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 4th - 7th 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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Finance Minister Smt. Nirmala Sitharaman chairs 24th meeting of Financial Stability and Development Council
- The council discussed issues relating to management of stressed assets, strengthening institutional mechanisms for financial stability analysis, issues related to IBC (Insolvency and Bankruptcy Code), data sharing mechanisms of government authorities, internationalization of the Indian rupee and pension sector related issues.
About FSDC:
- It is a non-statutory apex council under the Ministry of Finance constituted by the Executive Order in 2010.
- The Raghuram Rajan committee (2008) on financial sector reforms first proposed the creation of FSDC.
- It is chaired by the Finance Minister and its members include the heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA), Finance Secretary, Secretary of Department of Economic Affairs (DEA), Secretary of Department of Financial Services (DFS), and Chief Economic Adviser.
- In 2018, the government reconstituted FSDC to include the Minister of State responsible for the Department of Economic Affairs (DEA), Secretary of Department of Electronics and Information Technology, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and the Revenue Secretary.
- FSDC sub-committee is headed by the Governor of RBI.
GST Revenue collection for August 2021
- ₹ 1,12,020 crore of gross GST revenue collected in August
- Out of which CGST is ₹ 20,522 crore, SGST is ₹ 26,605 crore, IGST is ₹ 56,247 crore (including ₹ 26,884 crore collected on import of goods) and Cess is ₹ 8,646 crore (including ₹ 646 crore collected on import of goods).
- The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year.
RBI enhances scope of tokenization to ensure security of card data
- The Reserve Bank of India (RBI) on Tuesday enhanced the scope of tokenization and permitted card issuers to act as token service providers (TSP) in order to ensure security of transaction card data.
- Tokenization, which aims at improving the safety and security of the payment system, refers to the replacement of actual card details with a unique alternate code called the 'token', which is unique for a combination of card, token requestor and identified device.
- The RBI had earlier permitted 'tokenization' services, under which a unique alternate code is generated for transaction purposes, on mobile phones and tablets of cardholders.
- The RBI extended the device-based tokenization to card-on-file tokenization (CoFT) services, a move that will bar the merchants from storing actual card data.
- Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
RBI imposes ₹50 lakh penalty on Bombay Mercantile Co-operative Bank
- The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of ₹50 lakh on Bombay Mercantile Co-operative Bank, Mumbai for deficiency in regulatory compliance.
RBI imposes ₹25 lakh penalty on Axis Bank
- The Reserve Bank of India on Wednesday imposed a monetary penalty of ₹25 lakh on private sector lender Axis Bank.
- The penalty has been imposed for contravention of non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016
IMF raises India's special drawing rights allocation to $17.86 billion
- SDR is an alternate reserve currency floated by the IMF, which the member countries can freely exchange between themselves instead of relying on currency of any one particular country.
- A statement by the RBI said on Wednesday that the IMF has increased India's SDR quota to 12.57 billion, which is equivalent to $17.86 billion at the latest exchange rate, on August 23
Centrum Financial Services Ltd (CFSL) has christened its proposed banking venture as Unity Small Finance Bank (SFB).
- Mobile payments firm BharatPe is expected to be an equal partner in Unity SFB
- Unity SFB, which has its registered office in New Delhi, currently has three Directors — Jaspal Singh Bindra, Executive Chairman; Sriram Venkatasubramanian, CFO; and Ranjan Ghosh, MD & CEO, CFSL.
- The SFB will eventually take over the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank. Currently, there are 11 SFBs in the country.
- RBI had accorded “in-principle” approval to CFSL, which is a wholly-owned subsidiary of CCL, on June 18, 2021, to set up an SFB.
Shanti Lal Jain takes charge as MD & CEO of Indian Bank
- Shanti Lal Jain has assumed charge as Managing Director and Chief Executive Officer of Chennai-headquartered Indian Bank
- Prior to this, he served as Executive Director of Bank of Baroda since September 2018
UCO Bank partners with Fisdom to offer wealth management solutions
- Public Sector lender UCO Bank has partnered with Finwizard Technology, which runs Fisdom, to offer wealth management products and services via its mBanking Plus App.
- The collaboration between Fisdom and UCO Bank will focus on enabling large-scale facilitation and distribution of all mutual fund schemes through UCO Bank’s network of 3,000+ branches and all digital platforms
Google Pay launches digital FD in tie-up with Equitas Small Finance Bank
- Equitas Small Finance Bank (SFB) on Wednesday announced that it will now enable users to open fixed deposits (FDs) on Google Pay.
- Equitas SFB has launched a new initiative, enabling Google Pay users to book fixed deposits (FDs) on Google Pay in under 2 minutes without having to open a bank account
- The bank said the deposits in Equitas are covered by a deposit guarantee upto ₹5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year - substantially higher than many other savings options.
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| Source : Business Standard Newspaper |
Equitas Bank appoints Rani Rampal & Smriti Mandhana as brand ambassadors
- Equitas Small Finance Bank (ESFB) has roped in Indian women hockey player, Rani Rampal and cricketer Smriti Mandhana as the brand ambassadors of the company. The announcement was made during the 5th anniversary of the ESFB on September 5, 2021.
- Equitas Small Finance Bank (ESFB) headquarters: Chennai;
- ESFB MD & CEO: Vasudevan P N.
