 Private sector lender IndusInd Bank has received RBI's approval to buy the securities services arm of IL&FS. In March 2017, the bank entered an agreement with Infrastructure Leasing and Financial Services, the promoter shareholder of IL&FS Securities Services Ltd (ISSL), to acquire 100% stake in ISSL. |
| Source- The Economic Times |
 Jio Payments Bank Limited has commenced operations as a payments bank. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank. |
| Source- The RBI |
 An MoU was signed between the Indian Army and HDFC Bank on the Defence Salary Package. The first MoU between HDFC Bank and the Indian Army was signed in 2011 and was renewed in Mar 2015. The current MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families. Under the current MoU apart from other benefits the Army personnel will get free personal accident death cover and free permanent disability cover of Rs 30 lakhs, free educational cover of upto Rs 1 Lakh per year for four years for education of dependent child in case of accidental death of defence personnel and 100% processing fees waived for Car Loans and Personal Loans. |
| Source- Press Information Bureau (PIB) |
 SIDBI (Small Industries Development Bank of India) celebrated its foundation day (2nd April 1990) as the day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate). Chairman Managing Director of SIDBI Mohammad Mustafa launched a series of initiatives from its Lucknow bank headquarters. An MoU was signed with The New India Assurance Co. Ltd. and two MSMEs were issued insurance policies. Chairman SIDBI also launched 'Samridhhi- the virtual assistant' on banks revamped universal loan portal www.udyamimitra.in. During the day, a ‘Bankability Kit’ (brought in partnership with Bank of Baroda and IDBI Bank) was also launched. |
| Source- Press Information Bureau (PIB) |
 Jana Small Finance Bank (formerly Janalakshmi Financial Services) announced commencement of its banking operations. To cover its extensive customer base, Jana Bank will initially open 19 branches across 18 States and expand to 200 banking outlets, including the 25% unbanked rural branches by June 2018. As Jana bank which is digitally enabled across majority of its offerings with expanded customer base will continue to keep its fundamental focus on financial inclusion as its core strategy. |
| Source- The Quint |
 Looking to provide an impetus to early-stage start-ups, markets regulator Securities and Exchange Board of India (SEBI) decided to double the investment limit by angel funds in venture capital undertakings to Rs10 crore from the current Rs5 crore. The SEBI board has approved amendments to Alternative Investment Funds (AIF) regulations with respect to ‘Angel Funds.’ However, the minimum investment by an angel investor will continue to be Rs25 lakh. Further, SEBI would halve the minimum corpus size required for an angel fund to register with it to Rs5 crore. |
| Source- The Hindu Business Line |
 In a bid to prevent the possibility of manipulation in the prices of securities, especially government securities (G-Secs), the Reserve Bank of India has changed the methodology used by debt market players, including banks and primary dealers, for their valuation. As per a central bank directive, security/bond valuation will be based on the weighted average price of the last half-an-hour of trading on the last trading day of every quarter against the last traded price earlier. The methodology as to how the bonds are valued is crucial for mark-to-market (MTM) purposes. |
| Source- The Hindu Business Line |
You need to login to perform this action.
You will be redirected in
3 sec
