RBI
IN NEWS
Reserve Bank of India (RBI) released its much awaited 'Vision-2018'
document. The ‘Payment & Settlement Systems in India: Vision-2018’ aims at
building best of class payment &
settlement systems for a ‘less-cash’ India & ensuring access to mobile
banking services to even basic phone
users.
Reserve Bank of
India Governor Raghuram Rajan has announced the Second Bi-monthly Monetary Policy Statement
for the year 2016-17 & kept the repo rate unchanged at 6.5%, reverse repo rate stays at 6.00
%, & CRR remains at 4%.
RBI formulated
the Scheme for Sustainable Structuring of Stressed Assets (S4A) as an optional framework
for the resolution of large stressed accounts.
The Reserve
Bank of India (RBI) will soon set up a committee to study the use of Blockchain technology. The technology will
be used to reduce the use of paper currency. Reserve Bank said the aggregate ceiling for
foreign investors to invest in Ujjivan
Financial Services will remain at 49%. RBI has authorised 29 agency banks to accept
payments of Income Tax dues. Some
of the agency banks authorized by RBI to collect tax include Allahabad
Bank, UCO Bank, BOI, Canara
Bank, SBI & its five associate banks, CBI, Dena Bank, HDFC Bank Ltd,
OBC, Axis Bank Ltd, ICICI Bank & PNB.
It has stated that
entities from Pakistan, China, Bangladesh,
Sri Lanka, Afghanistan, Iran & Hong Kong or Macau
will require its
prior approval to
establish branch office or project
office or liaison
office in India.
The Cabinet has
given approval to the MoU between the Reserve Bank & the Central Bank of
United Arab Emirates (UAE) on co-operation
on currency swap agreement.
As per RBI it will shortly issue Rs. 1,000 denomination bank notes in the Mahatma Gandhi Series of
2005 with the insert letter of 'R' in
both the number panels.
RBI released Non-Banking Financial Company -Account Aggregator
Directions, 2016. This will put in place
the regulatory framework to
allow a new kind of Non-Banking Financial Company (NBFC),
which could act as an account aggregator.
The Net Owned Fund of such companies should not
be less than 2 cr. Rs.
RBI issued revised Framework for Revival & Rehabilitation
of Medium, Small & Micro Enterprises (MSMEs).
The Framework has to be put in place by the banks not
later than 30 June 2016.
Key Guidelines
•
It shall be applicable to MSMEs having loan limits up to 25 cr. Rs.
including accounts under consortium or multiple banking arrangement (MBA).
•
It classifies three categories in Special Mention Account (SMA) to
identify incipient stress in the accounts of MSMEs in case of Non-Performing
Assets (NPAs):
a)
SMA-0: Principal or interest payment not overdue for more than
30 days but account showing signs of incipient
stress
b)
SMA-1: Principal or interest payment overdue between 31- 60 days
c) SMA-2:
Principal or interest payment overdue between
61- 90 days
RBI signed a Special Currency Swap Agreement with the Central Bank of Sri Lanka. Under the
arrangement, the Central Bank of Sri Lanka can draw up to 700 million US dollars.
To streamline monitoring of fraud cases in Urban Cooperative Banks,
RBI said those involving Rs 1 cr. & above
will have to be reported to its Central Fraud Monitoring Cell (CFMC) at Bengaluru within
three weeks of detection. Fraud cases
below Rs 1 cr. should be reported to respective regional offices of the Department of Cooperative Bank Supervision (DCBS) of the
RBI. Reserve Bank Governor Raghuram Rajan has joined a task force of
the World Economic Forum (WEF) to
study the future of global financial system.
The central
bank has directed commercial banks to increase the provisioning by 2.5% every
quarter so that by March 31, 2017, provisioning reached the
15% level
—
in line with sub-standard accounts.
RBI has extended the $2 billion
currency swap arrangement to SAARC nations
till mid-November 2017. Under the arrangement, RBI is to offer swap arrangement up to an overall amount
of $2 billion both in foreign currency & Indian rupee.
RBI has signed a pact with Bank
of Israel for Information Exchange & Banking supervision.
RBI has decided to share FDI-related data with the country's
intelligence agencies, Intelligence Bureau (IB) & Research & Analysis Wing (RAW), to check the black money entering India.
Tata
Consultancy Services (TCS) CEO & MD Natarajan Chandrasekaran,
former Chief Secretary of Gujarat Sudhir Mankad
& Bharat Narotam Doshi appointed as Non Officials Directors to the board of RBI for
a tenure of 4 year.
SBI
IN NEWS
SBI signed MoU with the Indian Institute of Technology Society for
Innovation & Entrepreneurship (SINE), (IIT) Bombay’s technology business incubator, to promote innovation
by startups in the financial sector.
SBI & the World Bank inked agreements for a $625 million facility to support grid-connected rooftop solar programme (GRPV) in the country.
SBI launched 3
new digital offerings on the occasion of 61st State Bank Day on 1st July.
a)
It has partnered with
Flipkart to offer its consumers the facility of pre-approved EMI Facility on purchases. Under this partnership SBI will provide overdraft facility to pre-qualified set of customers
for transacting on Flipkart
for a minimum purchase of Rs. 5000.
b)
It also launched 'SBI
Mingle' - its social media banking platform
for Facebook & Twitter users.
c)
It also launched its new initiative SBI Digital Villages aimed at transforming villages into cash
less eco-system by adopting them.
SBI & Reliance Industries signed a subscription & shareholders
agreement to set up payments bank joint venture. RIL will work as the promoter
& will contribute to
70 % equity & SBI will have 30 per cent equity contribution.
Balal village in Kasargode district
in the state of Kerala
is one of the 21 villages
selected across the country by the SBI under
the SBI Digital Village initiative.
SBI Cards &
Payment Services, launched a premium credit card 'Elite'. It
is launched on the Master Card World platform
which is enabled with NFC (Near Field Communication) technology.
SBI named in
the Hall of Shame list of 158 banking institutions
that have invested billions of dollars in companies making cluster bombs.
SBI created
dedicated IT innovations & startup
fund & set aside Rs 200 crore
for investment in promising startups. SBI & Spain's
Caixa Bank signed a pact to provide
loans to Indo-Spanish joint ventures & local enterprises.
Nepal SBI Bank has launched payment
gateway to facilitate online trade & non-trade transactions between the Himalayan nation 'Nepal' & India.
SBI's point of
sales terminal (PoS) network is now the largest in the country.
Announced the launch of mVisa, a mobile based payment solution.
Will help customers make payments through
by simply scanning the unique
merchant Quick Response code. Meghalaya CM Mukul M Sangma inaugurated the first Digital
Branch of State Bank of India in North East.
SBI has launched a facility under 'SBI Quick:
SMS & Missed Call Banking' service whereby the customer can choose
to activate or deactivate their cards.
SBI launched
e-Smart SME, a working
capital loan offering for sellers on ecommerce platforms.
Myanmar has granted operating licenses
to four Asian banks. Out if the 4, one is SBI.
SBI has launched ‘Japan Desk’, a single window for inbound Japanese
investments in India & vice-versa. This is a first-of-its-kind initiative
that seeks to facilitate Japanese corporate looking to invest in
India with banking & advisory
services.
SBI ties up with Taxi Aggregator, Uber
to provide instant vehicle finance to
“driver partners’ on the latter’s platform.
ICICI
BANK IN NEWS
ICICI Bank has added five new features
on its mobile banking app, 'iMobile', taking the total number of services to
over 150.
Launched the country’s first contactless business credit card
in association with Jet Airways.
Become the first financial institution in the country to tie up with the New
Development Bank to explore opportunities.
Launched iWork@Home
programme for its women employees to prevent them from dropping
out of its workforce.
Announced a new mobile payment solution Touch & Pay. This
is based on Near Field Communication (NFC) technology.
Sold 9% stake
in its general insurance venture ICICI Lombard while 2% stake in life insurance subsidiary ICICI Prudential for about Rs 2,200 cr.
K Ramkumar, executive director & member of the board at ICICI Bank has taken retirement. He will
be replaced by Vijay Chandok.
Tied up with marquee sports car maker Ferrari to launch co-branded credit card.
Launched a credit-linked subsidy scheme
for home loans under
Pradhan Mantri Awas Yojana (PMAY). Under
this scheme, the ICICI will provide housing
loans at subsidized rates of 6.5 % annually for the loan amount of Rs. 6 lakh (maximum).
The maximum loan tenure to get the subsidy is 15 years.
HDFC
BANK IN NEWS
Launched an SME Bank which will provide full-fledged digital banking service to small & medium sector enterprises.
HDFC Ltd has been ranked among the
world's ten biggest & most powerful
companies in the consumer financial services sector on a Forbes list topped by global major American
Express. Ranked 7th, HDFC is the only Indian company
in top ten in this category.
HDFC Bank plans to open about 500 new branches
this financial year as part
of its steps to Expand footprint.
YES
BANK IN NEWS
India's fifth largest Private sector
lender Yes Bank has received
a ‘Custodian of Securities’ licence from the markets regulator SEBI to allows the
entity to offer custodial services to financial market
participants, including FIIs &
FPIs.
Signed a strategic MoU with
India Brazil Chamber of Commerce (IBCC) to enable significant cooperation in terms of knowledge partnerships, project consultancy etc.
Partnered with Clickandpay, a mobilebased payment solutions
enterprise, to facilitate cashless,
secure & flexible transactions for customers.
Tied up with BankBazaar.com,
to feature Yes Bank retail loan products including personal loans,
home loans & car loans on its website.
Launched an all women operated bank branch 'Yes Grace' on Cunningham Road aimed at offering customised banking solutions to women.
Received the prestigious
Green Bond Pioneer Award for being the
Pioneers in Emerging Markets-India .
KOTAK
MAHINDRA BANK IN NEWS
Became the fourth
bank to open its IFSC Banking Unit (IBU) at International Financial Services Centre
(IFSC) in Gujarat International Finance
Tec-City (GIFT) City.
Surpassed ICICI Bank to emerge as the third
most valued lender in the country.
Signed an agreement with Canada Pension Plan Investment
Board (CPPIB) for investment in stressed assets in
India.
Uday Kotak,
chief of KMB only Indian in Forbes’ list of 40 most
powerful people in the financial world. He is on rank 33 in the Forbes list of ‘Money Masters: The Most Powerful People in The Financial World. Topped by Stephen Schwarzman.
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