Weekly Global News Wrap: Yes Bank ex-CEO charged; US banks cut rates

And a software used by Aussie banks’ is being tested for a possible teen social media ban.

From Reuters:
India’s Central Bureau of Investigation (CBI) has filed charges in cases connected to alleged “fraudulent” transactions related to Yes Bank, the bank's former CEO Rana Kapoor’s companies, and businessman Anil Ambani’s companies.

CBI alleges that Yes Bank invested over $567.21m in two Ambani-controlled companies in 2017, with approval from Kapoor, despite rating agencies flagging financial risks. The agency said the funds were later siphoned off, demonstrating a systematic diversion of public money.

From Reuters:
Major US lenders lowered a key interest rate on 17 September after the Federal Reserve cut interest rates for the first time this year.

JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America lowered their prime lending rates to 7.25% from 7.50% following the Fed's first cut, by 25 basis points, since December.

From Reuters:
Software owned by Australia's biggest banks is being tested as a way to comply with a teen social media ban that will begin in December, reports Reuters, citing people involved in the process.

ConnectID is an identity verification tool owned by Australia's top lenders, which verifies a person's age from their bank account details.

ConnectID is reportedly offering a stand-alone solution for the Australian social media ban. It did clarify that no clients had signed up yet for help with the social media ban.