Banking and Financial Awareness August 2020: Week III

August 24, 2020 Share Like Labels: bet

Surplus Transfer of Rs 57,128 crore to Central Govt

Reserve Bank of India has given the approval to transfer dividend of Rs 57,128 crore to the central government.
The approval is given with an aim for the accounting year 2019-2020 sharply lower by 67.5% with respect to Rs 1.76 lakh last year. And to maintain Contingency Risk Buffer at 5.5%.
The transfer of funds is done under the chairmanship of RBI Governor, Shaktikanta Das.

The campaign called ‘Digital Apnayen’ is launched by Punjab National Bank.
The aim behind launching this campaign is to encourage customers to prefer digital banking system.
The campaign will be in progress till 31st March 2021 and was launched on the occasion of Independence Day of India.

Asian Development Bank has approved the loan to construct the modern, high-speed Delhi-Meerut, Uttar Pradesh RRTS (Regional Rapid Transit System), which will be of 82 km long.
For this purpose, ADB has approved to grant a loan of USD 1 Billion i.e. Rs 7458 crore to India.
The loan amount will be offered in 4 tranches i.e. between August 2020 and May 2025.

The Reserve Bank of India has released a draft framework which will offer a grant of recognition to the association of industry to be termed as Self-Regulatory Organisation (SRO) for Payment System Operators (PSO).
SRO will be responsible to frame and enforce rules for PSO in order to protect customers and promote ethics, quality and professionalism.
SRO will act as a two-way communication channel between PSOs and RBI and in case of any violations, SRO will report to RBI.

The Reserve Bank of India has released ‘Framework for authorisation of pan-India Umbrella Entity for Retail Payments’.
This new pan-India umbrella Entity will be set up with a capital of Rs 500 crore.
Under this, the entity which will be formed will perform the work of managing new payment systems like ATMs, Adhaar based payments, point of sale based payments.
For this framework to be built in reality, the apex bank has invited applications from eligible companies by 26th Feb 2021.

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