Banking & Finance Current Affairs 2019 - Current Affairs Today

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  • RBI imposed Rs 3.5 Crore penalty on 3 PSU Banks

    2 days ago
    A penalty of Rs 1.5 crore has been imposed on Oriental Bank of Commerce (OBC) and Rs 1 crore each on Punjab National Bank (PNB) and Bank of India, for violation of various banking norms. About Oriental Bank of Commerce: Headquarters: Gurugram CEO: Mukesh Kumar Jain Tagline: Where every individual is committed. About Punjab National Bank: Headquarters: New Delhi CEO: Sunil Mehta Tagline: The name you can bank upon. About Bank of India: Headquarters: Mumbai CEO: Dinabandhu Mohapatra Tagline: Relationship beyond banking.

    Indian State signed $40 Million Loan Agreements with the World Bank

    3 days ago
    The Government of India, Government of Himachal Pradesh (GoHP) and the World Bank signed a $40 Million Loan Agreement to help bring clean and reliable drinking water to the citizens of the Greater Shimla area, who have been facing severe water shortages and water-borne epidemics over the last few years. The Shimla Water Supply and Sewerage Service Delivery Reform Programmatic Development Policy Loan is expected to improve water supply and sanitation (WSS) services in and around the iconic hill city of Shimla.  About World Bank :  Headquarters: Washington, D.C., U.S. Membership : 189 countries (IBRD), 173 countries (IDA) CEO: Penny Goldberg Interim President: Kristalina Georgieva  Parent organization : World Bank Group

    RBI imposed penalties on 3 PSBs

    15 February 2019
    The Reserve Bank of India (RBI) has imposed penalties on three public sector banks (PSBs), Oriental Bank of Commerce, Punjab National Bank and Bank of India,  for violation of various norms. A penalty of Rs.1.5 crore has been imposed on Oriental Bank of Commerce and Rs.1 crore each on Punjab National Bank and Bank of India. The penalty has been imposed for non-compliance with various directions on monitoring of end-use of funds, exchange of information with other banks, and on restructuring of accounts.

    Yes Bank cleared of Divergence charges imposed by RBI

    15 February 2019
    Reserve Bank of India cleared Yes Bank of Divergence charges i.e. disparity in reporting bad loans and provisioning numbers for the year ended March 2018. The final report has observed nil divergence in the bank’s asset classification and provisioning from the norms of the RBI. In FY16, after its first assessment, Yes Bank was found a divergence of Bad loans by RBI at Rs. 4,176 crores higher than the reported gross NPA of Rs. 748.9 crore. Further, in FY17, Yes Bank was found to be divergence again at Rs. 6,355 crores and reported gross NPA of Rs. 2,018 crore is lower than RBI’s estimation of Rs. 8,373 crore. About Yes Bank ♦ CEO- Rana Kapoor ♦ Head Quarter- Mumbai ♦ Tagline- Experience our Expertise

    RBI imposed Rs.1 crore penalty on SBI

    10 February 2019
    The Reserve Bank of India (RBI) imposed a fine of Rs.1 crore penalty State Bank of India (SBI). This penalty was levied as the lender violated the RBI norms. RBI levied the penalty in the exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 as SBI was not monitoring the end use of funds in respect of one of its borrowers.
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    RBI resuced the policy repo rate by 6.25 percent

    10 February 2019
    The Reserve Bank of India (RBI) reduced the policy repo rate by 25 basis points to 6.25% in a bid to revive economic growth as it projected retail inflation to remain below its target of 4% for the next 12 months.  The rate reduction was the first since August 2017. The RBI also simultaneously changed the stance of the policy to ‘neutral’ from ‘calibrated tightening’, which indicates that the central bank remains ready to move in either direction based on incoming data.

    RBI central board deffered to 18th February

    8 February 2019
    The meeting of the Reserve Bank of India’s (RBI) central board, which was scheduled to take a call on an interim dividend, has been deferred to February 18 from February 9.  The board meeting, the first after the Interim Budget 2019-20, will also be addressed by the Finance Minister. The board will take a view based on the central bank’s first six months of audited earnings and finalize the interim dividend transfer.

    Fino Payments Bank Partners With Suryoday SFB To Offer Sweep Account Facility

    8 February 2019
    Fino Payments Bank (FPB) announced the launch of a sweep account facility in association with Suryoday Small Finance Bank (SSFB).  This partnership will help FPB address the issue of deposit limits that all the payment banks face at the moment. As per the Reserve Bank of India (RBI), payment banks can only take deposits upto Rs 1 lakh per account.

    Cabinet to set up unified regulator for IFSCs

    7 February 2019
    The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC). This is to be done through the International Financial Services Centres Authority Bill, 2019. Aim is to encourage the Indian companies that are conducting business in foreign financial centres, to bring that business to India by providing them with a global-standard regulatory. Currently, the banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators like RBI, SEBI and IRDAI.

    RBI imposed Rs.1 crore penalty on Syndicate Bank

    7 February 2019
    The Reserve Bank of India imposed a penalty of Rs.1 crore on Syndicate Bank due to non-compliance with the directions regarding frauds and risk management systems. RBI also imposed fine of Rs.20 lakh on Axis Bank for violating norms. Syndicate Bank: ♦ Founded in: 1925 ♦ Headquarters: Udupi, Karnataka ♦ Non-Exe Chairman: Ajay Vipin Nanavati ♦ MD & CEO: Mrutyunjay Mahapatra  ♦ Syndicate bank is owned by the Government of India

    SBI UK chief honoured Freedom of the City of London

    7 February 2019
    State Bank of India’s UK chief Shri Sanjiv Chadha honoured with the ‘Freedom of the City Of London’ by city of London Corporation. Sanjiv Chadha was nominated for the honour by Lord Mayor of London Peter Estlin and Sheriff Vincent Keaveny. Sanjiv Chadha took up the position in 2014 and he will be succeeded by Sharad Chandak. The genesis of the ‘Freedom of the City of London’ is traced to the medieval time of around 123. About State Bank of India ♦ Headquarter: Mumbai ♦ Chairman: Shri Rajnish Kumar

    RBI Penalised a total of Rs.5.2 Crore on Axis Bank, UCO Bank and Syndicate Bank for violation of norms

    6 February 2019
    Axis Bank, UCO Bank and Syndicate Bank are penalized with a total of Rs.5.2 Crore by RBI Bank for violating the guidelines in regulatory compliance. The Segregation of the Penalised amount are as follows, Axis Bank and UCO Bank imposed with a Penalty of Rs.2 Crore each for their not committing with the norms related to payment through cheques. Further Axis Bank imposed a Penalty of 20 Lakhs for the detection and impounding of counterfeit notes.

    Paytm acquired Hotel Booking Platform and Night Stay

    3 February 2019
    Paytm launched hotel bookings on its platform and acquired Night Stay, which offers deals on last-minute bookings at luxury hotels as the Alibaba-backed payments and e-commerce company expands its travel business.

    Government sets up committee to explore prepaid payments by discoms to generator companies

    2 February 2019
    On the recommendation of Cabinet Secretary P K Sinha, the government constituted a committee under the Central Electricity Authority (CEA) to explore prepaid payments by state electricity distribution companies to power plants. About the Committee The formed committee, consist of the chairman of distribution companies of Tamil Nadu and Maharashtra, and representatives from Union power ministry and power associations to look into problems of delayed payments from distribution companies to power generators.

    RBI lifted its curb on 3 banks under PCA framework

    1 February 2019
    The Reserve Bank of India (RBI) has decided to allow three public sector banks, Bank of India, Bank of Maharashtra and Oriental Bank of Commerce, to exit the PCA framework following capital infusion by the government and a decline in net non-performing asset (NPA) ratio.  RBI, which conducted a review following a demand made by the government to lift the restrictions in order to boost credit growth. RBI said that few banks are not in breach of the PCA (Prompt Corrective Action) parameters as per their published results for the quarter ending December 2018, except for return on assets (RoA).  However, though the RoA continues to be negative, the same is reflected in the capital adequacy indicator. The PCA framework is triggered when a bank breaches one of the three risk thresholds, and crossing 6% net NPAs is one of them.

    Reserve Bank of India to inject Rs 37,500 crore through OMO in February

    30 January 2019
    Reserve Bank of India it will inject Rs 37,500 crore into the system through the purchase of government securities in February to increase liquidity. Reserve Bank of India has been monitoring the evolving liquidity conditions and durable liquidity requirements of the system. The government to conduct the purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 375 billion in the month of February 2019 through three auctions of Rs 125 billion each during the 2nd, 3rd and 4th week.

    Rs.700 crore loan from SBI for MUDA to create infrastructure facilities

    26 January 2019
    The SBI in-principal approved a loan of Rs.700 crore to the Machilipatnam Urban Development Authority (MUDA) with nearly 500 acres in the Machilipatnam Industrial Corridor as security, Andhra Pradesh.  The MUDA sought Rs.1,385 crore from the SBI, the Andhra Bank and the Canara Bank based on the detailed project report prepared by the consulting firm KPMG. The MUDA and the Container Corporation of India Limited (CONCOR) agreed to set up the ILMZ through a Special Purpose Vehicle. The loan from the SBI in the first phase is for creating infrastructure facilities to speed up major projects including the deep sea port and the Integrated Logistics Management Zone (ILMZ).

    BMC budget around Rs.33,000 crore to be presented in February

    25 January 2019
    The Brihanmumbai Municipal Corporation (BMC), Maharashtra is likely to present a Rs.33,000 crore budget in the first week of February. However, the civic body is confident it will not have to dig into its fixed deposits (FDs). The projects like coastal road and sewage treatment plants have caused a 21% increase. While no new taxes are likely to be introduced, the BMC is counting on its capital receipts.  The health department will get a sizeable chunk of the budget, around 14%, specifically because of the hospital revamp projects. On the other hand, revenue expenditure will also rise marginally because of the Seventh Pay Commission.

    Svamaan Financial Services launched a microfinance venture

    23 January 2019
    Anushree Jindal founder of Svamaan Financial Services, a microlender,  has launched a microfinance venture, initially in two States, Karnataka and Maharashtra. It aims in expanding into banking services in the future.  Svamaan Financial Services recently received Reserve Bank of India’s approval for starting operations, will offer financial products to unbanked and under-banked sections of the population.  Initially, the Micro Finance Institutions (MFI) will focus on Karnataka and Maharashtra with plans to enter the eastern markets of Orissa and Chhattisgarh by 2020. Svamaan aims to reach 100,000 customers by 2021.

    Jharkhand CM tabled an estimated Rs.85,429 crore budget in the SLA

    23 January 2019
    Jharkhand Chief Minister Raghubar Das tabled an estimated Rs.85,429 crore budget for the financial year 2019-20 in the State Assembly. Out of the total budget, Rs.65,803 crore is on the head of revenue expenditure while Rs.19,626 crore is on capital expenditure.  25%, that is, Rs.27,142.60 crore has been earmarked for the development of ST/SC areas. Mr. Das, presenting his fifth straight budget who also holds charge of the Finance Department.  About Jharkhand: Capital: Ranchi Governor: Draupadi Murmu Chief Minister: Raghubar Das

    Flipkart promotes Rishi Vasudev to head Myntra-Jabongs fashion & lifestyle categories

    22 January 2019
    Walmart backed E-Commerce giant Flipkart promoted its Fashion department head Rishi Vasudev to head Myntra – Jabong’s Fashion and lifestyle categories as an additional responsibility. Rishi Vasudev will report to Flipkart CEO Kalyan Krishnamurthy after the formal announcement which is expected in next 10 days.

    Nepals Central Bank Announces Ban of Indian Notes Above Rs100

    22 January 2019
    Nepal’s central bank banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations, a move that could affect Indian tourists visiting the Himalayan nation where Indian currency is widely used.  Nepal Rastra Bank issued a circular prohibiting Nepali travelers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs 100. Under the new regulation, Nepali citizens cannot carry these denominations to countries other than India.

    HDFC Standard Life Insurance renamed to HDFC Life Insurance

    20 January 2019
    HDFC Standard Life Insurance changed its name to HDFC Life Insurance following the receipt of relevant approvals from regulatory authorities. The change in name is effective right off the bat and the company will henceforth operate under the name HDFC Life Insurance Company Ltd.

    RBI injected 10,000 crore rupees into the system through the purchase of government securities

    18 January 2019
    Reserve Bank of India announced that it will inject 10,000 crore rupees into the system to increase liquidity through open market operations (OMOs). The offers have been instructed to be submitted in electronic format on the RBI Core Banking Solution (E-Kuber) system. It also plans to inject liquidity under OMOs for 50,000 crore rupees in January 2019.

    Centre has allotted Rs.6,084 crore to the NREGA Scheme

    17 January 2019
    Centre has allotted Rs.6,084 crore to the National Rural Employment Guarantee (NREGA/MGNREGA) scheme to tide over the next three months. NREGA scheme has exhausted 99% of its annual allocation three months ahead of time.  This lifts the total allocation to MGNREGA for 2018-19 to Rs.61,084 crore, which is the highest ever allocation said the Ministry of Rural Development.  As on January 16, the scheme’s financial statement shows that 15 States have a total negative net balance of Rs.4,064 crore, which includes payments due for unskilled wages for work that has already been done.

    Retired HDFC Bank executive and former Federal Bank board member Deepak Maheshwari has taken charge as chief credit officer (CCO) at Axis Bank

    16 January 2019
    Deepak Maheshwari, the retired HDFC Bank executive and former Federal Bank board member took charge as chief credit officer (CCO) at Axis Bank as part of an ongoing reshuffle undertaken by new CEO Amitabh Chaudhry. The 64 years old Maheshwari will be given the responsibility of corporate credit appraisal and disbursement at the Axis Bank. Maheshwari was also granted an exemption to take over as CCO by the board of Axis Bank as he is now 64 which is above the bank’s retirement age of 60.

    RBI imposed Rs.3 crore fine on Citibank India

    14 January 2019
    The Reserve Bank of India (RBI) has imposed a fine on Citibank India, a foreign lender, a penalty of Rs.3 crore for not complying with ‘fit and proper’ criteria for directors.  It also said that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. About Citibank India: ♦ Established on 1902 ♦ Headquartered: Mumbai, Maharashtra ♦ Citi Country Officer of the Bank: Pramit Jhaveri

    IDFC Bank re-named IDFC First Bank: Registrar of Companies, Chennai

    14 January 2019
    Private sector lender IDFC Bank changed its name to IDFC First Bank Ltd owing to the merge of the bank with Non-Banking Finance Company (NBFC) Capital First on December 2018. The change was effective from January 12, 2019 by virtue of ‘Certificate of Incorporation pursuant to change of name‘ issued by the Registrar of Companies, Chennai.

    GST exemption limit doubled to give relief to small businesses

    11 January 2019
    Finance Minister Arun Jaitley raised the annual turnover for availing composition scheme to Rs 1.5 crore from Rs 1 crore effective from April 1, 2019, to provide relief to small businesses under Goods and Services (GST) regime. The Goods and Services (GST) exemption limit has been doubled to Rs. 40 lakh annual turnover and Rs 20 lakh for northeastern states.

    RBI provides USD 400 million to Sri Lanka's central bank under swap deal

    10 January 2019
    Reserve Bank of India (RBI) has agreed to provide $400 million to the Central Bank of Sri Lanka (CBSL) under the SAARC swap facility, to boost the island nation’s reserves. CBSL has requested a further bilateral swap arrangement of $1 billion from RBI which is "under consideration". ♦ SAARC Full form - South Asian Association for Regional Cooperation. ♦ Sri Lanka Central Bank governor - Indrajit Coomaraswamy ♦ Sri Lanka Finance Minister - Mangala Samaraweera

    India allows Iran's Bank Pasargad to open branch in Mumbai

    10 January 2019
    The move is expected to facilitate transactions related to India's oil purchases from Iran amidst US sanctions. Alongside, India's state-owned UCO Bank will be opening a branch in Iran. The banks will also handle transactions relating to operation at Iran's Chabahar Port which India is developing. India has taken over operations of the Chabahar port in the Sistan-Balochistan province of Iran, the first time India will operate a port outside its territory. Iran is one of India’s top sources of oil and though New Delhi has reduced its imports under US pressure.

    HDFC arm Gruh Finance to merge with Bandhan Bank

    10 January 2019
    Gruh Finance, the affordable housing finance arm of mortgage lender HDFC, will be merged with Bandhan Bank — the newest commercial bank. The move would help the latter to cut promoter stake from 82.3% to 61%. According to the deal, 568 equity shares of face value of ₹10 each of Bandhan Bank is to be issued for every 1,000 equity shares of a face value of ₹2 each of Gruh.  

    Reserve Bank of India Forms Committee To Boost Digital Payments

    10 January 2019
    Reserve Bank of India (RBI) constituted a High-Level Committee on Deepening of Digital Payments to encourage digitization of payments and enhance financial inclusion.  The five-member committee headed by UIDAI’s former Chairman Nandan Nilekani will include RBI’s former Deputy Governor Mr. H.R. Khan and Former Secretary, Ministry of Information Technology, Mrs. Aruna Sharma among others.

    Jana Small Finance Bank Launches Current Account with Unique Auto-Sweep Facility

    9 January 2019
    Jana Small Finance Bank launched Current Account with Auto-Sweep facility. The facility will enable bank's existing and potential new customers to auto sweep-in and sweep-out the idle funds in the current account to Sweep Fixed Deposit and earn high interest. For a tenor of 365 days on sweep deposit, the customers will be able to earn interest of 8.5 percent.

    IndiaMoneyMart Receives NBFC -P2P Certification from RBI

    9 January 2019
    Reserve Bank of India (RBI) granted NBFC – P2P (Non-Banking Financial Company – Peer to Peer) Certificate to IndiaMoneyMart and this certification will enable IndiaMoneyMart to expand operations and target loan disbursals worth INR 100 Crore by the end of financial year 2018-19. The step will validates IndiaMoneyMart’s strong framework to make lending and borrowing transparent, digital and convenient in confrontation to the regulatory requirement.  IndiaMoneyMart is offering loans starting from Rs. 10 thousand to Rs 10 Lakhs for a tenure ranging between 3 months to 36 months.

    Gruh Finance announced its merger with Bandhan Bank

    8 January 2019
    Gruh Finance, the affordable housing finance arm of HDFC, will be merged with Bandhan Bank, the newest commercial bank. The move would help the Bandhan Bank to cut promoter stake from 82.3% to 61%. According to the deal, 568 equity shares of face value of Rs.10 each of Bandhan Bank is to be issued for every 1,000 equity shares of a face value of Rs.2 each of Gruh. The deal is subject to regulatory approvals. The swap ratio implies a 2.05% premium to the shareholders of Gruh. The combined entity is valued at Rs.84,000 crore. Post the deal, HDFC will have 14.9% stake in Bandhan Bank. The move comes after the restrictions imposed by Reserve Bank of India (RBI) on Bandhan in terms of branch expansion and the remuneration of its MD & CEO Chandra Shekhar Ghosh, for inability to bring down promoter stake to 40% within three years of starting operations.

    Government merged three Regional Rural Banks

    8 January 2019
    The government has amalgamated three Regional Rural Banks -- Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank -- into a single RRB with immediate effect. The sponsor banks of the RRBs are National Bank for Agriculture and Rural Development (NABARD), the Government of Punjab and Punjab National Bank, State Bank of India and Punjab and Sind Bank.

    RBI expected to pay government up to Rs 40,000 crore interim dividend

    8 January 2019
    The Reserve Bank of India (RBI) is likely to transfer an interim dividend of up to Rs 30,000 crore to Rs 40,000 crore ($4.32 billion-$5.8 billion) to the government by March. The funds are crucial to meet the fiscal deficit target of 3.3 percent of the GDP for the financial year ending in March, as the government's revenue shortfall may be as high as Rs 1 lakh crore.

    ICICI Bank, SBFC Joined Hands To Provide Loans Worth Rs. 1 Crore To MSMEs For 15-year Tenure

    7 January 2019
    ICICI Bank, in a first-of-its-kind programme, signed a Memorandum of Understanding (MoU) with Small Business FinCredit India Pvt. Ltd. (SBFC), a systemically important Non-Banking Finance Company for entrepreneurs, to jointly provide credit worth up to Rs 1 crore to MSMEs for a tenure of 15 years. Under this arrangement, ICICI Bank will co-originate loan against property with SBFC at a mutually agreed ratio.

    Nepal asked RBI to declare banned new Indian currency notes legal

    7 January 2019
    Nepal asked the Reserve Bank of India (RBI) to declare newly circulated Indian currency notes of denominations higher than Rs.100 legal tender in the country. After the demonetisation of Rs.500 and Rs.1,000 Indian currency notes, circulation of new banknotes of denominations Rs.200, Rs.500 and Rs.2,000 was started by the Indian government. Nepal Rastra Bank (NRB) has written a letter to RBI, asking it to make Indian bank bills Rs.200, Rs.500 and Rs.2,000 legal tender in Nepal Nepal had to ban higher denomination Indian notes since RBI did not allow their circulation after note ban The RBI has only allowed the circulation of Indian currency notes of Rs.100 and less in Nepal.

    HDFC Mutual Fund becomes the largest Asset Management Company in India

    4 January 2019
    HDFC Mutual Fund has surpassed ICICI Prudential MF to regain top position after two years as the largest asset management company (AMC). While HDFC MF looks after assets worth Rs 3.35 lakh crore, ICICI Prudential MF manages Rs 3.08 lakh crore. With AUM of Rs 2.64 lakh crore, SBI MF stands at the third slot. Aditya Birla and Reliance MF follow next with Rs 2.42 lakh crore and Rs 2.36 lakh crore, respectively.

    RBL Bank appointed Pankaj Sharma as its chief operations officer

    3 January 2019
    Private sector lender RBL Bank appointed Pankaj Sharma as its chief operations officer (COO). Prior to this, Sharma was heading retail operations of Axis Bank. Under his leadership, the ATM channel, phone banking and branch automation and digital initiatives at Axis Bank took shape.

    Cabinet clears merger of Dena Bank and Vijaya Bank with Bank of Baroda

    3 January 2019
    With the merger, Bank of Baroda (BoB) will become the country’s third-largest bank after State Bank of India and ICICI Bank. This marks the first-ever three way amalgamation in the country's banking sector. The merger will come into force on April 1, 2019. As per the scheme of amalgamation, Bank of Baroda will be the transferee bank while the other two public sector banks will be transferor banks. About Bank of Baroda: ♦ Headquarters: Alkapuri, Vadodara ♦ CEO: P. S. Jayakumar ♦ Founded: 20 July 1908, Vadodara ♦ Tagline: India's International Bank About Dena Bank: ♦ Headquarters: Mumbai ♦ CEO: Shri Karnam Sekar ♦ Founded: 26 May 1938 ♦ Tagline: Your Trusted Family Bank About Vijaya Bank: ♦ Headquarters: Bengaluru ♦ CEO: R. A. Sankara Narayanan ♦ Founded: 23 October 1931 ♦ Tagline: A friend you can bank on

    Axis Bank MD & CEO Shikha Sharma retires; Amitabh Chaudhry takes charge

    2 January 2019
    Amitabh Chaudhry, the former MD and CEO of HDFC Standard Life Insurance Company, was in September named the MD and CEO of Axis Bank for a period of three years. In July 2017, the board of Axis Bank had approved the reappointment of Sharma, who was to start her fourth term as MD and CEO from June 2018. However, in April this year, Sharma wanted her new term to be reduced to seven months from a three-year tenure without citing any reasons.

    Allahabad Bank, SBI Life Insurance join hand for bancassurance partnership

    2 January 2019
    State-owned Allahabad Bank and SBI Life Insurance to sell the policies of the insurer from over 3,238 branches of the Allahabad Bank. The agreement is considered as one of the largest Bancassurance partnerships in the country. About Allahabad Bank: ♦ Headquarters: Kolkata ♦ MD & CEO: Mallikarjuna Rao ♦ Tagline: A tradition of trust

    ESAF small finance bank gets RBI nod to operate as scheduled bank

    1 January 2019
    ESAF Small Finance Bank received the Reserve Bank approval to operate as scheduled bank making it the fifth scheduled bank that operates from Kerala after Federal Bank, South Indian Bank, Catholic Syrian Bank, and Dhanlaxmi Bank. The ESAF Small Finance Bank Ltd has received the RBI’s approval for inclusion in the second schedule of the RBI Act, 1934 paving its way to operate as a scheduled bank. In 2016, RBI gave approval to ESAF MFI along with 9 other applicants to start banking operations as a small finance bank and within two years of its commencement of operations, it has received the scheduled bank tag. On the operation front, the ESAF Small Finance Bank has a network of 432 outlets across 13 states with 2.6 million customers and a loan book of Rs 4,660 crore and deposits if over Rs 3,300 crore.

    Banks recovered bad loans worth Rs 40,400 crore in 2017-18

    31 December 2018
    The loans were recovered through channels like the Insolvency and Bankruptcy Code (IBC), SARFAESI Act, Debt Recovery Tribunals and Lok Adalats. While banks recovered Rs 4,900 crore of bad loans through the IBC, the amount recovered through SARFAESI was Rs 26,500 crore in FY18.

    Seventh Phase of Electoral Bonds to go on Sale from 1 Jan

    30 December 2018
    The State Bank of India (SBI), in the VII Phase of sale of Electoral Bonds, has been authorised to issue and encash Electoral Bonds through its 29 Authorised Branches w.e.f. January 01 - 10, 2019. Electoral bonds are alternatives to cash donations made to political parties that were introduced in 2018 as part of the government's efforts to bring transparency in political funding. These are short-term bonds that are valid for 15 calendar days, where the holders do not earn any interest (coupon rate). In the last six phases till November 2018, electoral bonds aggregated up to Rs 1,056.73 crore from purchases made by citizens or entities.

    RBI forms panel on Economic Capital Framework

    30 December 2018
    The panel will be headed by Ex-RBI governor Bimal Jalan. The Economic Capital Framework (ECF) panel has been formed to address the issue of RBI reserves - one of the sticking points between the central bank and the government. As of June 30, 2018, RBI's reserves stood at Rs 9.43 lakh crore, with a major portion of the reserves coming from contingency fund (Rs 2.32 lakh crore) and currency and gold revaluation account (CGRA) (Rs 6.91 lakh crore).

    Pakistan Cabinet approved to issue 'Panda bond' in Chinese currency

    29 December 2018
    The federal cabinet approved the issuance of Pakistan’s first renminbi-denominated bonds to raise loans from Chinese capital markets, as the country gradually moves towards giving the Chinese currency a status at par with that enjoyed by the US dollar. The interest rate may range above 5.5% but the final price can only be determined at the time of launching the bond. The Philippines has also raised RMB1.46 billion through renminbi-denominated bonds at an interest rate of 4.75%. In the Long-term Plan of the China-Pakistan Economic Corridor (2017-30) both countries had decided to use renminbi as the second international currency to lessen Pakistan’s reliance on dollar. ♦ Current Finance Minister of Pakistan - Asad Umar

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