Banks Inward Tidings 2017

Banks inward News 2017

  • South-based Lakshmi Vitas Bank has had upwards with Centrum Group inward which the depository financial establishment volition refer its High Net worth Individuals (HNI) to Centrum for wealth management together with menage unit of measurement business office services. Centrum volition send the busi-ness through its wealth management arm Centrum Wealth Management together with volition offering its existing portfolio of wealth management services to the bank’s HNI clients. 
    • Note : This is the start fourth dimension inward the solid position down that a private depository financial establishment has given the accuse to an independent professional person wealth.
  • In a fresh force toward a less cash economy, the Reserve Bank of Republic of Republic of India (RBI) has prohibit-ed non-banking finance companies (NBFCs) of all kinds from lending to a greater extent than than Rs.20,000 inward cash against gold. 
    • Note : The NBFCs conduct hold been told to number cheques for loan amounts inward a higher house this prescribed limit. Earlier, NBFCs had been directed to disburse solely high value loans of Rs.1 lakh together with inward a higher house against gilded past times cheque. 
  • iSelect term plan 
    • Canara, HSBC together with Oriental Bank of Commerce Life Insurance launched iSelect term excogitation to expand its online production conform with the meant for menage unit of measurement protection. iSelect term excogitation provides enhanced protection embrace for the menage unit of measurement at an affordable premium. 
      • Note : It is a pure protection online term excogitation that provides life insurance embrace along with the alternative to embrace against accidental death/ disability. 
  • State Bank of Republic of Republic of India has decided to reintroduce penalization on non-maintenance of mini-mum residual inward accounts from Apr 1, 2017. 
    • Note : The Reserve Bank of Republic of Republic of India has permitted banks to levy charges for breaching minimum residual limit. Withdrawal of cash from ATMs volition besides attract a accuse upwards to xx rupees if the number of transactions exceeds 3 from other bank’s ATMs inward a calendar month together with 10 rupees for to a greater extent than than 5 withdrawals from SBI ATMs. 
  • The State Bank of Republic of Republic of India is with iv novel unusual banks given preliminary approving to opened upwards 100 percent-owned branches inward Myanmar, the latest motility past times the Southeast Asian state to woo investment to the solid position down long ruled past times the state of war machine together with hitting past times Western sanctions. 
    • Note : This is the minute fourth dimension Myanmar has allowed unusual banks to opened upwards 100-per cent-owned branches within the solid position down inward to a greater extent than than 5 decades next permits to nine unusual banks inward Oct concluding yr to operate inward the country. Myanmar’s powerful state of war machine nationalised all banks when it seized mightiness inward 1962.
  • Best Small Bank
    • The ‘Karur Vysya Bank’ (KVB) has been adjudged the ‘Best Small Bank for 2016’. The Managing Director (MD) of ‘Kann. Vysya Bank’ has received the accolade from Sudhir Munguodvar, Minister of Finance together with Planning, Government of Maharashtra, at a component subdivision inward Mumbai. This is the 8th accolade won past times KVB inward the mountain fiscal.
  • German Development Bank 
    • The German linguistic communication Development Bank (KfW) together with Energy Efficiency Services Limited (EESL) signed a loan understanding for €200 1000000 to heighten release energy efficiency inward India. EESL volition invest the funds inward release energy efficiency inward house-holds, buildings, street lighting, H2O supply, agriculture together with industry. 
      • Note : KfW besides signed a funding bargain of €500,000 with the Indian Renewable Energy Development Agencyto hold solar projects. 
  • Insurance ecommerce
    • Insurance Regulatory together with Development Authority of Republic of Republic of India (IRDAI) has issued guidelines on insurance ecommerce, hence paving the agency for electronic platforms that volition marketplace position every bit good every bit service insurance products. 
      • Note : The insurance self-network plafforms that are to hold out ready could hold out a regular spider web portal, mobile app or both. Entities registered with IRDAI, such every bit insurance firms or insurance intermediaries, are eligible to apply for setting upwards such a platform. 
  • As per the RBI data, ICICI Bank topped the listing of banks that witnessed the most number of frauds inward the April-December menses of 2018 with state-owned SBI taking the minute spot. 
    • Note : The other banks which reported a large number of frauds to the apex depository financial establishment during the menses include Axis Bank (189), Bank of Baroda (176) together with Citibank (150). The RBI information besides revealed the interest of depository financial establishment staff inward frauds.
  • Airtel Payments Bank
    • Airtel Payments Bank, offered past times telecom major Bharti Airtel, announced that over i lakh savings accounts were opened inward 100 villages across Tamil Nadu. Through the initiative, the villages would conduct hold access to banking services along with the alternative of making digital payments. 
      • Note : Payment Banks convey deposits from individuals together with modest businesses upwards to a maximum of Rs.1 lakh per account.
  • HDFC Bank has launched an instant digital Loan Against Securities (LAS) facility inward collaboration with the National Securities Depository Ltd. (NSDL). Demat customers tin calculate their eligibility for overdraft boundary against shares, together with opened upwards a electrical current trouble organization human relationship instantly. 
    • Note : The depository financial establishment stated that customers tin avail themselves of overdraft facility against shares inward 3 steps : 
      • (i) Select the Shares to hold out pledged on cyberspace banking
      • (ii) Accept understanding through one-time Financial Literacy Centers password (OTP) and 
      • (iii) Pledge the shares with NSDL online
  • SBI Card Unnati
    • SBI Card on 28th March, 2017 launched a unique credit bill of fare ‘SBI Card Unnati’ targeted at all SBI customers, including January Dhan account-holders across the country. The bill of fare was launched past times Piyush Goyal, Minister of State (Independent Charge) for Power, Coal, New together with Renewable Energy together with Mines. 
      • Note : ‘Unnati’ would conduct hold no annual fees for the initial iv years together with volition hold out offered through the 20,000 summation SBI branches. Any SBI client with a residual of at to the lowest degree Rs.25,000 inward his/ her savings trouble organization human relationship with the depository financial establishment would hold out eligible for the Unnati credit bill of fare without the demand for whatever credit score or credit history. 
  • Cabinet approval 
    • The Union Cabinet has approved the merger of Bharatiya Mahila Bank (BMB) with State Bank of India. The approving comes subsequently concluding month’s Cabinet approving for the merger of SBI’s 5 associate banks with the larger entity, which volition hold out effective from Apr 1, 2017. 
    • Note : BMB’s full trouble organization of Rs.2,000 crore together with Its 103 branches volition hold out merged with the country’s largest depository financial establishment soon. 
  • To promote cashless digital transactions, South Indian Bank has introduced Aadhar-based payment inward its UPI mobile application-SIB M-Pay. Even non-customers of South Indian Bank tin link whatever of their depository financial establishment trouble organization human relationship inward this mobile applicatbn. 
    • Note : Aadhar based payment inward South Indian Bank’s SIB M-Pay volition hold out a major footstep inward offering uncomplicated together with efficient payment methods, every bit the solid position down moves towards a ‘Cashless Society’ together with Aadhar ID plays a telephone commutation usage inward Digital Republic of Republic of India initiatives. Currently, the fund transfer is possible solely if the Virtual Address (UPIID) of the beneficiary is known to the user. 
  • Bandhan Bank Ltd. has signed an understanding with a payment solution provider inward Republic of Republic of India Avenues Republic of Republic of India Pvt Ltd. inward Kolkata. The understanding was signed to provide the merchants with seamless access to the point- of- sale (POS) together with the payment gateway products. 
    • Note : Bandhan Bank Ltd. is an Indian banking together with financial services companionship head-quartered inward Kolkata, West Bengal. Bandhan, which started every bit a micro-finance companionship inward 2001, received bank-ing license past times Reserve Bank of Republic of Republic of India inward 2014. 
  • Financial Literacy Centres
    • The Reserve Bank of Republic of Republic of India has asked depository financial establishment operated Financial Literacy Centers (FLCs) together with rural branches to organize especial camps starting from 1st Apr to railroad train populace close digital payments through Unified Payments Interface (UPI) together with Unstructured Supplementary Service Data-based (USSD) ‘*99#’service code platforms. The camps volition hold out conducted for i year. 
      • Note : They volition croak on to send the tailored camps for 5 target groups similar farmers, modest entrepreneurs, schoolhouse children, senior citizens together with Self Help Groups.
  • HDFC Bank has launched an artificial intellience based chatbot ‘EVA’ (Electronic Virtual Assistant) for client services inward India. Eva is India’s start Al-based banking chatbot together with tin reply millions of client queries across multiple channels instantly. 
    • Note : Eva tin assimilate cognition from thou-sands of sources together with provide answers inward uncomplicated linguistic communication inward less than 0.4 seconds.
  • Mera iMobile 
    • ICICI depository financial establishment has launched a mobile banking app ‘Mena Mobile’ for rural customers.This app volition permit them to access banking ser-vices every bit good every bit information on agriculture services. The app tin besides hold out used past times non-ICICI Bank customers every bit well. The Mere iMobile app provides roughly 135 services, available inward English linguistic communication together with eleven Indian languages (Assamese, Bengali, Gujarati, Hindi, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, together with Telugu). 
  • Aadhaar Pay
    • IDFC Bank is at nowadays the start depository financial establishment inward the coun-try to launch Aadhaar Pay. Aadhaar Pay is the biometric based payment system.
  • State Bank of Republic of Republic of India has at nowadays announced a one-time settlement for tractor together with farm equipment loans that found close Rs.6,000 crore of doubtful together with loss cases on its books. This scheme is withal applicable for loan s upwards to Rs.25 lakh. 
  • The ‘Syndicate Bank’ has digitally inaugurated twoscore ‘Ananya’ transformed branches to heighten client experience, better sales focus, together with better digital transactions through it dedicated digit zone. ‘Project Ananya’ is a two-year large-scale transformation projection undertaken past times the depository financial establishment to provide customers with best inward class’ services spell improving together with modernizing the whole bank.
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