Banking and Finance News, August 2021
◘ with the support of Bank of Baroda, the Andhra Pradesh government setting up a 100 aquahub across the State, under the project named “Fish Andhra” project,
◘ Punjab National Bank has signed a MoU with National Fisheries Development Board (NFDB) to extend financial lending to the fisheries and allied sectors.
◘ Security Board Exchange of India (SEBI) has allowed Payments Banks to carry out the activities of investment bankers.
◘ State Bank of India (SBI) has launched SIM Binding security feature in YONO and YONO Lite app.
◘ Gyan Dhan education financing platform has received an NBFC license from the Reserve Bank of India
◘ Indian Bank has signed an MoU with the incubation arm of Indian Institute of Management-Bangalore (IIM-B) for extending exclusive credits to start-ups.
◘ Reserve Bank of India (RBI) has decided to impose a heavy monetary penalty on banks if their ATMs run out of cash from 1 October 2021.
◘ Nearly 72% of financial transactions of Public Sector Banks (PSBs) are now done through digital channels in India.
◘ IDFC FIRST Bank has signed an MoU with the Indian Navy to launch ‘Honour FIRST’ initiative.
◘ SIDBI has launched ‘Digital Prayaas’ an app-based digital-lending platform.
◘ State Bank of India, NABARD and Jammu & Kashmir Gramin Bank (JKGB) have signed an MoU for Joint Liability Groups financing
◘ RBL Bank has chosen Amazon Web Services cloud provider to strengthen its AI powered banking solutions.
◘ AU Small Finance Bank launched a mega Brand Campaign ‘Badlaav Humse Hai‘.
◘ Indian Bank signed an MoU with the Paralympic Committee of India (PCI) as one of the
banking partners of the Paralympic Games Tokyo
◘ HDFC Bank launched the ‘Green & Sustainable Deposits’ to safeguard the environment from climate
◘ Reserve Bank of India introduced the Financial Inclusion Index (FI-Index). The index comprises 3 parameter namely Usage Access & Quality.
◘ Tata Motors has joined hands with Bank of Maharashtra to offer the ‘Maha Super Car Loan scheme” to all its customers
◘ Karnataka Vikas Grameena Bank (KVGB) launched FRUITS portal.
◘ World Bank launched a new Cybersecurity Multi-Donor Trust Fund .
◘ Payments Infrastructure Development Fund (PIDF) scheme is a scheme of RBI.
◘ RBI has hiked the ceiling on remittances per transaction from India to Nepal to ₹ 2 lakh.
◘ IIM Ahmedabad has partnered with Bank of America to launch a Centre for Digital Transformation (CDT).
◘ Kotak Mahindra bank launched “Do It Yourself (DIY) Digital Repayment Platform” for missed loan repayments in a tie-up with Creditas Solutions.
◘ EXIM & SIDBI
• Finance Minister Nirmala Sitharaman has launched ‘Ubharte Sitaare Fund’ for export-
oriented firms and startups. The fund has been set up by EXIM & SIDBI bank
◘ Shanti Lal Jain has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank
◘ NPCI International Payments Ltd (NIPL) has partnered with Mashreq Bank to launch the Unified Payments Interface (UPI) in United Arab Emirates.
◘ State Bank of India recently opened a floating ATM on Dal Lake in Srinagar
◘ ICICI Bank, Germany launched a digital and instant Blocked Account for students aspiring to study in Germany.
◘ RBI has approved the re-appointment of Sandeep Bakhshi as the managing director and CEO of ICICI Bank.
◘ The Central Government has approved to increase the family pension of bank employees to 30 per cent of last salary drawn.
◘ Assam has signed an MoU with 38 microfinance institutions and banks for the implementation of Micro Finance Incentive and Relief Scheme 2021.
◘ Carol Furtado has been appointed as the interim CEO of the Ujjivan Small Finance Bank (SFB).
◘ The Reserve Bank of India (RBI) has approved the appointment of Hitendra Dave as CEO , HSBC India.
◘ India’s first credit-led neobank, Freo, has tied up with Equitas Small Finance Bank to launch
a zero-balance savings account.
◘ Sanjeeb Chaudhuri has been appointed as the part-time chairman of the IDFC FIRST Bank Limited.
◘ Karnataka Bank has launched the KBL FASTag for seamless movement of vehicles at toll plazas by facilitating automatic deduction of the toll amount.