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.
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.
We are here for you to provide the important Recent and Latest Banking Current Affairs from 1st - 3rd September 2021, which have unique updates of Latest Current Affairs 2021 events from all newspapers such as The Hindu, The Economic Times, Live Mint, Business Line, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
Our Current Affairs September 2021 events will help you to get more marks in Banking, Insurance, SSC, Railways, UPSC, CLAT and all State Government Exams. Also, Try our Monthly Current Affairs 2021 PDF and Monthly PIB Summary PDF which will be a pedestrian to crack your exams.
New Development Bank approves Bangladesh as a new member
- The New Development Bank (NDB) established by the BRICS ((Brazil, Russia, India, China and South Africa) countries in 2015 has approved Bangladesh as its new member.
- The NDB Board of Governors initiated the negotiation to expand its membership in 2020. It has now approved the United Arab Emirates, Uruguay and Bangladesh as its first new member countries.
- Since the beginning of its operations, NDB has approved about 80 projects totaling a portfolio of USD 30 billion
India’s Forex Reserves surge $16.66 billion to record high of $633.558 billion
- India’s foreign exchange reserves rose by $16.663 billion to touch a record high of $633.558 billion in the week ended August 27, 2021, the Reserve Bank of India (RBI) data showed.
- According to RBI data, forex reserves rose to a record $633.558 billion, mainly due to an increase in Special Drawing Rights (SDR) holdings.
- In the reporting week ended August 27, 2021, the country’s SDR holdings rose by $17.866 billion to $19.407 billion, according to weekly data released by the Reserve Bank of India (RBI) on Friday.
- On 1 September, the central bank had said the International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India on August 23, 2021.
- India’s forex reserves cover Foreign Currency Assets (FCAs), Special Drawing Rights (SDRs), Gold Reserves and the country’s reserve position with the International Monetary Fund (IMF).
Countries with the highest foreign reserves
Currently, China has the largest forex reserves followed by Japan and Switzerland. In July 2021, India overtook Russia to become the fourth largest country with foreign exchange reserves.
- China – $3,371 Billion
- Japan – $1,386 Billion
- Switzerland – $1,086 Billion
- India – $633.55 Billion
- Russia – $601.00 Billion
TCS, Wipro among five firms shortlisted by SEBI for fraud detection project
- Markets regulator SEBI has shortlisted TCS, Wipro, Capgemini Technology Services, L&T Infotech and NEC Corporation India for implementing data analytics-based software to detect fraud and alert the regulator to take corrective measures and levy penalties.
- The Securities and Exchange Board of India currently has a data warehousing system that acquires data from external entities such as exchanges, depositories, RTAs, and news on a daily basis. The warehouse holds data for the last 10 years.
- SEBI has an Integrated Market Surveillance System for cross-market surveillance. It uses the SMARTS software engine for alert generation and graphical analysis.
- The market regulator now intends to implement Data Analytics Projects and build Data Models to leverage artificial intelligence and machine learning.
- The new software will enhance the current system to track abnormal trading behaviour through Trading Pattern Analysis at both member and client level, alert for block deal trades, circular trading besides spoofing — a form of market manipulation whereby a trader places one or more highly-visible non-bonafide orders to mislead the true value of the stock.
India Inc’s ECB mop-up soars 60% y-o-y in July at $3.4 billion
- India Inc raised 60 per cent more via external commercial borrowings (ECBs) in July 2021 at $3.434 billion against $2.147 billion in the year-ago period.
- Overall, during the first four months of the current financial year, India Inc raised $8.024 billion. This is 42 per cent more than the year-ago period’s $5.654 billion.
- ECBs are commercial loans raised by eligible resident entities from recognized non-resident entities. These loans are required to conform to parameters such as minimum maturity, permitted and non-permitted end-uses, maximum all-in-cost ceiling, etc.
Eight major banks join the account aggregator network
- Eight major banks have joined the account aggregator network that will enable customers to easily access and share their financial data.
- These lenders include State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank.
- The Reserve Bank of India’s Account Aggregator (AA) framework went live on Thursday.
- AAs are NBFCs licensed by RBI, that act like a bridge, to collect data from, financial information providers that hold an individual’s personal financial data like banks, and share the data with, financial information users like lending agencies or wealth management companies that provide financial services to the individual.
IPPB, LICHFL tie-up for home loans
- India Post Payments Bank (IPPB) and LIC Housing Finance Ltd (LICHFL) on Tuesday announced a strategic partnership for providing home loans to over 4.5 crore customers of IPPB.
- IPPB, which has an extensive network of 650 branches and more than 1.36 lakh banking access points, will make LICHFL’s home loan products accessible to its customer’s pan-India
- J Venkatramu, MD & CEO, IPPB and Y Viswanatha Gowd, MD & CEO, LICHFL
HDFC Bank signs MoU with NSIC to offer credit support to MSMEs
- HDFC Bank signed a memorandum of understanding with National Small Industries Corporation (NSIC) to offer credit support to micro, small and medium enterprises (MSMEs) across the country.
- HDFC Bank will provide MSMEs with set of specially tailored schemes to enhance their competitiveness.
Global crypto exchange CrossTower enters India despite policy uncertainty
- US-headquartered digital currency exchange CrossTower has set up a local unit in India and launched a trading platform to capture the growing domestic crypto market even though the fate of cryptocurrency in India is still unclear.
- India’s digital currency market has grown from $923 million in April 2020 to $6.6 billion in May 2021, according to Chainalysis, a blockchain data platform. Among 154 nations, India ranks 11th in cryptocurrency adoption (Old ranking of 11th has been used by Multiple Wesbite including BL, IT, IndiaToday)
- India ranks 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.
Tamilnad Mercantile Bank files IPO papers with Sebi
- Private-sector lender Tamilnad Mercantile Bank has filed Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to mop-up funds through an initial share-sale.
- Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years.
- Headquarters - Thoothukudi, Tamil Nadu, India
- MD & CEO - K. V. Rama Moorthy
ADB clears $150 million loan for urban poor housing project in Tamil Nadu
- Multilateral funding agency Asian Development Bank has approved a $150 million (about ₹1,095 crore) loan for a sustainable housing project for the urban poor in Tamil Nadu
- With this loan, through the Tamil Nadu Slum Clearance Board, the project will construct housing units in nine different locations
- The Manila-headquartered funding agency said Tamil Nadu is vital to India’s economic growth, contributing 8.54 per cent to the country’s gross domestic product (GDP).
HDFC Life buys Exide arm for ₹6,687 crore in cash, equity deal
- HDFC Life Insurance Company (HLIC) on Friday announced the acquisition of 100 per cent share capital of Exide Life Insurance Company for a total consideration of ₹6,687 crore.
- Of the total consideration, ₹725.97 crore will be payable in cash and the balance by way of issue of about 8.7 crore equity shares of HDFC life, with a face value of ₹10, issued at ₹ 685 a piece to Exide Industries Ltd
- HDFC Life is acquiring Exide Life at about 2.47 times the latter’s embedded value (EV) of ₹2,711 crore (as at June-end 2021). EV is the value of business currently on an insurer’s books. Upon completion of the transaction, Exide Industries will hold 4.1 per cent in HDFC Life.
- Vibha Padalkar - MD & CEO, HDFC Life
Madhya Pradesh High Court stays RBI notification on UCBs
- The RBI’s order debarred persons such as Member of Parliament or State Legislature or Municipal Corporation or Municipality or other local bodies from holding the post of MD/WTD.
- Also, persons engaged in any other business or vocation, director of a company (except non-profit one), a partner of any firm which carries on any trade, business or industry, having substantial interest in any company or working as director, manager, managing agent, partner or proprietor of any trading, commercial or industrial concern will not be eligible.
- The order states that the tenure of the posts will not be for more than five years at a time, subject to a minimum period of three years at the time of first appointment, unless terminated or removed earlier, and will be eligible for re-appointment.
- However, after a cooling period of three years, reappointment is possible.
- The performance of MD/WTD shall be reviewed by the board annually. Also, the post cannot be held by the same incumbent for more than 15 years.
