A Quick look on Financial Awareness – XIII

Dear Aspirants,

In continuation with our ‘A Quick look on Financial Awareness’ series, today we are providing thirteenth part of recent and current Banking, Economy & Financial news.

This article will help in your preparation for General Awareness section for upcoming exams like SBI PO Mains 2016 & IBPS exams.

1. HDFC Bank opened  India ‘s First SME Bank

• Full-fledged digital banking service for small and medium enterprises (SME) launched by HDFC bank.
• This facility does away with the need to call relationship manager or visit a branch, thereby saving considerable time and effort for the customer.
• This is a total Digital banking experience where the control of the Bank account resides in their hands. They can now avail the following facilities from anywhere.
• SME Bank is the second leg of the ‘Bank Aapki Mutthi Mein’ campaign that was launched for the Bank’s retail customers in December 2014 at Varanasi.

2. Increase in FDI limit in Axis Bank to 74% approved by Cabinet

• The Cabinet Committee on Economic Affairs, headed by the Prime Minister Narendra Modi, has cleared the proposal for increasing limits in foreign investment in Axis Bank from 62% to 74% of the total paid up share capital of the Axis Bank on a fully commodity basis.
• As the result of this approval, foreign direct investment to the tune of Rs 12,973.14 crore will be received in the country with an estimated creation of6000 to 7000 jobs over the next three years.

3. Semi Closed Wallet license from RBI received by Yeldi Softcom

• Reserve Bank of India (RBI), allowed a semi closed wallet license to YELDI SOFTCOM
• A semi-closed wallet is a payment instrument that is accepted by a predefined set of merchants that have been contracted specifically by the issuer of the semi-closed wallet.
• A semi-closed wallet does not allow users to withdraw or redeem cash

4. World Bank initiative:  Yes Bank partners with SIDBI for loan guarantee

• SIDBI (Small Industries Development Bank of India) in partnership with YES Bank to guarantee 75% of loans of up to Rs 15 crore extended to energy efficiency projects under the WORLD BANK initiative.
• The aim is to transform the energy efficiency (EE) market in India by promoting increased level of EE investments, particularly through energy service performance contracting (ESPC) delivered through Energy Service Companies (ESCOs).
• SIDBI expects to provide credit guarantee to more than 500 projects and mobilize financing of up to $127 million through the tie-up.

5. Bihar’s JEEViKA II gets Credit of $290 million by World Bank

• A USD 290-million credit agreement signed by Centre, Bihar government and World Bank to help improve livelihood opportunities for poor rural households across 300 blocks and 32 districts of the eastern state.
• Bihar Transformative Development Project, also known as Jeevika II, will mobilize rural population into self-help groups (SHG) and higher level federations and help them gain access to markets, public services and a range of financial services from formal financial institutions.
• In line with the emerging priorities and JEEViKA’s already significant experience, the new project will scale up farm and non-farm value chain interventions including setting up of women-owned farmer producer companies.

6. Masala Bonds to be issued by HDFC for the first time to overseas investors in order to raise Rs.3,000 crore

• Housing Development Finance Corporation (HDFC) Ltd is all set to raise about Rs.3,000 crore by issuing the first unrated Synthetic Indian Rupee (INR) notes to overseas investors.
• It is the first Indian public issuer of the Synthetic INR Notes. Our country’s largest private sector mortgage lender HDFC, plans to raise Rs 3,000 crore through these synthetic bonds. The company nominates to issue Rs 2,000 crore with an option to retain over-subscription of up to Rs 1,000 crore and this Corporation is the first Indian public issuer of synthetic INR notes.
• Incumbency period: These bonds will bear a fixed coupon and will have a incumbency period of 3 years and 1 month.

7. BRICS bank to issue $448 million of yuan green bonds

• The New Development Bank (NDB) of the BRICS countries is set to issue green bonds in Chinese yuan to raise funds for clean energy and infrastructure projects.
• The bank plans to issue 3 billion yuan worth of five-year bonds denominated in Chinese currency on July 18 also bond proceeds will be used to finance green projects in BRICS Nations.
• The green bonds will be issued with a 5-year tenor and will be the first such issuance by a bank of its type under guidelines issued by China’s central bank in December.

8. BSE introduced ‘Paperless SIP’ for mutual fund investors

• ‘Paperless SIP’ (systematic investment plans) which allows mutual fund investors to make transactions through various modes of payments has been unveiled by the leading Bombay Stock Exchange (BSE).
• These investment plans also allows MF distributors to register SIPs for their clients, who can pay SIP amounts through different modes.
• As per this Paperless SIP facility once the SIP has been registered, the investors would receive an e-mail for all the payment modes, including direct pay, nodal account, one time mandate and cheque.

9. State Bank of India received $625 million from World Bank for Solar programme

State Bank of India has signed agreements with the World Bank for $625 million to support grid connected rooftop solar programme in the Country SBI Capital Markets was keen advisor for structuring and setting up the facility

Key Points

• Increase the ease of doing rooftop business through technical assistance
• To strengthen the capacity of key organizations
• Support development of the overall solar rooftop Photovoltaic Markets

10. RIL, SBI sign agreement for payment bank Joint Venture

• In this agreement RIL as promoter with a 70 per cent equity contribution and SBI as joint venture with a 30 per cent equity contribution.
• RIL and SBI earlier this year entered into a nonbinding MoU to set out the principal terms. This would bring together the nation’s largest banking network and pan-India telecom and retail setup.

Thanks 

Team GradeUp..!!

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