Banking and Economics Affairs is one of the Most prominent sector in General Awareness Section of any Banking Exams like SBI PO, IBPS PO, RBI GRADE B, NABARD Grade A, LIC AAO, SBI Clerk, SEBI Grade A etc.
SBI has launched the floating ATM Shrinagar, J&K
State Bank of India (SBI) has opened an ATM on a Houseboat at Dal Lake, Srinagar for the convenience of locals and tourists.
- The floating ATM was inaugurated by the SBI Chairman Dinesh Khare on 16 August.
- SBI had launched the first floating ATM in Kerala in 2004
Asian Development Bank to provide $500 mn loan to develop Bengaluru Metro Rail
In a bid to expand the metro rail network in Bengaluru, the Asian Development Bank has assured to provide USD 500 million loan for construction of two new metro lines totaling 56 kilometers.
RBI issues revised instructions for banks on locker management
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
"As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due incidents (like fire, theft/ burglary/ robbery, dacoity,) or attributable to fraud committed by its employee(s), the banks' liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker" RBI Guidelines Said
As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers.
The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.
The RBI said banks need to maintain a branch-wise list of vacant lockers as well as a wait-list in Core Banking System (CBS) or any other computerized system compliant with Cyber Security Framework, for the purpose of allotment of lockers and ensure transparency in allotment of lockers.
RBI to put in place a “PRISM” to strengthen compliance by lenders
The Reserve Bank of India is putting in place a Platform for Regulated Entities for Integrated Supervision and Monitoring (PRISM), a web-based end-to-end workflow automation system, to strengthen compliance by supervised entities (SEs).
What is PRISM?
- PRISM will have various functionalities (inspection; compliance; incident functionality for cybersecurity; complaints; and returns functionalities), with built-in remediation workflows, time tracking, notifications and alerts, management information system (MIS) reports and dashboards.
RBI plans new regulations for 'round tripping'
The Reserve Bank of India (RBI) has come up with a draft rule with modifications in the existing regulation related to foreign investment to discourage round-tripping
According to the draft rule, any investment made outside India is an entity, in turn, invests in India will be treated as round-tripping if the purpose is to escape tax.
The new plans may contain provisions similar to General Anti Avoidance Rule (GAAR) under tax regulations.
RBI hikes collateral-free loans to Self Help Groups
The Reserve Bank of India has raised the limit for collateral-free loans to Self-Help Groups (SHG) under the DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission) from Rs. 10 lakhs to Rs. 20 Lakhs.
NPCI global arm ties up with Mashreq Bank for UPI payments in UAE
NPCI's global arm NPCI International Payments Ltd (NIPL) has partnered with UAE-based Mashreq Bank to provide its mobile-based real-time payment system UPI in the gulf nation
- Ritesh Shukla - Chief Executive Officer, NIPL.
HDFC Bank's $1-billion global AT-1 bond issue priced at 3.7%
Rating agency Moody's has assigned “Ba3” rating to HDFC Bank's AT-1 capital bonds.
- This was the bank's maiden AT-1 bond offering in the international market to raise debt capital.
NTPC commissions India's largest floating solar project in Simhadri
State-run electricity producer NTPC began commercial operations at India's largest floating solar PV project at its Simhadri thermal station in Visakhapatnam, Andhra Pradesh
TCS launches Google Cloud Garages for enterprise customers
Tata Consultancy Services Ltd (TCS) on Thursday launched ‘Google Cloud Garages’ to help enterprise customers evaluate cloud solutions, prototype applications, and apply analytics to address business opportunities.
- These new cloud garages or centers, part of TCS’s strategic partnership with Google Cloud, will be launched at its co-innovation and advanced research centers in Amsterdam, New York, and Tokyo
Indian renewable energy developers have issued green bonds worth ₹26,300 crore ($3.6 billion) in the first half of 2021 alone, beating previous one-year records, according to a study by the CEEW Centre for Energy Finance (CEEW-CEF).
- The study, supported by Bloomberg Philanthropies, also found that Indian developers have raised more than ₹78,200 crore ($11 billion) since 2014 through green bonds issued in international markets.
Govt forms panel to suggest ways to boost production, exports of handlooms
The government on Friday said it has set up an eight-member committee to suggest a roadmap for doubling production and quadrupling exports of handlooms in three years.
The committee, chaired by Fashion Design Council of India (FDCI) Chairman Sunil Sethi, would submit its final report within 45 days.
- Textiles minister Piyush Goyal has set a target to raise handloom production from present Rs.60,000 crore to ₹12,5000 crore and increase handloom exports from ₹2500 crore to ₹10,000 crore in three years' time.
Government notifies law to shed holding in public sector general insurance company
President Ram Nath Kovind has given his assent to a bill to amend the General Insurance Business (Nationalization) Act. This will facilitate bringing down government’s equity below 51 per cent in a public sector general insurance company
The Bill seeks to amend the General Insurance Business (Nationalisation) Act, 1972. The Act was enacted to nationalize all private companies undertaking general insurance business in India.
Titled, the ‘General Insurance Business (Nationalisation) Amendment Act, 2021’, the new law has brought in three amendments
- Government shareholding threshold: First one aims “to omit the proviso to section 10B of the Act so as to remove the requirement that the Central Government holds not less than 51 per cent. of the equity capital in a specified insurer
- Transfer of control from the government: The second one will insert a new section 24B “Act will not apply to the specified insurers from the date on which the central government relinquishes control of the insurer.
- Liabilities of directors: Third one will insert a new section 31A providing for liability of a director of specified insurer, The Bill specifies that a director of a specified insurer, who is not a whole-time director, will be held liable only for certain acts. These include acts which have been committed: (i) with his knowledge, attributable through board processes, and (ii) with his consent or connivance or where he had not acted diligently.
Apple tops Hurun Global 500 Most Valuable Companies list 2021
Apple is the world’s most valuable company (USD 2,443 billion) according to the Hurun Global 500 Most Valuable Companies list 2021. The world’s top six valuable companies remained unchanged as Apple, Microsoft, Amazon, Alphabet, Facebook and Tencent.
- Globally, the US-led with 243 companies, up by one; followed by China 47, down by four, Japan was third with 30 and the UK was fourth with 24. While India is ranked 9th with 12 companies.
- Reliance Industries (USD 188 billion) ranked at 57 is the top Indian company in the list. As many as 12 Indian companies found a place among the Hurun Global 500 for 2021 as Wipro Ltd, Asian Paints Ltd and HCL Technologies Ltd made it to the list of 500 most valuable firms in the world, while ITC Ltd dropped out.
Kotak Mahindra Bank launches ‘Neo Collections’ Digital Repayment platform
Kotak Mahindra Bank has launched a platform named ‘Neo Collections’, which is a Do It Yourself Digital Repayment Platform for missed loan repayments.
- Kotak Mahindra Bank has launched the Neo Collections platform in tie-up with Creditas Solutions.
Facebook launches “Small Business Loans Initiative” in India
Facebook India has launched the “Small Business Loans Initiative” in India in partnership with the online lending platform Indifi
- The objective of this initiative is to help small and medium businesses (SMBs) that advertise on Facebook to get quick access to credit/loans through independent lending partners.
India ranks second in terms of crypto adoption in the world
India has ranked second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis.
HDFC unveils ‘Green & Sustainable’ fixed deposit
HDFC Bank has announced the introduction of ‘Green & Sustainable Deposits’ to safeguard the environment from climate change. These fixed deposits will be directed towards financing green and sustainable housing credit solutions and services.
- With a deposit period of 36-120 months, both residents and NRIs can invest in this instrument that will offer interest rates up to 6.55% p.a.
News Source : ET, BL, BS, FE and Mint
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