INTERNATIONAL
April 20, 2017:
The Reserve Bank of India (RBI) announced signing of a MoU with the Bank of Guyana on Supervisory Cooperation and Exchange of Supervisory Information. The apex bank signed the MoU, Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of a few countries to promote greater co-operation and share supervisory information. It was signed by Dr Gobind N. Ganga, Governor on behalf of Bank of Guyana and Dr Urjit R. Patel, Governor on behalf of Reserve Bank of India.
April 18, 2017:
The Reserve Bank of India (RBI) has inked a supervisory cooperation pact with the Royal Monetary Authority of Bhutan for information sharing. A memorandum of understanding on 'Supervisory Cooperation and Exchange of Supervisory Information' was signed by RBI Deputy Governor S S Mundra and Royal Monetary Authority of Bhutan Deputy Governor Phajo Dorjee, the central bank said in a release. The RBI has entered into MoUs, Letter for Supervisory Co- operation and Statement of Co-operation with supervisors of a few countries.
April 01, 2017:
The BRICS-backed New Development Bank (NDB) has invested in seven projects totaling $1.5 billion in about two years of its operation, the bank President, K V Kamath, said today. “We began operations in July 2015 and since then; NDB has come a long way. We focused on green and environmentally sustainable projects. Seven projects have been done so far which aggregate around $1.5 billion. Six of them are in the renewable energy sector and one in transport financing. Kamath said the bank had signed its first loan agreement for a project in China in December last year.
GOVERNMENT OF INDIA:
April 14, 2017:
Bank Boards Bureau (BBB) has drawn up an elaborate Governance, Reward and Accountability Framework (GRAF). The GRAF seeks to ensure that corporate governance at PSBs is in keeping with various pieces of legislation, including the Companies Act, 2013, Banking Regulation Act, 1949, and Securities and Exchange Board of India (listing obligations and disclosure requirements) Regulations, 2015. Further, the framework abides by the guidelines of the Basel Committee on Banking Supervision on corporate governance principles for banks. Among others, the principles deal with the board’s qualifications and composition, senior management, risk management function, compliance, internal audit and compensation.
April 11, 2017:
Mutual fund (MF) investors, bank account holders and those who have invested in insurance schemes cannot operate their accounts, which were opened between July 1, 2014 and August 31, 2015, from May 1 if they are not compliant with tax information sharing law FATCA (foreign account tax compliance act). The Ministry of Finance has instructed financial institutions — MFs, banks and insurance firms — to block non-compliant accounts. "Queries are being received from financial institutions regarding the revised time lines for completion of due diligence. The financial institutions are advised that all efforts should be made to obtain self-certification.
April 05, 2017:
The Reserve Bank of India (RBI) decided to keep its policy rate on hold in its first bi-monthly monetary policy review for 2017-18, on Thursday, citing the challenging inflation outlook. The apex bank, however, proposed a mechanism to resolve the weakest bank balance sheets under a revised ‘prompt corrective action’ framework. The central bank also allowed banks to invest in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in a bid to spur investments in core infrastructure sectors. The RBI’s stance on the policy rate was widely expected as it works towards achieving medium-term target.
TIE-UPS:
April 25, 2017:
Private sector lender Yes Bank today announced alliance with Paisabazaar.com under which the bank will offer conditionally approved loans to the latter’s existing customers. As part of the partnership, the bank will help Paisabazaar.com through its advanced analytics and data mining capabilities to offer customers of the financial marketplace with customized and conditionally approved offers across retail lending products. The aim is to make the process of availing a loan easy and seamless and act as a one stop financial solution provider for all retail lending needs of the customer.
April 25, 2017:
State-owned SBI and realtors’ body Confederation of Real Estate Developers' Associations of India (CREDAI) have signed an agreement to provide loans at a concessional rate to builders as well as customers for affordable housing projects. SBI and CREDAI have signed a memorandum of understanding (MoU) to collaborate and work towards the development of the real estate sector, specifically through the affordable housing and green housing projects.
April 11, 2017:
Department of Posts joined hands with the State Bank of India. Under the agreement, the postal department will promote 'SBI buddy e-wallet' and POS machines to facilitate digitalisation of cash transactions for cashless transactions in the post office counters for booking of Speed Post and Registered Post articles. Chief Postmaster General, Punjab Circle, P.K Swain and Chief General Manager, SBI, Chandigarh, Anil Kishora on Tuesday dedicated the 'SBI buddy e-wallet' and SBI POS Machines at Chandigarh general post office for the general public. Installation of SBI Buddy e-wallet and POS Machines will facilitate economy through digital payments.
April 11, 2017:
Kerala-based NBFC Manappuram Finance announced its co-branded prepaid card in tie-up with YES Bank. 'Manappuram YES Bank Prepaid Money Card' can be pre-loaded up to a maximum amount of Rs.50000. As the card works on the popular MasterCard and RuPay networks, it can also be used for online transactions and at merchant establishments with PoS terminals. The company will issue the prepaid cards to its entire base of 20 lakh customers and link their existing gold loan accounts to the card. The card was formally launched on Saturday, April 15, at the company's head office at Valappad.
April 11, 2017:
Fino PayTech a financial service and solution provider which has been in the rural payments business for over a decade, got the final licence from the Reserve Bank of India (RBI) in March to set up a payments bank. Amid the big players including Airtel, Reliance Industries and Vodafone, FINO PayTech is the only corporate banking correspondent involved in financial inclusion to have received the licence. Incubated by ICICI Bank and backed by rich capital investors like BlackStone, Intel Capital and International Finance Corporation, Gupta said his competitors are very different from FINO where there is growth.
April 07, 2017:
Canara Bank, a public sector bank, has embarked upon an ambitious project of upgrading the bandwidth at all its branches to 2 Mbps in partnership with BSNL. The project was officially inaugurated jointly by Dina Bandhu Mohapatra, Executive Director, Canara Bank, in the presence of P V Bharathi, Executive Director, Canara Bank and other top executives of the Bank and BSNL. Speaking on the occasion Dina Bandhu Mohapatra that said the bandwidth upgradation of branches is in line with the bank’s policy of promoting digital channels and shall be a game changer for ensuring the faster service.
BANKING AWARENESS:
April 20, 2017:
AU Financiers India, a non-banking finance company, has converted itself into a small finance bank by the name AU Small Finance Bank. AU obtained a fresh certificate of incorporation from the Corporate Affairs Ministry on April 13, 2017 and the Reserve Bank of India on April 19, 2017 and notified the commencement of operations of this small finance bank. AU started out as an NBFC and was engaged in the business of extending commercial/personal vehicle loans, micro, small and medium enterprise (MSME) loans and SME loans, serving primarily the low-, middle-income, and under-served customer segments.
April 18, 2017:
The RBI permitted banks to invest up to 10 percent of the unit capital of a Real Estate Investment Trust (REITs) or Infrastructure Investment Trusts (InvITs). The banks' exposure to REITs/InvITs will be within the overall ceiling of 20 percent of the net worth permitted for direct investments in shares, convertible bonds/ debentures, units of equity-oriented mutual funds and Venture Capital Funds (VCFs). "Banks should put in place a Board approved policy on exposures to REITs/ InvITs which lays down an internal limit on such investments within the overall exposure limits in respect of real estate sector.
April 18, 2017:
RBI opened new ombudsman office in Jammu as efforts to expand banking grievances complaint cells across the country. Earlier, the banking services related complaints from entire Jammu & Kashmir used to fall under the jurisdiction of New Delhi-I banking ombudsman office. There are two banking ombudsman offices in New Delhi. On April 17, 2017 Reserve Bank had announced opening of a new office in Raipur to look into the grievances of bank account holders in Chhattisgarh, while relieving the Bhopal office of the job of the state’s banking ombudsman. Banking ombudsman offices have now increased to 20.
April 18, 2017:
The ICICI Bank Data Centre in Hyderabad has achieved the distinction of becoming the country's first Platinum rated project under Indian Green Building Council (IGBC) Green Data Centre Rating System. Prem C Jain, Chairman, IGBC presented IGBC plaque to Chanda Kochhar, MD & CEO, ICICI Bank at a programme organised on recently in Hyderabad. IGBC Green Data Centre Rating System would facilitate in providing tremendous tangible and intangible benefits. Tangible benefits include: 20 to 25 per cent reduction in Power Usage Effectiveness, 25 to 30 per cent reduction in water consumption.
April 17, 2017:
On the occasion of its 123rd Foundation Day, Punjab National Bank (PNB) launched three new products for its customers. The three new products are automated electronic toll collection to facilitate hassle-free toll payment/ collection; a credit card mobile App; and a scheme for financing a grid connected Roof Solar Power Project. Usha Ananthasubramanian, Managing Director & CEO, launched these products at an event in the Capital a few days back. One mobile app was also launched to facilitate PNB employees to do their HR-related operations through their mobile phones.
April 14, 2017:
The Reserve Bank of India issued a new set of enabling provisions to resolve the problem of banks’ mounting non-performing assets (NPAs), or bad loans. RBI has said the new sets of provisions, effective from April 1, overrides the existing PCA framework. The new framework will be reviewed after three years. Under the revised framework, if a bank crosses the third level of risk threshold (where a bank’s common equity tier I capital falls below the threshold of 3.625 per cent by 3.125 per cent or more) it will either be amalgamated or merged, or taken over by another entity.
April 12, 2017:
Karnataka Bank Ltd has announced top-level management changes with the present Managing Director and Chief Executive Officer (MD and CEO) of the bank, P Jayarama Bhat, assuming the charge of part-time non-executive Chairman of the bank. The Chief General Manager of the bank, Mahabaleshwara MS, who is appointed as MD and CEO of the bank, will assume office on April 15.
April 10, 2017:
ESAF Small Finance Bank has launched a social deposit scheme called Hrudaya Deposit at a function held in Thrissur. The deposit scheme, as the name suggests, stands for a social cause, through which, ESAF Bank provides the customers an opportunity to be a part in social welfare projects, which none of the other banks has given so far, said K. Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank. A customer who deposit in it, becomes a part in nation building, as their deposits are used for the welfare and infrastructure development of the marginalized sections.
April 10, 2017:
RBL Bank Ltd, formerly known as Ratnakar Bank, on Monday entered the list of India’s 10 most valuable banks. With a market capitalization of Rs22, 043.18 crore, the bank has replaced IDFC Bank Ltd in the elite club. IDFC Bank has a market value of Rs20, 530 crore, according to Bombay Stock Exchange (BSE) data. HDFC Bank Ltd, India’s most profitable bank, is the most valuable bank in India with a market cap of Rs3.68 trillion, followed by state-run State Bank of India (Rs2.34 trillion) and ICICI Bank Ltd (Rs1.62 trillion). Kotak Mahindra Bank is at No.4.
April 07, 2017:
HDFC Bank Ltd. announced the launch of its Unified Payment Interface (UPI) on India`s first multi-bank payment app, Chillr. With this launch, HDFC Bank UPI will be available on Chillr, in addition to the bank`s Mobile Banking app. Launch of HDFC Bank`s UPI on Chillr will benefit customers of 44 banks that will now be able to conduct digital transactions seamlessly using the Chillr app. These transactions conducted on Chillr will go through HDFC Bank`s UPI platform. "Our association with Chillr goes back to the start-up`s early days. We were the first bank to partner with Chillr.”
April 06, 2017:
Reserve Bank of India decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement cycle will be reduced from hourly batches to half hourly batches, the RBI said in the first bi-monthly monetary policy for 2017-18. “Consequently, 11 additional settlement batches will be introduced at 8.30 am onwards, taking the total number of half hourly settlement batches during the day to 23,” the statement added.
April 04, 2017:
Aditya Birla Idea Payments Bank Ltd becomes the seventh entity to receive a final licence from the Reserve Bank of India (RBI) to set up a payments bank, according to a stock exchange notification. Except Vodafone M-Pesa Ltd, all payment bank licence holders have received the final approval. Last week RBI granted a final licence to Fino Pay Tech Ltd and National Securities Depository Ltd. Among payment bank licence holders, two entities namely Airtel Payments Bank and India Post Payments Bank (IPPB) have started operations so far. While Airtel is offering 7.25% interest on its savings account.
April 04, 2017:
Ballarpur Industries' loans worth Rs 1800 crores sold to an asset reconstruction company, Edelweiss, by the borrowers Axis Bank and ICICI Bank.
It is noteworthy that, this is potentially the first case involving selling off a bad loan to an asset reconstruction company (ARC). Axis Bank has sold Rs 1,200 crore of loans to the ARC; while ICICI Bank has sold Rs 600 crore of loans to the same entity. The landmark deal was wrapped up last week itself. These transactions were effected sans any haircut as these loans have not yet been categorised under non-performing faculty.
It is noteworthy that, this is potentially the first case involving selling off a bad loan to an asset reconstruction company (ARC). Axis Bank has sold Rs 1,200 crore of loans to the ARC; while ICICI Bank has sold Rs 600 crore of loans to the same entity. The landmark deal was wrapped up last week itself. These transactions were effected sans any haircut as these loans have not yet been categorised under non-performing faculty.
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