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Last Updated: September 25, 2021 3 days ago

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  • BPCL and SBI Joined to Launch BPCL SBI Card

    3 days ago
    Bharat Petroleum Corporation Limited (BPCL) and SBI Card have joined arms to launch the BPCL SBI Card co-branded RuPay Contactless Credit Card, providing gasoline and other benefits. Highlights: ♦ The card will provide money-making gas savings and different benefits to the customers. Cardholders will additionally get accelerated financial ....

    Ease of Doing Business Report - World Bank

    7 days ago
    The World Bank would discontinue the practice of issuing ‘Doing Business report’ following an investigation mentioning “data irregularities” in its 2018 and 2020 editions (released in 2017 and 2019, respectively) and possible “ethical matters” involving bank staff. Highlights: ♦ It will study a new method ....

    T+1 Settlement System - SEBI

    12 days ago
    Securities and Exchange Board of India (SEBI) has provided a T+1 settlement system for stock Market exchanges. If the stock exchange agrees to the proposal, buyers will get cash for shares they sold or bought in their accounts faster, and in a safer and secure environment. About T+1 (T+2, T+3) cycles: ♦ T+1 (T+2, T+3) refers to the abbreviation ....

    Linking of PayNow and Unified Payments Interface

    12 days ago
    The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) announced a project to connect their respective fast payment systems-Unified Payment Interface (UPI) and PayNow Highlights: ♦ PayNow is Singapore's quick payment system that allows for peer-to-peer financial transfer services. The aim of this link is to be ....

    El Salvador Becomes the 1st Country to Bitcoin as National Currency

    13 days ago
    El Salvador has come to be the first country in the world to take delivery of Bitcoin as a legal tender. Highlights: ♦ The authorities of El Salvador claimed that the cross will give many residents of the country access to bank offerings for the first time. ♦ In addition, buying and selling in cryptocurrency will assist the use of ....

    nFiNi Platform - NPCI and Finserv

    14 days ago
    NPCI (National Payments Corporation of India) in partnership with Fiserv Inc. to launch the plug-and-play RuPay savings card stack, ‘nFiNi’. nFiNi is a ready stack of offerings required for fintechs and banks to difficulty RuPay credit cards and will enable fintech to co-create bank-sponsored credit cards. It is a BaaS (banking-as-a-service) ....

    Eight of Banks Joined Account Aggregator

    21 days ago
    Eights of India’s important banks — SBI, Axis, ICICI, IDFC First Bank, HDFC Bank, Kotak Mahindra Bank, IndusInd Bank & Federal Bank — joined the Account Aggregator (AA) network that will allow clients to without difficulty access and share their monetary data. Highlights: ♦ According to Reserve Bank of India, an Account ....

    Floating ATM on Dal Lake - SBI

    26 days ago
    For the convenience of locals & tourists, the State Bank of India of India opened a floating ATM on a houseboat in Dal Lake, Srinagar, Jammu and Kashmir. Highlights: ♦ As early as 2004, SBI took this initiative in Kerala. This is not the 1st time SBI has launched a floating ATM. The State Bank of India established a floating ATM on the ....

    Tokenization for Mobiles, Laptops and Wearables

    32 days ago
    In 2019, RBI had accepted authorized card charge networks to provide card tokenization offerings to any token requestor (i.e., third-party app provider) thru mobile phones and tablets. Now RBI has prolonged the scope of tokenization to include purchaser devices – laptops, desktops, wearables (wristwatches, bands, etc.), Internet of Things (IoT) ....

    Green and Sustainable Deposits by HDFC

    40 days ago
    HDFC Bank has announced ‘Green & Sustainable Deposits’ to guard the surroundings against local weather change. Highlights: ♦ These fixed deposits will be directed toward financing green and sustainable housing savings options and services. ♦ With a deposit length of 36-120 months, each resident and NRIs can invest in ....

    Penalty for No Cash ATM

    47 days ago
    The RBI (Reserve Bank of India) has announced the launch of the Penalty for non-replenishment of ATMs, as per which it will impose penalties on ATMs that run out of cash. Key Points: ♦ Concerned over the inconvenience caused due to the non-availability of cash in ATMs, the Reserve Bank has determined to penalise banks for failure to timely ....

    WhatsApp Banking Feature in Axis Bank

    52 days ago
    By this year, Axis Bank has crossed the milestone of over one million clients on its WhatsApp banking channel with a total request count of 6 million until now. Highlights: ♦ Axis Bank had launched banking services on WhatsApp in January 2021 and has witnessed a sturdy natural increase in its customer base for WhatsApp banking. ♦ After ....

    IndusInd Bank as Agency Bank - RBI

    55 days ago
    The IndusInd Bank was empanelled by the RBI to act as an associate degree ‘Agency Bank’. As a workplace Bank, IndusInd becomes eligible to hold out transactions associated with every kind of government-led business. This call is predicated on the run batted in guideline that authorises regular personal sector banks as the agency banks of ....

    Dukandar Overdraft Scheme by HDFC

    56 days ago
    HDFC Bank introduced the launch of an overdraft facility for small outlets in partnership with CSC SPV. Known as 'Dukandar Overdraft Scheme'. Highlights: ♦ The scheme by means of HDFC Bank is aimed at supporting shopkeepers and retailers to ease their money crunch. According to the bank, shops running for a minimum of three years ....

    Loan for Green National Highway Corridor Project

    69 days ago
    The government has signed a loan agreement with the World Bank to develop the Green National Highway Corridor. Highlights: ♦ Following the adoption of the ‘Green Highways Policy' in September 2015, the Ministry of Road Transport and Highways (MoRTH) established the National Green Highways Mission (NGHM). ♦ The Green National ....

    Retail Direct Gilt Accounts Scheme - RBI

    74 days ago
    The Reserve Bank of India (RBI) has announced a scheme that will allow retail investors to open retail direct gilt accounts (RDG) directly with the central bank. Highlights: ♦ In February 2021, the RBI Retail Direct facility was announced as part of ongoing efforts to increase retail participation in government securities. ♦ A "Gilt ....

    Penalty For Punjab And Sind Bank - RBI

    85 days ago
    The RBI (Reserve Bank of India) imposed a Rs 25 lakh penalty on Punjab and Sind Bank for non-compliance with positive provisions of directions on ‘Cyber Security Framework in Banks. The state-owned bank had suggested a few cyber incidents to the RBI on May sixteen and twenty, the central bank said while giving details. Accordingly, the central ....

    Interest Rates on Small Saving Schemes

    89 days ago
    For the July–September quarter, the government may lower interest rates on small savings schemes. A reduction in small savings rates at this point would harm households even more as inflation rises. About Small Saving Schemes/Instruments: ♦ They are the most important source of household savings in India, with a total of 12 instruments. ♦ ....

    Prepaid Gift Card by LIC IDBI Bank

    101 days ago
    LIC Cards Services (LIC CSL) launched a new contactless prepaid gift card, named ‘Shagun’, in collaboration with IDBI Bank on the RuPay platform. The motive of this prepaid card is to amplify the gift card market with an intent to promote cashless approaches of gifting and existing a extensive vary of end-use choices & in a future foray ....

    Global Economic Prospects Report by World Bank

    106 days ago
    The World Bank published its June 2021 Global Economic Prospects. It predicts that India's GDP will grow by 8.3 percent in 2021-22. The Indian economy is expected to grow at a rate of 7.5 percent in 2022-23 and 6.5 percent in 2023-24. Highlights: ♦ The global economy is expected to grow at a rate of 5.6 percent, the fastest rate of ....

    Raising and Accelerating MSME Performance Program

    106 days ago
    The World Bank has approved a USD 500 million programme to assist in the growth of India's MSME sector. The programme is known as the Raising and Accelerating Micro, Small, and Medium Enterprise (MSME) Performance (RAMP) Program. This is the World Bank's second investment in this sector. The USD 750 million MSME Emergency Response Program was ....

    Bimonthly Monetary Policy of RBI

    108 days ago
    The RBI made several announcements while unveiling its Bimonthly Monetary Policy. Highlights: ♦ Policy Rate Unchanged: The policy rate remained unchanged at 4% for the sixth time in a row, while the reverse repo rate remained at 3.35 percent. ♦ Growth Prospects downsized: Due to the uncertainties caused by the second wave of COVID-19, ....

    RBI Cancels Licence of Shivajirao Bhosale Sahakari Bank

    118 days ago
    The Indian Reserve Bank has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank. Highlights: ♦ The financial institution ceases to lift on banking business, impacting the shut of enterprise on May 31. The bank does now not have ample capital and earning prospects. As such, it does now not comply with the provision of the ....

    Money Withdrawal from Online Wallets Through ATM Permitted

    129 days ago
    Money stored in online wallets such as Amazon Pay, Ola Money, Mobikwik, Phone Pe, Delhi Metro Card, and others can now be withdrawn using an ATM or a Point of Sale Terminal. Highlights: ♦ The Reserve Bank of India has authorised cash withdrawals of up to Rs. 2,000 per transaction, with a maximum limit of rupees. 10,000 per month. ♦ ....

    Google Pay Customers in the US Can Now Transfer Money to India

    136 days ago
    Alphabet Inc's Google has announced foreign money transfer agreements with remittance firms Wise and Western Union Co. Highlights: ♦ Google Pay users in the USA can now send money to app users in India and Singapore, with plans to extend to the 80 countries supported by Wise & 200 countries supported by Western Union by the last of ....

    Punjab National Bank Launched [email protected]

    162 days ago
    Punjab National Bank (PNB) has launched a digital initiative “[email protected]” beneath which every transaction undertaken by means of a financial institution branch will be initiated and accepted by means of customers themselves. This facility will allow the customers to avail all banking offerings below one roof. Highlights: ♦ On its ....

    Punjab National Bank Launched [email protected]

    162 days ago
    Punjab National Bank (PNB) has launched a digital initiative “[email protected]” beneath which every transaction undertaken by means of a financial institution branch will be initiated and accepted by means of customers themselves. This facility will allow the customers to avail all banking offerings below one roof. Highlights: ♦ On its ....

    Government and Reserve Bank of India Cooperate to Privatize Banks

    231 days ago
    Union Finance Minister Nirmala Sitharaman addressed business leaders, chartered accountants and tax professionals in Mumbai that the central government will work with the Reserve Bank of India (RBI) to implement the bank privatization plan. Highlights: ♦ The minister further stated that the centre has not yet planned to establish any bank ....

    RBI Trend and Progress Report Provides the Performance Of The Banking Sector

    271 days ago
    The Reserve Bank of India's trend and progress report provides information on the banking industry's performance. This includes non-bank financial institutions and cooperative banks. Highlights: ♦ The report also provides views on the development prospects of India's financial industry. The report is statutory compliance with ....

    RBI December Montary Policy, Rates kept unchanged

    297 days ago
    The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has kept the Repo rate unchanged in the December policy. The repo rate currently stands at 4%. The Reverse Repo rate is maintained at 3.35%. Also, the Marginal Standing Facility and Bank Rate also remain unchanged at 4.25%. The MPC announced this in view of reviving growth and mitigate ....

    RBI to move to NGTA for managing forex, gold reserves

    351 days ago
    The Reserve Bank of India (RBI) has decided to move to the Next Generation Treasury Application (NGTA) for managing India's foreign exchange and gold reserves in order to improve its functioning. Highlights: ♦ With this introduction, the NGTA will be a web-based application providing scalability, maneuverability and flexibility to introduce ....

    NABARD launched Structured Finance and Partial Guarantee Programme

    398 days ago
    National Bank for Agriculture and Rural Development (NABARD) has unveiled a Structured Finance and Partial Guarantee Programme to Non-Banking Finance Companies (NBFCs) and Microfinance Institutions (MFIs). It is a dedicated debt and credit guarantee product. The programme aims to ensure the undisturbed flow of credit in COVID-19-affected rural areas. ....

    ADB approves USD 3 million to India to fight against COVID-19 pandemic

    424 days ago
    Multilateral funding agency Asian Development Bank (ADB) has approved a $3 million (about Rs.22 crore) grant to India from its Asia Pacific Disaster Response Fund. They further support the government's emergency response to the COVID-19 pandemic. The grant is financed by the Japanese government. The funds will be used to procure thermal scanners ....

    RBI - REPO points downs by 135

    444 days ago
    From February 2019 till COVID-19 began, the Reserve Bank of India ( RBI) has cut the repo rate by 135 basis points. That was shared by RBI Governor Shaktikanta Das while delivering his keynote address on July 11, 2020 at the 7th SBI Banking & Economics Conclave. Covid - 19's Adverse Effect on REPO Points The RBI Governor said repo rate has ....

    RBI to conduct OMO to boost liquidity

    455 days ago
    The Reserve Bank of India (RBI) has announced that is is to conduct special "Open Market Operations (OMO)" on 2 July 2020. The aim is to pump up liquidity in the financial system. Highlights: ♦ RBI's special OMO session will see the simultaneous purchase and sale of government securities for Rs.10,000 crore. ♦ RBI will ....

    ADB, India sign USD 177 million loan for state road improvements in Maharashtra

    487 days ago
    The Asian Development Bank (ADB) and the Government of India signed a $177 million loan to upgrade 450 kilometers of state highways and major district roads in Maharashtra. Highlights: ♦ The project aims to improve connectivity between rural areas and urban centers in Maharashtra. It will enable rural communities to better access markets, ....

    RBI cuts repo rate to a record low by 40 bps

    494 days ago
    The Reserve Bank of India (RBI) cuts repo rate by 40 basis points (bps) to 4% from 4.4% on 22 May. The Central Bank also adjusted the reverse repo rate to 3.35% from 3.75%. The announcement was made by RBI Governor Shaktikanta Das. Highlights: ♦ The repo reduction marked the lowest repo rate or the key interest rate at which the RBI lends ....

    RBI announced Rs.15,000 crore LoC to EXIM Bank to raise its resources

    494 days ago
    The Reserve Bank of India (RBI) announced Rs.15,000 crore line of credit (LoC) to the Export-Import Bank of India (EXIM) on 22 May. The move by RBI is to help the sagging foreign trade. EXIM Bank depends on foreign currency borrowings for its operations. The Bank has failed to raise the resources due to the COVID-19 pandemic. Highlights: ♦ ....

    NABARD released Rs.20,500 crore to co-operative banks, RRBs

    497 days ago
    National Bank for Agriculture and Rural Development (NABARD) released Rs.20,500 crore to co-operative banks and regional rural banks (RRBs) for on-lending. The disbursement to RRBs and Co-operative banks is the part of Rs.25,000 crore of special refinance plan which was approved by the Reserve Bank of India (RBI) to RRBs, Co-operative banks and Microfinance ....

    IMPS transfers in April dive to 2-year low due to lockdown

    505 days ago
    Data from the National Payments Corporation of India (NPCI) stated that April Immediate Payment System (IMPS) numbers have reduced to a two-year low. The dive in the retail interbank transfers is due to the COVID-19 lockdown. Highlights: ♦ Transactions using the IMPS platform in April stood at 12.2 crore, while 24.7 crore transactions were ....

    SC places cooperative banks under Sarfaesi Act on a par with other lenders

    506 days ago
    The Supreme Court (SC) brought cooperative banks under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act of 2002 (Sarfaesi Act) that empowers lenders to seize and sell defaulters’ assets. Sarfaesi Act: ♦ The move by the apex court aims to boost the cooperative banks that play a vital role in financial ....

    SBI reduces benchmark lending rate by 15 basis points

    507 days ago
    State Bank of India (SBI) slashed the benchmark lending rate by 15 basis points (bps). With the newly announced cut, the MCLR (Marginal Cost of Funds based Lending Rate) reduced to 7.25%, from 7.40% with effect from 10 of May. SBI Wecare Deposit: ♦ As a measure to safeguard the interests of senior citizens, the bank has introduced a new product ....

    Finance Minister launched INR-USD Futures and Options contracts in the International Exchanges at GIFT-IFSC

    508 days ago
    Union Minister for Finance and Corporate Affairs Nirmala Sitaraman launched INR-USD Futures and Options contracts on the two International Exchanges, namely BSE's India INX and NSE's NSE-IFSC, at GIFT International Financial Services Centre (IFSC) at Gandhinagar through video conference on 8 May. Background: ♦ The launch of INR-USD ....

    RBI extends regulatory benefits announced under SLF-MF

    516 days ago
    The Reserve Bank of India (RBI) extended the regulatory benefits announced under the special liquidity facility for mutual funds (SLF-MF) scheme to all banks, irrespective of whether they avail funding from RBI or deploy their own resources under the scheme. Highlights: ♦ Any bank that meets with the liquidity requirements of mutual funds ....

    GoI, ADB signs USD 1.5 billion to figainst COVID-19 pandemic

    518 days ago
    The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan that will support the government's response to the novel coronavirus disease (COVID-19) pandemic. Highlights: ♦ The loan focuses on immediate priorities including disease containment and prevention, and social protection for the poor and economically ....

    RBI announced Rs.50,000 crore liquidity for Mutual Funds

    519 days ago
    The Reserve Bank of India (RBI) announced Rs.50,000 crore liquidity support for Mutual Funds (MFs) on 27 April 2020. It approved the funds under the special liquidity facility scheme effective from 27 April. RBI's move comes after Franklin Templeton's decision to close 6 debt funds and put redemptions on hold indefinitely. Highlights: ♦ ....

    Finance Minister attended 5th Annual Meeting of Board of Governors of NDB

    525 days ago
    Union Minister of Finance & Corporate Affairs Nirmala Sitharaman participated in the 5th Annual Meeting of Board of Governors of New Development Bank (NDB) through video-conference in New Delhi on 20 April. Conference Highlights: ♦ NDB's efforts to deliver its mandate successfully by taking a more sustainable and inclusive approach ....

    RBI announced 2nd set of measures to preserve financial stability

    529 days ago
    The Reserve Bank of India (RBI) has announced the second set of measures to preserve financial stability and help put money in the hands of the needy and disadvantaged during the extended lockdown due to the COVID-19 crisis. The information was announced by the RBI Governor Shaktikanta Das. Aim: The move by the Central Bank aims to maintain adequate ....

    RBI released 49th round of OBICUS

    529 days ago
    The Reserve Bank of India (RBI) released the 49th round of quarterly OBICUS (Order books, inventories, and capacity utilization survey) of the manufacturing sector. The survey includes the reference period January-March 2020. OBICUS: ♦ The OBICUS survey will provide valuable input for monetary policy formulation. ♦ The Central Bank ....

    ADB announced USD 2.2 billion to support India to combat coronavirus pandemic

    536 days ago
    Asian Development Bank (ADB) has announced that it is to fiund $2.2 billion (about Rs.16,500 crore) support to India in its fight against the COVID-19 pandemic. ADB is committed to supporting India's emergency needs. Aim: ♦ It aims to help the health sector of India and to help alleviate the economic impact of the pandemic on the poor. ....

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