 Reserve Bank of India provided no objection to Bandhan Bank for the proposed acquisition of Gruh Finance. Gruh Finance Limited is an Ahmedabad headquartered Subsidiary of HDFC Limited. It is a Housing Finance Company (HFC) recognized by the National Housing Bank (NHB) and it was taken over in January by Bandhan Bank in a share-swap deal. India’s largest mortgage lender HDFC can hold 9.9% in the bank, according to its exchange filing. That’s the maximum a non-banking finance company can own in a private bank. HDFC had sought approval for 14.96%. |
| Source: BloomburgQuint |
 The Reserve Bank of India (RBI) has decided to use a new tool for the first time to enhance liquidity in the system using which it will buy $5 billion from the banks in a swap deal that is capable of injecting around Rs. 35,000 crores into the system. Banks will have to deposit dollar funds with RBI with the condition of buying them back from RBI after 3 years. Minimum bid size for the auction has been fixed at $25 millionand multiple bids submission by banks will be allowed. However, the aggregate amount of bids submitted by a single eligible entity should not exceed the notified amount of auction. |
| Source: Bloombergquint |
 As per RBI notification, IDBI Bank has been categorized as a private sector lenderfollowing the acquisition of majority stake by Life Insurance Corporation. IDBI Bank has been under the prompt corrective action framework of RBI that bans it from corporate lending and branch expansions, salary hikes and other regular activities. In January 2019, LIC completed the process of picking up a controlling 51% stake in the nearly crippled IDBI Bank. IDBI Bank has been categorized as a ‘private sector bank’ with effect from January 21, 2019. |
Static/Current Takeaways Important For LIC AAO Mains Exam:
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| Source- News18 |
 State Bank of India (SBI) has launched doorstep banking service for senior citizens over 70 years of age and differently-abled customers. Eligible customers can avail this service at a nominal fee of 100 rupees per transaction for financial transactions and 60 rupees for non-financial transactions. Doorstep banking services are available to KYC- compliant account holders, with a valid mobile number registered with the bank and residing within 5 kilometers radius from their home branch. This service will not be available for accounts operated jointly, minor accounts, and accounts of non-personal nature. |
| Source- DD News |
 Markets regulator Securities and Exchange Board of India (Sebi) withdrew the 20%limit on investments by Foreign Portfolio Investors in corporate bonds of an entity. The regulator stated that the restriction is being withdrawn in accordance with a circular issued by the Reserve Bank of India (RBI). In June 2018, Sebi had mandated that no Foreign Portfolio Investors (FPIs) shall have an exposure of more than 20% of its corporate bond portfolio to a single corporate.However, the central bank in February 2019 lifted the restriction in view of market feedback. |
| Source: Economic Times |
 State-owned Punjab National Bank (PNB) has sanctioned loans worth Rs 689 crore to over 1,600 Micro, Small and Medium Enterprises (MSMEs) through the psbloansin59minutes.com portal as part of its effort to promote such industries. Under the Mudra Yojana, the bank has offered loan to over 2.69 lakh small entrepreneurs this fiscal (till February 14, 2019). |
| Source- The Economic Times |
 The persistent efforts of the Intellectual Property Rights cell of the Kerala Agriculture University have finally yielded results. The Marayur Jaggery largely produced in the regions of Marayur and Kanthallur grama panchayats of Kerala has got the GI tag. |
| Geographical Indication Geographical Indication (GI) is a name or sign used on products which correspond to a specific geographical location or origin. Geographical Indication act as a certification that the product possesses certain qualities, is made according to traditional methods or enjoys a certain reputation, due to its geographical origin. |
| Marayur Jaggery Marayoor in the Idukki district of Kerala is known for its tensive sugarcane cultivation. In the regions of Marayur and Kanthallur, more than 2500 acres of land is under sugarcane cultivation. The peculiar geographical location of Marayoor amid the forests of the Western Ghats gives the sugar cane a distinct geographical identity. The local people have integrated the age-old tradition have imparted age-old specialized skill to make Marayur Jaggery a distinct product in itself. The distinct features of the Marayur Jaggery are high sweetness with less saltiness, high content of iron and less sodium. The produce is free of impurities and the sugar cane fields are free of chemical pesticides and fertilisers. The Marayur Jaggery is produced without adding any chemicals has always been known for its high quality. Eyeing the market of the traditional Marayur Jaggery fake jaggery with a salty taste was being marketed as Marayur jaggery. The GI tag will now enable to initiate legal action against fake jaggery being sold as Marayur Jaggery. |
 State Bank of India has become the first domestic bank to link the interest rate it offers on savings account deposits to an external benchmark — the Reserve Bank of India’s repo rate. By doing so, the bank will effectively link all loan rates to an external benchmark either directly or indirectly, thereby attempting to speed up the transmission of any changes in the benchmark monetary policy rate to depositors and borrowers. |
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SBI announced the following changes:
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| Source- Press Information Bureau (PIB) |
 Korea Exim Bank has come forward to extend a Rs 4,100 crore loan for Visakhapatnam (VIZAG) Metro Rail project The state government had earlier sent a proposal in this regard to the Central government, which in turn forwarded it to Korea Exim Bank. Following this, the Bank deputed a team to Amaravati to hold talks with the state government. |
| Source- The Indian Express |
 Union Minister for Commerce and Industries Suresh Prabhu has launched the tutorial video on Intellectual Property Rights and the GI website.
Tutorial Video on IPR
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| Geographical Indication Geographical Indication (GI) is a name or sign used on products which correspond to a specific geographical location or origin. Geographical Indication act as a certification that the product possesses certain qualities, is made according to traditional methods or enjoys a certain reputation, due to its geographical origin. |
| Website of Geographical Indication of India Geographical Indications (GI) of India website showcases Indian GIs products, classified state wise as well as product category wise. The website with specific and comprehensive details of the geographical area, description of the product, uniqueness, history, product process/ processing in addition to enlisting GI authorized users will increase the visibility and marketability of GIs of India and hence help in their commercialization. |
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