Jan 29
RBI imposes Rs 75,000 penalty on Jila Sahakari Kendriya Bank Maryadit
★ Reserve Bank of India imposed Rs 75,000 penalty on Jila Sahakari Kendriya Bank Maryadit in Madhya Pradesh.
☆ Penalty for contravention of provisions of Banking Regulation Act and ‘Depositor Education and Awareness Fund Scheme, 2014’.
☆ Penalty based on deficiency in regulatory compliance, not intended to invalidate transactions with customers.
Jan 25
Zomato gets RBI nod to operate as online payment aggregator 💥
★ Zomato Payment Pvt Ltd (ZPPL), a wholly-owned subsidiary of Zomato Limited, has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
☆ Online payment aggregators are companies that facilitate online payments by acting as intermediaries between the customer and the merchant.
☆ Last Year Zomato had joined hands with ICICI Bank to launch its own unified payments interface (UPI) offering — Zomato UPI
☆ India’s first-ever payment aggregator “BILLDESK” launched its operations in India, in 2000.
Jan 24
HDFC Bank Surpasses 20 Million Credit Card Milestone, Leading Indian Market 💥
★ The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU).
☆ The Proposed Combination involves the merger of Fincare and AU, with AU being the surviving entity (merged entity). The shareholders of Fincare will be allotted shares in the merged entity, post the Proposed Combination.
CCI approves merger of Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU)
★ In a significant milestone, HDFC Bank, India’s largest private sector bank, has emerged as the nation’s first lender to reach 20 million active credit cards.
☆ The bank, dominating a quarter of the overall card market, commenced its credit card operations in 2001 and previously attained the 10-million mark in 2017.
Jan 23
YES BANK Achieves Milestone as First Indian Bank on RXIL’s ITFS Platform 💥
★ Yes Bank has become the 1st Indian bank to execute an export finance transaction on the International Trade Financing Services Platform of RXIL Global IFSC Limited.
☆ This strategic partnership allows arranging credit for exporters and importers from Indian and global institutions through Factoring, Forfaiting, and other trade financing services at competitive pricing.
Jan 18
IREDA and Indian Overseas Bank join hands in co-lending for Renewable Energy Projects
★ Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB), setting the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
Jan 17
LIC overtakes SBI to become the most valuable PSU 💥
★ Life Insurance Corporation of India (LIC) has not only staged an impressive comeback but has also surpassed the market capitalization of the State Bank of India (SBI) to become most valuable PSU
☆ Its market capitalisation cross the ₹5.8 Lakh Crore mark as it touched 52 week highs of ₹919.45 a piece thereby surpassed market cap State Bank Of India (SBI)
Jan 15
Yes Bank deployed Veefin’s SmartFin supply chain finance solution
★ Yes Bank has launched SmartFin, a comprehensive digital supply chain finance (SCF) platform, in collaboration with Veefin Solutions, aiming to support MSMEs and drive working capital efficiencies.
☆ Ajay Rajan of Yes Bank stated that SmartFin’s end-to-end digital offerings will augment the bank’s digital capabilities, delivering operational & financial efficiencies for stakeholders.
Jan 14
ICICI Bank Canada introduced ‘Money2India (Canada)’ mobile app.
★ ICICI Bank Canada, a subsidiary of ICICI Bank, has unveiled the ‘Money2India (Canada)‘ mobile banking app, enabling swift and secure money transfers allowing Seamless 24/7 money transfers from any Canadian bank to India, no ICICI Bank Canada account required.
☆ User-friendly interface for instant transfers, supporting Visa/Mastercard debit cards with a high transaction limit of CAD 30,000.
☆ Advanced security features, including two-factor authentication, ensure the safety of digital transactions.
Jan 13
DLabs at ISB introduces ‘Build for Billions’ startup accelerator.
★ DLabs at ISB introduces ‘Build for Billions’ startup accelerator in collaboration with RBI Innovation Hub and Union Bank of India.
The program aims to address financial challenges for gig workers, migrant workers, and various informal sector workers.
50-day, equity-free accelerator providing mentorship, capacity building, resources, networking, and a piloting opportunity with Union Bank.
Jan 12
RBI imposed penalties on Dhanlaxmi, Punjab and Sind, and ESAF Banks. 💥
★ Dhanlaxmi Bank (Rs 1.20 Cr) penalized for exceeding loan limits on gold ornaments
☆ Punjab and Sind Bank (Rs 1 Cr) faces penalties for sanctioning a term loan without due diligence and misusing budgetary resources.
☆ ESAF Bank (Rs 29.55 Lakh) charged for allowing additional savings accounts for Basic Savings Bank Deposit account holders and failing to close accounts within stipulated time.
SBI unveils green rupee term deposit to boost eco-friendly initiatives 💥
★ State Bank of India launches SGRTD, a special fixed deposit scheme, to gather funds for environmentally-friendly projects.
☆ Eligible for residents, non-individuals, and NRIs, SGRTD offers flexible tenors of 1111 days, 1777 days, and 2222 days.
☆ SGRTD allows pre-mature withdrawal, follows standard maturity guidelines, and offers loan facility with applicable TDS.
Rural Development Ministry signs pact with SBI to facilitate loans for SHGs
★ In a significant move towards fostering rural development and financial inclusion, the Rural Development Ministry and the State Bank of India (SBI) have joined hands through a memorandum of understanding (MoU).
☆ The primary objective of this collaboration is to streamline and facilitate enterprise financing for rural self-help groups (SHGs), as announced in an official statement.
☆ As part of this collaboration, the State Bank of India has introduced a specialized financial product named Svyam Siddha also a Training Toolkit Package was launched in collaboration with International Finance Corporation (IFC)
Jan 11
Major UPI apps enabled for real-time remittances from Singapore. 💥
★ Indians can now receive remittances from Singapore directly into their bank accounts in real-time, thanks to the groundbreaking UPI-PayNow linkage announced by the NPCI.
☆ Major UPI and bank apps, including SBI, Axis, ICICI, BHIM, PhonePe, and Paytm, are enabled for this service.
☆ The UPI-PayNow linkage is a game-changer, facilitating instant, secure, and cost-effective remittances
Jan 10
World Bank Keeps India’s FY25 GDP Growth Estimate Unchanged At 6.4%💥
The World Bank has maintained its economic growth projection for India at 6.4% for the fiscal year 2025. This outlook is attributed to robust domestic demand, increased public infrastructure spending, and strong private-sector credit growth.
💡Additional Info
| Organization | World Bank |
|---|---|
| Specifications | Details |
| About | ⁍ It was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the IMF. The IBRD later became the World Bank. ⁍The World Bank Group is a unique global partnership of five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. ▸International Bank for Reconstruction and Development (IBRD) ▸International Development Association (IDA) ▸International Finance Corporation (IFC). ▸Multilateral Guarantee Agency (MIGA) ▸International Centre for the Settlement of Investment Disputes (ICSID) [India not Member] ⁍ The World Bank is one of the United Nations’ specialized agencies. ⁍ The United States is the largest single shareholder, with 16.41% of the votes, followed by Japan (7.87%), Germany (4.49%), the United Kingdom (4.31%), and France (4.31%). The rest of the shares are divided among the other member countries. |
| HQ | Washington, D.C., United States |
| Members | It has 189 member countries. India is also a member country |
| Reports and Schemes | ⁍ Ease of Doing Business (Stopped publishing). ⁍ Human Capital Index. ⁍ World Development Report. |
| Function | The World Bank provides low-interest loans, interest-free credits, and subsidies to eligible governments to support the development of individual economies. |
Jan 9
IndusInd Bank introduced the ‘Samman RuPay Credit Card’ 💥
★ IndusInd Bank introduced the “IndusInd Bank Samman RuPay Credit Card”, equipped with UPI functionality, in partnership with the National Payments Corporation of India (NPCI).
☆ This card comes with a myriad of benefits, such as cashback on various expenses, complimentary movie tickets, zero fees on cash advances, and exemptions from surcharges on IRCTC transactions and fuel purchases.
RBI doubles minimum capital requirement to Rs 200 cr for SFBs 💥
★ The Reserve Bank on Monday raised the minimum capital requirement for small finance banks to Rs 200 crore and permitted Payments Bank to upgrade as SFBs.
☆ Earlier The minimum paid-up equity capital for small finance banks was Rs. 100 crore.
☆ It is worth noting that all SFBs currently in operation have a net worth exceeding Rs 200 crore.
☆ Transition of UCBs into SFBs For primary urban co-operative banks (UCBs) that voluntarily wish to transition into SFBs, the initial net worth requirement has been set at Rs 100 crore. However, these UCBs must increase their net worth to Rs 200 crore within five years from the commencement of business.
Jan 8
Fino Payments Bank seeks RBI licence to convert into Small Finance Bank 💥
★ Fino Payments Bank seeks RBI licence to convert into Small Finance Bank after 5 years of operations.
☆ As per the norms, payment banks that are controlled by residents and have completed five years of operations are eligible for conversion into small finance banks after complying with the legal and regulatory requirements of various authorities.
Jan 4
SBI raises $250 million through green bonds 💥
★ State Bank of India, the largest lender, successfully raises $250 million via green bonds.
The bonds, part of SBI’s $10 billion medium-term note program, will mature on December 29, 2028.
☆ Proceeds to be allocated for eligible green projects, aligning with SBI’s Environmental, Social, and Governance (ESG) framework.
REC Limited and Bank of Baroda join hands to finance Power, Infra, and Logistics Projects
★ REC Limited has signed a Memorandum of Understanding (MoU) with Bank of Baroda in order to facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years. Recognizing the pressing need to fortify these critical domains
Jan 3
BOI launches ‘Super Special Fixed Deposit Scheme’ with 7.50% interest rate:
★ Bank of India has rolled out a Super Special Fixed Deposit scheme, featuring an alluring interest rate of 7.50 per cent per annum.
☆ This exclusive offer is open to both existing customers and new ones and is applicable for deposits ranging from Rs 2 crore to less than Rs 50 crore.
☆ The fixed deposit comes with a specified maturity period of 175 days, commencing January 1, 2024.
Jan 2
Canara Bank unveils Data and Analytics Centre in Bengaluru 💥
★ Canara Bank takes a leap into the future of Banking with the inauguration of its Data & Analytics Centre in Bengaluru
☆ It will also be creating a dedicated cybersecurity wing aiming to prevent online fraud and enhance customer security from April 1
☆ The bank’s new initiative leverages AI technologies in predicting loan defaults, improving customer experience, and identifying transactional anomalies.
RBI issues guidelines on bank classification of unclaimed deposits 💥
★ The Reserve Bank of India (RBI) has issued comprehensive guidelines on the measures to be implemented by the banks covering various aspects of how to classify deposits and accounts as unclaimed deposits and inoperative accounts, respectively,
☆ This move comes after RBI launched “100 Days 100 Pays” campaign in June last year, under which banks must trace and settle the top 100 unclaimed deposits of every bank in every district within 100 days