BANKING CURRENT AFFAIRS : MARCH 2018 … THE ERROR IN CAPSULE at [email protected] BANKING CURRENT...
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BANKING CURRENT AFFAIRS : MARCH 2018 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App REPORT THE ERROR IN CAPSULE at [email protected] BANKING CURRENT AFFAIRS: MARCH 2018 Central Bureau of Investigation (CBI), over a month back, had registered a preliminary enquiry (PE) to probe alleged nexus between ICICI Director's husband Deepak Kocchar and Videocon chairman Venugopal Dhoot. The launch of Jana Small Finance Bank completes the transition of microfinance lender Janalakshmi Financial Services, but the lender will not de- emphasise or shrink its microfinance portfolio, as per the CEO Ajay Kanwal. Karnataka Bank Ltd has informed the Reserve Bank of India (RBI) that Gitanjali Gems of scam-hit Mehul Choksi had committed a Rs 86.5 crore fraud in the fund-based working capital. The scheduled commercial bank, however, clarified it does not have any Letter of Understanding (LoU) exposure in Choksi's company. Punjab National Bank said that it will make payments of around Rs 6,500 crore to seven other lenders against the letters of undertaking (LoUs) and foreign letters of credit (FLCs) it issued in the fraud allegedly involving jewellers Nirav Modi, Mehul Choksi and their companies. Jana Small Finance Bank has finally commenced operations after a year of receiving final license from Reserve Bank of India. The government has asked all public-sector banks (PSBs) to obtain a certified copy of the passport of the promoters or directors and other authorised signatories of companies seeking loans of Rs 50 crore and above. Govt. also advised PSBs that in existing cases where loans are of Rs 50 crore and above, banks may collect the passport details of the relevant authorised people. Women in India seem to have earned their place under the sun firmly when it comes to banking. One of every five bank borrowers is now woman, as per Reserve Bank of India. RBI data showed that the share of women in accessing bank credit has risen to 19.3% in 2017 from 8.8% in 2001. The Rs. 75,000-crore education loan market, growing at over 15% on a compounded annual basis since in the past decade, has become the latest asset class for securitisation. Securitisation of education loans is driven by two key developments, widening of the investor base and growing demand for non-priority sector loan securitisation. Secure financial messaging services provider SWIFT said that it has expanded the GPI Tracker system to help banks track their global transactions at all times, keeping full vigil on the payments activity. Extension of its GPI Tracker will cover all payment instructions sent across the network. SWIFT said GPI accounts for 10% of cross border payment traffic and is enabling more than a hundred billion dollars to be transferred across the world rapidly and securely every day. SBI and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self- employed home loan customers. The offering will help increase home loan eligibility up to 15 per cent within the regulatory norms. Axis Bank announced a new representative office in Sharjah. The third largest private sector lender said the representative office in Sharjah, its third in the UAE, will focus on remittances business. Karnataka Bank has appointed Mythily Ramesh, a former Senior Vice President at Wipro as an Additional Director.
Transcript of BANKING CURRENT AFFAIRS : MARCH 2018 … THE ERROR IN CAPSULE at [email protected] BANKING CURRENT...
BANKING CURRENT AFFAIRS : MARCH 2018
1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App REPORT THE ERROR IN CAPSULE at [email protected]
BANKING CURRENT AFFAIRS: MARCH 2018
Central Bureau of Investigation (CBI), over a month back, had registered a preliminary enquiry (PE) to probe alleged nexus between ICICI Director's husband Deepak Kocchar and Videocon chairman Venugopal Dhoot.
The launch of Jana Small Finance Bank completes the transition of microfinance lender Janalakshmi Financial Services, but the lender will not de-emphasise or shrink its microfinance portfolio, as per the CEO Ajay Kanwal.
Karnataka Bank Ltd has informed the Reserve Bank of India (RBI) that Gitanjali Gems of scam-hit Mehul Choksi had committed a Rs 86.5 crore fraud in the fund-based working capital. The scheduled commercial bank, however, clarified it does not have any Letter of Understanding (LoU) exposure in Choksi's company.
Punjab National Bank said that it will make payments of around Rs 6,500 crore to seven other lenders against the letters of undertaking (LoUs) and foreign letters of credit (FLCs) it issued in the fraud allegedly involving jewellers Nirav Modi, Mehul Choksi and their companies.
Jana Small Finance Bank has finally commenced operations after a year of receiving final license from Reserve Bank of India.
The government has asked all public-sector banks (PSBs) to obtain a certified copy of the passport of the promoters or directors and other authorised signatories of companies seeking loans of Rs 50 crore and above. Govt. also advised PSBs that in existing cases where loans are of Rs 50 crore and above, banks may collect the passport details of the relevant authorised people.
Women in India seem to have earned their place under the sun firmly when it comes to banking. One of every five bank borrowers is now woman, as per Reserve Bank of India. RBI data showed that the share of women in accessing bank credit has risen to 19.3% in 2017 from 8.8% in 2001.
The Rs. 75,000-crore education loan market, growing at over 15% on a compounded annual basis since in the past decade, has become the latest asset class for securitisation. Securitisation of education loans is driven by two key developments, widening of the investor base and growing demand for non-priority sector loan securitisation.
Secure financial messaging services provider SWIFT said that it has expanded the GPI Tracker system to help banks track their global transactions at all times, keeping full vigil on the payments activity. Extension of its GPI Tracker will cover all payment instructions sent across the network. SWIFT said GPI accounts for 10% of cross border payment traffic and is enabling more than a hundred billion dollars to be transferred across the world rapidly and securely every day.
SBI and India Mortgage Guarantee Corporation (IMGC) signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers. The offering will help increase home loan eligibility up to 15 per cent within the regulatory norms.
Axis Bank announced a new representative office in Sharjah. The third largest private sector lender said the representative office in Sharjah, its third in the UAE, will focus on remittances business.
Karnataka Bank has appointed Mythily Ramesh, a former Senior Vice President at Wipro as an Additional Director.
BANKING CURRENT AFFAIRS : MARCH 2018
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Banks' credit growth continued to grow by in double digit at 11.48 per cent to Rs 83,48,773 crore in the fortnight ended March 2, according to the RBI data. In the period ended March 3, 2017, the advances had stood at Rs 74,88,993 crore.
Yes Bank has launched a robotics based ‘Digital export Import’ payments solution as a part of its Yes Transact Smart Trade product suite. The integrated product uses robotics process automation and helps in eliminating the requirement of documents submission for import and export payments.
Following the regulatory discomfort on cryptocurrencies, second largest private sector lender HDFC Bank blocked its cards from being used to purchase/trade in such instruments.
Private banking major ICICI Bank announced the launch of an instant overdraft facility for the Micro, Small and Medium Enterprises (MSME) customers in a completely online and paperless manner. Titled 'InstaOD', this first-of-its-kind offering in the Indian banking industry enables a few lakhs of pre-qualified current account customers of the bank to instantly avail the facility without visiting a branch and submitting physical documents.
RBL Bank has partnered with Mumbai based fintech platform CreditVidya, to instantly verify the employment details of salaried individuals, consequently reducing the turnaround time for credit assessments. CreditVidya provides alternate data credit underwriting solutions to over 25 premier financial institutions.
SBI slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75%. The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers. The charges for non-maintenance of AMB for customers in Metro and Urban centres have been reduced from a maximum of Rs 50 per month to Rs 15 per month. For Semi-Urban and Rural centres, the charges have been reduced from Rs 40 every month to Rs 12 and Rs 10 GST charges will be applicable over and above the rates specified above.
Reserve Bank has imposed a penalty of Rs 5 crore on Airtel Payments Bank for violating operating guidelines and Know Your Customer (KYC) norms.
Public sector banks have written off loans worth Rs 516 crore owed by wilful defaulters in the first half of the current fiscal, as per the data collated by the finance ministry. As part of this exercise, 38 loan accounts of wilful defaulters were written off the
books of banks during April-September period of 2017- 18, it said.
Note: A wilful defaulter is somebody who has essentially not used the fund for the purpose it has been borrowed or he has not repaid when he can do so; he has siphoned off the funds or he disposed of the assets pledged for loan without the bank's knowledge.
Punjab National Bank has appointed Lingam Venkata Prabhakar as the Executive Director for a period of three years. Prabhakar's appointment follows retirement of Ram S Sangapure who demitted the office of the Executive Director.
RBI imposed penalty of Rs. 3 crores on private lender Axis Bank for non-compliance of income recognition and asset classification (IRAC) norms. RBI has also imposed a fine of Rs. 20 million on Indian Overseas Bank for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms.
Former Citibanker Rahul Shukla has joined HDFC Bank as head of the Mumbai based private sector bank’s corporate banking division, four people aware of the move said.
Oriental Bank of Commerce raised its benchmark lending rates by up to 0.15% (15 basis points). With the revision, one year marginal cost of funds based lending rate (MCLR) has gone up to 8.50 per cent from 8.35 per cent earlier
BANKING CURRENT AFFAIRS : MARCH 2018
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