Daily Current Affairs July 26 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Union Government approves 8.15% as interest rate for Employees’ Provident Fund in FY 2022-23 

• The Union government approved the interest rate of 8.15% recommended by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) for its over 6 crore subscribers for the financial year 2022-23.
• The Ministry of Labour and Employment has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest@ 8.15 % for the year 2022-23 to the account of each member of the EPF Scheme as per the provision under para 60 of EPF Scheme,1952.

Daily Current Affairs July 25 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Bank of India plans share sale to meet SEBI’s minimum public holding norms

• State-owned Bank of India (BoI) is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25%.
• Currently, the Government of India (GoI) holds an 81.41% stake in the Mumbai-based bank.
• Public sector banks have time till August 2024 for meeting the Securities and Exchange Board of India (SEBI) requirement.

Daily Current Affairs July 23 & 24 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

SEBI introduced 6 new mutual fund strategies under ESG theme   

• The Securities and Exchange Board of India (SEBI) has allowed asset management companies (AMCs) to launch funds under 6 new strategies under the Environmental, Social, and Governance (ESG) thematic category.
• Currently, regulatory requirements allow mutual funds to launch only one scheme with ESG investing under the thematic category for equity schemes.

Daily Current Affairs July 22 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

SBI-led consortium to fund Adani Group’s ₹34,000-crore polyvinyl chloride project in Mundra

• In one of the largest fundraising by the Adani Group from Indian banks since the allegations by Hindenburg Research, a State Bank of India (SBI)-led consortium of banks has agreed to finance a significant part of the Adani Group’s ₹34,000-crore polyvinyl chloride (PVC) project in Mundra.

Daily Current Affairs July 21 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

PhonePe Launched India’s 1st Health Insurance Platform With Monthly Subscription

• PhonePe Insurance Broking Services, a wholly owned subsidiary of PhonePe Private Limited, has launched health insurance plans offering comprehensive insurance in partnership with leading insurers.
• With this, PhonePe has also introduced Unified Payments Interface (UPI) monthly mode of payment, making them affordable for customers.
• These health insurance plans, which come with coverage up to Rs 1 crore.

Daily Current Affairs July 20 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India released a notification addressing all banks regarding inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.

• The Reserve Bank of India (RBI) has released a notification addressing all banks regarding the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.
• This notification informs banks about the recent addition of NongHyup Bank to the regulated list.

Daily Current Affairs July 19 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

India needs average annual 7.6% GDP growth to make it as a developed nation by 2047 – RBI    

• According to an article in the Reserve Bank of India’s (RBI’s) latest monthly bulletin, India’s real Gross Domestic Product (GDP) needs to grow at 7.6% per annum over the next 25 years for it to become a developed country by 2047-48.
• India’s per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country.

Daily Current Affairs July 18 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Google Pay introduced UPI Lite to enhance small-value transactions

• Google Pay, the second largest Unified Payment Interface (UPI) platform in the country, has started rolling out the UPI Lite feature for users in India.
• With UPI Lite, Google Pay users can make everyday payments for everyday items such as groceries, snacks, and cab rides faster.

Daily Current Affairs July 16 & 17 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

India & UAE set up Framework For Local Currency Settlement In Cross-Border Transactions

• The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memorandum of Understandings (MoUs) in Abu Dhabi for establishing a framework to promote the use of local currencies for cross-border transactions; and cooperation for interlinking their payment and messaging systems.
• The MoUs were signed by RBI Governor Shaktikanta Das and the CBUAE Governor Khaled Mohamed Balama.
• The MoUs were exchanged between the two Governors, in the presence of Indian Prime Minister Shri Narendra Modi and President of the UAE Mr Sheikh Mohamed Bin Zayed Al Nahyan.

Daily Current Affairs July 15 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Razorpay India launched 1st international payment gateway in Malaysia via Curlec

• India’s fintech giant and leading Full-Stack Payments, and Business Banking Platform, Razorpay, launched its first international Payment Gateway in Malaysia for the Malaysian market with Curlec, now known as ‘Curlec By Razorpay’.
• The new Curlec payment gateway will serve more than 5,000 businesses with a target of Malaysian ringgits 10 billion in annualized gross transaction value (GTV) by 2025.

Daily Current Affairs July 14 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Government allowed Non Resident Indians as nominees in Small Savings Schemes

• According to the Ministry of Finance (MoF) notification, a non-resident Indian (NRI) can now be made a nominee for government saving schemes such as Public Provident Fund (PPF), National Saving Certificate (NSC) and post offices savings.
• Besides, the government permitted applicants to make changes to their names or surnames.
• These changes are part of a list of amendments to the Government Savings Promotion General Rules, as notified by the Finance Ministry.

Daily Current Affairs July 13 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

IRDAI retains mandatory cession of business in favour of General Insurance Corporation of India at 4% for FY24

• The Insurance Regulatory and Development Authority (IRDAI) has maintained the status quo on obligatory cession of business for the financial year 2023-24 at 4% in favour of General Insurance Corporation of India (GIC Re).
• The government had notified the move recently saying that the entire Obligatory Cession is to be placed with GIC Re only. Obligatory cession refers to the part of the business that general insurance companies have to mandatorily cede to the national reinsurer GIC Re.

Daily Current Affairs July 12 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Utkarsh Small Finance Bank’s ₹500-crore initial public offering to be open for subscription from July 12-14

• Utkarsh Small Finance Bank (SFB) will launch its ₹500 crore initial public offering (IPO) on July 12,2023 with the price band being set at ₹23-25.
• The IPO, entirely a fresh issue of shares, will close for subscription on July 14, 2023.
• Minimum Bid Lot is 600 equity shares.
• While not less than 75% of the issue would be available for allocation to QIBs, up to 15% is reserved for non-institutional investors and the balance 10% for retail individual investors.

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Daily Current Affairs July 11 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

National Housing Bank operationalises ₹10,000-crore Urban Infrastructure Development Fund

• The National Housing Bank (NHB) has operationalised the ₹10,000-crore Urban Infrastructure Development Fund (UIDF) announced in this year’s Budget for the creation of urban infrastructure in tier-2 and tier-3 cities.
• UIDF has been launched to supplement the efforts of the State governments by providing a stable and predictable source of finance for the creation of urban infrastructure in tier-2 and tier-3 cities.

Daily Current Affairs July 09 & 10 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Punjab National Bank Launched India’s First Virtual Branch in Metaverse

• Punjab National Bank (PNB) has launched India’s first virtual branch in
• With this, the bank will be able to deliver a unique experience to its customers, who can now explore bank deposits, digital payments, senior citizen deposits, and flagship schemes of the government of India.
• With the help of this, customers can explore the bank’s products and services such as bank deposits, retail/Micro, Small and Medium Enterprises (MSME) loans, digital products, women/senior citizens, ‘Do It Yourself’, and government flagship schemes.
• In addition, the bank will offer an immersive 3D experience to customers while they perform traditional banking activities through their digital avatars.

Daily Current Affairs July 08 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels licences of Malkapur Urban Co-operative Bank Limited & Shushruti Souharda Sahakara Bank Niyamita

• The Reserve Bank of India (RBI) cancelled the license of two cooperative bankse. Karnataka-based Shushruti Souharda Sahakara Bank Niyamita and Maharashtra-based Malkapur Urban Co-operative Bank Limited.

Reason :

• These banks did not have adequate capital and earning prospects.
• As such, they do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.

Daily Current Affairs July 07 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Bank of India becomes 1st bank to offer Mahila Samman Savings Certificate Scheme

• The Bank of India (BoI), one of the largest public sector banks (PSBs) in the country, has become the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme.

About Mahila Samman Savings Certificate  (MSSC) Scheme :

• The MSSC is a government-guaranteed limited-period small savings scheme aimed at empowering women and fostering their financial inclusion.
• Under the scheme, individual girls or women can open an account, or a guardian can open one on behalf of a minor girl.
• The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech FY 2023-24.

Interest Rate :

• The scheme offers an interest rate of 5% per annum, compounded quarterly.
• While the minimum investment is Rs 1,000, any sum in multiples of Rs 100 can be deposited, up to a maximum limit of Rs 2 lakh.
• Individuals can open multiple accounts with a gap of 3 months between each account, subject to the overall investment cap of Rs 2 lakh.

Daily Current Affairs July 06 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Market regulator Securities and Exchange Board of India mulls consolidated framework for cyber security

• The Securities and Exchange Board of India (SEBI) proposed a consolidated framework for cybersecurity, laying down a common structure for various regulated entities like stock exchanges, brokers, asset management companies and portfolio managers, among others.
• In a consultation paper, titled Consolidated Cybersecurity and Cyber Resilience Framework (CSCRF), the SEBI stated that the new framework would supersede nearly 15 circulars issued separately for various segments since 2015.

Daily Current Affairs July 05 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

SBI launched an upgraded version of the YONO app & an interoperable cardless cash withdrawal facility at ATMs

• As a part of the 68th Bank Day celebrations, the State Bank of India (SBI) has launched its upgraded digital banking application, ‘YONO (You Only Need One) for Every Indian’, and introduced the Interoperable Cardless Cash Withdrawal (ICCW) facilities.
• The YONO app has been revamped, keeping in mind the expectations of customers for a seamless and pleasant digital experience.
• This will further fulfil the goal of making the ‘YONO for Every Indian’ mission a reality.”

Daily Current Affairs July 04 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Punjab National Bank partners with Amul to support the finance dealership network under the MUDRA scheme

• State-owned Punjab National Bank (PNB) has partnered with Gujarat Cooperative Milk Marketing Federation Ltd (GCMMFL), better known as Amul, to offer financial services to Amul’s supply network pan-India under the MUDRA scheme.
• Through this association, both partners are aiming to provide support to more than 11 lakh retailers, wholesale dealers and others.

Daily Current Affairs July 02 & 03 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Tata AIA partners with WhatsApp & PayU to introduce industry’s 1st premium payment feature

• Tata Group-backed life insurance arm, Tata AIA has introduced a first-of-its-kind in the insurance industry, by enabling digital payments via WhatsApp and Unified Payment Interfaces (UPI).
• This feature provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.

Daily Current Affairs July 01 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

ICICI Lombard & ICICI Prudential Life Insurance jointly launched combi product ‘ishield’

• ICICI Lombard General Insurance and ICICI Prudential Life Insurance have jointly launched a combi product, ‘iShield’, which will provide customers with both health and life insurance under the “use and file”

About ‘iShield’ :

• “iShield is a one-of-its-kind offering that is synergistic in capabilities and shares the brand values of ICICI Prudential Life Insurance and ICICI Lombard.”
• iShield, will enable customers to take care of expenses required for medical treatments.
• Besides, it will also provide a lump sum amount to the family in case of the unfortunate demise of the
• The health insurance component covers expenses related to hospitalisation, day-care treatments, pre and post hospitalisation, and homecare treatment,

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.”