Business
One in five people in NI lost their local bank within three years, report says
More than a fifth of consumers in Northern Ireland saw their local bank branch close within three years, a report from a Stormont committee has said.
The Finance Committee also said that the number of cash access points in the region is lower than Scotland or Wales and half of people living in a rural location in most areas are more than one mile away from free access-to-cash services.
The committee’s report recommended that the Executive should examine alternative measures of how available public funds could be used to support local banking and financial services provision.
The committee launched its inquiry into the banking and financial services landscape following a number of local bank branch closures since 2020, as well as the arrival of banking hubs.
Committee members expressed concerns over the impact that the changing banking landscape is having on individuals and businesses in terms of access to cash and advice.
The report said: “Members are also concerned that there is less competition in the banking and financial services sectors here, causing the offering the individuals and businesses to be less advantageous than other parts of the UK.”
Research commissioned by the committee showed that in an analysis of bank closures from 2020 to 2023, 21% of consumers had seen their local bank close.
The report referenced research from the Consumer Council Northern Ireland which stated that 166 electoral wards across the region have two or more banking services, 187 have one banking service and 109 have no services.
The report said there are 16,000 cash access points in Northern Ireland compared to 50,000 in Scotland and 27,000 in Wales.
It said that in all council areas apart from Belfast and Ards and North Down, around half of people living in a rural location are more than one mile away from free access-to-cash services.
The report said many rural areas in Northern Ireland could become “ATM free zones”, stating this would have a “negative impact on consumers and rural communities”.
The report added: “This is not a problem only for rural areas. Retail NI advised that they have seen the number of available ATMs decrease province-wide as they become uneconomical for retailers to run.”
The committee said there are a ranges of banking issues which are unique to Northern Ireland “ranging from cash reliance to an historically distinct market to greater rurality and cross-border issues”.
It said that banking and financial services is not a devolved issue but the Executive has a “critical role to play in communicating these issues” to the UK Government.
It has recommended that there should be consideration given to a stronger oversight role for the Financial Conduct Authority (FCA).
It said: “The FCA must do more to monitor and mitigate against the differences in the NI banking and financial services landscape that disadvantage consumers here, which include increased rurality, reliance on cash and issues affecting cross-border banking.”
The committee welcomed the establishment of banking hubs, shared areas which offer banking services, but said “they do not replace bank branches”.
Its report also expressed concern that Post Offices “are seen as a full replacement for bank branches that have closed in an area”.
It said: “They do not provide the same services and many struggle to be sustainable. It is not sufficient for there to be an expectation on the part of the banks that the Post Office will fill the void left by branch closures.”
Members of the committee said they would raise concerns with the FCA and Cash Access UK.
The report added: “The committee recommends that the Executive looks at public funds that are available and consider whether there are alternatives ways that departments and, perhaps, councils which hold these funds can leverage them into supporting localised banking and financial services provision and, in so doing, effect community-based investment and change.”
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Accenture plans a new campus in Visakhapatnam, Andhra Pradesh, aiming to add 12,000 jobs, following TCS and Cognizant, amid changing US visa and outsourcing policies.
Accenture (File Photo)
Tech consultancy Accenture has proposed setting up a new campus in the southern Indian state of Andhra Pradesh, aiming to eventually add about 12,000 jobs to its workforce in India, three sources familiar with the matter told Reuters.
The move follows similar deals by IT firms Tata Consultancy Services and Cognizant, which are leveraging a new state policy offering leased land at 0.99 rupees ($0.0112) per acre to large firms willing to generate employment.
India is already Accenture’s largest employee base globally, with more than 300,000 of its 790,000 employees based in the country.
As part of the proposal being reviewed by the state government, Accenture has requested land of about 10 acres in the port city of Visakhapatnam on similar terms, the sources said, requesting anonymity as the matter is private.
Accenture did not respond to Reuters’ request for comment.
The Andhra Pradesh government is eager to bring in Accenture, a state official said, adding that while approvals may take time, the proposal is expected to be cleared.
“It is not an unreasonable ask by Accenture, and the proposal will go through,” the official said on condition of anonymity.
It is not immediately clear how much Accenture intends to invest in setting up the campus.
TCS and Cognizant secured land leases under the policy to build campuses that could generate around 20,000 jobs in Visakhapatnam. Cognizant will invest $183 million, while TCS has earmarked slightly over $154 million for its facility.
Technology firms have been increasingly expanding to smaller Indian cities to tap lower land, rent and wage costs. Post-pandemic, many find it easier to hire locally in Tier-2 cities, reversing the earlier trend of workers migrating to major tech hubs.
This move comes amid U.S. President Donald Trump’s policy change requiring a $100,000 fee for new H-1B visas, widely used by tech firms to hire skilled foreign talent. The move is expected to hurt the IT sector, by far the largest beneficiary of H-1B visas last year.
The sector also faces uncertainty as customers could delay or re-negotiate contracts as the U.S. debates a proposed 25% tax on American firms using outsourcing services.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
September 23, 2025, 18:23 IST
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The EPFO offers 8.25% annual compound interest, while SIPs are market-linked with higher potential returns but also risk. Proper planning ensures a secure retirement
The key benefit of EPF investments is that up to Rs 1.50 lakh is tax exempt per financial year. (Representative/Shutterstock)
As the concern for retirement looms large over every employed individual, the question of financial security post-retirement is a pressing one. Without a job, expenses remain unchanged, and relying solely on the Employees’ Provident Fund (EPF) may not suffice.
Here’s how individuals can prepare for old age while still working:
What Is EPF?
The Employees’ Provident Fund (EPF), managed by the EPFO, is a retirement investment plan where employees contribute up to 12% of their basic salary and DA monthly. Employers match this contribution, with a minimum of Rs 1,800 and a maximum of 12% of the employee’s basic salary and DA.
Of this 12 percent, 8.33 percent goes to the EPF, while the remaining 3.67 percent is allocated to the Employees’ Pension Fund (EPS), which provides a monthly pension upon retirement.
The EPFO offers an annual compound interest rate of 8.25 percent on these contributions. Employees also have the option to exceed the 12 percent contribution limit, with the excess amount being credited to the Voluntary Provident Fund (VPF). The key benefit of EPF investments is that up to Rs 1.50 lakh is tax exempt per financial year under Section 80C of the Income Tax Act, 1961, and the interest earned and maturity amount are tax-free.
EPF falls under the exempt-exempt-exempt (EEE) category. However, in VPF, tax exemption applies only up to 12 percent of the basic salary and DA, with returns on contributions above this amount being taxable. Given these significant tax benefits, experts often recommend investing up to the 12 percent limit.
Understanding SIP
Another investment option to consider is a Systematic Investment Plan (SIP) in mutual funds. SIPs allow individuals to invest a predetermined amount daily, monthly, quarterly, or annually. The investment amount can be increased annually through top-up SIPs. SIPs offer rupee-cost averaging, where the net asset value (NAV) fluctuates with market conditions.
When the market is high, fewer SIPs are purchased, but the investment value increases; when the market is low, more NAVs are acquired, but the investment value decreases. Additionally, SIP investments benefit from compounded growth, allowing investments to grow exponentially over time.
Investors who prefer smaller, regular contributions over lump sum investments often choose SIPs.
EPS vs SIP: How To Reach Rs 1.5 Crore Target Faster
Comparing EPF and SIP, if one aims to reach a retirement goal of Rs 1.50 crore, it’s essential to note that EPF offers guaranteed returns in the form of interest, whereas SIP is market-linked with potentially higher returns but also risks of negative returns if the market falls.
Since the exact returns of a SIP are uncertain, a standard 12% return is assumed for calculation purposes.
If one starts contributing at the age of 25, continuing until 60, EPF will require a monthly investment of Rs 6,350 to achieve a corpus of Rs 1.50 crore, yielding Rs 1,50,29,133.18 after 35 years.
Conversely, with SIPs, a monthly investment of Rs 6,350 starting at age 25 can reach the Rs 1.50 crore goal in 27 years, with an investment amount of Rs 20,57,400 and long-term capital gains of Rs 1,34,15,875, totalling Rs 1,54,73,275.
September 23, 2025, 18:32 IST
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Amazon plans to close all 19 of its grocery shops across the UK, putting as many as 250 jobs at risk.
The firm will look to convert up to five of the Amazon Fresh shops, noted for their walk-in walk-out style with no checkouts, into Whole Foods stores.
Amazon said the move is part of a wider overhaul of its UK grocery operations, which will shift focus more towards its online business. Its bosses have said that the firm is still “deeply invested” in the UK.
The US-based company said on Tuesday that it had launched a consultation process proposing the closure of the Amazon Fresh UK stores.
It is consulting with employees at the sites, which employ around 250 staff. However, it said not all employees are set to be affected by the closures, and it plans to offer those who are new roles in other parts of the business.
Recently, the company pledged to invest £40bn in Britain across the next three years.
The Fresh brand was first launched in 2021, opening its first till-less store in Ealing, with technology that allowed customers to walk out with their shopping without having to use a checkout. Shoppers used an app to enter the store and were then billed to the platform when they left, with a range of cameras and other technology used to work out which products they purchased.
However, the group slowed down significant growth ambitions for the business as shopper demand waned at the end of the coronavirus pandemic.
As part of the proposals, five shops could transition to Amazon’s Whole Foods Market brand, which focuses on organic produce. It said the conversion plan, along with two further new sites, is expected to grow the Whole Foods business to 12 stores by the end of next year.
On Tuesday, Amazon also said it plans to double the number of Prime subscription members with access to at least three of the retailer’s grocery options, through its partners Morrisons, Iceland, Co-op and Gopuff.
It also said it will introduce fresh groceries including dairy, meat and seafood to its website from next year.
John Boumphrey, country manager for Amazon UK, said: “Since 2008, we’ve worked hard to innovate to help our customers save time and money when shopping for groceries and household essentials.
“We continue to invent and invest to bring more choice and convenience to UK customers, enabling them to shop for a wide range of everyday essentials and groceries with low prices and fast delivery through Amazon.co.uk, Amazon Fresh, and Whole Foods Market stores, alongside our third-party grocery partners, including Morrisons, Co-op, Iceland, and Gopuff.”
Amazon is estimated to employ more than 75,000 people in the UK, the majority across its warehouse and delivery operations.
In future up to 2,000 new jobs could be created at new warehouses in Hull and Northampton.
It has been reported that Amazon Fresh contributed $5bn (£3.7bn) in revenues during one quarter in 2024, but this is across all grocery sales online and in physical stores, as well as being global rather than just UK-focused.
Amazon paid £1bn in UK taxes on revenues of over £29bn last year.
Last week, Amazon announced it would offer employees a pay rise above inflation levels, increasing its minimum wage to £14.30 an hour.
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