Daily Current Affairs April 14 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India released framework for the acceptance of green deposits by Regulated Entities

• The Reserve Bank of India (RBI) has announced the framework for the acceptance of green deposits of regulated entities (RE).
• The framework will come into effect from June 1, 2023.

Daily Current Affairs April 13 2023

CURRENT AFFAIRS : BANKING & FINANCE

NSE Indices launches India’s 1st-ever REITs and InvITs index 

• NSE Indices Limited, a subsidiary of National Stock Exchange (NSE), has launched India’s first ever Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) called Nifty REITs and InvITs Index.

Aim : 

• To track the performance of REITs and InvITs that are publicly listed and traded (listed and traded or not listed but permitted to trade) at the NSE.

Daily Current Affairs April 12 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India to launch centralized portal PRAVAAH for licencing, approval applications

• The Reserve Bank of India (RBI) has planned to launch a secured web-based centralized portal named ‘PRAVAAH’ (Platform for Regulatory Application, Validation AndAutHorisation) to simplify and streamline application processes.

Daily Current Affairs April 11 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India develops online application for Full-Fledged Money Changers & non-bank Authorised Dealers Category-II

• The Reserve Bank of India (RBI) has developed a software application, known as ‘APConnect’ for processing applications related to licencing of Full-Fledged Money Changers (FFMCs), non-bank Authorised Dealers (AD) Category-II, authorisation as Money Transfer Service Scheme (MTSS) Agent, renewal of existing licences/authorisations, for seeking approval and submission of various statements/returns.

Daily Current Affairs April 09 & 10 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Imposes Penalty On Mahindra & Mahindra Financial Services & Indian Bank

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6.77 crore on Mahindra & Mahindra Financial Services Limited for non-compliance with the “Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.
• The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2019 and March 31, 2020.
• Meanwhile, the RBI imposed a fine of Rs 55 lakh on Indian Bank for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer) Directions, 2016.

Daily Current Affairs April 08 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Axis Bank introduces ‘Digital Dukaan’, an enhanced Payments & Business Management solution for merchants  

• Axis Bank, India’s third largest private sector bank, in partnership with Visa announced the launch of an app ‘Digital Dukaan’, a comprehensive digital offering that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally.

About ‘Digital Dukaan’ : 

• The Digital Dukaan’ has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others.
• This Android Smart POS application has an in-built camera with LED flashlight that will enable scanning of product barcodes, allow tap and pay option for transactions up to Rs 5,000 and also support other value-added services such as EMI, acceptance of Sodexo card, Buy Now Pay Later, etc.
• It will also enable merchants to set up an online store and grow their business effortlessly by creating new channels.

Daily Current Affairs April 07 2023

 CURRENT AFFAIRS : BANKING & FINANCE

Union Bank of India becomes first Indian bank to open special vostro account for India-Malaysia trade settlement in rupee

• Public sector lender Union Bank of India (UBI) becomes the first bank in the country to open a Special Rupee Vostro Account (SRVA) through its corresponding bank in Malaysia i.e. India International Bank of Malaysia (IIBM). 
• This means that trade between India and Malaysia can now be settled in the Indian rupee, in addition to the current modes of settlement in other currencies.

Daily Current Affairs April 06 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

PhonePe Launches E-Commerce Consumer App ‘Pincode’ On ONDC Platform

• Walmart-owned fintech company PhonePe has launched a new consumer-facing application, Pincode, which will be integrated into India’s Open Network for Digital Commerce (ONDC) framework.

About Pincode : 

• At present, Pincode is only available in Bengaluru city and will soon be launched in other cities.
• Pincode is launching in 6 major categories, including grocery, food, pharma, electronics, home decor, and fashion.
• The app, which will focus on hyperlocal commerce, is downloadable from Google Play and App store.
• Pincode is built on the ONDC network, which allows us to generate demand for merchants digitised by various seller platforms in an inclusive manner, while creating new opportunities for growth and driving innovation at scale.

Daily Current Affairs April 05 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

DBS Bank India Launches ‘DigiPortfolio’ offers Morningstar-curated investments on risk preference     

• DBS Bank India has launched an innovative investment solution, ‘digiPortfolio’, on its digibank platform.
• DigiPortfolio uses both technology and human expertise to create a set of investment options curated by Morningstar that match the risk preferences of different investors.
• The platform is an easy, one-stop solution for users to invest money with ready-made baskets of mutual funds.

Daily Current Affairs April 04 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

India Post Payments Bank launches WhatsApp Banking Services for customers

• India Post Payments Bank (IPPB), in collaboration with Airtel, has launched WhatsApp Banking Services for IPPB customers in New Delhi, enabling them to access banking services on their mobile phone.

Key Highlights : 

• The IPPB WhatsApp Banking channel will enable IPPB customers to seamlessly connect with the bank on WhatsApp and effortlessly avail a host of banking services, including doorstep service request, locating nearest Post Office.

Daily Current Affairs April 02 & 03 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Centre increases interest rates on small savings schemes for April-June Quarter of FY24

• The Union Ministry of Finance has increased the interest rates on various small savings schemes between 10-70 basis points (bps) for the first quarter (Q1) of the fiscal year 2023-24 (FY24) starting from April 1, 2023 to June 30, 2023.
• This is the third time in the past 9 months that the interest rates on small savings schemes have been increased.

Daily Current Affairs April 01 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI rejects all bids for 91-day T-bill for first time in 7 years    

• The Reserve Bank of India (RBI) rejected all bids received for the 91-day Treasury bill (T-bill) for the first time since February 2016.

What is the Treasury bill?

• T-bills are short-term, zero coupon debt instruments issued by the government.
• T-bills are currently issued in 3 tenors – 91-day, 182-day and 364-day and pay no interest.
• Treasury bills are instead issued at a discount and redeemed at the face value at maturity.

Daily Current Affairs March 31 2023

 CURRENT AFFAIRS : BANKING & FINANCE

NPCI recommends up to 1.1% interchange fee on UPI transactions of over ₹2,000 via PPIs

• National Payments Corporation of India (NPCI) has notified that an interchange fee of up to 1.1% will be applicable on merchant UPI (Unified Payments Interface) transactions done using prepaid payment instruments (PPIs) such as wallets or cards with effect from April 1, 2023.

Daily Current Affairs March 30 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Axis Bank launches India’s first pocket-sized swipe machine ‘MicroPay’                                     

• Private sector lender Axis Bank launched ‘MicroPay’, first pocket-sized swipe machine of India, based on ‘Pin on Mobile’ technology for accepting digital payments.
• The bank launched ‘MicroPay’ along with Ezetap by Razorpay and MyPinpad as the technical solution partners.

Daily Current Affairs March 29 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

ICICI Lombard introduces country’s 1st ‘anywhere cashless’ feature

• For the first time in the country, ICICI Lombard General Insurance Company Limited (ICICI Lombard) has launched ‘Anywhere Cashless’ feature for health insurance policyholders to avail cashless facilities at any hospital, even if not part of ICICI Lombard’s current network of hospitals.

Aim : 

• To expand insurance coverage by setting up more network partners in Tier-II and Tier-III cities, and actively seek and provide better options to customers.

Daily Current Affairs March 28 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Asian Development Bank to provide Rs 754 cr loan to SAEL Industries

• The Asian Development Bank (ADB) and SAEL Industries Limited have signed an agreement for a loan of up to ₹754 crores.
• The loan agreement is to promote the generation of biomass energy using agricultural residue, helping diversify India’s energy mix and reduce carbon intensity.

Key Highlights : 

• ADB’s funding will be used for the construction of 5 biomass power plants in Rajasthan.
• These 5 biomass power plants will be constructed in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar.
• Due to burning of crop stubble by farmers to remove paddy residue, fine particulate matter (PM 2.5) levels and air pollution rise.

Daily Current Affairs March 26 & 27 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Karur Vysya Bank enters into a bancassurance agreement with SBI Life in the life insurance category                

• Karur Vysya Bank (KVB) has executed an agreement with SBI Lite, the insurance arm of State Bank of India (SBI) as an additional bancassurance partner in the life insurance category.

What is bancassurance?

• Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers.
• This partnership arrangement can be profitable for both companies.

Daily Current Affairs March 25 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

World Bank’s IFC to invest $73 million in Mahindra’s last mile mobility unit

• Indian automaker Mahindra and Mahindra stated that World Bank’s private investment arm, International Finance Corp (IFC), will invest 6 billion rupees ($72.58 million) in the company’s last mile electric mobility unit.
• The investment is the IFC’s first in an electric vehicle maker in India.
• The investment, which will be in the form of compulsory convertible instruments, will value the unit at 60.20 billion rupees.
• IFC will own about a 9.97%-13.64% stake in the newly formed company.
• Indian automakers and startups, such as Tata Motors, ElectricPe and Yulu, are jumping into the space and attracting multiple investments.

Daily Current Affairs March 24 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI allows India & Tanzania to use national currencies for trading                            

• The Reserve Bank of India (RBI) has approved for India and Tanzania to use their national currencies Ie, Indian Rupee (INR) & Tanzanian Shilling (Tsh) for bilateral trade settlement.
• Under this mechanism, authorised banks in India will open Special Rupee Vostro Accounts (SRVAs) of correspondent banks of Tanzania.

Daily Current Affairs March 23 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes Rs 2.27 crore penalty on RBL Bank for non-compliance

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.27 crore on private sector lender RBL Bank for not complying with certain directives on loan recovery agents.
• The RBI noticed “deficiencies in regulatory compliance” after it examined complaints received against the Mumbai-based lender’s recovery agents during the financial years 2018-19 to 2021-22.

Daily Current Affairs March 22 2023

 

CURRENT AFFAIRS:BANKING & FINANCE

Kotak Mahindra Bank and IOCL launched a co-branded fuel credit card

• Kotak Mahindra Bank and Indian Oil Corporation Limited (IOCL) announced a strategic partnership to launch the Indian Oil Kotak co-branded fuel credit card.
• The Card will be available on the RuPay network.
• The partnership will offer more value to customers in the form of an enhanced rewards programme giving customers value on fuel spends and on special non-fuel and frequent-spend categories, such as dining and groceries.

Daily Current Affairs March 21 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes Rs 5 lakh penalty on HDFC for non-compliance of norms 

• The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on Housing Development Finance Corporation Limited (HDFC) for non-compliance with certain provisions issued by the National Housing Bank (NHB).
• A statutory inspection of the company was conducted by NHB with reference to its financial position as on March 31, 2020.

Daily Current Affairs March 19 & 20 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Bank of Baroda unveils co-branded debit card under Tamil Nadu govt Pudhumai Penn scheme for girl students

• Public sector Bank of Baroda (BoB) has partnered with the Government of Tamil Nadu (TN) to offer co-branded RuPay Platinum Debit Card in TN offering customised solutions to its users.
• BoB has launched the debit card that would be offered to the beneficiaries of the state government’s ‘Pudhumai Penn’ scheme.

Daily Current Affairs March 18 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India and Central Bank of UAE sign MoU to promote innovation in financial products and services

• The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.

Daily Current Affairs March 17 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Canara Bank launches Rupay Credit Card on UPI

• Canara Bank in collaboration with National Payments Corporation of India (NPCI) launched the Rupay Credit Card through Unified Payment Interface (UPI) using the BHIM(Bharat Interface for Money) app

Aim : 

• To leverage the reach of UPI and the strength of credit card products.

Daily Current Affairs March 16 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

IREDA gets ‘Infrastructure Finance Company’ status from RBI

• The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).
• With IFC status, IREDA will be able to take higher exposure in renewable energy (RE) financing.

Daily Current Affairs March 15 2023

CURRENT AFFAIRS : BANKING & FINANCE

SBI raises Rs. 3717 crores through Additional Tier 1 bonds                                                  

• The nation’s largest lender State Bank of India (SBI) raised Rs 3,717 crore through additional tier 1 (AT1) bond sale.
• This is the third Basel III compliant AT1 bond sale and the latest issue was closed at a coupon rate of 8.25%.

Daily Current Affairs March 14 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI infuses ₹82650 crore into the banking system via VRR auction

• The Reserve Bank of India (RBI) infused liquidity amounting to ₹82,650 crore into the banking system via the 14-day Variable Rate Repo (VRR) auction.
• Banks borrowed ₹82,650 crore at a weighted average rate of 6.53%.
• Notified amount under the VRR auction was ₹1 lakh crore.
• This will be only the second VRR auction conducted by the RBI since February 2020.

Daily Current Affairs March 12 & 13 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Central banks of Israel, Norway and Sweden model hub for digital currency payments                          

• Project Icebreaker, a joint initiative from the Bank for International Settlements (BIS) and the central banks of Israel, Norway, and Sweden, has successfully concluded a study on the potential benefits and challenges of using retail central bank digital currencies (CBDC) in international payments.

Daily Current Affairs March 11 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Bajaj Finserv got SEBI licence to start mutual fund business

• Financial services company Bajaj Finserv has received the final registration from the Securities and Exchange Board of India (SEBI) to start its mutual fund (MF) business operations under Bajaj Finserv Mutual Fund.

Daily Current Affairs March 10 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

City Union Bank rolls out credit card in partnership with 42 Card Solutions                              

• Private sector lender City Union Bank (CUB) has launched its first-ever credit card service, the Dhi CUB Visa Signature Credit Card, in partnership with credit cards-as-a-service provider 42 Card Solutions Pvt Ltd (42 CS)

Daily Current Affairs March 09 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

CBDT gives five-year tax exemption for insolvency regulator IBBI

• In a big boost to the insolvency regime, the Central Board of Direct Taxes (CBDT) has granted tax exemption to certain specified incomes of the insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) for 5 financial years starting from the current fiscal.

Daily Current Affairs March 08 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI launches Mission ‘Har Payment Digital’ on the occasion of Digital Payments Awareness Week 2023

• The Governor of Reserve Bank of India (RBI) Shri Shaktikanta Das launched the Mission ‘Har Payment Digital’ on the occasion of the Digital Payments Awareness Week (DPAW) 2023.
• This is part of RBI’s endeavour to make every person in India a user of digital payments.

Daily Current Affairs March 07 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

IRCTC partners with HDFC Bank to launch India’s co-branded travel credit card      

• Indian Railway Catering and Tourism Corporation Ltd (IRCTC), the public sector undertaking under the Ministry of Railways, and HDFC Bank, India’s largest private sector bank have partnered to launch one of India’s most rewarding co-branded travel credit cards, known as the IRCTC HDFC Bank Credit Card.

Daily Current Affairs March 05 & 06 2023

CURRENT AFFAIRS: BANKING & FINANCE

Retail trade and NBFCs drive credit growth in services – RBI data 

• According to the data from the Reserve Bank of India (RBI), significant offtake from retail and non-banking financial companies (NBFCs) increased credit to services by 21.5% year-on-year (YoY) in Jan 2023 as against 5.7% in Jan 2022.
• RBI data showed loans to retail increased 21.8% Year on Year (YoY) in Jan 2023, up from 6.9% in Jan 2022.