

    Media Contact: Misty Albrecht  
    b1BANK  
    225.286.7879  
    Misty.Albrecht@b1BANK.com  
       
    Investor Relations Contact:  
    Gregory Robertson Matt Sealy
    337.721.2701 225.388.6116
    Gregory.Robertson@b1BANK.com Matt.Sealy@b1BANK.com

    The MIL Network –

  • MIL-OSI: Guggenheim Investments Announces April 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:
    Record Date  April 15, 2025
    Ex-Dividend Date April 15, 2025
    Payable Date  April 30, 2025
    Distribution Schedule
    NYSE Ticker Closed-End Fund Name Distribution
    Per Share    		 Change from Previous
    Distribution    		 Frequency
    AVK Advent Convertible and Income
    Fund    		 $0.1172†   Monthly
    GBAB Guggenheim Taxable
    Municipal Bond & Investment Grade Debt
    Trust    		 $0.12573†   Monthly
    GOF Guggenheim Strategic
    Opportunities Fund    		 $0.1821†   Monthly
    GUG Guggenheim Active Allocation
    Fund    		 $0.11875†   Monthly

    † A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries

    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (04/25) 64378

    The MIL Network –

  • MIL-OSI USA: Owsley County Disaster Recovery Center Moves to Library

    Source: US Federal Emergency Management Agency

    Headline: Owsley County Disaster Recovery Center Moves to Library

    Owsley County Disaster Recovery Center Moves to Library

    FRANKFORT, Ky

    –The Disaster Recovery Center in Owsley County, which closed its location at the Owsley County Recreation Center March 28 at 7 p

    m

    , has moved to the Owsley County Public Library and opened April 1 at 7 a

    m

      The new Disaster Recovery Center in Owsley County is located at: Owsley County Public Library, 478 KY-11, Booneville, KY 41314 Working hours are 7 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 p

    m

    to 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    Click here to find centers that are already open in Kentucky

    You can visit any open center to meet with representatives of FEMA, the commonwealth of Kentucky and the U

    S

    Small Business Administration

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

     FEMA is encouraging Kentuckians affected by the February storms to apply for federal disaster assistance as soon as possible

    The deadline to apply for FEMA assistance is April 25

    Kentucky homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson and Woodford counties can apply for federal assistance

    If you are unable to visit the center, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    For an accessible video on how to apply for FEMA assistance, go to youtube

    com/watch?v=WZGpWI2RCNw

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/01/2025 – 12:16

    MIL OSI USA News –

  • MIL-OSI Security: Laredo man admits to robbing bank which led to dangerous pursuit

    Source: Office of United States Attorneys

    LAREDO, Texas – A 42-year-old resident of Laredo has pleaded guilty to robbing Falcon International Bank, announced U.S. Attorney Nicholas J. Ganjei.

    On June 10, 2024, Adrian Hernandez entered the location at 212 Bob Bullock Loop in Laredo. He approached the counter and passed a note to the bank teller which read – “this is a bank robbery, give me all the money.” 

    Hernandez had a gray shirt wrapped around his hand to conceal, or appear to conceal, a weapon. The teller activated the silent alarm and placed the money that was in her teller drawer, including bait money, into a brown paper bag and handed it to Hernandez. He then left the bank, got into his car and sped away. 

    Authorities later observed a car matching the description of Hernandez’s vehicle parked at a motel. They attempted a felony stop but Hernandez evaded, and a chase ensued. Eventually, Hernandez collided with a chain link fence in the vicinity of Salinas Avenue. 

    At the time of his arrest, he was wearing the same clothing as viewed in the security footage from the Falcon International Bank. 

    Law enforcement also found a large amount of cash in the car as well as a yellow note and blue marker. 

    U.S. District Judge Marina Garcia Marmolejo will impose sentencing at a later date. At that time, Hernandez faces up to 20 years in federal prison and a possible $250,000 maximum fine. He will remain in custody pending that hearing. 

    The FBI conducted the investigation. Assistant U.S. Attorney Mike Makens is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Government has Strengthened IBC with Six Amendments and 122 Regulatory reforms since its inception

    Source: Government of India

    Government has Strengthened IBC with Six Amendments and 122 Regulatory reforms since its inception

    Over 8,000 CIRPs initiated, rescuing 3,485 debtors and realization of ₹3.58 lakh crore

    Posted On: 01 APR 2025 6:29PM by PIB Delhi

    The legislative intent of the Insolvency and Bankruptcy Code, 2016 (IBC) is to provide a consolidated framework for reorganization, insolvency resolution and liquidation of corporate persons, partnership firms and individuals for maximization of the value of assets. Further, IBC has had a significant impact on the health of the country’s banking sector and redefined the debtor creditor relationship. 

     According to the RBI Report on Trend and Progress of Banking in India (December 2024), the IBC emerged as the dominant recovery route, accounting for 48% of all recoveries made by banks, followed by the SARFAESI Act (32%), Debt Recovery Tribunals (17%), and Lok Adalats (3%) in the Financial Year 2023-24.   Additionally, a report by the Indian Institute of Management Ahmedabad (IIM-A) (August 2023; available at www.ibbi.gov.in), analysed the financial performance of firms that underwent resolution under the IBC and found significant improvements in the profitability, liquidity, and overall financial health of resolved firms in the post-resolution period. These findings underscore the positive impact of IBC on business continuity and value preservation.

     Till 31st December 2024, 8175 Corporate Insolvency Resolution Processes (CIRPs) have been initiated. Of these, 3485 Corporate Debtors (CDs) have been rescued which includes 1119 through resolution plans; 1236 through appeal or review or settlement and 1130 through withdrawal under section 12A. Further, 2707 CDs have been referred for liquidation.  In 1119 cases that have yielded resolution plans, the realisable value for the creditors have been ₹3.58 lakh crore. This amounts to 162.79% of liquidation value and 87.58% of fair value.

     To facilitate expeditious resolution process under Insolvency and Bankruptcy Code, 2016 (IBC) and to ensure proper implementation of the provisions of IBC, the Government has made six amendments to the IBC and 122 amendments in regulations since inception of IBC. Further, regular training and capacity-building programs for insolvency professionals, adjudicating authorities and other stakeholders are held to improve the overall efficiency and effectiveness of the IBC ecosystem.  Leveraging information technology such as digital platforms for automation and streamlining processes is another initiative to make the system more efficient, accurate, and faster, ultimately leading to better outcomes for all stakeholders.

    The Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways, Shri Harsh Malhotra stated this in a written reply in Rajya Sabha  today.

    ****

    NB/AD

    (Release ID: 2117411) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Banking Regulation Amendment Act 2020 has enhanced RBI’s Supervision Over Co-operative Banks

    Source: Government of India

    Banking Regulation Amendment Act 2020 has enhanced RBI’s Supervision Over Co-operative Banks

    RBI’s 2024 Master Direction on Fraud Management aims to enhance accountability and strengthen governance in Co-operative banks among many other steps

    Amendments in Multi-State Co-operative Societies (MSCS) Act, 2002 Strengthen  Governance and Transparency of cooperative societies; provision of Ombudsman

    Posted On: 01 APR 2025 6:28PM by PIB Delhi

    The Banking Regulation Act, 1949 has been amended to provide additional powers to RBI for more effective regulation of Co-operative banks vide Banking Regulation (Amendment) Act, 2020. The major amendments pertain to areas such as management, audit, capital, reconstruction/ amalgamation, etc. The provisions of the Act have been brought into force for Urban Co-operative Banks (UCBs) with effect from 26.06.2020. Post these amendments, interalia, the governance/management related provisions of the BR Act, (such as Section 10,10A,10B,35B,36AB, etc.), have become applicable to co-operative banks.

    Further, the following measures are in place to prevent corruption and irregularities in cooperative banks:

    •  RBI has issued Master Direction on Fraud Management for the Regulated Entities viz.  Cooperative Banks in 2024 which contain comprehensive guidelines related to reporting of fraud, following of principles of natural justice, governance mechanism, implementation of early warning mechanism, staff accountability, fixation of responsibility of third parties and role of external and internal auditors, among others. 
    • The Prompt Corrective Action (PCA) Framework requires the identified UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health and protect the interests of the depositors.
    • RBI has implemented a financial safety net for the account holders of banks (including cooperative banks) in the form of Deposit Insurance through DICGC.
    • RBI through “RBI Kehta Hai” has issued awareness material / useful information on aspects such as different types of frauds and their modus-operandi.
    • Amendment has been brought in the Multi-State Co-operative Societies (MSCS) Act, 2002 to strengthen governance, enhance transparency, increase accountability, reform electoral process and incorporate provisions of 97th Constitutional Amendment in the Multi State Cooperative Societies.
    • Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, Cooperative Ombudsman has been appointed under Section 85A of the said Act. The Ombudsman office deals with complaints or appeals, from members of the MSCS regarding their deposits, equitable benefits of the Multi–State Co-operative Society’s functioning or any other issue affecting the individual rights of the concerned member.
    • The Cooperative Election Authority has been set up to strengthen governance and accountability, with a mandate to conduct free and fair election in all Multi-State Cooperative Societies.
    • NABARD has framed guidelines for banks to report frauds to law enforcement agencies, viz State Police, State CID/Economic Offense Wing of the State, etc. for further investigation and appropriate action.

    The Ministry of Cooperation (MoC) is responsible for strengthening of cooperative movement in the country and deepening its reach upto the grassroots to realise the vision of “from cooperation to prosperity”. They also promote the cooperative-based economic development model, including the creation of appropriate policy, legal and institutional framework to help cooperatives realise their potential. MoC also organizes training of personnel of co-operative institutions, including education of members, office bearers and non-officials.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

    *****

    NB/AD

    (Release ID: 2117408) Visitor Counter : 68

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India – Chile Joint Statement (April 01, 2025)

    Source: Government of India

    Posted On: 01 APR 2025 6:11PM by PIB Delhi

    At the invitation of Prime Minister of India, Shri Narendra Modi, the President of the Republic of Chile, H.E. Mr. Gabriel Boric Font is on a State visit to India from 1-5 April, 2025, commemorating the completion of 76 years of diplomatic relations between the two countries. President Boric is accompanied by Ministers of Foreign Affairs, Agriculture, Mining, Women and Gender Equality and Cultures, Arts and Heritage, Members of Parliament, Senior Officials and a large number of business leaders. Apart from New Delhi, President Boric will visit Agra, Mumbai and Bengaluru. This is the first visit of President Boric to India. Both President Boric and Prime Minister Modi had first met on the sidelines of the G20 Summit in Rio de Janeiro in November 2024.

    President Boric was accorded a warm and ceremonial welcome on arrival at Air Force Station Palam. Prime Minister Modi held bilateral talks with President Boric at Hyderabad House on 1 April 2025. He met President Droupadi Murmu who also hosted a Banquet in his honour and his accompanying delegation. Dr S Jaishankar, External Affairs Minister of India called on President Boric.

    President Boric and Prime Minister Modi recalled the historic diplomatic ties that were established in 1949, growing trade linkages, people-to-people linkages, cultural ties and also the warm and cordial bilateral relations between both countries. They expressed desire for further expanding and deepening of the multifaceted relationship between the two countries in all areas of mutual interests.

    During their meeting, the two leaders comprehensively reviewed the entire gamut of bilateral relations spanning a wide range of sectors, including trade and investment, health and pharmaceuticals, defence and security, infrastructure, mining and mineral resources, agriculture and food security, green energy, ICT, digitization, innovation, disaster management, cooperation in science and technology, education and people-to-people linkages. The two sides agreed to continue regular exchanges at various levels to give further momentum to the bilateral relationship.

    The two leaders noted that trade and commerce has been a strong pillar of the bilateral relations. While highlighting the positive effects generated by the expansion of the India-Chile Preferential Trade Agreement in May 2017, which has resulted in substantial increase in bilateral trade, the two leaders emphasized the need for further strengthening of bilateral trade mechanisms that could open new opportunities for expansion of bilateral trade. The two leaders expressed satisfaction at the recent increase in visits of business delegations from both sides, which is strengthening trade and economic relations between the two countries. Prime Minister Modi thanked President Boric for bringing in a large business delegation, which will help in intensifying business interaction between the two countries. Both agreed to continue the discussions for further enhancement of the trade relations.

    President Boric conveyed that India is a priority partner for Chile in the global economy and stressed the need to explore strategies for enhanced and diversified trade between the two countries. The President and the Prime Minister acknowledged signing of the mutually agreed Terms of Reference and welcomed the launch of a Comprehensive Economic Partnership Agreement (CEPA) negotiations for a balanced, ambitious, comprehensive, and mutually beneficial agreement to achieve a deeper economic integration. The CEPA will aim at unlocking the full potential of the trade and commercial relationship between India and Chile, boosting employment, bilateral trade, and economic growth.

    To further promote trade relations as well as people-to-people interactions, President Boric announced Chile’s decision to grant a Multiple Entry Permit for Indian businesspersons which will streamline the visa process. Prime Minister Modi welcomed and valued this measure, as it reflects the willingness of both parties to facilitate trade and investment and the shared commitment to deepening bilateral relations between Chile and India. Acknowledging the people-to-people linkages as an important pillar to promote bilateral ties and to facilitate business, tourism, student and academic exchanges, Indian side has already put in place a flexible visa regime, including by extending e-visa facility for Chilean travellers to India.

    Both leaders recognised the strategic importance of critical minerals for emerging technologies, advanced manufacturing, and clean energy transitions, both leaders agreed to accelerate collaboration in exploration, mining and processing along with research and development to promote investment across the entire critical mineral value chain for mutual benefit. They stressed on the need for building trusted and resilient supply chains including for critical minerals and advanced materials. The two sides agreed to work together on initiatives to strengthen supply chains and local value chains by fostering mutually beneficial partnerships and understandings in mining and minerals, including the possibility of long-term supply of minerals and materials from Chile to India.

    Both leaders agreed to explore the opening up of new avenues for cooperation in health and pharmaceuticals, space, ICT, agriculture, green energy, traditional medicine, Antarctica, Science & Technology, management of natural disasters, sports, Startups, cooperatives, and audiovisual co-production, through the exchange of experiences and good practices among the agencies responsible for these matters.

    President Boric acknowledged the role of the Indian pharmaceutical industry as one of the world leaders, and an important partner for Chile in the supply of affordable and high-quality products. Both sides agreed to facilitate private sectors of the two countries to increase trade in pharmaceuticals, vaccines, and medical devices. Both sides agreed to work on enhancing cooperation in healthcare and pharmaceuticals sectors and address market access issues for Indian pharmaceuticals, as well as advancing in the recognition of Indian Pharmacopoeia by Chile.

    The two leaders noted the importance of traditional medicines and Yoga in preserving health and wellbeing of people and directed their officials for an early conclusion of the Memorandum of Understanding on Traditional Medicines to promote a more sustainable lifestyle. Towards this, both countries agreed to collaborate and intensify the promotion and use of evidence-based, integrative, Traditional Medicine, Homeopathy, and Yoga by signing an MoU.

    Both sides agreed to work on promoting investments in infrastructure projects in each other’s countries. Chilean side welcomed Indian companies to participate in infrastructure projects including in railway sector.

    The two leaders encouraged the two sides to work together to explore substantial areas for bilateral defence cooperation, including capacity building and defence industrial collaboration. Both agreed to share knowledge in developing and enhancing each other’s capabilities under the existing formal defence cooperation agreement in place. Indian side highlighted that Chile has been kept on priority while offering opportunities in training at Defence Services Staff College, NDC, NDA and HDMC, apart from slots for specialised courses in mountain warfare and peacekeeping operations previously made available. Indian side expressed its desire to receive and train Chilean military in areas of mutual interests.

    Both leaders expressed their happiness on signing of the Letter of Intent to strengthen existing Antarctic cooperation, which will further facilitate partnership in Conservation of Antarctic Marine Living Resources agendas bilateral dialogues, joint initiatives and academic exchanges related to Antarctica and Antarctic policy. Both India and Chile are Consultative Parties to the Antarctic Treaty and reaffirmed their commitment to deepen scientific understanding of Antarctic for the benefit of both parties and the global community.

    The two sides welcomed the adoption and opening for signature of the Agreement on Marine Biodiversity of Areas beyond National Jurisdiction (BBNJ), as a key legal framework for the conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction and reiterated the resolve of their respective countries to preserve, protect and promote biodiversity, from land to sea, and agreed to work together and support each other in international forums dealing with these issues. Both countries reaffirmed their intention to strengthen a vision from the Global South in multilateralism, through cooperation and joint efforts, based on the principle of Common but Differentiated Responsibilities and the right to development.

    Recalling the two countries’ decades-long partnership in space, the two leaders noted the ongoing engagements in the space sector between the two countries, including the launching of a satellite belonging to Chile (SUCHAI-1) by India in 2017 as a co-passenger under a commercial arrangement. Both leaders emphasized the importance of further cooperation to promote training and capacity building and research in space and astrophysics. In this regard, they welcomed the constitution of Space Executive Committee by Chile to work on cooperation including in the areas of exploration in space, R&D, training, satellite building, launch and operation and peaceful use of outer space with ISRO, IN-SPACe (Indian National Space Promotion and Authorization Centre) and Startups.

    Both leaders noted their respective dynamic information and digital technology sectors and stressed the need to explore synergies to enhance cooperation in this field. They expressed mutual interest in growth of investment, joint ventures, technological development and markets in the IT and digital space, including promoting collaboration in Digital Public Infrastructures (DPI), thereby democratizing access to digital services for people and businesses. Both leaders acknowledged the efforts by the two sides in exploring early implementation of cooperation in the digital payments sectors. They committed to work for developing closer cooperation between the vibrant Startup ecosystems of the two countries. Both leaders expressed their desire for advancing on signing of an understanding on cooperation in the areas of Digital Transformation to facilitate deeper engagement between tech communities of both countries.

    The leaders reaffirmed their commitment to reformed multilateralism and for comprehensive reforms of the UN Security Council, including its expansion in both permanent and non-permanent categories of membership to make it more representative, accountable, transparent, inclusive and effective, reflecting the geopolitical realities of the 21st Century. The Chilean side reiterated its support for India’s candidature for a permanent membership in a reformed and expanded UN Security Council. The two sides agreed to work together for promotion of democratic principles and human rights to strengthen the world peace stressing the importance of resolving all disputes through peaceful dialogue.

    Both leaders reaffirmed their unequivocal condemnation of terrorism in all its forms and manifestations, including cross border terrorism and shared their resolve to stand together in common fight against global terrorism. They agreed that terrorism must be combated through concerted global actions.

    The two leaders called upon all UN member countries to implement the UNSC Resolution 1267 and work towards eliminating terrorist safe havens and infrastructure and disrupt terrorist networks and all terror financing channels. Both reiterated their commitment to work together in Financial Action Task Force (FATF), No Money For Terror (NMFT) and other multilateral platforms to combat terrorism. The two leaders also reiterated the importance of early finalization of Comprehensive Convention on International Terrorism.

    The two leaders committed themselves to the vision of a rules-based international order that respects sovereignty and territorial integrity of nations, ensures freedom of navigation and overflight as well as unimpeded lawful commerce, and that seeks peaceful resolution of disputes in accordance with universally recognized principles of international law, notably the UNCLOS.

    Prime Minister Modi appreciated the participation of Chile in all the three editions of the “Voice of Global South” Summits, reflecting the commitment in bringing together countries of the Global South to share their development perspectives and priorities. Prime Minister Modi thanked President Boric for sharing his valuable perspectives and ideas at the 3rd Voice of Global South Summit held in August 2024 and noted that both countries have strong convergence on several contemporary global issues, including on the need for effective global governance reforms and equitable access for Global South countries to clean and green technologies. President Boric welcomed India’s leadership in strengthening engagements between countries of Global South.

    President Boric appreciated India’s leadership in G20 which brought the development agenda to centre stage and acknowledged the transformative and inclusive role of technology, with a focus on unlocking the potential of digital public infrastructure (DPI). Both Leaders recognized that India’s G20 Presidency has championed Voice of the Global South by bringing to fore key initiatives and outcomes, such as inclusion of African Union in G20, promotion of Lifestyles for sustainable development (LiFE), advancements in Digital Public Infrastructure (DPI), reforms of Multilateral Development Banks (MDBs) and focus on women-led development. In this regard, and with the aim of promoting greater integration and representativeness within the G20, India will support the inclusion of Chile and Latin American countries in the discussions as G20′ guest countries.

    The two sides recognized the challenges for their economies presented by climate change and the transition to low emissions climate resilient economies. Accordingly, they expressed keen desire to promote clean energy and sustainable development through development of more efficient energy technologies. The two leaders called for increased joint investments in renewable energy, green hydrogen, utilization and storage technologies, energy efficiency, and other low-carbon solutions that will have the potential to accelerate sustainable economic growth and foster job creation.

    President Boric welcomed India’s leadership in the International Solar Alliance (ISA) and reiterated strong support as a member since November 2023. Prime Minister Modi appreciated Chile joining the Coalition for Disaster Resilient Infrastructure (CDRI) in January 2021 aiming to make systems and infrastructure resilient to achieve the objectives of Sustainable Development Goals (SDGs). Additionally, both leaders valued Chile’s offer of hosting the 7th Meeting of the ISA Regional Committee for Latin America and the Caribbean.

    Recognizing the growing significance of technology enabled learning solutions, skills development, and institutional capacity building, India and Chile reaffirmed their commitment to expanding bilateral cooperation in these areas. Both countries have agreed to facilitate partnerships between EdCIL (India) Limited and key Chilean institutions, including the Council of Rectors of Chilean Universities (CRUCH), the Chilean Ministry of Education, and technical training centres (CFTs), thereby focusing on digital learning, research exchanges, smart education infrastructure, and vocational training programs, leveraging the strengths of both nations to drive innovation and knowledge-sharing in education.

    Prime Minister Modi, highlighting the transformational changes taking place in education sector in India under National Education Policy (NEP) 2020, encouraged leading Chilean universities to strengthen academic and research partnerships with Indian institutions and build institutional linkages through joint/dual degree and twinning arrangements. Given mutual strengths of both countries in astronomy and astrophysics, both leaders agreed to strengthen institutional engagements in these domains. The two leaders welcomed the proposal for establishment of an ICCR Chair on Indian Studies in one of the universities in Chile and directed the officials to examine the feasibility for an early implementation.

    Both leaders welcomed the ongoing cooperation in training and capacity building in the field of diplomacy and noted the potential for further enhancement for cooperation in this area, in line with global diplomatic endeavours and new technology making diplomacy more efficient.

    The two leaders acknowledged the role of cultural ties in bringing the people of the two countries closer to each other. They lauded the rich and diverse cultural heritage of India and Chile and appreciated the long-standing cultural exchanges between the two nations. The leaders applauded the growing interest in the study of the cultures and languages in both countries with Spanish being among the popular foreign languages in India. They stressed the mutual interest in further strengthening India – Chile cultural cooperation and the reinforcement of cooperation among cultural institutions of the two countries. They welcomed the signing of new Cultural Exchange Program to promote bilateral exchanges in music, dance, theatre, literature, museums and festivals.

    The two leaders expressed satisfaction on the progress made to finalise the agreement on cooperation and mutual assistance in customs matters which will lead to strengthening linkages between the relevant agencies to counter illicit trafficking of narcotic drugs and psychotropic substances and, in general, to investigate, prevent and suppress contraventions of Customs laws, as well as sharing of best practices and capacity building. They also welcomed the efforts by two sides to sign an agreement on cooperation in the disability sector which would contribute to a more humane and just society where no one is left behind. The two leaders directed their officials to conclude these documents at an early date.

    Both leaders agreed on the importance of maintaining regular interaction on matters of mutual interest. They reiterated their willingness to build on opportunities to promote and expand the bonds of cooperation and understanding that characterizes the bilateral relationship.

    President Gabriel Boric thanked Prime Minister Narendra Modi for warmth and hospitality accorded to him and his delegation during the visit and invited him to pay an official visit to Chile at a mutually convenient time.

    *****

    MJPS/SR/BM

    (Release ID: 2117396) Visitor Counter : 177

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hon’ble President of India, Smt. Droupadi Murmu released a Special Postage Stamp

    Source: Government of India

    Hon’ble President of India, Smt. Droupadi Murmu released a Special Postage Stamp

    Celebrating 90th anniversary of the Reserve Bank of India (RBI)

    Posted On: 01 APR 2025 5:31PM by PIB Delhi

    The Hon’ble President of India, Smt. Droupadi Murmu, released a special Postage Stamp to commemorate the 90th Anniversary of the Reserve Bank of India (RBI) at the National Centre for the Performing Arts (NCPA), Mumbai. The event was graced by Union Minister for Communications and Development of North Eastern Region, Shri Jyotiraditya M. Scindia, Chief Minister of Maharashtra Shri Devendra Fadnavis, and other distinguished dignitaries.

    Release of Special Postage Stamp on RBI released by Hon’ble President Smt. Droupadi Murmu

    Speaking at the event, Hon’ble President Droupadi Murmu lauded the efforts of the RBI in strengthening and regulating the financial sector, ensuring stability, and fostering economic growth in the nation.

    Union Minister Shri Jyotiraditya M. Scindia congratulated the RBI for ensuring that the country’s economic fabric remains robust and for shaping the nation’s financial landscape. He also highlighted the role India Post has played towards financial inclusion with its vast network of 1,65,000 Post Offices across the country. The Post Office Savings Bank (POSB) has played a crucial role in offering savings schemes, while the traditional money order service has evolved into the iMoney Order, making money transfers quicker, more convenient, and more affordable.

    The Reserve Bank of India was established on April 1, 1935 at its iconic building in Kolkata. As it completes nine decades of dedicated service to the nation, the RBI continues to play a pivotal role in fostering stability, trust, and growth in the financial system. Beyond its core responsibilities of monetary policy, currency management, government debt management, and financial regulation, the RBI also focuses on financial inclusion, consumer awareness, and the promotion of financial literacy.

    Special Postage My Stamp on 90th Anniversary of Reserve Bank of India.

    This special stamp serves as a tribute to the institution’s significant contributions to India’s economic growth and its unwavering commitment to financial stewardship.

    The special postage stamp released on this occasion depicts RBI’s iconic heritage, symbolising its journey of nine decades. The stamp prominently showcases the Reserve Bank’s original headquarters in Kolkata, where it was first established, along with its present headquarters in Mumbai, representing its evolution over the years. It also prominently displays the RBI’s specially designed 90-year logo with the inscription “Stability. Trust. Growth”, reflecting its foundational principles and continued contribution to the economic framework of the nation.

    Social Media Links:

    1) https://x.com/JM_Scindia/status/1906952599003410532

    2) https://x.com/IndiaPostOffice/status/1906972522559705340

    *****

    Samrat/Allen

    (Release ID: 2117352) Visitor Counter : 61

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: EPFO Expands Banking Network, 15 Additional Banks Empanelled for Collection of EPFO Contributions Taking Total Number to 32 Banks

    Source: Government of India

    EPFO Expands Banking Network, 15 Additional Banks Empanelled for Collection of EPFO Contributions Taking Total Number to 32 Banks

    EPFO 3.0 will make EPFO as Accessible and Efficient as Banks: Dr. Mandaviya

    With nearly 8 crore active members and more than 78 lakh pensioners, EPFO provides benefits that ensure social security for millions – Union Minister

    Posted On: 01 APR 2025 5:13PM by PIB Delhi

    EPFO entered into agreements with 15 additional Public/Private Sector Banks in the presence of Dr. Mansukh Mandaviya, Union Minister for Labour & Employment, Youth Affairs & Sports and Sushri Shobha Karandlaje, Union Minister of State for Labour & Employment, Micro, Small & Medium Enterprises, in New Delhi today. The newly empanelled 15 banks will enable direct payment of nearly Rs. 12,000 Crore in annual collections and enable direct access to employers who maintain their accounts with these banks. For enabling employers covered under the Act to pay their monthly contributions, EPFO has already empanelled 17 banks, taking the total to 32.

    Union Minister of Labour & Employment and Youth & Sports, Dr. Mansukh Mandaviya, in his address, stated that the country’s progress towards a “Naya Bharat” is being significantly supported by institutions like the EPFO, which plays a crucial role in shaping the nation’s future. With nearly 8 crore active members and more than 78 lakh pensioners, EPFO provides benefits that ensure social security for millions, he added.

    He emphasized how EPFO continues to evolve and adapt, with the recent implementation of EPFO 2.01, a robust IT system that has significantly improved claim settlements. He said in the Financial Year 2024-25, EPFO settled record over 6 crore claims, a 35% increase compared to the 4.45 crore claims settled in the previous year (2023-24).

    Dr. Mandaviya pointed out that customer satisfaction has risen significantly, and EPFO is actively working on evolving towards EPFO 3.0 to make it as accessible and efficient as banks. He said that a significant milestone was also marked with the introduction of the Centralized Pension Payment System. “This system will benefit over 78 lakh pensioners, enabling them to receive their pensions in any bank account across the country. Previously, pensioners were required to have an account in a specific zonal bank, this compulsion has now been removed,” Union Minister explained.

    Dr. Mandaviya also touched upon the significant reforms EPFO has introduced recently. “Auto claim settlement process is a major reform which has improved claim processing speed. With auto-processing, claims are now being settled in just three days. In FY 2024-25, we settled 2.34 crore claims under this system, a 160% increase from the 89.52 lakh claims in 2023-24″, Union Minister said.

    Union Minister expressed happiness that EPFO is offering 8.25 % interest rate to its beneficiaries. The participation of banks in service delivery would further enhance efficiency of EFFO and improve good governance.

    Looking ahead, Dr. Mandaviya reiterated EPFO’s commitment to continuous improvement. “We are focused on providing Ease of Living for members and Ease of Doing Business for employers. With the continued support of our banking partners, employers, and members, we are determined to take strong strides toward realizing the vision of a Viksit Bharat, while further strengthening our social security framework.”

    EPFO, one of the largest social security Organisations in the world has been taking a series of efforts to simplify processes for members and enhance employers’ experience in transacting with it. In FY 24-25, EPFO has collected over Rs. 3.41 Lakh Crore in contributions remitted by employers through 1.25 Crore electronic challan cum returns (ECRs) till 20th March 2025.

    Earlier, the Central Board of Trustees (CBT), EPFO in its 236th Meeting held on 30.11.2024 had approved the empanelment of all Agency Banks listed with RBI and Scheduled Commercial banks with collection share more than or equal to 0.20% of total EPFO collection as additional banks authorised to collect EPFO contributions. From 1st April 2025, the total number of empanelled banks has gone up to 32, providing employers with a wider array of choices for remittance to EPFO.

    The empanelment of new banks will bring seamless integration of EPFO collections/dues payments by employers, further reducing the need of aggregator payment mechanism for employers, which will help both EPFO & employers to reduce transactional delays and thereby strengthening operational efficiency. This will yield financial benefits for EPFO, as dues remitted through empanelled banks will be available for investment on T+1 day, compared to T+2 day through aggregator. This will also significantly reduce costs to EPFO payable for name validation of members’ accounts held in non-empanelled banks. EPF members will also be benefitted by this empanelment in a big way. Now when members will seed their bank accounts maintained in these banks, these will be verified in a speedier manner by these banks instead of routing these through any other channel.

    This initiative will enhance both the Ease of Doing Business and the Ease of Providing Service for employers and it will also translate these benefits for the members, reducing lags in payments of their contributions. Further, it will also help employers to interact with these banks directly for grievances related to payment of dues.

    Shri Ramesh Krishnamurthi, Central PF Commissioner, MD/CEO and senior officers of banks, Ministry of Labour & Employment and EPFO were also present on the occasion.

    *****

    Himanshu Pathak

    (Release ID: 2117341) Visitor Counter : 138

    MIL OSI Asia Pacific News –

  • MIL-OSI: Horizon Bancorp, Inc. Announces Conference Call to Review First Quarter Results on April 24

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., April 01, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”) will host a conference call at 7:30 a.m. CT on Thursday, April 24, 2025 to review its first quarter 2025 financial results.

    The Company’s first quarter 2025 news release will be published after markets close on Wednesday, April 23, 2025. It will be available at investor.horizonbank.com.

    Participants may access the live conference call on April 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada, or 412-317-5772 from international locations and requesting the “Horizon Bancorp Call.” Please dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available approximately one hour after the end of the conference call through May 2, 2025. The telephone replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada, or 412-317-0088 from other international locations and entering the access code 6313653.

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.8 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact: Mark E. Secor
      Chief Administration Officer
    Phone: 219-873-2611

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., April 01, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), the parent company of Five Star Bank and Courier Capital, LLC, will release results for the first quarter ending March 31, 2025 after the market closes on April 28, 2025.

    Management will host an earnings conference call and audio webcast on April 29, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. Within the United States, participants may access the call by dialing 1-833-470-1428 and providing the access code 737945. A live webcast will also be available in listen-only mode on the Company’s website, www.FISI-Investors.com, and a replay of the webcast will be available there for at least 30 days.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    The MIL Network –

  • MIL-OSI: QCR Holdings, Inc. to Report First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MOLINE, Ill., April 01, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (“QCRH” or the “Company”) announced today that its first quarter ended March 31, 2025 financial results will be released after the market closes on Tuesday, April 22, 2025. The Company will host a conference call and webcast the next day, Wednesday, April 23, 2025, at 10:00 a.m. Central Time to discuss the results. Shareholders, analysts, and other interested parties are invited to join.

    Teleconference:

    Dial-in information for the call is 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be archived and available for replay through April 30, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 7198237.

    Webcast: 

    A webcast of the teleconference can be accessed at the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

    About QCR Holdings, Inc.

    QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of December 31, 2024, the Company had $9.0 billion in assets, $6.8 billion in loans and $7.1 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

    Contacts:

    Todd A. Gipple
    President
    Chief Financial Officer
    (309) 743-7745
    tgipple@qcrh.com

    The MIL Network –