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 8th - 10th 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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Bank of Baroda's launches one-stop digital platform 'bob World'
- State-owned Bank of Baroda on Wednesday announced the launch of its digital banking platform 'bob World', aimed at providing all banking services under one roof.
- The lender aims to provide an all-inclusive and seamless virtual banking experience, encompassing all digital banking services under one roof for the convenience of customers, the bank said in a release.
- bob World' will offer a wide gamut of banking products and services, to be rolled out in phases, under four key pillars -- Save, Invest, Borrow and Shop -- the lender said.
Centre appoints Harsha Bhupendra Bangari as EXIM Bank MD
- The government has appointed Harsha Bhupendra Bangari as the managing director (MD) of Export-Import Bank of India (EXIM Bank).
- Bangari, who is presently the deputy managing director at EXIM Bank, would be at the helm for a period of three years or until further orders of the government
Ind-Ra retains 'stable' outlook on Indian banking sector in FY22
- India Ratings and Research (Ind-Ra) has maintained a stable outlook on the overall banking sector for the rest of FY22, supported by the continuing systemic support.
- The rating agency has kept its FY22 credit growth estimates unchanged at 8.9 per cent for FY22
- The agency estimates Gross Non-performing Assets (GNPAs) at 8.6 per cent for FY22, up from 7.7 per cent in FY21.
- The stressed assets at 10.3 per cent for FY22 from 8.6 per cent in FY21.
Govt appoints 10 merchant bankers for managing IPO of LIC
- The government of India has appointed 10 merchant bankers for managing the Initial Public Offering of Life Insurance Corporation of India (LIC).
- The IPO of LIC is likely to be launched in the January-March quarter of 2022.
RBI approves re-appointment of V. Vaidyanathan as MD & CEO of IDFC FIRST Bank
- The Reserve Bank of India (RBI) has granted its approval for the re-appointment of V. Vaidyanathan as the Managing Director & Chief Executive Officer (‘MD & CEO’) of the IDFC First Bank.
El Salvador becomes 1st country to adopt Bitcoin as National Currency
- El Salvador has become the first country in the world to accept Bitcoin as legal tender.
- The government of El Salvador claimed that the move will give many citizens of the country access to bank services for the first time.
- El Salvador Capital: San Salvador;
- El Salvador President: Nayib Bukele.
NPCI and Fiserv launch ‘nFiNi’ programme
- National Payments Corporation of India (NPCI) in partnership with Fiserv Inc. to launch the plug-and-play RuPay credit card stack, ‘nFiNi’.
- nFiNi is a ready stack of services required for fintechs and banks to issue RuPay credit cards and will enable fintech to co-create bank-sponsored credit cards.
- It is a BaaS (banking-as-a-service) programme.
Revenue Deficit Grant of Rs. 9,871 crore released to 17 States
- The Department of Expenditure, Ministry of Finance on Thursday released the 6th monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9,871.00 crore to the States.
- With the release of this installment, a total amount of Rs. 59,226.00 crore has been released to the eligible States as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year.
- The Post Devolution Revenue Deficit Grant is provided to the States under Article 275 of the Constitution.
- The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs. 1,18,452 crore to 17 States in the financial year 2021-22. Out of this, an amount of Rs. 59,226.00 crore (50%) has been released so far.
- The States recommended for PDRD Grant by the Fifteenth Finance Commission are: Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.
India, ADB sign $300 million loan to expand rural connectivity in Maharashtra
- The Asian Development Bank (ADB) and the Government of India today signed a $300 million loan as additional financing to scale up improvement of rural connectivity to help boost rural economy in the state of Maharashtra.
- The additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project will help improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 kilometers (km) in 34 districts.
- ADB Established in 1966, it is owned by 68 members—49 from the Asia-Pecific.
India, ADB sign $112 million loan to improve water supply infrastructure in Jharkhand
- The Government of India and Asian Development Bank (ADB) today signed a $112 million loan to develop water supply infrastructure and strengthen capacities of urban local bodies (ULBs) for improved service delivery in four towns in the state of Jharkhand.
- Four water treatment plants, with a combined capacity of 275 million liters per day, will be established in the project towns to provide safe drinking water meeting the national drinking water quality standards.
SBM-India partners with OneCard to launch mobile-based credit card ‘mobile-first’
- SBM Bank on Monday said it has partnered with fintech player OneCard to launch a mobile-based credit card on Visa Platform
- With this partnership, the bank said it aims to cater to the tech-savvy populace who have embraced digital as a natural way of life.
- According to ResearchAndMarkets, the Indian credit card industry is expected to grow at a CAGR (Compound annual growth rate) of more than 25 per cent during 2020 - 2025 owing to the growing trend of 'buy now pay later'.
"Project Dunbar": Australia, Malaysia, Singapore and South Africa will trial cross-border central bank digital payments
- Australia, Malaysia, Singapore and South Africa have decided to jointly test multiple central bank digital currencies that facilitate cross-border transactions, according to a press release from the Australian central bank on Thursday.
- "Project Dunbar" will create prototype platforms that could eventually handle multiple central bank digital currencies (CBDCs) in order to enable cheaper and faster transactions between institutions and central banks for the private and public sector, the press release on the Reserve Bank of Australia's website said.
- This project will be led by the Singapore Centre of Bank of International Settlements Innovation Hub
HDFC Bank signs pact with NSIC to provide credit support to MSMEs
- HDFC Bank on Tuesday said it has signed a pact with the National Small Industries Corporation (NSIC) for providing credit support to the micro, small and medium enterprise (MSME) sector.
- The bank branches will extend support to the MSME projects in the areas they are located and to other important industrial sectors across the country.
Visa, Innoviti are developing prepaid debit cards for offline payments
- The partnership will drive a proof of concept (POC) for offline payments in India that has executed by Innoviti in Bengaluru in partnership with Yes Bank and Axis Bank.
- This new Visa debit card chip holds a prepaid card of Rs 2,000 per day and has a limit of Rs 200 per transaction. This is the limit currently mandated by the RBI
Bank of India ties-up with MAS Financial Services for co-lending
- State-owned Bank of India (BOI) on Tuesday said it has entered into a co-lending arrangement with MAS Financial Services for MSME loans.
- The tie-up comes on the occasion of the bank's 116th Foundation Day on 7th September.
- Co-lending was introduced by the RBI to increase the credit flow to the unserved and underserved sector by utilising the nimble-footed NBFC coverage to the informal sector.
- BOI will leverage the reach of NBFC to build an MSME portfolio, Atanu Kumar Das, Managing Director & CEO, Bank of India said in a release.
Morgan Stanley maintains India GDP growth estimate of 10.5% for FY22
- Morgan Stanley on Wednesday maintained its estimate of India GDP growth at 10.5 per cent for FY2022 versus the general consensus of 9.2 per cent.
Moody’s Retains India’s GDP growth forecast to 9.6% for CY2021 and 7% for CY2022
- Moody’s Investors Service has retained India’s growth forecast for the calendar year (CY) 2021 at 9.6 percent, in its August update to ‘Global Macro Outlook 2021-22’ report.
- The GDP growth forecast for calendar year 2022 is retained at 7 percent.
News Source : ET, BL, BS, FE and Mint
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