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.
Reserve Bank launches index to capture financial inclusion
The Reserve Bank of India on August 17 introduced an annual index to measure and improve the extent of financial inclusion in the country.
Here are Top 5 things you need to Know about Financial Inclusion Index
- The FI-Index, which will be published in July every year, has been constructed without any ‘base year’ and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion.
- The index captures information about different aspects of financial inclusion in a single value ranging between 0 to 100, where 0 represents financial exclusion and 100 indicates full financial inclusion
- The index comprises three broad parameters—usage (45 percent), access (35 percent) and quality (20 percent)
- The index is responsive to ease of access, availability and usage of services, and quality of services, comprising 97 indicators in all
- The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period ending March 2017.
MoUs Signed Between NABARD, SBI, JKGB For Financing Of 1000 Joint Liability Groups
In order to give boost to flow of credit in UT of J&K, Memorandum of Understandings (MoUs) on Financing of 1000 Joint Liability Groups (JLGs) was signed and exchanged between NABARD, J&K and State Bank of India (SBI) and Jammu & Kashmir Gramin Bank (JKGB) here today.
Paytm Payments Bank achieves milestone of issuing 10 million FASTags
Paytm Payments Bank on Wednesday said it has become the first bank in the country to achieve the milestone of issuing 10 million FASTags
According to NPCI, over 3.47 crore FASTags were issued by all banks together till the end of June 2021.
- Paytm Payments Bank is also India's largest acquirer of toll plazas for the National Electronic Toll Collection (NETC) program offering an interoperable nationwide toll payment solution
Paytm Payments Bank Ltd MD and CEO - Satish Gupta
CoinDCX is India’s first crypto unicorn
Founded in 2018, CoinDCX has onboarded more than 3.5 million users.
CoinDCX ranks among the top four crypto exchanges in India, the others being WazirX, CoinSwitch Kuber and Zebpay
- It should be noted that Unicorns are startups with a valuation of $1 billion or more.
Now, India has 25 startups that became Unicorns in 2021 tally taking the total to 66 (As on 18th Aug 2021)
The company, co-founded in 2018 by its Chief Executive Officer (CEO) Sumit Gupta and Neeraj Khandelwal and is registered as Primestack Pte. in Singapore. Its Headquarter is Mumbai, Maharashtra.
BADLAAV Humse Hai: AU Bank unveils mega Brand Campaign and launches AU 0101
It also launched its avant-garde digital banking platform AU 0101, a full-suite of banking services for its customers.
- It should be noted that AU roped in Bollywood actors Aamir Khan and Kiara Aadvani
Indian Bank signs MoU with Paralympic Committee to support athletes
Public sector Indian Bank on Wednesday stated that it has signed an MOU with Paralympic Committee of India to become one of the Banking Partners ahead of the Paralympic Games, Tokyo 2020.
In an year-long association, the bank will provide financial assistance to Paralympic athletes to prepare for the coveted sporting events in domestic arena as well as global platforms.
Deepa Malik - President of PCI
Exim Bank to provide $100 million loan to Mauritius for procuring defence items
The government will provide a soft loan of USD 100 million to Mauritius for the procurement of defence items by the island nation.
- The Export-Import Bank of India (Exim Bank) has entered into an agreement for USD 100 million line of credit to Mauritius for procurement of defence items from India
KreditBee Launched Virtual Prepaid Card ‘KreditBee Card’ in RuPay Platform
KreditBee, one of India’s leading digital lending platforms, today entered into the card segment with the launch of ‘KreditBee Card’.
- KreditBee has partnered with RuPay and RBL Bank for the launch of this product
- KreditBee intends to offer 1 million cards by the end of FY22.
- The customer can avail credit limit of up to ₹ 10,000 that can be repaid within a single billing cycle not going beyond 45 days.
HCL Foundation launches ‘My e-Haat’ portal to empower artisans
The My E-Haat initiative will be a one-of-a-kind model (A2C) where artisans will directly connect with the customer for years to come
HCL Technologies CEO: C Vijayakumar (Highest Paid CEO in India)
NPCI urges citizens to #FollowPaymentDistancing with RuPay Contactless in latest campaign
National Payments Corporation of India (NPCI) announced that RuPay has launched a strategic campaign – #FollowPaymentDistancing to promote and encourage contactless payments among customers amid these unpredictable times
RuPay’s #FollowPaymentDistancing campaign encourages consumers to start ‘payment distancing’ and switch to contactless digital payments with RuPay Contactless Cards which is safe as well as time-conserving.
BoM tops PSU banks in terms of loan, saving deposit growth in Q1
State-owned (BoM) has emerged as the top performer among public sector lenders in terms of loan and savings deposit growth during the first quarter of the current financial year
- The Pune-headquartered lender recorded 14.46 per cent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22, as per the published data of BoM.
GIC shuts Dubai office, will shift to GIFT City
General Insurance Corporation (GIC Re) has said that it has had to shut down its Dubai office as its licence was not renewed by the Dubai authority.
- Following this, the corporation has decided to carry out its operations from the Gujarat International Finance Tec-City (GIFT City) in India.
Indian Bank launches its premier mentorship program ‘MSME Prerana’ in Odisha
As an effort to bridge the current skill set gap amongst MSME entrepreneurs, this program is delivered in local vernacular language with the focus being on developing the MSMEs’ Business, Communication, HR and Financial skill set that is necessary to conduct business professionally
KVG Bank launches FRUITS portal
The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), in association with the Karnataka government, has launched ‘Farmer Registration and Unified Beneficiary Information System’ (FRUITS) portal.
- FRUITS portal is the first of its kind in the country where in the land and other details of all the farmers in the State are being captured
PayNearby ties up with RBL Bank, Visa for payment devices
PayNearby has collaborated with Visa and RBL Bank (formerly Ratnakar Bank) to launch SoftPoS and mPoS for its over 1.5 million retail network.
- Its upgraded digital payment package now supports QR code payment, UPI payment, Aadhaar Pay, SMS payment, and card payment through mobile tokenization.
- While SoftPoS allows merchants to accept contactless payments of up to ₹5,000 through a simple tap and pay mechanism on NFC-enabled smartphones, the micro-ATM and mPOS machine allows easy acceptance of cards at the last mile
- Anand Kumar Bajaj, founder and chief executive of PayNearby
Kotak Mahindra Bank launches DIY repayment platform
Private sector lender Kotak Mahindra Bank (KMBL), in a tie-up with Creditas Solutions—a fintech company—has launched a do-it-yourself (DIY) repayment platform for missed loan repayments.
Powered by artificial intelligence (AI) and machine learning (ML), the Neo Collections platform will look to deliver a personalized and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.
Samsung, NSDC to train 50,000 youth for jobs in electronics retail sector
Samsung Electronics on Tuesday said it has signed a memorandum of understanding (MoU) with the National Skill Development Corporation (NSDC) for a new initiative — Samsung DOST (Digital & Offline Skills Training), wherein it aims to make 50,000 youth job-ready for the electronics retail sector over the next few years.
Under the programme, youth will receive 200 hours of blended classroom and online training, followed by five months of on-the-job training (OJT) at Samsung retail stores, along with a monthly stipend.
Reserve Bank allows HDFC Bank to sell new credit cards
On Wednesday, HDFC Bank said RBI has relaxed the restrictions placed on the bank to issue new cards.
Reserve Bank of India had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking / payment utilities of the bank over the past two years.
- HDFC Bank said the restrictions on all new launches of the digital business generating activities planned under Digital 2.0 will continue till further review by RBI.
Source : BL, Mint
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