Current Affairs Economy & Banking

  The Industrial Development Bank of India (IDBI Bank) and Life Insurance Corporation of India Credit Cards Services (LIC CSL), a wholly-owned subsidiary of LIC, will launch a co-branded credit card, which will be marketed to customers, agents, and employees of the corporation and its subsidiaries.
Source: The Hindu

  Reserve Bank Of India (RBI) is to implement the idea to develop a mobile application with an aim to help the visually impaired people to identify currency notes. For this, RBI has selected Daffodil Software Pvt Ltd. The application should be able to identify the denomination of legal tender banknotes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes that are placed in front of the mobile camera or scrolled across it. The mobile application should be searchable via voice option in all app stores.
Source: The Economics Times

  India Post Payments Bank (IPPB) rollout of Aadhaar Enabled Payment System Services (AePS). With AePS services, any person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. IPPB has become the single largest platform in the country for providing interoperable banking services to customers of any bank by leveraging the last mile unprecedented reach of the Postal network.
Source: The Livemint

  The Finance Ministry has introduced a Code of Conduct for non-official directors of public sector banks. Under the new rules, the PSBs board will also have to send an annual performance report that rates a director based on professional and ethical conduct, and contribution to the board. The performance evaluation by peers will measure the director on various parameters including avoidance of direct or indirect conflict of interest, acting according to rules in the best interest of the bank, avoiding any gain to self or associates and maintaining confidentiality. The above measures taken by the department of financial services at the finance ministry aims to improve corporate governance in banks.
Source: The Economic Times

  The Department of Financial Services has approved the Rs 12,000 crore capital infusion plan in the 3 state-run general insurance companies. The decision has been taken to boost their capital base and meet regulatory norms. The 3 state-run general insurance companies list includes National Insurance, Oriental Insurance and United India Insurance. The recapitalisation will also improve their solvency ratio and prepare the 3 companies for the merger which will make the entity the largest insurance company in the country.
Source: The Economic Times

  Standard Chartered Bank, a British multinational banking and financial services company has launched a DigiSmart credit card. The primary focus of the Bank on the ever-growing segment of millennials. The credit card will offer instant discounts and benefits across key e-commerce categories of travel, entertainment, fashion, groceries, and food delivery around the year. The new credit card is available for a nominal monthly fee of only Rs 49. However, this fee will be waived off if the spends of the customer are Rs 5,000 or above in the previous month.
Source: The Hindu

  The Reserve Bank of India has made mandatory for banks to link retail and MSME loans to external interest rate benchmarks. This new norm will be effective from 1st of October. Under this norm, banks have to link all of their new loan products, be it personal, housing or auto to an external benchmark rate. Banks have been allowed to choose any benchmark market interest rate published by the Financial Benchmarks India Private Ltd (FBIL). Banks can choose RBI’s repo rate, government of India’s three-month treasury bill yield published by the FBIL, government’s six-month treasury bill yield published by the FBIL or any other market interest rate published by the FBIL.
Source: The Live Mint

 Rating agency CRISIL has revised India’s fiscal year 2020 GDP growth forecast to 6.3%. CRISIL has lowered the GDP growth forecast from 6.9% to 6.3%. The growth was revised as the first-quarter growth rate of India reduced to a 25-quarter low of 5%.
Source: The Economic Times

  The Cabinet has approved a capital infusion of Rs 4,557 crore into IDBI Bank. The capital infusion process will be done through recapitalisation bonds under which The government will infuse the capital into the bank and the bank will buy the recapitalisation bonds from the government on the same day. The capital infusion aims to help the bank in its return to profitability. The capital infusion is also expected to help IDBI to come out of Prompt Corrective Action framework of the Reserve Bank of India.
Source: The Hindu

  ECL Finance Ltd, a subsidiary of Edelweiss Financial Services, and Central Bank of India have signed an agreement for priority sector lending to Micro, Small and Medium Enterprise (MSME’s) customers. The partnership aims to facilitate speedy disbursal of credit across a bouquet of products, including machinery and business loans. Through this partnership, MSMEs will be offered a blended lower rate of interest, translating into a lower cost of funds, helping them deploy capital more effectively in their business.
Source: The Hindu


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