Banking & Finance Current Affairs 2018 - Current Affairs Today

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  • ADB retains India FY19 growth forecast at 7.3% despite downside risks

    21 hours ago
    Asian Development Bank (ADB) in its supplement report “Asian Development Outlook (2018)” retained India’s FY19 growth forecast at 7.3% and 7.6% in FY20 despite downside risks posed by stress in the non-banking sector, limited fiscal space as well as escalating trade tensions. The country’s GDP growth moderated to 7.1 percent in the second quarter of 2018-19 from 8.2 percent in the first quarter, averaging 7.6 percent growth in the first half. India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output.

    RBI fined Indian Bank Rs 1 crore for cyber security violation

    2 days ago
    The RBI has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on Indian Bank for contravention of circular on Cyber Security Framework in banks. This penalty has been imposed in exercise of powers vested in RBI under the provisions of... the Banking Regulation Act, 1949 taking into account the failure of the bank to adhere to the aforesaid guidelines and directions issued by RBI.

    Shaktikanta Das appointed as the new RBI Governor

    2 days ago
    Former economic affairs secretary Shaktikanta Das was named the 25th governor of the Reserve Bank of India to succeed Urjit Patel, who quit abruptly on December 10 amid a bitter dispute over the regulator’s autonomy. The appointment will be for three years. He is a 1980 batch IAS officer of the Tamil Nadu cadre and is currently a member of the Fifteenth Finance Commission. Das also represents India at the G-20 in the role of a sherpa.

    Jana Small Finance Bank Launches Jana Bankable Debit Card

    2 days ago
    Jana Small Finance Bank in association with the Board of Control for Cricket in India (BCCI) launched Jana Bankable Debit Card. This card is designed for cricket fans who like deals and offers on online shopping, gym membership, health & wellness products, food delivery, music and travel on top brands like Snap Fitness, Snapdeal, Gaana.com, IXIGO, Myntra, Crocs, Puma and GrowFit. The card comes with images of the top Indian cricketers – Virat Kohli, MS Dhoni, Shikhar Dhawan, and Hardik Pandya. The Jana Small Finance Bank is the official sponsor of BCCI for all the cricket matches that are played in India.

    India and ADB Sign $31 Million Loan Agreement For Tamil Nadu

    2 days ago
    The Government of India and the Asian Development Bank (ADB) signed in New Delhi a Loan Agreement for $31 million to build-up the State Tourism Industry and boost visitor arrivals in Tamil Nadu. The signatories to the tranche 4 loan for Infrastructure Development Investment Program for Tourism (IDIPT) were Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance, who signed for the Government of India, and Mr. Kenichi Yokoyama, Country Director for ADB in India, who signed for ADB.

    RBI may introduce live video KYC for customer verification

    3 days ago
    The Reserve Bank of India may reportedly introduce new modes of customer e-verification, including live video, in financial institutions. This comes after Supreme Court struck down Section 57 of Aadhaar Act in September, thereby nullifying biometric e-KYC. RBI may introduce a digital method that would use XML internet format to extract limited information on customers from the Aadhaar database.

    PNB to sell 24 bad loan accounts to recover Rs 1,779 crore dues

    10 December 2018
    The accounts, whose e-bidding process will take place on December 21, are majorly concentrated in Mumbai, Delhi and Kolkata zones of the lender. Punjab National Bank's (PNB) gross bad loans stood at ₹81,250 crore in the July-September quarter. The bank posted a staggering loss of Rs 4,532.35 crore for the second quarter of the current fiscal on rising bad loans.

    India to retain top position in remittances with USD 80 billion:World Bank

    10 December 2018
    The World Bank has said India will retain its position as the world’s top recipient of remittances this year with $80 billion. India is followed by China, Mexico, the Philippines and Egypt, according to World Bank's Migration and Development Brief. A foreign remittance is money transferred from a foreign worker to their family or other individuals in their home countries.

    Exim Bank Extends USD 500 mn Loan To Tanzania

    9 December 2018
    Export-Import Bank of India (Exim Bank) extended a credit facility of USD 500 million to Tanzania for water supply projects in the country. Exim Bank signed an agreement in May 2018, with the Tanzania government for making available a Government of India-supported line of credit of USD 500 million for the purpose of financing water supply schemes.

    IL&FS Investment Managers board appointed Nand Kishore and Kaushik Modak as new additional directors

    8 December 2018
    IL&FS Investment Managers board approved the appointment of Nand Kishore and Kaushik Modak as additional directors in the company. They have been appointed to the board in the capacity of nominee directors of Infrastructure Leasing & Financial Service (IL&FS).

    HDFC ERGO Announces Corporate Agency Tie-up with Federal Bank

    7 December 2018
    HDFC ERGO General Insurance Company, India’s leading private sector general insurance company, and Federal Bank, announced tie-up for the distribution of HDFC ERGO’s range of non-life insurance offerings to the customers of the Bank through its network branches. This Corporate Agency Tie-up offers comprehensive Insurance solutions to customers both digitally and physically, which benefits the customers in many ways. Federal Bank’s deep-rooted presence in Southern markets allows the Company to strengthen its foothold within the region.

    Punjab Cabinet Okayed the merger of 20 District Central Cooperative Banks (DCCBs) with the Punjab State Cooperative Bank (PSCB)

    7 December 2018
    The Cooperative Department of Punjab decided to merge 20 District Central Cooperative Banks (DCCBs) with the Punjab State Cooperative Bank (PSCB). The main aim of the merger is to strengthen the state’s rural credit system and facilitate farmers taking credit from cooperative banks. The 20 DCCBs were having 804 branches across the state and were facing a loss of Rs 700 crore. With the merger, the DCCBs would now be able to use the branches of the PSCB and function like other commercial banks. The decision was taken in view of RBI guidelines, which mandate that all DCCBs should have a Capital to Risk Weighted Assets Ratio (CRAR) of 9 percent.   

    Union Government approves Rs 850 crore investment to upgrade DD AIR: Report

    6 December 2018
    Finance ministry approved Rs 850 crore investment to upgrade Doordarshan (DD) and All India Radio (AIR). The Decision came after Centre has started a manpower audit of Prasar Bharati, acting on the recommendation of an expert committee in 2014 led by Sam Pitroda Prasar Bharati ‘undertake a comprehensive manpower audit and human resources planning exercise to map workforce requirements for the future, in line with the public broadcaster’s mandate’.

    State Bank of India ropes in Swapna Barman as brand ambassador for YONO

    5 December 2018
    State Bank of India roped in Asian Games gold medalist Swapna Barman as brand ambassador for its digital app YONO(You only need one). YONO is an integrated digital banking platform offered by State Bank of India (SBI) to enable users to access a variety of financial and other services such as taxi bookings, online shopping, or medical bill payments.

    RBI to inject Rs.10,000 crore through OMO on 6th December

    5 December 2018
    The Reserve Bank of India (RBI) said it will be injecting Rs.10,000 crore into the system through the purchase of government securities on December 6 to increase liquidity. RBI’s decision is based on an assessment of prevailing liquidity conditions. The purchase will be made through Open Market Operations (OMOs). The OMO operation will help ease tight liquidity situation triggered by a series of defaults by group companies of IL&FS.  The eligible participants should submit their offers in electronic format on the RBI Core Banking Solution (E-Kuber) system. The result of the auction will be announced on the same day and payment to successful participants will be made on the following day. E-Kuber: ♦ E-Kuber is the Core Banking Solution of RBI ♦ E-Kuber provides the provision of a single current account for each bank across the country, with decentralized access to this account from anywhere-anytime using portal based services in a safe manner Core Banking Solutions (CBS): ♦ CBS refers to a centralized system established by a bank which allows its customers to conduct their business irrespective of the bank’s branch ♦ It thus removes the impediments of geo-specific transactions

    Yes Bank appoints T.S Vijayan as an independent director to the board

    4 December 2018
    Yes Bank appointed T.S Vijayan, former Life Insurance Corporation (LIC) chairman, as an independent director on the board of the private sector bank with immediate effect. The board was formed by the bank to select the successor of its MD & CEO, Rana Kapoor, whose present term ends on January 31. He was the only external member in the search and selection committee. He has been given a five-year term. Mr.Vijayan’s appointment comes after a spate of resignations from the board which raised concerns over corporate governance practices among investors. Three board members had resigned in November. With the current appointment, the board now has eight members.

    World Bank unveils USD 200 billion in climate action investment for 2021-25

    4 December 2018
    World Bank unveiled USD 200 billion in climate action investment for 2021-25, adding this amounts to a doubling of its current five-year funding. The move coincides with a UN climate summit in Katowice (Poland). The breakdown of 200 billion dollars would comprise approximately 100 billion in direct finance from the World Bank. Around one-third of the remaining funding will come from two World Bank Group agencies with the rest private capital mobilized by the World Bank Group.

    WhatsApp awaits RBI approval to expand its payment services

    3 December 2018
    WhatsApp sought Reserve Bank of India’s (RBI) approval that it can expand its payments services to all its 200 million users in India. The messaging app is waiting for a regulatory clearance to launch full-fledged payments operations in India. It has been almost two years since it first began discussions with the government on its payments services plans. The initiation comes at a time when competitors such as Google have forged ahead with their payments offerings. WhatsApp has drawn fire from the government over the spread of fake messages on its platform.

    State Bank of Mauritius gets RBI approval for subsidiary

    3 December 2018
    Mauritius based SBM group granted a license by Reserve Bank of India to operate SBM Bank (India) Limited through Wholly Owned Subsidiary (WOS) mode under the Banking Regulation Act, 1949 with effect from December 1, 2018. Now at present SBM operate its branches in Mumbai, Chennai, Hyderabad, and Ramachandrapuram since 1994.  It plans to open six new branches in Delhi, Bangalore, Kolkata, Pune, Ahmedabad, and Jaipur by next year.

    Reserve Bank of India moves to ease liquidity for non-banking finance firms

    2 December 2018
    Reserve Bank of India in a move to make more liquidity available to non-banking finance firms (NBFCs)issued a circular to relax the securitization norms by relaxing the Minimum Holding Period (MHP) requirement. The NBFC sector is facing liquidity shortage after Infrastructure Leasing & Finance Services, a core investment company, started defaulting on loans. The cost of funds gone up for the non-banking finance firms putting pressure on profitability.

    RBI moves to ease liquidity for NBFC

    30 November 2018
    The Reserve Bank of India (RBI) has relaxed the securitization norms by relaxing the Minimum Holding Period (MHP) requirement in order to make more liquidity available to Non-Banking Finance Companies (NBFC). The move follows a demand from the government for a special window for NBFCs, to provide them liquidity support. RBI has decided to relax MHP requirement for originating NBFCs, as they are now allowed to securitize loans with a maturity of more than five years after holding them for six months on their books, as compared to one year earlier. The relaxation on the MHP will be allowed when the NBFC retains 20% of the book value of these loans. After the introduction of Infrastructure Leasing & Finance Services (IL&FS), a core investment company, the NBFC sector is facing liquidity shortage as IL&FS started defaulting on loans which resulted in the government dismantling the existing board of IL&FS and installing a new one.

    Govt launched 'Paisa' portal for affordable credit and interest subvenion access

    28 November 2018
    The government launched a centralised electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM), called 'Paisa'. PAiSA, or `Portal for Affordable Credit and Interest Subvention Access’, is a web platform designed and developed by Allahabad Bank, which is the nodal bank. 

    Reserve Bank to infuse Rs.40,000 crore in December through OMO

    28 November 2018
    The Reserve Bank of India is to pump in more liquidity in December by infusing Rs.40,000 crore into the system through Open Market Operations (OMOs). The Reserve Bank will officially give the details about the auction dates for the OMOs in due course. However, it added that this OMO amount is indicative with the RBI retaining the flexibility to change it, depending on the evolving liquidity and market conditions.  RBI had announced to inject Rs.40,000 crore into the system in November. It has already infused Rs.30,000 crore into the system while the balance Rs.10,000 crore will be pumped in through the auction on 29th November.

    Urjit Patel stressed need for autonomy of central bank

    28 November 2018
    Reserve Bank of India (RBI) Governor Urjit Patel batted for the autonomy of the institution in strong terms in his deposition before the Parliamentary Panel on Finance. He made a presentation on the impact of demonetization and the status of non-performing assets in the banking sector. Points stressed by RBI Governor: ♦ Autonomy over depositors' interest is non-negotiable ♦ Monetary policy should be the exclusive domain of RBI ♦ Maintaining RBI's reserves is critical to keeping the country's AAA rating ♦ Obligated to follow Basel III norms as the government has committed to G20 on them ♦ Will give written answers to all the questions within 10-15 days

    Reserve Bank of India Eases Hedging Norms For ECBs To 70% From Current 100%

    28 November 2018
    Reserve Bank of India relaxed norms for External Commercial Borrowings (ECBs) by reducing the mandatory hedging provision to 70% from the current 100%.  The relaxed norms will apply to the ECBs with a maturity period between 3 and 5 years.

    Centre and ADB Sign 200 Million Dollar Loan Pact To Upgrade State Highways In Bihar

    27 November 2018
    The Centre and Asian Development Bank (ADB) has signed a 200 million dollar loan agreement to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features. The agreement was signed by Additional Secretary in the Finance Ministry Sameer Kumar Khare and Officer-in-Charge of ADB’s India Resident Mission, Rajeev P Singh in New Delhi.

    Indian Government to infuse INR 42,000 Crore In PSU Banks By March

    27 November 2018
    The Indian government will infuse INR 42,000 crore in the state-owned banks by March-end and the next tranche would be released as early as December 2018, according to a senior finance ministry official. The government earlier pumped INR 11,336 crore in five PSBs PNB, Allahabad Bank, Indian Overseas Bank, Andhra Bank, and Corporation Bank to improve their financial health. 

    Ujjivan Small Finance Bank launches personal loan facility for salaried individuals

    23 November 2018
    The Ujjivan small finance bank a wholly owned subsidiary of Ujjivan Financial Services Limited introduced a new personal loan scheme for salaried individuals. The 14 tier I and tier II locations where the product will be launched are Ahmedabad, Bengaluru, Delhi, Kolkata, Pune, Surat, Mumbai, Mysore, Ankaleshwar, Coimbatore, Kochi, Chennai and Vadodara. Personal loans starting from Rs 50,000up to Rs 15 lakhs will be offered to salaried professionals who are earning a monthly salary above Rs 15, 000. Key features of the product include, loan without any collateral or deposit of any asset and its attractive interest rate with complete digital processing. However the credit history of the individual will be considered while passing the loan.

    India and World Bank Sign $310 million Loan Agreement For Jharkhand

    21 November 2018
    The Government of India, the Government of Jharkhand and the World Bank signed in New Delhi a $310 million Loan Agreement for Jharkhand Power System Improvement Project to provide reliable, quality, and affordable 24×7 electricity to the citizens of Jharkhand. The Jharkhand Power System Improvement Project will help build new power transmission infrastructure, as well as put in place systems to improve the technical efficiency and commercial performance of the state power sector utilities.

    NSE launched online platform for retail investors to buy G-sec

    20 November 2018
    National Stock Exchange of India (NSE) launched a mobile application and web-based platform for retail investors to buy government securities (G-Secs). The new app - 'NSE goBID', was launched by SEBI chairman Ajay Tyagi. Through this app, retail investors can invest in treasury bills (T-Bills) of 91 days, 182 days and 364 days and various government bonds from one year to almost 40 years. It will allow investors to make payments directly from their bank accounts using the unified payments interface (UPI) and internet banking. RBI conducts auction of G-sec and T-bills on a weekly basis where 5 per cent of the notified amount is allotted for eligible investors under the scheme for non-competitive bidding facility.

    SBICAP Ventures launched SME affordable housing funds

    20 November 2018
    SBICAP Ventures (SVL), an alternative asset manager and a wholly owned subsidiary of SBI Capital Markets, launched two funds for the small and medium enterprises (SMEs) and affordable housing sectors.  The 2 funds are: Small and Medium Enterprises: to raise a corpus of Rs 4 billion and Affordable Housing Fund to raise a corpus of Rs 3.5 billion. It will be an equity fund and there will be two anchor investors – SBI and SBI CAP/SVL putting in 10 percent and 10-12 percent respectively. Both funds are targeting closure of fund in the second half of next financial year (2019-20). In the initial phase, the affordable housing fund will focus on 8 cities – Mumbai Metropolitan Region, National Capital Region, Kolkata, Bengaluru, Chennai, Hyderabad, Ahmedabad and Pune.

    RBI agrees to inject Rs 8,000 crore into the market after 9-hour meeting

    20 November 2018
    Reserve Bank of India (RBI) agreed to inject ₹8,000 crore into the market by purchasing government bonds by November 22. RBI will buy these securities through multi-security auction using multiple price method. An increased cash flow was among the issues behind an alleged rift between the Centre and RBI.

    Losses of the State owned banks widened nearly 3.5 times in Jul to Sep

    19 November 2018
    The cumulative losses of the State-owned banks widened nearly three-and-a-half times to Rs.14,716.2 crore in the July-September quarter of the current fiscal. This loss is due to the mounting of bad loans. 21 public sector banks had posted a net loss of Rs.4,284.45 crore in the September quarter of 2017-18.  The balance sheets of these PSU lenders has been impacted due to the higher provisioning towards bad loans. The Centre and the Reserve Bank of India (RBI) have been taking steps to help the debt-ridden public sector banks to improve their performance. The government on its part has been infusing capital in these banks and RBI has tightened monitoring.

    Government of India and ADB signed $300 Million Loan to support IIFCL in India

    19 November 2018
    The Asian Development Bank (ADB) and the Government of India signed a $300 million Loan Agreement to support lending by India Infrastructure Finance Company Limited (IIFCL) in New Delhi. The Project entails: Long-term finance for PPP projects, Improvement of the operational capacity of IIFCL, and Expansion of the portfolio of infrastructure financing instruments available to IIFCL.

    RBI Governor to face Parliamentary panel on 27th November

    18 November 2018
    Urjit Patel, RBI Governor, is to appear before a Parliamentary panel on November 27. He will brief various issues, including the stand-off with the Centre, the status of the economy and demonetization.  The 31-member Parliamentary Standing Committee on Finance, which includes former Prime Minister Manmohan Singh, is headed by Congress leader Veerappa Moily. However, the MPs would also raise the issue of the stand-off between RBI and the Centre.

    World Bank provides US$155.7 million to Nepal

    18 November 2018
    The World Bank is providing US$155.7 million in loan and grant to Nepal to build and maintain bridges, and improve food security of vulnerable households and communities. Two Agreements to these effects were signed between the Washington, DC-based multilateral financial institution and the government of Nepal in Kathmandu. The first credit will finance the US$133 million Second Bridges Improvement and Maintenance Program targeting approximately 477 bridges along Nepal’s Strategic Roads Network. Under the second agreement, the multi-donor Global Agriculture and Food Security Program (GAFSP) will provide a US$22.7 million grant to support the Food and Nutrition Security Enhancement Project.

    Indusind Bank launches Indias first interactive credit card named Nexxt Credit Card

    17 November 2018
    IndusInd Bank launched the Nexxt Credit Card which is India’s first Interactive card with buttons.  The main feature of this card is that it provides the customer the choice of payment options at the Point of Sale (POS) such as Credit, EMI with four tenure options which are 6, 12, 18, 24 Months and Using Accumulated Reward Points.  As per banks, the card is loaded with features which will elevate the shopping experience of the customer.

    SBI sold over 400 crore electoral bonds

    17 November 2018
    The State Bank of India (SBI) has sold more than Rs.400 crore worth of electoral bonds in the 10-day window of October. According to data the bank released under the Right to Information (RTI), the bonds that are sold in October had a sharp rise from the Rs.32 crore worth of bonds sold in the July tranche. Electoral Bonds: ♦ Electoral Bond is a financial instrument for making donations to political parties to cleanse the system of political funding in India ♦ These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash) ♦ These bonds shall be redeemable in the designated account of a registered political party within the prescribed time limit from the issuance of a bond ♦ Electoral bond was announced in the Union Budget 2017-18 ♦ Required amendments to the Reserve Bank of India Act, 1934 (Section 31(3)) and the Representation of People Act, 1951 were made through Section 133 to 136 of Finance Bill, 2017

    O.P. Bhatt quits Yes Bank CEO search panel

    16 November 2018
    O.P. Bhatt, former SBI chairman, has resigned from the search and selection committee of Yes Bank which was set up to identify a new Managing Director and CEO. He cited conflict of interest. Mr. Bhatt has attended three meetings of the search committee. Yes Bank stated that the Nomination and Remuneration Committee (NRC) has decided to continue with the existing members to complete the process as per the timeline communicated by RBI.

    Yes Bank chairman Ashok Chawla resigns over corruption charges

    16 November 2018
    In July, the CBI named Ashok Chawla in a chargesheet relating to the Aircel-Maxis case. Mr. Chawla has also been the chairman of the Competition Commission of India, and continues to be the chairman of the National Stock Exchange and is also on the Jet Airways board. Yes Bank has also accepted the resignation of Vasant Gujrati, the chairman of Yes Bank’s audit committee. The bank has announced the appointment of Uttam Prakash Agarwal as an additional director (independent), with immediate effect, to replace Gujarati.

    BIS Names Siddharth Tiwari as Chief Representative for Asia

    15 November 2018
    Bank for International Settlements (BIS) announced a new addition to its team, with Siddharth Tiwari joining as the Chief Representative for Asia and the Pacific.

    Apple appoints Nokia veteran Ashish Chowdhary as its India operation head

    15 November 2018
    Ashish Chowdhary is Chief Customer Operations Officer at Nokia Networks.  He will leave Nokia Networks at the end of 2018. He will take charge as Apple’s India operation head in January 2019.  He has 25 years of international experience in the enterprise and telecom sectors.

    RBI not to favor NBFCs in liquidity issue

    13 November 2018
    Despite the growing demand for liquidity support for Non-banking Finance Companies (NBFC), the Reserve Bank of India (RBI) does not favour to provide any special support to the sector. But it will continue to provide funds to the banking system as liquidity deficit in the system is a concern.  The RBI says that bigger NBFCs are not facing any liquidity issues. The middle and smaller NBFCs, mostly housing finance firms, are the ones who face some issues.  The liquidity issue for NBFCs has been a bone of contention between the central bank and the Finance Ministry. The Centre has cited the never-used provision under section 7 of the RBI Act to initiate consultations with RBI. Under this section, the government can issue directions to RBI. All eyes are now on the RBI’s board meeting scheduled for November 19.

    RBI may set-up a digital payments ombudsman by March 2019

    9 November 2018
    The Reserve Bank of India (RBI) may set-up an ombudsman for digital payments by March to reduce the burden on banking ombudsman because of a rising number of complaints. Who is the Banking Ombudsman? The Banking Ombudsman actually is a senior official appointed by the RBI to redress customer complaints against pitfalls in the stipulated banking services covered by the Banking Ombudsman Scheme 2006. The Banking Ombudsman may award compensation not exceeding Rs 1 lakh to the complainant for mental agony and harassment.

    Allahabad Bank to get 3,054 crore capital infusion from govt

    9 November 2018
    Allahabad Bank had posted a loss of ₹1,944 crore in the June quarter compared to a profit of ₹28.8 crore a year ago. The bank received ₹1,790 crore as capital from the government in July this year. Reserve Bank of India (RBI) had imposed additional restrictions on the bank under the Prompt Corrective Action (PCA) framework in May this year. About Allahabad Bank: ♦ Headquarters: Kolkata ♦​​​​​​​ Founded: 24 April 1865 ♦​​​​​​​ CFO: Sanjay Aggarwal ♦​​​​​​​ Slogan/ Tagline: A tradition of trust

    Meghalaya announced Rs 378 crores investment in Aqua Mission 2.0 starting April 2019

    9 November 2018
    It is the state’s flagship aquaculture mission aimed at cutting down fish imports into the hill state. About Aqua Mission 2.0: Mission 2.0 aims at addressing the 15,000 MT shortfall of fish production in the state within the next 5 years beginning April 2019. The government would also bring 1,500 ha of water areas into fisheries production facilities. Under the mission, willing partners will need to contribute only 15 per cent while another 25 per cent will be credit linkages and the rest 60 per cent government assistance.

    Reserve Bank of India Initiates Process To Set Up Digital Public Credit Registry

    8 November 2018
    Reserve Bank of India initiated the process to set up a digital Public Credit Registry (PCR) to capture all the details of borrowers including wilful defaulters and also the pending legal suits in order to check financial delinquencies.

    Banks take over MCA stadium in Pune over loan payment defaults

    7 November 2018
    A consortium of lenders led by Bank of Maharashtra has taken 'symbolic possession' of Pune's Maharashtra Cricket Association (MCA) Stadium over non-payment of loan by stadium authorities. The Maharashtra Cricket Association has failed to repay dues of ₹69.53 crore to Bank of Maharashtra, Karnataka Bank, Bank of Baroda and Andhra Bank despite being served a 60-day notice on August 18.

    ICICI Bank launched co-branded credit card with Amazon pay

    7 November 2018
    The co-branded card is available on the Visa platform. This move is expected to help significantly expand the credit card customer base for the bank. This will make online shopping more affordable and provide the best value to Amazon Pay customers. The features of the card are: It enables Amazon Prime members to earn 5 percent reward points on shopping on Amazon.in. Other customers to get 3 percent reward points. Additional 2 percent reward points on spends at Amazon Pay partner merchants across categories such as food delivery, utility payments, movie ticketing etc.

    Atul Goel appointed as MD, CEO of UCO Bank

    4 November 2018
    Atul Kumar Goel assumed charge as Managing Director and CEO of UCO Bank by replacing R K Takkar. Earlier, Goel was executive director of Union Bank of India. About UCO Bank: ♦ Tag line – Honors Your Trust ♦ Headquarters – Kolkata

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