🌐 Banking & Financial Awareness📆 (31 July & 1 August 2017)

 Banking & Financial Awareness
 (31 July & 1 August 2017)
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✔Airtel Payments Bank ties up with HPCL for ATM Services
14,000 HPCL stations will act as banking points for Airtel Payments Bank
Customers will be able to open new accounts, make cash deposits
Airtel Payments Bank aims to boost digital payments in the country
✔RBI imposes Rs 3 crore penalty on Union Bank of India

The Reserve Bank of India has slapped a penalty of Rs. 3 crore on Union Bank of India for non-compliance of Know Your Customer (KYC) norms in two separate cases.

One of them was based on media reports related to a fraud in the bank, for which a penalty of Rs. 2 crore was imposed. In the other case, RBI received a complaint regarding huge cash withdrawals in certain accounts maintained with Union Bank of India, for which a penalty of Rs. 1 crore was imposed.

✔SBI cuts savings bank rate to 3.5% on deposits up to Rs 1 cr.
Interest on SB deposit of above R1 crore remains unchanged at 4% pa
Interest on SB deposit of R1 crore & below is reduced to 3.5% pa
New rates will be effective from 31st July 2017
✔Canara Bank launches "CANDI" its first digital branch in Bengaluru.
Public sector lender Canara Bank has launched its first ‘Digital Banking Branch’ at Spencer Towers in MG Road, Bengaluru.

The branch is reportedly titled “CANDI” and it will aim to provide an end-to-end digital experience to customers.
 This is a first-of-its kind initiative by a public sector bank in the country.
✔Snapdeal Terminates Talks for Merger
E-commerce firm Snapdeal has terminated talks for a takeover by larger rival Flipkart. It will pursue an independent path to continue its operations.

The company was reported to be in talks for selling its business to Flipkart in a USD 900-950 million deal.
✔IDFC to Buy First Solar’s India Portfolio
The infrastructure fund of multi-asset manager IDFC Alternatives is set to make its biggest acquisition till date by taking over the entire 200 megawatts of First Solar's operational portfolio of solar power projects in India for around Rs. 1,950.

These projects, seven in all, are located in Telangana and Andhra Pradesh. The definitive agreements between both parties have been signed. The transaction is expected to close by December.

✔HDFC Life, Max Merger Called Off
The Max group and HDFC Life have decided to withdraw the merger proposal of Max Life and HDFC Life — mooted a year ago — following the insurance regulator’s discomfort with the proposed structure of the deal.

Since the parties were unable to obtain the requisite regulatory approvals to consummate the proposed merger and other transactions contemplated under the said definitive agreements, the agreements stand terminated with effect from July 31.

✔Sahara to Challenge IRDAI
Embattled Sahara Group will approach court of law against IRDAI order directing transfer of its life insurance business to ICICI Prudential and alleged that the insurance regulator has wrongly concluded that the promoter was no more fit and proper and a sum of Rs. 78 crore was siphoned.

Sahara Life is doing business since 2004 and since last 7 years running continuously in profit and has been in absolute and strict compliance of all regulatory norms and directions issued by IRDAI.

✔ONGC Seeks Market Freedom
State-owned Oil and Natural Gas Corp has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades.

ONGC, which has opened for commercial production six out of India's seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day.

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