Daily Current Affairs June 30 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels Mahalaxmi Cooperative Bank Dharwad’s banking licence & allows it to operate as NBFC

• The Reserve Bank of India (RBI) has cancelled the banking license of the Karnataka-based Mahalaxmi Cooperative Bank, Dharwad, and allowed it to function only as a Non-Banking Financial Company (NBFC).
• The RBI cancelled the banking licence dated March 23, 1994 granted to the Mahalaxmi Cooperative Bank Dharwad.
• This will not stop the bank from conducting the business of ‘banking’ and acceptance of deposits from non-members with immediate effect.
• Further, the bank shall ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking Institution.

Daily Current Affairs June 29 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Canara Bank becomes the first public sector bank in India to launch UPI payments via credit card

• Canara Bank has become the first Public Sector Bank (PSB) in India to introduce the facility of Unified Payments Interface (UPI) payments to merchants through RuPay Credit Card in association with the National Payments Corporation of India (NPCI).
• This facility is made available in the popular ‘Canara ai1’ Banking Super App of the Bank.

Key Highlights :

• Customers of the Canara Bank will now be able to make UPI payments to merchants from their RuPay Credit Cards also in addition to their bank accounts.
• Customers can link their Canara Bank RuPay Credit Cards to their UPI IDs.

Daily Current Affairs June 28 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Indian Overseas Bank signed an MOU with the Tamil Nadu State Rural Livelihood Mission

• Indian Overseas Bank (IOB), a leading financial institution, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM).

Objective :

• To foster the growth of Self Help Groups (SHGs) in the state and provide them with vital financial support.

Daily Current Affairs June 27 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Indian Bank partners with Manipal technologies to offer customised banking solutions

• Manipal Technologies Limited (MTL) has partnered with state-owned Indian Bank to drive financial inclusion by offering customised banking products.

Aim :

• To build a sustainable network of corporate business correspondents (CBCs) that will enhance the availability, affordability, and accessibility of financial services, particularly in underserved markets and rural areas.

Daily Current Affairs June 25 & 26 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

LIC launches close-ended Dhan Vridhhi plan

• The Life Insurance Corporation of India (LIC) has launched Dhan Vriddhi, a single-premium, non-participating endowment plan.
• It is a limited-time guaranteed returns policy that will be available for purchase up to September 30, 2023.
• This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term.
• It also provides a guaranteed lump sum amount on the date of maturity to the assured.

Daily Current Affairs June 24 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Axis Bank launches One-View feature on its Mobile App

• One of the largest private sector banks, Axis Bank, launched its latest feature, ‘One-View’, on Axis Mobile Application.
• Axis Bank is the first private sector Bank to introduce this new-age banking feature leveraging the Account Aggregator (AA) ecosystem to create a seamless banking experience for its customers.
• This feature simplifies the process of managing finances for customers, by providing them access to multiple bank accounts on one single platform, enabling them to track their balances and spends on a real-time basis.

Daily Current Affairs June 23 2023 | Latest News

 

CURRENT AFFAIRS: NATIONAL NEWS

PM Modi remains world’s most popular leader with 75% approval rating

• Prime Minister Narendra Modi remains the world’s most popular leader with an approval rating of 75 percent.
• This was revealed in a Global Leader Apzproval Ratings released by a US-based consulting firm Morning Consult.
• Swiss President Alain Berset is second, followed by Mexican President Andrés Manuel López Obrador.
• In the approval rating, US President Joe Biden is placed at the 8th position while UK Prime Minister Rishi Sunak is at the 13 position among 22 world leaders.
• The latest approval ratings are based on data collected from the 7th to the 13th of this month.

Daily Current Affairs June 22 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Union Bank launches 4 new deposit schemes to advantage women, pensioners and cooperative societies

• Union Bank of India (UBI) has launched 4 bank account schemes named Union Unnati, Union Samriddhi, Union Samman, Union SBCHS acknowledges the significance of cooperative housing societies, targeting women, women entrepreneurs and professionals, pensioners and cooperative housing societies.

Daily Current Affairs June 21 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

SEBI Issues Guidelines On Product Offerings By Online Bond Platform Providers

• The Capital markets regulator Securities and Exchange Board of India (SEBI) restricted online bond platform providers (OBPPs) from offering products other than listed debt securities on their Online Bond Platform (OBP).

Daily Current Affairs June 20 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Kotak Mahindra Bank launched “ActivMoney” feature for savings account holders

• Kotak Mahindra Bank Limited (KMBL) announced the launch of its ActivMoney feature which gives customers the benefit of fixed deposit (FD)-like interest rates of up to 7% per annum with no charges on premature withdrawal.

Daily Current Affairs June 18 & 19 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes Rs 20 lakhs penalty on Manappuram Finance for rule violations

• The Reserve Bank of India (RBI) has imposed ₹20 lakhs monetary penalty on Manappuram Finance for non-compliance with certain provisions of Non-Banking Financial Company (NBFC).
• This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 58G (1) (b) read with section 58B (5) (aa) of the Reserve Bank of India Act, 1934.”

Daily Current Affairs June 17 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Microfinance loan portfolio increased by 22% to Rs 3.48 lakh crores in FY’23

• As per the data released by the microfinance institutions network (MFIN), Microfinance loan portfolio increased by 22% to Rs 3.48 lakh crores during 2022-23.

Key Highlights :

• Gross loan portfolio stood at Rs 2.85 lakh crores as on March 31, 2022.
• Microfinance loan disbursals during FY 2022-23 improved by 23% to Rs 2,96,423 crores compared to Rs 2,39,433 crore in the previous financial year.
• About 7.17 crore loans were disbursed during FY 22-23 as against 6.30 crore in the previous year indicating higher ticket size of new loans, microfinance institutions network (MFIN), the microfinance industry association and an RBI-recognized self-regulatory organization.

Daily Current Affairs June 16 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI governor Shaktikanta Das honoured with the ‘Governor of the Year’ award at Central Banking Awards 2023, London

• The governor of the Reserve Bank of India (RBI), Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking Awards 2023 in
• The award recognised his role as the RBI chief in managing inflation and skillfully handling India’s banking system during crises like COVID pandemic and global turmoil.
• With this award, Das became the second Central Bank governor to be honoured with the award after Raghuram Rajan, who won the title in 2015.
• Central Banking is an international economic research journal.
• He was recommended for the award by the publication in March 2023.

Daily Current Affairs June 15 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Punjab National Bank launched IVR Based UPI Solution – UPI 123PAY

• Punjab National Bank (PNB) has become the first public sector bank to introduce an Interactive Voice Response (IVR)-based Unified Payment Interface (UPI) solution – UPI 123PAY, aligning with the Digital Payment Vision 2025 towards a cashless and cardless society.

What is UPI 123PAY?

• Unified Payments Interface (UPI) is a 24-hour payment channel enabling customers to perform fast, encrypted and real-time payments.
• So far, the solution was accessible only through smartphones or through Unstructured Supplementary Service Data (USSD) service and was dependent on good internet connectivity.

Daily Current Affairs June 14 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Imposes Rs 60.20 lakhs penalty on Bihar State Co-operative Bank Limited for various short comings

• The Reserve Bank of India (RBI) has imposed a penalty of Rs 60.20 lakhs on The Bihar State Co-operative Bank Limited, Patna, for a slew of shortcomings and violations.

Reason :

• A statutory inspection of the Patna-based bank by the National Bank For Agriculture And Rural Development (NABARD) after FY20 revealed that it failed to put in robust software for identifying and reporting suspicious transactions and submit statutory returns within prescribed timelines.

Daily Current Affairs June 13 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Moody’s Projects India’s GDP Growth at 6-6.3% in Q1FY24 

• The global credit ratings major Moody projected that the Indian economy is expected to clock a 6-6.3% growth in June quarter, and flagged risks of fiscal slippage arising from weaker than expected government revenues in the current fiscal.
• Moody’s growth estimate is lower than the 8% projection for the first quarter made by the Reserve Bank of India (RBI) last week.

Daily Current Affairs June 11 & 12 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Global Alliance for Mass Entrepreneurship & SIDBI To Launch NBFC Growth Accelerator Program   

• Global Alliance for Mass Entrepreneurship (GAME) has received in-principal approval from Small Industries Development Bank of India (SIDBI) for designing and structuring a sustainable and scalable Non-Banking Finance Company (NBFC) Growth Accelerator Program (NGAP).
• The ultimate goal of the NGAP framework is to enable a larger set of NBFCs to get access to institutional funding at a reasonable rate, so the benefit can be passed on to the MSMEs.

Daily Current Affairs June 10 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI’s Monetary Policy Committee keeps the repo rate unchanged at 6.5%

• The Reserve Bank of India’s (RBI) Monetary Policy Committee headed by RBI Governor Shaktikanta Das in its second bi-monthly monetary policy meeting of FY24 has kept the repo rate unchanged at 6.5%.

Aim:

• To focus remains on the withdrawal of accommodation
• Earlier In the MPC meeting held in February, 2023 the repo rate was increased by 0.25% to 6.50%.
• The RBI also retained FY24 GDP growth forecast at 6.5%, while expecting FY24 CPI inflation to be at 5.1% (from 5.2%).
• The next meeting of the MPC is scheduled for August 8-10, 2023.

Daily Current Affairs June 09 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI issues updated list of entities not authorized to deal in forex transactions

• The Reserve Bank of India (RBI) updated its ‘Alert List’ for the public on unauthorised forex trading platforms by adding 8 more entities taking the total to 56.
• The names added are:

1. QFX Markets
2. WinTrade
3. Guru Trade7 Limited
4. Bric Trade
5. Rubik Trade
6. Dream Trade
7. Mini Trade
8. Trust Trade.

• The list aimed to raise awareness and protect individuals from fraudulent entities operating in the forex market.

Daily Current Affairs June 08 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Bank of Baroda unveils facility for cash withdrawals using UPI on its ATMs

• Public lender Bank of Baroda (BoB) has launched Interoperable Cardless Cash Withdrawal (ICCW) facility for its customers, wherein they can withdraw money from Automated Teller Machines (ATMs) using the United Payment Interface (UPI).
• BoB becomes the first public sector bank to launch this service.

By whom would it be withdrawn?

• Bank of Baroda customers
• Customers of other participating issuer banks that use Bharat Interface for Money (BHIM) UPI
• Bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card.

Daily Current Affairs June 07 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Governor Shaktikanta Das launches Financial Inclusion Dashboard – ANTARDRIHSTI                              

• Reserve Bank of India (RBI) Governor Shaktikanta Das, launched a Financial Inclusion Dashboard – ANTARDRIHSTI

Aim :

• To provide the required insight to assess and monitor the progress of financial inclusion by capturing relevant parameters.

Daily Current Affairs June 06 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Karbon Card launched India’s 1st mobile-based expense management card – Card++

• Karbon Card, a B2B (Business to Business) payment solution provider, has launched India’s 1st mobile-based expense management card called Card++.

Aim :

• To help thousands of startups and small businesses that are constantly facing challenges in finding a reliable and accessible expense solution, causing disruptions in their day-to-day operations and forced to use multiple payment instruments.

25% discount on Unacdemy plus subscription

 Learn LIVE with India’s best educators on Unacademy Plus. Get a subscription using my referral code SMBANK and get 25% off!

https://unacademy.com/plus

Daily Current Affairs June 04 & 05 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Union Government’s fiscal deficit declines to 6.4% of GDP in 2022-23

• The fiscal deficit of the government decreased from 6.71% of Gross Domestic Product (GDP) to 6.4% of GDP in 2022–23.

Key Highlights :

• In the Union Budget, the government aims to further reduce the fiscal deficit to 5.z9% of GDP during the current fiscal year 2023-24.
• Unveiling the government’s revenue-expenditure figures for 2022-23, the CGA stated that the fiscal deficit in absolute terms stood at ₹17,33,131 crore (provisional), slightly less than the amount estimated in the Revised Estimates (RE) in the budget.

Daily Current Affairs June 03 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Credit card platform Kiwi launches ‘credit on UPI’ service

• Kiwi, a ground-breaking credit card platform, has launched its all-inclusive “Credit on Unified Payments Interface (UPI)” customer solution.
• The solution has been certified by the National Payments Corporation of India (NPCI), making Kiwi the first app in India to provide “Credit on UPI” by issuing Rupay Cards in collaboration with banks.
• The launch of this solution is a significant move by Kiwi towards creating one of the most comprehensive direct-to-consumer (D2C) models in the credit market.

Daily Current Affairs June 02 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

India’s GDP Projected To Grow 6.5% In FY24 – RBI

• According to the RBI’s annual report 2022-23, India’s Gross Domestic Product (GDP) growth for 2023-24 is projected at 6.5% for FY24 amid softer global commodity and food prices, and good rabi crop prospects, among others

About the report :

• As per the Annual report of RBI for FY23, India’s growth momentum is likely to be sustained in 2023-24 but domestic economic activity is facing challenges from global outlook.

Daily Current Affairs June 01 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Becomes Net Seller of USD in FY23 

• The Reserve Bank of India (RBI) became a net seller of US dollars in fiscal year 2023, after being a net purchaser for three consecutive years.
• The RBI sold $25.52 billion in the spot foreign exchange market.

Key Highlights :

• The RBI sold dollars to reduce volatility in the rupee, which has been under pressure due to the Russia-Ukraine war and interest rate hikes by the US Federal Reserve.
• The RBI sold the greenback to prop up the rupee, which had depreciated due to higher import bills and foreign investors pulling out money from the domestic market.