Banking & Finance Current Affairs 2018 - Current Affairs Today

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  • Reserve bank of India norms to facilitate payments between mobile wallets using UPI

    The Reserve Bank of India (RBI) on released guidelines to facilitate payments among different mobile wallets, a move aimed at promoting digital transactions. The interoperability would be achieved in a phased manner such as interoperability of PPIs issued in the form of wallets through UPI, between wallets and bank accounts through UPI, and interoperability for PPIs issued in the form of cards through card networks. UPI is a payments system launched by the National Payments Corporation of India in August 2016. It facilitates instant fund transfer between two bank accounts on the mobile platform, without having to provide any detail of the beneficiary’s bank account.

    RBI appointed Sandeep Bakhshi as MD and CEO of ICICI bank

    The Reserve Bank of India (RBI) approved the appointment of Sandeep Bakhshi as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank for three years. The approval is against a five-year term sought by ICICI. The appointment will be with effective from October 15. Mr.Bakhshi was elevated from the post of Chief Operating Officer (COO) to MD and CEO after the resignation of Chanda Kochhar on October 4.

    RBI approved NBFC license for Kreditech

    RBI approved the license for Kreditech, the Germany-based company to operate as a Non-Banking Financial Company (NBFC) licence for digital lending business and app-based financing. The approval is with the first-of-its-kind. Kreditech’s product suite for India will offer individualised direct-to-consumer loans as well as its Lending-as-a-Service Solution for vendors, which allows partners to offer customised credit products to their customers.

    Bank of Baroda MD and CEO P S Jayakumar gets one-year extension

    Bank of Baroda’s Managing Director & Chief Executive Officer, PS Jayakumar got a one-year extension on his role by the government. This is effective from October 12, 2018. This was due to the amalgamation between Bank of Baroda (BoB), Dena Bank and Vijaya Bank, where the government wants to keep the top management intact.  

    National Housing Bank Increases Refinance Limit From Rs24,000 Crore To Rs 30,000 Crore

    Till date, Rs.8835 crore has been sanctioned.   This refinancing is a credit flow to Housing Finance Companies & other Institutions. About National Housing Bank NHB was set up on July 9, 1988, under the National Housing Bank Act, 1987. The Head Office of NHB is at New Delhi. Dakshita Das is the Managing Director & Chief Executive Officer of National Housing Bank.

    Yes Bank names TS Vijayan & OP Bhatt as external members for MD selection panel

    He is the former IRDA chief and LIC chairman TS Vijayan and former SBI chief OP Bhatt as an external member to a 5 member committee panel. YES Bank constituted a 5 member committee to select the upcoming MD after the current MD Mr. Rana Kapoor leaves office after January 31st2019. The Other internal members of the committee are: Brahm Dutt, Independent Director, who chairs the Committee Mukesh Sabharwal an Independent Director and Subhash Chander Kalia, Non-Executive Non-Independent Director. They consist of the bank’s board’s Nomination and Remuneration Committee.

    Centre appointed Rakesh Sharma as head of IDBI Bank

    The Centre has appointed Rakesh Sharma, former Canara Bank MD, as head of IDBI Bank. He has been appointed as MD for a period of six months. The tenure of B.Sriram, who was appointed as chief executive of IDBI Bank for three months, ended in September 2018.  IDBI Bank:  Type: Public Sector Bank  Industry: Banking, Financial services Owner: Government of India  Founded: 1 July 1964  Headquarters: Mumbai, India  Key people: Mr.Rakesh Sharma

    India and ADB Signs $110 Million Loan To Improve Rural Connectivity In MP

    The government of India and Asian Development Bank (ADB) signed a $110 million loan to finance the upgrade of 2,800 kilometres all-weather rural roads in the State of Madhya Pradesh under the Prime Minister's Rural Roads Program (PMGSY).  Tranche 2 loan is part of the $500 million Second Rural Connectivity investment Program for India approved by the ADB Board in December 2017.   

    ICICI Bank CEO Chanda Kochhar quits and Bakhshi takes over

    Chanda Kochhar, the MD and CEO of ICICI Bank, private sector lender, quit her position. This is after the bank’s appointment of a Srikrishna committee which is headed by Justice B.N. Srikrishna (retd.).  The committee was to look into the allegations of conflict of interest against Ms.Kochhar. The committee is yet to officially submit its findings to the bank’s board. She had gone on leave after the committee was formed. The bank has now named Sandeep Bakhshi as the new MD & CEO and handed him a five-year term till October 3, 2023. The appointment is subject to regulatory approvals.

    India And ADB Sign $ 150 Million Loan Agreement To Support Indias First Global Skills Park

    Asian Development Bank (ADB) and the Government of India signed a $150 million Loan Agreement in New Delhi to establish a Global Skills Park (GSP) in Madhya Pradesh, the First Multi-Skills Park in India, to enhance the quality of Technical and Vocational Education And Training (TVET) System in the State and create a more skilled workforce. This Project will help improve the quality and relevance of the State’s TVET programs and will help impart advanced job-ready skills training of international standards that can meet the employment needs of the State’s emerging sectors.  

    State Bank of India Reduces ATM Withdrawal Limit

    State Bank of India slashed the daily withdrawal limit on its classic debit card from Rs 40,000 to Rs 20,000.  There is no change in the daily withdrawal limits on other cards. The new limit will be effective from October 31st 2018.   

    India and ADB Sign $240 Million Loan For Safe Drinking Water Service For West Bengal

    The Indian Government and the Asian Development Bank (ADB) signed $240 million loans for providing safe and sustainable drinking water to about 1.65 million people in three districts of the state of West Bengal affected by arsenic, fluoride, and salinity.  The signatories to the West Bengal Drinking Water Sector Improvement Project were Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance; and Kenichi Yokoyama, Country Director of ADB India Resident Mission.   

    Reserve Bank of India Bars Bandhan Bank From Opening New Branches

    Reserve Bank of India (RBI) barred Bandhan Bank from opening new branches and also ordered freezing of the bank's CEO salary over failure to stick to shareholding rules. The Bank was not able to bring down the shareholding of Non-Operative Financial Holding Company (NOFHC) to 40% as required under the licensing condition, general permission to open new branches stands withdrawn.

    ADB approved $500 mn for Tamil Nadu water supply, sewerage, drainage infrastructure project

    Asian Development Bank (ADB) approved financing of up to $500 million for a multitranche financing facility (MFF) infrastructure project in at least 10 cities of Tamil Nadu. The main objective is to develop climate-resilient water supply, sewerage, and drainage infrastructure. The first tranche of the program amounts to $169 million will target the cities of Chennai, Coimbatore, Rajapalayam, Tiruchirappalli, Tirunelveli, and Vellore.

    Argentina gets biggest loan in IMF's history at $57 billion

    Argentina has received $57.1 billion from the International Monetary Fund (IMF), for boosting the country's struggling economy. Argentina originally secured a $50 billion loan back in June, when an initial $15 billion tranche was handed over. Argentina Currency - Argentine peso

    Centre may soon merge PNB, OBC, Andhra Bank

    After deciding to merge Bank of Baroda (BoB), Vijaya Bank and Dena Bank, Centre is reportedly planning the amalgamation of Punjab National Bank (PNB), Andhra Bank and Oriental Bank of Commerce (OBC). The government has been battling for years to clean up its banks, which have the highest bad-loan ratio after Italy among the world’s 10 largest economies.

    Dena bank cleared the merger with BoB and Vijaya Bank

    The board of Dena Bank cleared the merger proposed by the Centre with Bank of Baroda and Vijaya Bank. Dena Bank, the Mumbai-based lender, is the first among the three to receive the board’s approval for the merger proposal.  The main reason for the merger is to raise resources without depending on the government. Dena Bank is the smallest among the three with a total business size of Rs.1.73 lakh crore compared with Bank of Baroda’s Rs.10.3 lakh crore and Vijaya Bank’s Rs.2.8 lakh crore.

    BRICS Bank Approves $525-Million Loan For Infra Projects In Madhya Pradesh

    The loan will be used by the Indian government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km.  The main aim is to improve connectivity of the rural interior with the national and state highways.

    Corporation Bank & NeSL ink pact for sharing security information under IBBI rule

    Corporation bank inked a pact on information utility (IU) agreement with National e-Governance Services Ltd (NeSL). Corporation Bank: Headquarters: Mangalore. MD & CEO: Shri Jai Kumar Garg. Tagline: A Premier Public Sector Bank, Prosperity for all. Full form of NCLT: National Company Law Tribunal.

    Madhya Pradesh gets $525 Million Loan for Infra Projects from BRICS Bank

    Madhya Pradesh approved a $350-million loan for the Major District Roads Project II of Madhya Pradesh and $175 million for building and upgrading 350 bridges. The loan will be used by the Indian government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km to improve the connectivity of the rural interior with the national and state highway networks. The positive impacts of the project also include promoting an inclusive development of the rural communities in Madhya Pradesh and stimulating regional economic development through improved connectivity, enhanced accessibility and increased job opportunities.

    Government appoints four members to local boards of Reserve Bank of India

    Rakesh Jain and Sachin Chaturvedi appointed as a member in Southern local board and Eastern local board of RBI. Revathy Iyer and Raghvendra Narayan Dubey appointed as a member in the Northern local board of RBI. About Reserve Bank of India  Established:1 April 1935; 83 years ago Ownership: Government of India  Governor: Urjit Patel

    RBI trims Rana Kapoor's term as Yes Bank CEO

    Reserve Bank of India intimated that Rana Kapoor may continue as the MD and CEO till January 31, 2019. Kapoor, who has been managing director and CEO since the bank's inception in 2004, had sought a three-year extension till August 31, 2021. Kapoor was part of the founding team of Yes Bank, along with Ashok Kapur who died in 2008.

    Govt hikes interest rate on small savings scheme; PPF, NSC to now fetch interest rate of 8%

    The government has hiked interest rates of various small savings schemes for the third quarter (October 1 to December 31) by up to 40 bps. Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 8 percent as compared to existing 7.6 percent. Interest rate for the five-year term deposit, recurring deposit, Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 percent, respectively. The girl child savings scheme Sukanya Samriddhi account will earn higher interest rate of 8.5 percent rate, 0.4 percent more then the current rate.  

    India signed $74 mn loan pact with World Bank for Uttarakhand Workforce Development Project

    The Uttarakhand Workforce Development Project (UKWDP) has a 5-year grace period, and a maturity of 17 years. The closing date for the project is June, 2023. The project has three components -- ♦ improving the quality and relevance of Industrial Training Institutes (ITIs) training; ♦ increasing the number of skilled workers certified under National Skills Qualification Framework (NSQE); ♦ policy and institutional development and project management.

    Central Government appoints MD and CEO at 10 public sector banks

    The Appointments Committee of the Cabinet (ACC) approved the 10 appointments following proposals from the Department of Financial Services, under the Union Ministry of Finance. Of those named, 5 are currently the deputy managing directors of State Bank of India (SBI) while the other 5 are executive directors (EDs) at different government-owned lenders.  

    India Post Payments Bank, Bajaj Allianz tie up for insuranceproducts sale

    India Post Payments Bank (IPPB) and Bajaj Allianz announced a five-year partnership to sell life insurance products on a revenue share basis. Under the partnership, IPPB will facilitate customers to pay for Bajaj Allianz life insurance products through their accounts. Launched on September 1, the IPPB has gained around 9 lakh customers.

    SEBI Approves New KYC Norms For FPIs, Revised Settlement Mechanism

    They approved a proposal to allow foreign investors to trade in commodity derivatives market, except for sensitive commodities, as well as a common application form for the registration of FPIs in the domestic market.  The board has given its nod for amending delisting regulations.  About SEBI SEBI- Securities and Exchange Board of India. Chairman- Ajay Tyagi, Headquarters- Mumbai.  

    SBI to run 10,000 ATMs on solar energy in Two years

    At present, the State Bank of India (SBI) has 1,200 ATMs which run on solar power. SBI is also planning to replace all its vehicles with electric vehicles by 2030. Aim:- To become carbon neutral and to achieve it by 2030. SBI is organising a green marathon starting September 30, to be held in 15 cities across the country. SBI has nearly 59,000 ATMs in India.

    No Withholding Tax On Interest Payment Of Masala Bonds

    The Central Board of Direct Taxes (CBDT) announced that no withholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee-denominated bonds issued between September 17, 2018 and March 31, 2019.  The move is expected to incentivise foreign exchange inflows into India through low-cost offshore rupee-denominated bonds, popularly referred to as masala bonds.   

    Federal Bank inks MOU With Infopark Kakkanad

    The bank meant for leasing space in their campus.  The Bank already obtained in principle approval of the Reserve Bank of India for the creation of a subsidiary company.   

    PayU India Gets RBI Approval To Operate Its Own NBFC

    The main aim of this move is to promote inclusive growth in the country by catering to the diverse financial needs of various segments of the society.  The approval from the central bank is subject to “certain pending RBI compliance”. More about Pay U India  Managing director - Jitendra Gupta. Founded: 2002 Founder:Jose Velez, Martin Schrimpff, Arjan Bakker, Grzegorz Brochocki, Nitin Gupta, Shailaz Nag

    State Bank of India appoints Prashant Kumar as CFO

    Anshula Kant is promoted as Managing Director of SBI, was the CFO. Kumar was designated as Deputy Managing Director (HR) & Corporate Development Officer of India's largest bank.

    Centre to merge Bank of Baroda, Vijaya Bank, Dena Bank

    The Centre proposed the merger of state-owned Bank of Baroda, Dena Bank and Vijaya Bank in order to create India’s third-largest bank.  The decision was made during the ministerial panel meeting that oversees merger proposals of state-owned banks. It was headed by Finance Minister Arun Jaitley, The decision is because Dena Bank had been placed under the prompt corrective action framework. The Centre believes that when the weaker bank becomes a merged entity, it will eventually become a stronger entity.

    Reserve Bank to purchase govt securities worth Rs 10,000 crore onSeptember 19

    The purchase of the government securities (G-secs) will be done through Open Market Operations (OMO). The central bank will conduct the OMO through a multi-security auction - of five G-Secs (maturing in 2020, 2022, 2027, 2030, and 2042) using the multiple price method.

    Punjab National Bank bagged Hindi implementation award Rajbhasha Kirti

    Punjab National Bank got an award for outstanding performance in implementing the Official Language Policy during 2017-18. About Punjab National Bank: ♦ Headquarters: New Delhi. ♦ MD& CEO: Shri Sunil Mehta. ♦ Tagline: The Name you can BANK upon!

    UBI Bank quit its Antwerp diamond hub in Belgium

    Union Bank of India, a State-owned bank, said that it has decided to quit the Antwerp diamond hub in Belgium as the branch did not generate expected business. UBI bank has already filed for the closure of the branch and the process related to shutting the office is being followed.  Upon such event, the Finance Ministry advised all the public sector banks to review their overseas business and close branches that are not profitable as part of a strategy to conserve capital.

    SBI appointed Anshula Kant as Managing Director

    Anshula Kant is at present the Deputy Managing Director and Chief Financial Officer (CFO) of SBI. SBI's MD post fell vacant after resignation of B Sriram, who took over as the MD and CEO of IDBI Bank. With this appointment SBI now has four MDs, the other 3 MDs are PK Gupta, DK Khara and Arijit Basu.

    Amitabh Chaudhry of HDFC Life appointed as CEO & MD of Axis Bank

    He will take over as Axis Bank's MD & CEO for 3 years from January 1, 2019 and will remian in office till December 31, 2021. Chaudhry will replace outgoing MD & CEO Shikha Sharma whose term ends on December 31. Chaudhry has been associated with HDFC Life since January 2010 and had earlier held senior management positions in Bank of America, Calyon Bank and Infosys BPO.

    RBI announces new rules for exchanging damaged Rs 2000, 200 notes

    As per the new Reserve Bank of India (Note Refund) Amendment Rules, 2018, "the undivided area of the single largest piece of the note" for a damaged Rs 2000 note must be 88 square cm for a full refund, and 44 square cm for half refund. The Rs 2000 note is 109.56 square cm in dimension. For a damaged Rs 200 note, the criteria is 78 square cm for a full refund, and 39 square cm for half refund. Rs 2,000 notes are issued in November 2016 and Rs 2,00 notes are issued in September 2017.

    Reserve Bank of India announced amendments to Reserve Bank of India (Note Refund) Rules, 2009

    It directed all branches of banks to exchange mutilated / defective notes of various denominations. The amended act has been named as the Reserve Bank of India (Note Refund) Amendment Rules, 2018. This includes the denomination of Rs.10, Rs. 20, Rs. 50, Rs. 100, Rs.200, Rs. 500 and Rs.2000 of the Mahatma Gandhi (New) series. About Reserve Bank of India  Headquarters: Mumbai. 24th Governor: Dr Urjit Patel. 4 Deputy Governors:  Shri N. S. Vishwanathan, Dr Viral V. Acharya, Shri B.P. Kanungo, Shri Mahesh Kumar Jain.

    RBI directs banks with over 10 branches to have an internal Ombudsman

    The Reserve Bank of India asked all scheduled commercial banks with more than 10 branches to appoint an internal ombudsman. It has excluded regional rural banks (RRB) from its directive. RBI has reviewed the arrangement and issued revised directions under Section 35 A of the Banking Regulation Act, 1949 in the form of Internal Ombudsman Scheme, 2018. An ombudsman is a person officially charged with investigating and addressing public complaints or violation of rights. The tenure of the IO cannot be more than five years and it is not open to reappointment.

    SBI Mutual Fund appoints Ashwani Bhatia as Chief Electoral officer

    She takes over from Anuradha Rao after she returned to State Bank of India (SBI) as Deputy Managing Director. Prior to joining SBI Mutual Fund, Bhatia was in charge of revamping the credit structure and processes of the bank.

    Cabinet doubles Jan Dhan accounts overdraft cap to Rs 10,000

    The government has doubled the overdraft cap from ₹5,000 to ₹10,000 under the Pradhan Mantri Jan Dhan Yojana (PMJDY), which provides a bank account to every individual. The age limit for availing overdraft has been increased from 60 to 65 years. About PMJDY: The Pradhan Mantri Jan-Dhan Yojana was launched by the Narendra Modi-led government in August 2014. It was the first big mission launched by the Modi government after it assumed office in May 2014. It first aimed to provide at least one bank account for every household, along with an overdraft facility of ₹5,000, a RuPay debit card and a personal accident insurance of ₹1 lakh.

    HDFC ERGO makes Cyber Insurance Personal With Launch Of E@Secure

    The main aim of the insurance Policy is to provide comprehensive protection to individuals and their families against any cyber-attacks, cyber frauds or digital threats that could lead to a financial loss and or reputational loss.  About HDFC ERGO HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd and ERGO International AG, a Germany-based company that is part of the Munich Re Group.  HDFC holds 51 per cent, and ERGO the other 49 per cent. 

    Sunil Mehta elected as New chairman of Indian Bank's Association for 2018-19

    Sunil Mehta serves as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank. Dina Bandhu Mohapatra, Managing Director & CEO, Bank of India, was elected as the body's Deputy Chairman. Shyam Srinivasan, Managing Director & CEO, Federal Bank and Rajnish Kumar, Chairman, State Bank of India, continue to be Deputy Chairmen.

    RBI buys gold for the first time in 9 years

    Taking a cue from global uncertainties, market volatility, and rising interest rates in the US, The Reserve Bank of India (RBI) has added 8.46 tonnes of gold during the financial year 2017-18, taking the level of gold reserves to 566.23 tonnes as on June 30, 2018. RBI last purchased 200 tonnes of gold from the International Monetary Fund (IMF) in November 2009.

    State Bank of India launched its e-facilitation facility for army veterans in Bengal

    The main key features are to facilitate the process of resolution of pension cases It is the ability to fast-track pension issues by “on the spot” resolution of pension-related grievance of veterans/ veer naris/ next of kin. About State Bank of India  State Bank of India is an Indian multinational, public sector banking and financial services company.  It is a government-owned corporation headquartered in Mumbai, Maharashtra. Headquarters: Mumbai Founded: 1 July 1955

    Argentina hikes interest rate to 60%, highest in the world

    Due to economic crisis, Argentina's central bank raised its benchmark interest by 15 percentage points to 60%, the highest in the world. The Argentine peso is down 50% this year against the dollar and the country's inflation is running at over 30%. Argentina President Mauricio Macri has asked for an early release of a $50-billion loan from the IMF (International Monetary Fund).

    As per RBIs annual report 2017-18, 99.3 percent of demonetised currency returned

    The Reserve Bank of India's annual report for 2017-2018 indicates that demonetisation didn't curb black money, as it shows that over 99.3 percent of the old Rs 500 and Rs 1,000 notes were returned. Demonetised notes worth Rs 15.31 lakh crore, out of a total of Rs 15.41 lakh crore, were returned. Post-demonetisation, RBI spent Rs 7,965 crore in 2016-17 on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

    India And ADB Sign $375 Million Loan To Improve Irrigation Efficiency In Madhya Pradesh

    The Madhya Pradesh Irrigation Efficiency Improvement Project will develop 125,000 hectares of new, highly efficient and climate resilient irrigation networks. About Asian Development Bank  Asian Development Bank is a regional development Bank established in 1966. Headquarters of ADB is in Manila, Philippines. Takehiko Nakao is Present President of the Asian Development Bank.

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