Daily Banking and Economics Affairs for IBPS, RBI, SBI, NABARD Exam. Latest Banking, Economy and Financial Affairs. Read Latest Business News from Banking Sector, Corporate, Financial Institution in Detail.
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We are here for you to provide the important Recent and Latest Banking Current Affairs from 19th - 21st September 2021, which have unique updates of Latest Current Affairs 2021 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
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Govt backs NARCL with Rs 30,600-crore guarantee for five years
- The Cabinet had approved government guarantee of up to Rs 30600 crore to back security receipts to be issued by National Asset Reconstruction Company (NARCL)
- The NARCL will acquire stressed assets of about Rs 2 trillion in phases, and these soured loans would be transferred by paying 15 per cent cash to lenders and the remaining 85 per cent would be paid through security receipts.
- These security receipts issued by the NARCL would be backed by a government guarantee of up to Rs 30,600 crore
- This guarantee will be valid for five years, and the condition for invoking the guarantee will be either resolution or liquidation. These security receipts will be tradeable.
- The NARCL has been incorporated under the Companies Act and has applied to the Reserve Bank of India for an asset reconstruction company (ARC) licence.
- Public sector banks will hold 51 per cent in the NARCL.
- To disincentivise delays in resolution, the NARCL has to pay a guarantee fee, which will increase with time. The fee has been proposed at 0.25 per cent of the outstanding guarantees from the second year of the NARCL’s incorporation, and will increase to 0.5 per cent, 1 per cent, and 2 per cent in the third, fourth and fifth year, respectively
Bond market enjoys its Yhprum’s law moment, "Yhprum" is "Murphy" spelled in reverse.
- The bond market is experiencing the corollary of Murphy’s law – called the Yhprum’s law – that states, “Everything that can work, will work.”
India Post Payments Bank, Bajaj Allianz General Insurance tie up for non-life products
- As part of the alliance, IPPB will strive to make available affordable insurance products through its robust network of 650 branches and over 1,36,000 banking access points
BoB, BPCL launch international co-branded debit card
- Bank of Baroda (BoB) and Bharat Petroleum Corporation Limited (BPCL) have launched an international co-branded RuPay NCMC Platinum contactless debit card.
- The BoB BPCL RuPay co-branded debit card is powered with the “National Common Mobility Card (NCMC)” feature that enables contactless transactions across all the public transport systems in the country such as metros, buses, cabs suburban railways, toll, parking, and topping-up FASTags and also for retail purchases.
IIFL Home Finance signs Co-Lending Agreement with PNB
- This is the fourth agreement signed by IIFL Home Finance with banks. Earlier this year, it signed agreements with ICICI Bank NSE 0.26 %, Central Bank of India and Standard Chartered Bank.
- IIFL Home Finance will service customers through the entire loan cycle -- from sourcing, documentation and collection to loan servicing.
PFC issues India’s first-ever Euro Green Bond
- Power Finance Corporation Ltd (PFC), the leading NBFC in power sector, has successfully issued its maiden Euro 300 million 7-year Euro Bond issuance on 13.09.2021.
- It is the first ever Euro denominated Green bond issuance from India. Moreover, it is the first ever Euro issuance by an Indian NBFC and the first Euro bond issuance from India since 2017.
UNCTAD projects Indian economy to expand to 4-year high of 7.2% in 2021
- The United Nations Conference on Trade and Development (UNCTAD) has pegged India's economic growth rate to hit a four-year high of 7.2 per cent for 2021 against a contraction of 7 per cent in 2020.
- At this rate, India would be the fastest growing economy after China, which is projected to grow by 8.3 per cent.
- UNCTAD projected India's economy to outpace all other major economies in the next year even though the growth would be slower, at 6.7 per cent, than this year's projected figure.
- Trade and Development Report: UNCTAD
OECD trims India's economic growth forecast to 9.7% for FY22 and 7.9% in FY23
- The Organization for Economic Co-operation and Development (OECD) on Tuesday cut its projection of India's economic growth by 0.2 percentage points to 9.7 per cent for the current financial year.
- The Organization projected consumer price inflation in India to fall to 5.9 per cent in the current financial year compared to 6.2 per cent in the previous year
TCS becomes the second Indian company to cross $200 Bn m-cap
- Tata Consultancy Services (TCS) topped the $200-billion market capitalization mark on Wednesday as the stock extended this year’s winning run.
- Currently, only Reliance Industries (RIL) has a higher market cap among domestically listed companies at Rs 15.81 trillion ($215 billion).
- Earlier this month, RIL had become the first company to cross the $200-billion mcap milestone.
Intellect Design Arena, Resurs Bank ink pact for digital banking solution
- Intellect Design Arena Ltd, a Chennai-based multiproduct FinTech company for financial and insurance institutions, on Friday announced that it has entered a strategic partnership with Resurs Bank, a leader in retail finance in the Nordic region
- Intellect will be implementing its microservices-based, API-first and cloud-ready digital banking solution
Akram, Laxman, Klusener join world's first crypto cricket platform
- Cricket Foundation, the Singapore-headquartered blockchain-based platform has roped in around 120 partners from the cricketing eco-system that includes former greats like Wasim Akram, VVS Laxman and Lance Klusener as they launched first NFT of its kind named "CricketCrazy.io".
News Source : ET, BL, BS, FE and Mint
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