Banking & Finance Current Affairs 2019 - Current Affairs Today

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Updated:25-06-2019 16:13:57
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  • RBI Deputy Governor Viral Acharya resigned

    5 hours ago
    The Reserve Bank of India’s (RBI) Deputy Governor Viral Acharya resigned six months before the scheduled end of his term He returned to New York University Stern School of Business (NYU stern) as CV Starr Professor of Economics. He submitted a letter to RBI he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019. He joined RBI on January 23, 2017.  He leave the central bank on December 10, 2018 He is in charge of the Financial Stability Unit, Monetary Policy Department, Department of Economic and Policy Research, Financial Markets Operation Department. About Reserve Bank of India Established:1 April 1935 Headquarters: Mumbai, Maharashtra, India Governor: Shaktikanta Das

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    Canara Bank decided to grant only three free cash deposits of up to Rs 50,000

    2 days ago
    Cash deposits in Canara Bank accounts of up to Rs. 50,000 are free for 3 transactions in a month, and then there will be a service charge of ₹1 per thousand, with a minimum of ₹50 and a maximum of ₹5,000-plus GST. This will be effective from July 1. The bank, however, gives five free cash withdrawals for saving banks (SB) accounts. However, senior citizen and Jan Dhan holders are exempt from the new levy. This move coincides with transaction charges on National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) being waived off complying with RBI guidelines from July 1. SBI charges Rs 5 for the fifth withdrawal and Rs 50 as charges for the fourth cash deposit and thereafter. About Canara Bank: Founded: 1 July 1906 Founder: Ammembal Subba Rao Pai Headquarters: Bengaluru Chairman: T.N. Manoharan Tagline: Together we can

    RBI panel on MSMEs suggested Rs 20 lakh collateral-free loan under Mudra Scheme

    2 days ago
    Reserve Bank of India (RBI) expert committee on Micro, Small and Medium Enterprises (MSMEs) headed by the former Securities and Exchange Board of India (SEBI) Chairman U K Sinha, has recommended doubling the capital on collateral-free loans from the current Rs 10 lakh to Rs 20 lakh, for borrowers falling under the Micro Units Development and Refinance Agency (MUDRA), self-help groups, and MSMEs. According to the 2006 definition, manufacturing units with investment below Rs 25 lakh were termed micro, those between Rs 25 lakh and Rs 5 crore termed small, and from Rs 5 crore to Rs 10 crore medium. For service units, the corresponding amounts were up to Rs 10 lakh for micro, Rs 10 lakh-2 crore for small, and Rs 2 crore-5 crore for medium enterprises. About Mudra Scheme: The Pradhan Mantri Mudra Yojana (PMMY) was launched on April 8, 2015 by Prime Minister Narendra Modi. The loans are given to non-corporate, non-farm small and micro enterprises. In 2018-19, about 60 million loans worth Rs 3 trillion were sanctioned under Mudra. Under the scheme, collateral-free loan of up to ₹10 lakh falls under three categories - Shishu, Kishore and Tarun. Shishu accounts for loans of up to ₹50,000, while ₹50,001 to ₹5 lakh are disbursed under Kishore. The third category is for loans of ₹5-10 lakh.



    IndusInd Bank to merge with Bharat Financial Inclusion on July 4

    22 June 2019
    Private sector lender IndusInd Bank and Bharat Financial Inclusion Ltd (BFIL) announced their merger which will be effective from July 4. The National Company Law Tribunal on June 10, 2019 approved the Scheme of Arrangement among BFIL, IndusInd Bank and Induslnd Financial Inclusion and their respective shareholders and creditors. BFIL's current CEO MR Rao will take charge as CEO of IndusInd Financial Inclusion, which will house the Business Correspondent undertaking of BFIL. About IndusInd Bank: Founded: 1994 Founder: S. P. Hinduja Owner: Hinduja Group Headquarters: Mumbai CEO: Romesh Sobti About BFIL: Bharat Financial Inclusion Limited (BFIL) is a non-banking finance company, licensed by the Reserve Bank of India. Founded: 1998 Founder: Vikram Akula Headquarters: Hyderabad

    Bangladesh emerged as the fastest economy in Asia-Pacific: Asian Development Bank

    21 June 2019
    According to the Asian Development Bank (ADB), Bangladesh emerged as the fastest growing economy among the 45 countries of the Asia-Pacific region.  Higher public sector investment, stronger consumption demand, revival in exports, improved power supply and higher growth in private sector credit were the key factors of the high growth performance of Bangladesh. Bangladesh registered a growth rate of 7.9%.  They predicted that the growth will be 8% in the next financial year 2019-20. About Bangladesh:  Capital: Dhaka  Currency: Bangladeshi taka  Headquarters: Mandaluyong, Manila, Philippines  Prime Minister: Sheikh Hasina Asian Development Bank (ADB)  President: Takehiko Nakao  

    Indiabulls Housing Finance Ltd has appointed Naveen Uppal as the Chief Risk Officer

    19 June 2019
    Indiabulls Housing Finance Ltd has appointed Naveen Uppal as the Chief Risk Officer (CRO). The appointment complied with norms of National Housing Bank (NHB), the housing finance sector regulator. His appointment will be for a period of three years with effect from June 17, 2019. He will be directly reporting to the managing director and CEO of the company. RBI's norm: The appointment comes after the announcement made by RBI on 16 May which said that all non-banking financial companies (NBFCs) with assets of more than ₹5,000 crore to appoint a chief risk officer (CRO). RBI’s move was in the wake of ongoing rating downgrades of non-banks which has raised fears of another liquidity crisis.  Mr.Uppal: Uppal has over 23 years of experience in operations, audit and credit risk within the finance industry. He has been associated with Indiabulls Housing Finance for 12 years and presently heads risk and compliance. He was also associated with ICICI Bank as its zonal operations head Indiabulls Housing Finance Ltd:  ♦ Founded on: January, 2000     ♦ Headquarters: Gurgaon, India ♦ Chairman and Founder: Sameer Gehlaut ♦ Vice Chairman and MD: Gagan Banga ♦ Indiabulls Housing Finance Ltd. (IBHFL) is India’s second largest housing finance company, regulated by the National Housing Bank (NHB).  ♦ It was rated the 13th largest consumer finance company worldwide by Forbes Global 2000 in June 2018.

    RBI sets up a committee to review the current framework for the MSME sector

    19 June 2019
    The Reserve Bank of India had set up an eight-member expert committee under the leadership of former chairman of SEBI, UK Sinha on 18 June 2019. The aim is to review the current framework for the MSME sector.  Members of the committee: 1)Head: UK Sinha, former chairman of SEBI Other members: 2)Ram Mohan Mishra, development commissioner for MSME 3)Pankaj Jain, Joint secretary at the department of financial services  4)PK Gupta, SBI managing director  5)Anup Bagchi, ICICI Bank executive director  6)Professor Abhiman Das, IIM- Ahmedabad  7)Sharad Sharma, Ispirit Foundation founder  8)Bindu Ananth, Dvara Trust chairperson  Purpose of the committee: The expert committee was set up to: ♦ suggest a long-term solutions for the economic and financial sustainability of the micro, small and medium enterprises ♦ to study the impact of the recent economic reforms on the sector  ♦ to identify the structural problems affecting its growth ♦ to submit the report analysis by the end of June Upon reviewing the existing MSME focused policies and their impact, the committee will propose measures for leveraging technology in accelerating growth of the sector apart from recommending the global best practices. The setting up the expert committee was announced by RBI at the December 2018 monetary policy announcement.

    RBI imposes Rs.1 crore penalty on HDFC for violating its norms

    19 June 2019
    The Reserve Bank of India (RBI) imposed Rs.1 crore penalty on private sector lender HDFC Bank for violating know your customer (KYC) and anti-money laundering (AML) norms. The penalty was imposed on 18 June 2019. Reason: RBI had received a reference from customs’ authorities regarding submission of forged bill of entries (BoEs) by certain importers to the bank for remittance of foreign currency. RBI's examination revealed the violations of the RBI directions on KYC/AML norms and on reporting of frauds. RBI said that the penalties are based on deficiencies in regulatory compliance. Also it is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers. RBI said that a notice was issued to HDFC Bank on why monetary penalty should not be imposed for non-compliance with the directions. The fine was imposed on HDFC after considering HDFC Bank's reply, oral submissions made during the personal hearing and additional submission made. RBI imposed the penalty in exercise of powers vested to it under the provisions of Section 47A(1)(c) with Section 46(4)(i) of the Banking Regulation Act, 1949.  

    PM Narendra Modi is likely to meet chief executives of Indian banks on 21 June

    18 June 2019
    Prime Minister Narendra Modi is likely to meet chief executives of Indian banks on June 21. He is to discuss a blueprint for the banking sector for the next five years in terms of growth and consolidation amid a slowing economy and a crisis in the shadow banking sector.  The Finance Ministry held discussions with bank chiefs on improving lending to micro, small and medium enterprises, agriculture and other productive sectors of the economy, and also on ease of doing business. The Ministry has also held discussions with banks on the ongoing crisis in non-banking financial sectors as NBFCs are facing liquidity crunch following the debt default by IL&FS. The country’s GDP growth has been slowed to 5.8% in the January-March 2019 quarter. It might drag down the full-year growth to a 5-year low of 6.8%. This has impacted the productive sectors of the economy.


    J&K Bank is now under the purview of RTI Act and CVC guidelines

    17 June 2019
    The Jammu and Kashmir Bank is now under the purview of Right to Information Act and Central Vigilance Commission (CVC) guidelines. The decision was taken by the Board of Directors of the Jammu and Kashmir Bank. The move will ensure greater transparency and accountability. The decision is after the removal of Parvez Ahmed as the Chairman of the J&K Bank. He was accused of alleged corruption, nepotism and favouritism.  Being a government-owned bank, the bank without any choice is to be under RTI. It has been registered under the companies act as a government company. The bank is expected to be brought under the RTI and CVC guidelines by the end of June. J&K Bank: Founded on: 1 October 1938 Headquarters: Srinagar, Jammu and Kashmir Interim Chairman: RK Chibber J&K Bank was the first bank in the country to emerge as a state–owned bank. CVC: Central Vigilance Commission (CVC) is an apex Indian governmental body created in 1964 to address governmental corruption.  RTI: Right to Information Act provides for setting out the practical regime of the right to information for citizens and replaces the erstwhile Freedom of information Act, 2002. A citizen of India can go for filing an RTI at any point in time whenever he wants to seek any information regarding any government organization, or its any ongoing program, any public authority, etc.

    RBI directed all the banks to grout ATMs to a structure to enhance security

    16 June 2019
    The Reserve Bank of India has asked the banks to ensure their ATMs are grouted to a wall, pillar, or floor by the end of September month, except those installed in high secured premises such as airports. The announcement comes with an aim to enhance security of the cash vending machines.  The ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks. All banks can also roll out a comprehensive e-surveillance mechanism at the ATMs. This will ensure timely alerts and quick response. Committee on Currency Movement (CCM): The RBI had set up a Committee on Currency Movement (CCM) in 2016. The committee was asked to review the entire gamut of security of treasure in transit and submit reports regarding that. As per the the recommendations suggested by the panel, the Reserve Bank of India has now issued the instructions aimed at mitigating risks in ATM operations and enhancing security. 

    India's FDI Inflows during the five fiscal years of the Modi Govt hit to $42 billions

    15 June 2019
    India turned out to be the sub region’s largest recipient receiving foreign direct investments worth $42 billion in 2018. The investment in India billion with strong inflows in manufacturing, communication and financial services.  According to the report, FDI inflows have increased by 3.5% to $54 billion.  India attracted over 77% of the total foreign direct investments ultimately landed up to the South Asian region. The growth in India in cross-border merger and acquisitions (M&As) reached $33 billion in 2018 from $23 billion a year ago. Bangladesh and Sri Lanka rose to a record level, to $3.6 billion and USD 1.6 billion, respectively, while Pakistan witnessed a 27% decline in investment to USD 2.4 billion, the report read. Several countries adopted policy measures to promote and facilitate investment with India  To amend the model concession agreement on public-private partnerships in the port sector. The report highlighted that of the 5,400 special economic zones (SEZs) in the world, more than 4,000 are in developing countries in Asia.  China topped the list at 2,543 followed by Philippines (528),  India with 373, Turkey - 102, Thailand - 74 Korea 47, Malaysia - 45.

    SEBI introduced enhanced disclosure guidelines for credit rating agencies

    14 June 2019
    The markets regulator Securities and Exchange Board of India (SEBI) introduced enhanced disclosure guidelines for credit rating agencies (CRA). SEBI asked the rating companies to disclose the probability of default for the issuers they rate, troubled by the raters’ track record of detecting defaults or near-defaults. Reason for the move: Since the global financial crisis in 2008, the credibility of the rating agencies has been eroding because of the conflict of interest that arises from the fact that they are paid by the issuers to rate their securities and for their failure to downgrade troubled firms until they are on the verge of bankruptcy. The recent Infrastructure Leasing and Financial Services Ltd's (IL&FS) liquidity crisis among non-bank lenders in India has focused attention again on credit rating agencies. The guidelines: The rating companies must create an uniform probability of default benchmark for each rating category on their website, for one-year, two-year and three-year cumulative default rates, both for the short term and long term. They should use marginal default methodology to arrive at default rates. The methodology should be revised. This can bring the rating companies in line with global best practices and increased disclosures for liquidity and rating sensitivity factors. SEBI defined the terms that the companies should use to describe the liquidity position of issuer, that is, strong, adequate, stretched and poor. Tracking the probability of default is a step towards aligning Indian rules with global standards. The Probability of default is the likelihood of a default over a particular period.   

    IDBI Bank reduced its MCLR by 5-10 basis points to 8.95 percent

    13 June 2019
    Life Insurance Corporation of India (LIC)-owned IDBI Bank reduced its Marginal Cost of funds based Lending Rate (MCLR) by 5-10 basis points to 8.95% across various tenors with immediate effect on June 12. Against one-year MCLR most of the customer loans such as auto, personal and home loans are priced. Other Banks: The state-run Oriental Bank of Commerce (OBC) reduced its one year MCLR by 5 basis points to 8.70% on June 10. Also, Bank of Maharashtra has reduced its MCLR for one-year tenor loan by 10 basis points to 8.60%. MCLR: The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It is an internal benchmark or reference rate for the bank.

    RBI sets up 6 member panel to examine the ATM charges and fees

    13 June 2019
    The Reserve Bank of India (RBI) has set up a high-level six-member committee under IBA Chief Executive V G Kannan. The committee will examine ATM charges and fees by banks amid demands for reviewing the levies. There have been persistent demands to change automated teller machines (ATM) charges and fees as its uses are growing significantly. Panel Members: Head of the Panel: IBA Chief Executive V G Kannan The members are Dilip Asbe (CEO, NPCI), Giri Kumar Nair (CGM, SBI), S Sampath Kumar (Group Head, Liability Products, HDFC Bank), K Srinivas (Director, Confederation of ATM Industry), Sanjeev Patel (CEO, Tata Communications Payment Solutions). Purpose of Panel: The panel will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions. The committee is to review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees. Also, the panel will be assessing the entire range of costs in respect of the ATM ecosystem and make recommendations on the optimal charge/interchange fee structure and pattern.

    GST council to introduce new GST return system

    12 June 2019
    GST Council decided to introduce a new GST return system to facilitate taxpayers. The new plan is worked out to ease the transition to the new return system.  A prototype of the offline tool has already been shared on the common portal to give the look and feel of the tool to the users. The tool is the same as that of the online portal.  There are three main components to the new return  one main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2). The new return system (ANX-1 & ANX-2 only) will be available for trial for taxpayers to make themselves familiar. About GST Council  GST Council decided to introduce a new GST return system to facilitate taxpayers. A plan has been worked out to ease the transition to the new return system.  A prototype of the offline tool already shared on the common portal to give the look and feel of the tool to the users.  

    RBI to infuse Rs.15,000 crore into financial system through the purchase of government bonds

    12 June 2019
    The Reserve Bank of India is to infuse Rs.15,000 crore into the financial system through bond purchases on June 13. Why the infusion: RBI made the decision after assessing of prevailing liquidity conditions and also of the durable liquidity needs that are going forward.  RBI uses Open Market Operations (OMO) for injecting liquidity into the system through the purchase of government bonds (G-sec). Therefore, RBI is to conduct the purchase of  six G-sec under OMOs through multi-security auction using multiple price method. What is G-Sec? A government security (G-Sec) is a debt obligation of the Indian government to fund their fiscal deficit. The securities are tradable. G-sec is  issued either by the central or the state government. They are offered for short term as well as long term. Multiple price-auction In a multiple price-auction each successful bidder should pay the price stated bu the player himself. But, in case of uniform price auctions, all successful bidders should pay the cut-off price, that is, the same price at which the market clears the issue. Open Market Operations:  Open market operations (OMO) refers to the buying and selling of government securities by the central bank, RBI in case of India, in the open market in order to contract or expand the amount of money in the banking system. The purchase of the securities will inject money into the banking system and stimulate growth, while sales of securities do the opposite and contract the economy.

    State Bank of India introduces Repo Rate-Linked Home Loan

    11 June 2019
    State Bank of India introduced repo rate-linked home loans.  SBI, the country's largest bank by assets home loans linked to the repo rate from July 1, 2019.  There are 10 key new facts, repo rate-linked SBI home loan: Key interest rate reduced to 5.75 Repo rate-linked home loan will make changes in the key interest rate by the central bank would be passed on directly to the customers.  Interest rates applicable to regular home loans are decided by the commercial banks on a time basis. The Reserve Bank of India on several occasions in the past few months urged the commercial banks to transmit the rate cuts to the public. State Bank of India benefit from the latest reduction in the repo rate has been passed fully to cash credit account and overdraft customers with limits of over Rs. 1 lakh. After the move, the effective repo-linked lending rate (RLLR) for a cash credit and overdraft customers will be 8 percent. These changes will also take effect on July 1. The Reserve Bank of India's Monetary Policy Committee (MPC)lowered the repo rate by 25 basis points and switched to an "accommodative" stance from "neutral". The decision by the RBI to ease the monetary policy follows official data last month showing India lost its status as the fastest growing major economy to China. RBI reduced the repo rate each in its policy reviews in February and April. SBI has a share of around 35 percent in home loans and auto loans.

    Reserve Bank of India imposed 2 crore penalty on Kotak Mahindra Bank

    10 June 2019
    Reserve Bank of India (RBI) imposed a penalty of ₹2 crore on Kotak Mahindra Bank for not furnishing information about the dilution of promoter shareholding. The penalty imposed in exercise of powers vested in it under the provisions of the Banking Regulation Act, 1949. It is mainly based on the deficiencies in regulatory compliance  It is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank. The bank failed to comply and a show cause notice was issued to the bank as to why penalty should not be imposed for non-compliance with the said directions. Uday Kotak recently told the Bombay High Court he was in full compliance of the RBI rules and the regulator had never communicated to the promoters on the matter of shareholding.  About Reserve Bank of India Headquarters: Mumbai, Maharashtra, India Established: 1 April 1935 Governor: Shaktikanta Das

    Jammu and Kashmir government appointed RK Chibber as interim chief of J&K Bank

    10 June 2019
    Jammu and Kashmir government removed Jammu and Kashmir (J&K) Bank Chairman Parvez Ahmad. They decided to take long term measures to improve the functioning of the bank so that it becomes an example of a well managed government-owned bank. They appointed R K Chibber as interim chairman of the lender. Ahmad was appointed in 2016 as the chairman of the bank. The Vigilance Organisation made 1,200 appointments during the previous PDP-BJP dispensation in the state during Ahmad's tenure as chairman of the bank. Jammu and Kashmir Bank decided to take long term measures to improve the functioning of the bank and it becomes a shining example of a well managed government-owned bank. Last year the Governor-led State Administrative Council (SAC) approved the proposal for treating Jammu and Kashmir Bank Limited as a public sector undertaking (PSU) and to make it to the state legislature from its employees. The government will re-examine the issue of accountability. About J and K Bank  Headquarters: Srinagar Revenue: 7,178.66 crores INR (US$1.0 billion) Owner: Government of Jammu and Kashmir (59%) Interim Chairman: RK Chibber

    ICICI Bank launches centre for MSMEs in Bengaluru

    9 June 2019
    ICICI Bank launched a centre in Bengaluru to provide business solutions exclusively to start-ups and MSME sector. ICICI Bank along with Viral Rupani, Retail Business Head South, ICICI Bank inaugurated the centre. The services offered include working capital loans upto ₹20 crore, business loans (based on GST returns) upto ₹1 crore, instant overdraft facility of ₹15 lakh, extensive trade solutions and cash management services, among others. The centre has a legal and valuation desk to assist customers in resolving challenges pertaining to collaterals offered for various loans. About ICICI Bank Industry: Banking, Financial services Headquarters: ICICI Bank Towers, Bandra Kurla Complex, Mumbai, India

    RBI scraped NEFT, RTGS transaction charges, banks to pass on benefits

    9 June 2019
    The RBI removed transaction charges levied by it for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems to boost digital transactions. The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh. The State Bank of India (SBI) currently charges between Re 1 and Rs 5 for NEFT transactions and between Rs 5 and Rs 50 for RTGS.

    RBI reduces interest rates by 25 basis points to 5.75 percent

    7 June 2019
    The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) reduced interest rates by 25 basis points to 5.75% with immediate effect amid slowing economic growth and rising global uncertainty, for the 3rd time in a row.  RBI Governor Shaktikanta Das announced it in the second bi-monthly monetary policy statement for 2019-20.  The last time the RBI had to cut rates three times in a row was in 2013.  Repo rate reduction: The reduction is expected to: provide cheaper loans for home and car buyers the EMIs on home and auto loans, and reduce the debt repayment burden on corporates the benchmark BSE Sensex was trading 333.32 points, or 0.83%, lower at 39,750.22, and the broader Nifty fell 114.35 points, or 0.95%, to 11,907.30 it will ensure that the present surplus liquidity situation will sustain make government remain broadly fiscal-prudent RBI will be issuing draft guidelines for on tap licensing of small finance banks by the end of August 2019. RBI has decided to waive off RTGS and NEFT charges for the promotion of digital transactions. RBI has announced that a committee will be formed to look into ATM charges RBI has revised the Consumer Price Inflation forecast for the first half of the fiscal year 2019-20 to 3-3.1% from 2.9-3% earlier, while the projection for the second half stands revised to 3.4-3.7% from 3.5-3.8% earlier. The decisions of RBI are to achieve the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2 percent while supporting growth. Even after RBI's reduction in repo rate by 50 basis points to 6% since February, bank lending rates, on an average, have declined by only 5 basis points. What is repo rate? It is the rate at which the central bank of a country, that is RBI, lends money to commercial banks in the event of any shortfall of funds. The monetary authorities use this to control inflation. The banks can borrow money for about 7 to 14 days from the Reserve Bank of India. Policy rates and Reserve ratios: Policy Repo Rate: 5.75% Reverse Repo Rate: 5.50% Marginal Standing Facility Rate: 6.00% Bank Rate: 6.00% CRR: 4% SLR: 19.00%

    Indian microfinance sector is expected to register a more than 30 percent

    6 June 2019
    The industry body Sa-Dhan reported that the Indian microfinance sector is expected to register a more than 30% year-on-year growth to Rs.90,000 crore in 2018-19. The total gross loan portfolio (GLP) for the sector stood at Rs.68,789 crore in 2017-18.  The industry body report based on the data collected from 128 microfinance institutions, the GLP had already touched Rs.75,476 crore. However, this would rise to more than Rs.90,000 crore by the time the consolidated industry figures come out. The average loan ticket size for the sector at Rs.34,010 against Rs.29,902 in 2018. The average of only NBFC-MFIs in 2019 is Rs.27,661. The combined microcredit disbursement of all microfinance companies during the January-March 2019 quarter was Rs.67,581 crore, led by banks with Rs.27,261 crore or 40.34% share, followed by NBFC-MFIs with Rs.25,544 crore, or 37.8% share, small finance banks with Rs.9,761 crore, NBFCs with Rs.4,196 crore and Not for Profit MFIs with about Rs.816 crore. The report also stated that the top 7 States in terms of loan portfolio were Karnataka, Bihar, Uttar Pradesh, West Bengal, Odisha, Tamil Nadu, and Maharashtra.

    Bank Fraud touched unprecedented Rs 71,500 Crore in 2018-19: RBI

    5 June 2019
    The Reserve Bank of India has revealed that over 6,800 cases of bank fraud involving an unprecedented ₹71,500 crore were reported in 2018-19. This is 74% higher than the amount involved in 5,916 such cases reported in 2017-18. Anti-corruption watchdog Central Vigilance Commission (CVC) made an analysis and reported on top 100 frauds. The bank frauds were categorised and analysed for 13 sectors, including gem and jewellery, manufacturing and industry, agriculture, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort. Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are also probing big-ticket bank fraud cases. In 2018, CBI booked former Aircel promoter C Sivasankaran, in connection with a Rs 600-crore loan fraud in the IDBI. MD and CEO of Indian Bank, Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank, Melwyn Rego (then deputy managing director in IDBI Bank) along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI.

    RBI initiated Financial Literacy Week 2019 is observed from 3 to 7 June

    4 June 2019
    Financial Literacy Week 2019 is being observed from 3 June to 7 June. It is an annual initiative by the Reserve Bank of India (RBI) to promote awareness of key topics through a focused campaign.  Theme:  The theme of Financial Literacy Week 2019 is 'Farmers'. The FL Week would focus on farmers as the target group with the primary theme being "responsible borrowing and agricultural finance". It also focuses on how they can benefit from being a part of the formal banking system.  The aim of the initiative is to create awareness about financial products and services, good financial practices, going digital and consumer protection.  RBI's Financial Education Initiative includes: 1. The FAME (Financial Awareness Messages) booklet- which provides basic financial literacy messages for information of the general public. 2. It has developed tailored financial literacy content for five target groups' namely Farmers, Small entrepreneurs, School children, Self Help Groups and Senior Citizens. The content can be used by the trainers in financial literacy programmes. 3. RBI has designed Audiovisuals on Basic Financial Literacy, Unified Payments Interface (UPI) and Going Digital for the benefit of the general public on topics relating to Financial Literacy.

    Overseas investors pump over Rs 9,000 crore into Indian capital markets in May

    4 June 2019
    Overseas investors pumped more than 9,000 crore rupees into the Indian capital markets last month on expectations of more business-friendly measures. According to the latest depositories data, Foreign Portfolio Investors (FPIs) around 7,920 crore rupees into equities and 1,111 crore rupees in the debt market during the second to-31st of May. They took the cumulative investment to around 9,031 crore rupees.  They invested a net 16,093 crore rupees in April, 45,981 crore rupees in March and 11,182 crore rupees in February in the capital markets (both equity and debt). About foreign portfolio investment  A foreign portfolio investment is a grouping of assets such as stocks, bonds, and cash equivalents.  Portfolio investments are held directly by an investor or managed by financial professionals.

    ADB and MIGA planned to expand Development Finance in Asia and Pacific to increase the flow of private sector investment

    3 June 2019
    Asian Development Bank (ADB) and the Multilateral Investment Guarantee Agency (MIGA) agreed to expand Development Finance in Asia and Pacific to increase the flow of private sector investment. They signed a Cooperation Agreement which will be effective for 3 years from signing. This was signed in line with the 2030 Sustainable Development Goals(SDGs). The main aim is to encourage more private investment in developing countries. About MIGA: Headquarters: Washington DC, US Founded: 1988 Parent Organization: World Bank Membership: 181 countries Executive Vice President: Keiko Honda About ADB: Headquarters: Mandaluyong, Manila, Philippines President: Takehiko Nakao Founded: 19 December 1966 Membership: 68 countries

    KVB to form venture with Centrum Wealth to provide wealth management services

    3 June 2019
    Karur Vysya Bank Ltd (KVB) partnered with Centrum Wealth Management Ltd(Centrum) to form private limited Joint Venture (JV) to provide wealth management services to its clients. KVB will hold 51% of the share capital, Centrum will hold 45% and the remaining 4% will be held by the JV's Staff There will be 5 Board of Directors, of which 3 will be from the bank. ii. Centrum Wealth Management is a unit of Centrum Capital Ltd. Karur Vysya Bank is an Indian 100 years completed bank and is one of the leading banks in India, headquartered in Karur in Tamil Nadu. It was set up in 1916 by M. A. Venkatarama Chettiar and Athi Krishna Chettiar. The bank primarily operates in treasury, corporate/wholesale banking and retail banking segments. About KVB: Headquarters: Karur, Tamil Nadu Managing Director & CEO: Shri P. R. Seshadri About Centrum: Founded: 1997 • Founders: Chandir Gidwani & Khushrooh Byramjee. Executive Chairman: Jaspal Bindra

    Reserve Bank of India permitted Banks to use Aadhaar only for DBT accounts for KYC requirements

    1 June 2019
    Reserve Bank of India(RBl) permitted banks to accept Aadhaar number(Offline verification) for Know Your Customer(KYC) verification with the consent of the customers. RBI has added the 'Proof of possession of Aadhaar number' to the list of Officially Valid Documents (OVD). This was notified by the RBI in its amended Master Direction on KYC. RBI's Master Direction is a rule book that the regulated entities need to follow. The bank should obtain the Aadhaar number from the customers who receive any benefit or subsidy under Direct Benefit Transfer (DBT). For Non-DBT beneficiary customers, the Regulated Entities (REs) should obtain a certified copy of any OVD describing the details of customer's identity and address along with 1 recent photograph. Along with this, while submitting Aadhaar for Customer Due Diligence, the RES must redact or blackout the Aadhaar number as per Sub-rule 16 of Rule 9 of the amended Prevention of Money-Laundering(PML) Rules.  All the non-individual customers should submit Permanent Account Number(PAN)/Form No 60 (for companies and Partnership firms - only PAN) along with other documents. Form 60 is submitted by an individual who do not have a Permanent Account Number (PAN). About Reserve Bank Of India: Headquarters: Mumbai Governor: Shaktikanta Das Deputy Governors: BP Kanungo, N S Vishwanathan, Viral Acharya and Mahesh Kumar Jain

    Bandhan Bank plans to open 16 more branches by June

    30 May 2019
    City-based Bandhan Bank plans to open 16 more branches by June following the approval received from the Reserve Bank of India in 2018-19 to open 64 new branches. 48 branches were opened by March 2019 and the remaining branches would be opened this quarter. The Bank also plans to open a branch at Boral in South 24 Parganas and in West Bengal. Bandhan Bank: Founded: 23 August 2015 Founder: Chandra Shekhar Ghosh Headquarters: Kolkata, West Bengal Number of branches: 986 Chairman: Dr. Anup Kumar Sinha  MD & CEO: Chandra Shekhar Ghosh Bandhan Bank is the 8th largest bank in India by market capital (by March 27, 2018).

    RBI constitutes a committee for Housing Finance Securitisation Market

    30 May 2019
    The Reserve Bank of India (RBI) constituted a committee to review the existing state of mortgage securitisation in India and suggest measures to deepen it. The six-member committee on Development of Housing Finance Securitisation Market is headed by Harsh Vardhan, Senior Advisor, Bain & Co. Role of the panel: The panel will review the regulations relating to mortgage-backed securitisation (MBS) currently in place, and make specific recommendations on suitably aligning the same with international norms. It will assess the role of various counterparties, including servicers, trustees, rating agencies, in the securitisation process and suggest the steps required. MBS in India: Data from rating company ICRA showed that the securitisation volume in FY19 more than doubled as against FY18 to Rs.2 lakh crore, of which major chunk of loans sold was by housing finance companies (HFCs) to banks in order to raise funds owing to tough liquidity conditions.  The mortgage securitisation market in India is primarily dominated by direct assignments among a limited set of market participants on account of various structural factors impacting both the demand and the supply side, as well as certain prudential, legal and tax and accounting issues Mortgage-Backed Security (MBS): Mortgage-Backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages.

    RBI set up task force for secondary market in corporate loans

    30 May 2019
    The Reserve Bank of India (RBI) constituted a task force to suggest policy and regulatory interventions required for the development of a secondary market in corporate loans, including loan transaction platform for stressed assets. The six-member body, headed by Canara Bank chairman T. N. Manoharan, has been set up to review the existing state of the market for loan sale/transfer in India as well as international experience in loan trading. Role of the task force: The task force will make recommendations for the creation of a loan contract registry to remove information asymmetries between buyers and sellers, its ownership structure and related protocols such as standardisation of loan information, independent validation, and data access. The task force has been asked to submit its report by the end of August 2019. Secondary loan Market: The secondary loan market refers to the sale of loans that occurs after syndication of the original loan has been closed and allocated. It includes sales or trades of syndicated loans made by lenders in the original syndicate and those made by subsequent purchasers. Secondary loan market in India is largely restricted to Asset Reconstruction Companies (ARCs) and ad hoc sale to other lenders, including banks, and no formalized mechanism has been developed to deepen the market. A well-developed secondary market for debt will aid in the transparent price discovery of the inherent riskiness of the debt being traded. 

    Srei Equipment Finance ties up with Oriental Bank of Commerce to offer loans for purchase of equipment under a co-lending arrangement

    29 May 2019
    Srei Equipment Finance tied up with Oriental Bank of Commerce to offer loans for the purchase of equipment under a co-lending arrangement. Srei Equipment Finance is a wholly-owned subsidiary of Srei Infrastructure Finance. The funds for the project will be sourced through a platform named iQuippo, a unique digital market place of Kanoria Foundation. It will help in loan origination, loan dues collection, auction of equipment, valuation of equipment and other facilities. The co-lending arrangement will include financing of construction, mining and allied equipment, medical equipment, commercial vehicles and farm equipment. About Srei Equipment Finance Srei Equipment Finance Ltd. (SEFL) is one of the leading financiers in the Construction, Mining and allied Equipment (“CME”) sector in India, with approximately 33% market share in Fiscal 2018 and a pan-India presence across 21 states with over 90 offices.Srei demonstrated clear market differentiation through a holistic approach to providing equipment financing and leasing solutions. The equipment-centric services Srei provides includes preferred financing and leasing schemes offered in conjunction with Original Equipment Manufacturers (“OEMs”), equipment deployment assistance during project downtime, spare parts financing, exchange programme financing and used equipment financing. About Oriental Bank of Commerce: Headquarters: Gurugram, Haryana CEO: Mukesh Kumar Jain Tag line: Where every individual is committed

    Standard Chartered launched Trade A1 Engine in partnership with IBM

    29 May 2019
    Standard Chartered launched Trade A1 Engine in partnership with IBM Standard Chartered in partnership with IBM has launched the Trade A1 Engine which will automate the high risk process of trade documentation. It will enhance client experience through increased operational efficiency and strengthened operational control. This newly launched Trade A1 Engine will replace the Traditional documentary trade consisting of millions of data elements in paper-based that to be reviewed through a largely manual process. About Trade A1 Engine Conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR). The Identification and classification of document types from an initial pre-defined database. The Continuous Machine learning (ML) based on user re-classification / re-defining of data elements to further Improve accuracy. Natural Language Processing (NLP) capabilities to read and capture context from data in the documents. About IBM Headquarters: Armonk, New York, United States CEO: Ginni Rometty About Standard Chartered CEO: Bill Winters  Headquarters location: London, United Kingdom  

    RBI extended time window for using the RTGS for customer transactions

    29 May 2019
    The Reserve Bank of India (RBI) announced that the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 4:30 pm to 6 pm on all working days. It will be effective from June 1, 2019.  The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day. Transactions will now take place under three windows:  1.8 am to 11 am 2.11 am to 1 pm 3.1 pm to 6pm Charges for the transactions: There shall be no charge for transactions between 8 am and 11 am. A charge of Rs.2 will be levied on every transaction conducted between 11 am and 1 pm. Rs.5 shall be charged for every transaction between 1pm and 6pm. Reason: The decision is after a robust year-on-year increase in the number of transactions by 8% to Rs.1,335 crore in March 2019. The aggregate amount of transactions rose 12% year-on-year to ₹1,255.51 crore. In the month of April, banks and customers combined used RTGS for 1.14 crore transactions worth Rs.112 lakh crore. Real Time Gross Settlement System (RTGS): Real-Time means the processing of instructions at the time they are received Gross Settlement means that the settlement of funds transfer instructions occurs individually RTGS is an electronic form of funds transfer where the transmission takes place on a real-time basis. RTGS is considered to be fasted payment method mandated for high-value interbank transactions by the central bank.  The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs.2 lakh with no upper or maximum ceiling. The beneficiary account receives the funds transferred, on a real-time basis. Customers with Internet banking accounts can do RTGS transactions on their own.

    Corporation Bank launches Corp SME Suvidha for MSMEs

    27 May 2019
    Corporation Bank launched ‘Corp SME Suvidha’, a product for GST-registered MSMEs.  The product has been designed as part of the bank’s efforts to provide the best products to the MSME sector. PV Bharathi, Managing Director and Chief Executive Officer of the Corporation bank, launched the product in Mangaluru recently. About Corporation Bank Founded:12 March 1906 Founder: Khan Bahadur Haji Abdullah  Headquarters: Mangalore, Karnataka, India Revenue: ₹19,411.24 crore

    RBI approved Modern Currency Chests to hike the rate of service charges

    27 May 2019
    The Reserve Bank of India has announced that it is to allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs.5 per packet of 100 pieces to a higher rate subject to a maximum of Rs.8 per packet.  For this, only a currency chest (CC) that fulfills the minimum standards will be eligible to be classified as a large modern currency chest. The increased rates can be charged only after such classification by the issue office concerned. What is a Currency Chest?  Distribution of notes and coins throughout the country is done through designated bank branches, called chests. The chest is a receptacle in a commercial bank to store notes and coins on behalf of the Reserve Bank. Deposit into chest leads to the credit of the commercial bank's account and withdrawal, debit. Functions of Currency Chests:  The Functions of the Currency Chests include:  to meet currency requirement of public to withdraw unfit notes  to provide an exchange facility from one denomination to another to make payment requirement of the Government  to exchange the mutilated notes  to avoid frequent movement of cash  Apart from having its own chests at certain places, RBI also has arrangements with other banks which are entrusted with the custody of the currency notes and coins for the same purpose.  

    RBI proposes guidelines for large Non-Banking Financial Companies

    27 May 2019
    The Reserve Bank of India (RBI) released draft guidelines on liquidity risk management framework for non-banking financial companies (NBFCs) and core investment companies (CICs) with an aim to help them deal with severe liquidity problems and prevent re-occurrence of IL&FS type of debt crisis. The guidelines were released after an analysis of the recent developments in the NBFC sector. The guidelines are about: Liquidity Coverage Ratio (LCR) regime: The proposal said that a Liquidity Coverage Ratio (LCR) regime would be introduced in all deposit-taking Non-Banking Financial Companies (NBFCs) and non-deposit taking shadow banks with an asset size of Rs.5,000 crore and above in a phased manner. The LCR regime RBI will be implemented in a calibrated manner through a glide path over a period of four years commencing April 2020 and up to April 2024. High-Quality Liquid Assets (HQLA)​​​​​​: An NBFC shall maintain an adequate level of unencumbered High-Quality Liquid Assets (HQLA)​​​​​​, so that under a significantly severe liquidity stress scenario that can be converted into cash to meet its liquidity needs for a 30 calendar-day time horizon. HQLA means liquid assets that can be readily sold or immediately converted into cash at little or no loss of value or used as collateral to obtain funds in a range of stress scenarios. Asset Liability Management (ALM): The draft guidelines also cover the application of generic asset liability management (ALM) principles, granular maturity buckets in the liquidity statements and tolerance limits, liquidity risk monitoring tool and adoption of the 'stock' approach to liquidity. Asset-Liability Management Committee (ALCO): RBI also proposed that Asset-Liability Management Committee (ALCO) consisting of the NBFC's top management should be responsible for ensuring adherence to the risk tolerance/limits set by the Board as well as implementing the liquidity risk management strategy of the NBFC. Why the guidelines: Since 2018, the IL&FS crisis erupted banks have been averse in lending to this sector, which has further put NBFC's in a tight spot. There are rising concerns that NBFCs may run out of money, which will further lead to defaults. Many large NBFCs, such as DHFL and Indiabulls Finance came under severe liquidity pressure which compelled them to bring down their reliance on commercial papers (CPs). The CPS is a debt instrument which is issued by companies to raise funds for a time period of up to 1 year. As per estimates about Rs.l lakh crore of commercial papers (CPs) raised by NBFCs from investors will be coming up for redemption in the next 3 months. But since NBFCs are cash-strapped, there is a looming fear that they will default on CPs.   

    RBI Allows Modern Currency Chests To Hike Service Charges

    26 May 2019
    Reserve Bank of India announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs5 per packet of 100 pieces to a higher rate subject to a maximum of Rs8 per packet.  For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC. The increased rates can be charged only after such classification by the issue office concerned. Above Reserve Bank of India  RBI 25th Governor: Shaktikant Das, Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.

    Paytm Payments Bank turns profitable in 2nd year with 19cr profit

    25 May 2019
    Paytm Payments Bank announced it has turned profitable within its second year of operations, posting a ₹19-crore profit for the financial year 2018-19. It had reported a ₹20.7-crore loss for the financial year 2017-18. Paytm Payments Bank formally began operations in 2017 and claims to have over 19% of mobile banking transactions' market share as of March 2019. About Paytm Payments Bank Founded: 2010 Headquarters: Noida, Uttar Pradesh, India Vijay Shekhar Sharma: CEO

    ICICI Bank to buy 9.9 percent stake in BSE subsidiary INX for Rs.31 crore

    24 May 2019
    ICICI Bank said it has entered into an agreement with the BSE to buy a stake in its subsidiary INX, located at GIFT City Gujarat. It will buy a 9.9% stake in India International Exchange (INX), a wholly-owned subsidiary of Bombay Stock Exchange (BSE) for nearly Rs.31 crore. The exchange posted a loss of Rs.31 crore in 2018-19 while its total revenue stood at RS.2.25 crore. INX is located at GIFT City in Gujarat. The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs.305 million in tranches to acquire up to 9.9% shareholding in INX.  INX was incorporated in September 2016 and has posted a loss of Rs.31 crore in 2018-19. The total revenue was Rs.2.25 crore. During 2017-18, INX had earned revenues of Rs.1.14 crore, while in 2016-17 the exchange earned Rs.3,225. The stock of ICICI Bank closed 4.48% higher at Rs.407.80 on the BSE.

    RBI to create specialized supervisory and regulatory cadre within RBI

    24 May 2019
    The central board of Reserve Bank of India (RBI) approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs). The decision was taken at the RBI board meeting, which is chaired by Governor Shaktikanta Das along with deputy governors and other members of the board, held in Chennai, Tamil Nadu.   The decision is based on the recommendations of an internal committee under the current executive director in charge of NBFC supervision, Rosemary Sebastian. The objective of the Cadre: The appointment of the specialized supervisory and regulatory cadre within the RBI is to strengthen the supervision and regulation of commercial banks, urban cooperative banks and non-banking financial companies(NBFC). Board's observation: The board under the RBI Governor Shaktikanta Das reviewed the present structure of supervision in RBI in the context of the growing diversity, complexities, and interconnectedness within the Indian financial sector. It also discussed issues related to currency management and Banker to Government functions of the RBI. The board discussed the Medium-Term Strategy document, which covers RBI's Mission and Vision. The reason behind a potential overhaul of the RBI supervisory structure is expected to: - the non-bank finance crisis - failures of credit rating agencies to flag risks  - divergence in asset quality by big banks - alleged lapses on the part of auditors The move to revamp the current structure will involve consolidating the different supervisory and regulatory activities and resources under a separate division and also hiring external experts for the function. RBI plans to introduce risk-based supervision for NBFCs: The central bank is also looking to introduce risk-based supervision for NBFCs and urban cooperative banks. Currently, banks follow risk-based supervision which focusses on evaluating both present and future risks and facilitates early corrective action. In comparison, supervision of NBFCs and urban cooperative banks is less stringent. 

    ADB granted $750 mn loan to India for Railway Track Electrification Project

    24 May 2019
    Asian Development Bank (ADB) signed an agreement with Indian Railway Finance Corporation (IRFC), an entity owned by Government of India (GOI) to provide USD 750 million long-term financing for the Railways Track Electrification Project as part of a broad modernization program to reduce the dependence India's railway sector on fossil fuels.  It is the largest single non-sovereign loan ever. IRFC will use the proceeds from the loan to install electric traction equipment along about 3,378 kilometres of existing railway lines.  About IRFC:  Established in 1986. It is the financing arm of Indian Railways for mobilizing funds from domestic and international capital markets.  It is registered as a non banking finance company (NBFC).  About ADB:  Establishment: 1966  Headquarters: Mandaluyong, Philippines  President: Takehiko Nakao  Membership: 68 countries  

    HDFC Group Overtakes Tata Group As Indias Most Valuable

    23 May 2019
    HDFC group overtaken the 151-year-old Tata group to emerge as India’s most valuable by way of market capitalization (m-cap). The combined market value of the five listed companies of the HDFC group – HDFC, HDFC Bank, HDFC Life, HDFC Asset Management and Gruh Finance stood at Rs 11.66 lakh crore while the combined m-cap of 29 Tata group companies stood at Rs 11.64 lakh crore, about Rs 2,000 crore less than that of the HDFC group. About HDFC group  CEO: Aditya Puri  Headquarters: Mumbai Founded: August 1994, India Subsidiaries: HDFC securities, HDB Financial Services

    SBI has joined hands with FMCG Arm of The Art of Living Sri Sri Tattva

    23 May 2019
    State Bank of India (SBI) tied up with the FMCG arm of The Art of Living, Sri Sri Tattva under which SBl's YONO users can avail a discount of 15% on the entire range of products offered by Sri Tattva such as food, personal care, healthcare, homecare, BYOGI apparels and Shankara skincare products. YONO is an integrated digital banking platform of Sal. About Sri Sri Tattva Managing Director - Arvind Varchaswi Headquarter Bengaluru About SBI Managing Director - PK Gupta Headquarter Mumbai Tagline - With you all the way, Pure Banking Nothing Else, The Nation's banks on us.

    Karnataka Bank introduced Savings Bank product named "KBL SB Salary" for salaried class

    23 May 2019
    Karnataka Bank launched a customized product for the salaried class. The new savings bank product, KBL SB Salary has been designed with three variants namely SB Salary Executive, SB Salary Prime, and SB Salary Classic to cater the financial needs of the 'employer-employee ecosystem'. All three variants do not have the minimum balance criteria instead they have Digitally Powered features. Its major features include- No annual charge on Debit Cards, Unlimited free access to Karnataka Bank ATMs, Free Cash Deposit facility across all branches, Free Fund Transfer within the Bank, Free NEFT & RTGS through Internet and Mobile Banking, Free Outstation Cheque Collection, No Annual Fee on Demat & Trading Accounts. About Karnataka Bank: Headquarters - Mangaluru CEO - Mahabaleshwara M S Tagline - Your Family Bank, Across India

    Tripura Gramin Bank received Indias top three Regional Rural Banks (RRBs) in terms of profit, business and growth

    21 May 2019
    Tripura Gramin Bank received India’s top three Regional Rural Banks (RRBs) in terms of profit, business and growth.  Currently India has 46 Regional Rural Bank out of which Tripura Gramin Bank ranked 3rd in the country.   Tripura Gramin Bank posted a profit for 7 successive years to Rs 125.45 crore in fiscal 2018-19. The central government has a 50% stake, the Union Bank of India has 35% stake and rest 15% is held by the Tripura government. About Tripura Gramin Bank Founded    21 Dec 1976 Headquarter: Agartala Chairman: Mahendra Mohan Goswami

    HDFC Capital Advisors launched an initiative termed as HDFC Affordable Real Estate and Technology Programme (HeART)

    20 May 2019
    HDFC Capital Advisors, (a wholly-owned subsidiary of HDFC Ltd) launched an initiative termed astHDFC Affordable Real Estate and Technology Programme (HeART), the objective of which is to mentor, partner and invest in real estate technology companies which produce innovative products that aim at lowering costs and creating efficiencies in every stage of the development cycle of the affordable housing system. Due to the upcoming technology disruptions, all processes like land approvals, planning and design, construction, project management, sales and facilities management would undergo a drastic change. HDFC Capital will also be collaborating with leading academic institutions, industry platforms and accelerators which would aid in creating an ecosystem that supports various components in the development of affordable housing.

    Panel submits report on digital payments to RBI

    20 May 2019
    A Reserve Bank of India-appointed committee on ‘suggestions on promoting digital payment’. It was headed by Aadhaar architect Nandan Nilekani has submitted its suggestions on promoting Payment and Settlement Systems in India: Vision 2019 - 2021, digital payments to Governor Shaktikanta Das.  The five-member panel was encouraging digitization of payments and enhance financial inclusion through digitization.  RBI will examine the recommendations of the committee and will link the action points, wherever necessary, in its Payment Systems Vision 2021 for implementation. Panel Members: Besides Nandan Nilekani (Infosys co-founder), H R Khan (former RBI deputy governor), Kishore Sonsi (former MD and CEO of Vijaya Bank), Aruna Sharma (former secretary in ministries of IT and steel) and Sanjay Jain (chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CllE), IIM Ahmedabad).

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