1. Pallavan Grama Bank and Pandyan Grama Bank merged to form TN Grama Bank
- The consolidation will be effective from April 1, 2019.
- It has been conferred by Ministry of Finance under Regional Rural Banks Act 1976.
- Pallavan Grama Bank is sponsored by Indian Bank and Pandyan Grama Bank is sponsored by Indian Overseas Bank.
- The newly integrated bank will be sponsored by Indian Bank and will have its head office located at Salem, Tamil Nadu.
2. RBI Penalised a total of Rs.5.2 Crore on Axis Bank, UCO Bank and Syndicate Bank for violation of norms
- Axis and UCO Bank has been imposed with a Penalty of Rs.2 Crore each for their not committing with the norms related to payment through cheques.
- Axis Bank has also imposed a Penalty of 20 Lakhs for the detection and impounding of counterfeit notes.
- Syndicate Bank is imposed with a Penalty of Rs.1 Crore for contradicting the norms in Checking norms and Risk Management.
3. Asian Development Bank bought 14% stake in Annapurna Finance
- ADB has bought a 14% stake in micro-financier Annapurna Finance for Rs 137 crore.
- ADB believes that India’s microfinance sector is on course to attract long-term funds from global lenders and investors.
- The expansion of equity will help firm expand its loan portfolio in asset classes such as MSME and affordable housing, beyond its bread and butter finance.
4. 6th Bi-monthly Monetary policy released by RBI
- This is the first bi-monthly policy under Shaktikanta Das.
- It reduced 0.25 basis points in policy rates with immediate effects.
-
- Repo Rate 6.25%
- Reverse Repo Rate 6.00%
- MSFR 6.50%
- Bank Rate 6.50%
- Cash Reserve Ratio 4%
- SLR 19.25%
5. Indian Banking Association has issued Advisory to waive off various charges for Kisan Credit Card
- IBA issued an advisory to waive off the processing, documentation, inspections and all other service charges for KCC and crop loans up to 3 lakhs.
- There are 21 crore small and marginal farmers.
6. Fino Payments Bank partners with Suryoday SFB to offer Sweep Account Facility
- The partnership will help to address the issue of deposit limits that all the payment banks face at the moment.
- It would allow customers to seamlessly transfer the excess amount from their account in FPB to SSFB account.
7. Reserve penalized SBI for Rs 1 crore
- RBI in the exercise of powers under section 47A of the Banking Regulation Act, 1949 has levied a penalty of Rs 1 crore on SBI.
- It has been levied for not monitoring the end use of funds in respect of one of its borrowers.
What's trending in BankExamsToday
Smart Prep Kit for Banking Exams by Ramandeep Singh - Download here
Join 40,000+ readers and get free notes in your email
- http://www.bankexamstoday.com/2019/02/banking-and-financial-awareness.html
No comments:
Post a Comment