Monday, 28 March 2016

Banking Current Events 2016 GK and Current Affairs

Banking Current Events 2016 GK and Current Affairs : All aspirants we are with Banking Current Events 2016 GK (General Knowledge) and recent daily Current Affairs : are know that Banking Awareness section is much more important for all banking and govt jobs and freshers jobs as well as teaching jobs. This time we are presenting some very important study notes for Banking Current Events as a Banking Current Affairs.

Banking Current Affairs 2016 for IBPS Bank PO, IBPS Bank Clerical, RBI Grade B, SBI PO, RRB and other banking examinations. (Last Updated : 13th April, 2016)

ICICI Bank launches NFC-based contactless mobile payment solution Touch & Pay

India’s largest private sector lender ICICI Bank has launched new contactless mobile payment solution Touch & Pay based on Near Field Communication (NFC) technology. 

The payment solution will enable the bank’s credit and debit customers to make in-store contactless payments by waving their smartphones near an NFC-enabled merchant terminal. With this, ICICI Bank becomes first financial institution in the country to leverage the Host Card Emulation technique which creates virtual cards for physical debit or credit cards of the bank. On every payment done using this service at a merchant store, one-use unique token will be generated by the Bank’s server which will be sent via encryption to the merchant in order to ensure security of the card details. 
Touch & Pay facility will be available at the end of March 2016 at more than 60000 merchants across the country. It will be also incorporated into the existing Pockets application of the bank.

Know About Near Field Communication (NFC) technology 
NFC is a short-range high frequency wireless communication technology. It basically is a set of protocols that enable two electronic devices to establish radio data communication with each other by bringing them closer typically, 10 cm (4 inches) from each other.

RBI inks information exchange MoU with Bank of Israel

The Reserve Bank of India (RBI) has signed a Memorandum of Understanding (MoU) with Bank of Israel (BOI) for exchange of information pertaining to banking supervision. 

It was signed by Parvathy V Sundaram, Chief General Manager-in-Charge, Department of Banking Supervision on behalf of RBI and Hedva Ber, Supervisor of banks on behalf of BOI. With this RBI has signed 32 such MoUs, 1 Letter for Supervisory Co-operation and 1 Statement of Co-operation (SoC). 

By signing such MoU/SoC with supervisors of other countries, RBI is seeking to promote greater co-operation and share supervisory information among the authorities.

SBI granted operating licence by Myanmar

India’s largest lender State Bank of India (SBI) has been granted preliminary approval to operate Myanmar. SBI was granted operating licence by Myanmar Government along with three other Asian banks. They are Bank for Investment and Development of Vietnam, Sun Commercial Bank of Taiwan and Shinhan Bank of South Korea. 

With this, total 13 foreign banks have now been given permission to operate inside the Myanmar so far in an attempt to attract overseas investment to the emergent nation. Under the earlier junta rule, Myanmar’s banking system was closed for decades to outside competition. However since 2011 after end a half-century of harsh military rule, Myanmar’s semi-civilian government has granted licenses for foreign banks to open business in the country in the hope of reversing isolation that saw the country become one of Asia’s poorest.

SBI Launches SBI e Smart SME to offer Ecommerce Loan

India’s largest lender State Bank of India (SBI) has launched SBI e-Smart SME to provide a working capital loan for sellers on ecommerce platforms. It was launched by SBI in partnership with ecommerce platform Snapdeal in the presence of bank’s chairman Arundhati Bhattacharya and Snapdeal CEO Sri Kunal Bahl. 

About SBI e-Smart SME
Sellers on ecommerce platforms can apply for the loan online and get instant sanctioning of the loan with KYC documents. 

In order to assess the sellers’ creditworthiness for loan sanctioning, the bank will use proprietary platform data and surrogates information from public domain.

It is exclusive and easy finance that will be made available at lowest interest rates.

Collateral free loan will be granted upto 10 Lakh rupees under MUDRA (Micro Units Development and Refinance Agency) scheme.

Women entrepreneurs will be given concession of 0.25% on the loans.

SBI opens Japan Desk in New Delhi

India’s largest lender State Bank of India (SBI) has launched ‘Japan Desk’, a single window for inbound Japanese investments in India and vice-versa. 

This is a first-of-its-kind initiative that seeks to facilitate Japanese corporates looking to invest in India with banking and advisory services. 

Key facts important points:

This SBI Japan Desk will also serve as an one-point comprehensive and reliable information support source for India-bound investments of Japanese companies. 

It will also facilitate establishment of banking relationship with Japanese corporates and Japanese nationals and provide information on industries, sectors etc. 

In future, SBI is also planning to set up another dedicated Japan Desk at Chennai, Tamil Nadu.

India’s Dinesh Sharma elected to board of directors of AIIB

India’s Dinesh Sharma has been elected to the board of directors of the China-sponsored Asian Infrastructure Investment Bank (AIIB).

He has been elected to the 12-member board through a secret ballot. This is the first board of directors of AIIB in which 57 nations are founding members including India.

The inaugural meeting of the board of the governors of the AIIB also held in Beijing after its formal launch. The meeting approved by-laws, rules and codes of conduct for the bank.

It should be noted that Union Finance Minister Arun Jaitley is the designated governor of the AIIB from India. However he was represented by Mr. Sharma at the meeting. Presently, Dinesh Sharma is serving as Additional Secretary of Union Ministry of Finance.

Important Comments:
The election of India to board of directors of the AIIB is expected to provide significant role for it as it is the forum that approves the loans for projects. 

With authorised capital of 100 billion dollars, AIIB is expected to begin loan approvals before the end year 2016. 

It will provide financial support for infrastructure development and regional connectivity in Asia in sectors including energy, transportation, urban construction and logistics as well as education and healthcare.

SBI Launches First Dedicated Branch For Startups – SBI InCube

India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for start-ups called ‘SBI InCube’ in Bengaluru, Karnataka.

It was announced by BI Chairman Arundhati Bhattacharya in Bengaluru, Karnataka. 

SBI InCube Highlights:

The ‘SBI InCube’ branch will cater to the specific financial needs by providing advisory services to the budding entrepreneurs under one roof.

It will assist start-ups in cash management, regulations, taxation, mentoring, foreign exchange and remittances and other financial services. 

InCube in its current form will not fund start-ups i.e. it will not provide loans. However it will give them loans when they turn more mature. 

It will also not help start-ups to raise funds from equity market as it not part of bank’s mandate. 

InCube branch in Bengaluru will be headed by an assistant general manager and a team of three other officers. Soon SBI will be launching these branches in Pune and National Capital Region (NCR).

ICICI Bank partners with FINO PayTech for payments bank space

India’s largest private sector lender ICICI Bank has partnered with FINO PayTech to foray into the payments bank space. 

With this partnership, ICICI Bank joins some of the leading lenders of the country that have partnered with payments banks. For example, Kotak Mahindra Bank (KMB) and State Bank of India (SBI) have picked up stake in payments banks to be floated by Bharti Group and Reliance Industries respectively.

Key facts important points:

FINO Paytech along with 10 other entities had received ‘in principle’ licence from the Reserve Bank of India (RBI) to start a payment bank. 

ICICI Group has purchased about 16 per cent stake in the FINO PayTech making it one of the largest domestic shareholder. 

The tie-up with ICICI Bank will help FINO to extend services which a payments bank is not allowed to offer. It will also help it to build some banking products and services that they cannot offer on our own. 
Presently, RBI regulations allow universal banks to invest up to 30 per cent in payments bank. RBI regulations also mandate 51 per cent of the equity of the payments bank should be with domestic entities. 

In case of FINO PayTech it has about 70 per cent stake is with foreign entities. Before starting payments bank business it is going to raise capital which will help bring down foreign shareholding within prescribed limit.

Andhra Bank launches IMPS for money transfer

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches across the country to provide inter-bank electronic fund transfer service.

The customer-friendly service was launched by Andhra Bank in association with the National Payments Corporation of India (NPCI).

It also supports real time instant fund transfer system for inter-bank remittances. However the maximum caps of transaction of remittances will 2 lakh rupees and the charges will be at the rate of Rs.5 per transaction.

Immediate Payment Service (IMPS)

IMPS is a multi-channel, multi-dimensional inter-bank electronic fund transfer platform that allows customers to transfer money electronically within fraction of seconds with all the standards and integrity maintained for security. 

It is round-the-clock real time instant fund transfer system which is not possible in National Electronic Funds Transfer (NEFT) system. It also safest and most economical electronic fund transfer service.

RBI imposes Rs 1 crore fine on State Bank of Travancore

The Reserve Bank of India (RBI) has imposed a monetary penalty of one crore rupees on State Bank of Travancore, an SBI associate bank for violation of some of its instructions. 

The monetary penalty was imposed on State Bank of Travancore for violation of its instructions including reporting of data to Central Repository of Information on Large Credits (CRILC). 

Prior to imposing the penalty, RBI had issued a show cause notice to the bank for not having complied with the directions issued by the bank on submission of accurate data to the CRILC. 

Finally RBI came to the conclusion that the bank had violated the instructions or guidelines issued from time to time after considering the bank’s reply and information submitted and documents furnished.

Central Repository of Information on Large Credits (CRILC) 
It has been established by RBI to collect, store, and disseminate data on all borrowers’ credit exposures.  It is mandatory for banks to report all such information under it including classification of an account as Special Mention Accounts (SMA) on all borrowers having aggregate fund-based and non-fund-based exposure of 5 crore rupees and above.

NABARD inks MoU with NRSC for monitoring Watershed Projects

National Bank for Agriculture and Rural Development (NABARD) has signed a Memorandum of Understanding (MoU) with Hyderabad-based National Remote Sensing Centre (NRSC) for web-based monitoring of watershed projects. 

Under this MoU 
Web-based monitoring will be undertaken for India-German Watershed Development (IGWDP) projects in three states viz. Rajasthan, Gujarat and Telangana. 

NRSC will create a separate page for NABARD on Bhuvan web-portal and also develop customised software tool and mobile application for real time monitoring projects. 

It will also seek to add feature in this page for online comparison and visualisation with respect to activities implemented in the projects sanctioned by NABARD. 

NABARD will use this web-based monitoring technology to address problems of monitoring watershed projects in remote areas, apart from digitisation of the impact of watershed interventions for long term usage. It should be noted that NABARD only assists the watershed projects of Union Ministry of Rural Development by providing funds under Watershed Development Fund (WDF).

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